FG acknowledges IMF’s report on poverty, says it’ll continue social protection initiatives
The Federal Government has acknowledged concerns raised by the International Monetary Fund (IMF) over poverty and food insecurity in Nigeria, assuring that it will continue to strengthen social protection programmes aimed at cushioning the impact of ongoing economic reforms on vulnerable citizens.
The IMF, in its 2026 Article IV Consultation Report released on Tuesday, noted that despite gains recorded from recent economic reforms, poverty and inflationary pressures remain major challenges. The Fund, however, advised against the reintroduction of fuel subsidies.
Reacting to the report, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the government remains focused on ensuring that economic growth translates into improved living standards for Nigerians.
According to him, the ultimate objective of the reforms is not merely to improve economic indicators but to deliver tangible benefits such as lower inflation, decent jobs, higher incomes, greater economic opportunities and an improved quality of life.
“The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for all Nigerians — lower inflation, decent jobs, higher incomes, greater economic opportunity, and a better quality of life,” he said.
Oyedele disclosed that the Federal Government is expanding social protection initiatives through direct cash transfers, support for small businesses, student loans under the Nigerian Education Loan Fund (NELFUND), consumer credit programmes and healthcare interventions.
He added that investments in agriculture, particularly through the Renewed Hope National Agricultural Mechanisation Programme, are designed to increase food production, reduce food inflation and create employment opportunities across the country.
The tax reform committee chairman also welcomed the IMF’s assessment of ongoing tax reforms and improvements in public financial management.
According to him, government authorities are implementing measures to strengthen fiscal reporting, improve budget transparency and enhance coordination among relevant institutions.
Oyedele noted that the IMF’s medium-term outlook, which projects economic growth above four per cent, stronger fiscal revenues, increased investment and improved external reserves, reinforces confidence in Nigeria’s economic prospects.
“While challenges remain, the direction is clear and the foundations are stronger,” he stated.
Oyedele says IMF assessment validates FG’s economic reforms
Oyedele further described the IMF’s latest assessment as an independent validation of the economic reforms implemented under the administration of President Bola Ahmed Tinubu.
He said the IMF’s 2026 Article IV Mission Concluding Statement acknowledged improvements in macroeconomic stability, foreign exchange market functioning, fiscal reforms and external buffers.
According to him, the report confirms that reforms introduced over the past three years have strengthened the economy and enhanced its resilience against external shocks.
He noted that the IMF specifically recognised the impact of key policy measures, including the removal of petrol subsidies, foreign exchange market liberalisation, fiscal reforms and the end of deficit monetisation.
“The report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu are strengthening macroeconomic stability, restoring confidence and laying the foundation for sustainable and inclusive growth,” he said.
Oyedele added that the IMF observed that Nigeria now has stronger policy buffers to withstand global economic uncertainties.
Despite recent geopolitical tensions in the Middle East and their impact on global energy and food prices, he said Nigeria has remained relatively resilient.
According to him, the IMF noted that the foreign exchange parallel market premium has remained below five per cent, sovereign spreads have stayed broadly stable and investor confidence has been preserved despite higher global energy prices.
He further stated that the government is focused on leveraging higher oil prices through increased crude oil production, expanded refining capacity, higher gas output and fresh investments across the energy value chain.
The IMF’s Article IV Mission had earlier stated that reforms undertaken by Nigerian authorities have improved macroeconomic stability and strengthened the country’s ability to absorb external shocks. However, it urged policymakers to sustain the reform momentum and deepen efforts to address inflation, poverty and food insecurity.