The International Monetary Fund (IMF) has stated that Bola Tinubu’s economic policies are yet to yield tangible benefits for Nigerians, as poverty and food insecurity continue to increase.
The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth,” the IMF stated in a release on Friday.
It added, “The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved. Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.”
The IMF disclosed this following a recent visit by its team, “led by Axel Schimmelpfennig, IMF mission chief for Nigeria, [which] visited Lagos and Abuja on April 2–15 to hold discussions for the 2025 Article IV Consultations with Nigeria.”
Reforms introduced by the Tinubu-led government, the IMF said, “have put the Nigerian economy in a better position to navigate this external environment,” but warned that the country still faces economic uncertainty.
”The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
“Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth,” the IMF said.
The IMF’s remarks on poverty and food insecurity reflects the complaints of many Nigerians who have lamented worsening economic hardship under Tinubu’s administration.
However, Mr Tinubu has repeatedly said that the hardships are a necessary sacrifice for long-term economic recovery.
