By Eshioromeh Sebastian
The Federal Government has welcomed the International Monetary Fund’s (IMF) 2026 Article IV Mission Concluding Statement, with Finance Minister Taiwo Oyedele stating that the report independently validates the country’s progress toward macroeconomic stability under President Bola Ahmed Tinubu’s reform agenda.
In an official release issued on Tuesday, the government noted the IMF’s overall positive assessment of Nigeria’s economic reform programme, citing improvements in foreign exchange market functioning, stronger external buffers, banking sector resilience, and growing fiscal stability.
“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,” the statement read.
The IMF reportedly acknowledged that difficult but necessary decisions, including the removal of fuel subsidies, elimination of deficit monetisation, liberalisation of the foreign exchange market, and enhanced fiscal discipline, have significantly reduced vulnerabilities and rebuilt confidence in the economy.
Oyedele, who serves as Honourable Minister of Finance and Coordinating Minister of the Economy, noted that the Fund specifically recognised Nigeria’s improved resilience to external shocks, particularly amid fresh global disruptions from the recent Middle East conflict.
Despite rising energy prices, tightening financial conditions, and supply chain disruptions, the IMF observed that Nigeria’s parallel market premium has remained below five percent, sovereign spreads have stayed broadly stable, and investor confidence has been preserved.
“Nigeria has demonstrated notable resilience,” the government quoted the IMF as saying, adding that the country is well positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues, and increased foreign exchange inflows.
The Federal Government reaffirmed its commitment to translating these opportunities into long-term gains by increasing crude oil production, expanding domestic refining capacity, growing gas exports, and attracting new investments across the energy value chain.
Acknowledging the IMF’s observation that poverty and food insecurity remain significant challenges, Oyedele noted that per capita income grew by nearly 10 percent in 2025, indicating a marked reduction in poverty levels. However, he stressed that macroeconomic stability alone is insufficient.
“Economic growth must be inclusive and must translate into tangible improvements in the welfare of Nigerians,” the government said.
To this end, the administration continues to strengthen targeted social protection programmes, including direct cash transfers to vulnerable households, small business support, student financing through the Nigerian Education Loan Fund (NELFUND), consumer credit initiatives, and healthcare investments.
In agriculture, the government is scaling up investments through the Renewed Hope National Agricultural Mechanisation Programme, aimed at improving productivity, expanding dry-season farming, strengthening value chains, and moderating food inflation while creating rural jobs.
The IMF also recognised progress in domestic revenue mobilisation and public financial management reforms. The government noted that the implementation of new tax laws, digitisation of revenue collection, and enhanced transparency mechanisms are strengthening fiscal sustainability.
Regarding the Fund’s recommendations on fiscal reporting, budget transparency, and data reconciliation, the government said steps are already being taken to strengthen fiscal data integrity, improve coordination among institutions, and deepen public financial management reforms.
The IMF’s medium-term outlook projects continued economic growth above four percent, improving external reserves, rising investment, and strengthening fiscal revenues. Public debt has already declined relative to GDP, while reserve buffers have strengthened considerably—outcomes that have recently been complemented by sovereign credit rating upgrades from leading international rating agencies.
“While challenges remain, the direction is clear and the foundations are stronger,” the government stated. “The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for every Nigerian—lower inflation, decent jobs, higher incomes, greater economic opportunity, and a better quality of life.”
The statement was signed by Taiwo Oyedele, Honourable Minister of Finance and Coordinating Minister of the Economy of the Federal Republic of Nigeria.
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