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IMF Scores Tinubu’s Economic Reforms Below Pass Mark
The International Monetary Fund (IMF) says that Nigeria faces significant uncertainty in its economic outlook despite wide-ranging reforms.
It, however, noted that the gains are yet to benefit all Nigerians with poverty and food insecurity remaining high.
Concluding its 2025 Article IV Consultations with Nigeria’s public policy executives during the week, IMF’s team, led by Axel Schimmelpfennig, its mission chief for Nigeria, acknowledged that Nigeria has taken important steps to stabilize the economy, enhance resilience, and support growth.
The IMF team had met with Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Agriculture and Food Security, Abubakar Kyari, Central Bank of Nigeria Governor, Yemi Cardoso, senior government and central bank officials, the Ministry of Environment, the private sector, academia, labour unions, and civil society.
Although the IMF representatives said these reforms have put Nigeria in a better position to navigate the external environment, the macroeconomic outlook remains marked by significant uncertainty.
They said that the elevated global risk sentiment and lower oil prices would impact the Nigerian economy.
They, therefore, recommended that macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.
The final report of the consultations stated: “The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth.
‘‘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 outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
‘‘The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment. ‘‘Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth.
“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices. A neutral fiscal stance would support monetary policy to bring down inflation.
‘‘To safeguard key spending priorities, it is imperative that fiscal savings from the fuel subsidy removal are channeled to the budget.
‘‘In particular, adjustments should protect critical, growth-enhancing investment, while accelerating and broadening the delivery of cash transfers under the World Bank-supported program to provide relief to those experiencing food insecurity.
“A tight monetary policy stance is required to firmly guide inflation down. The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty.
‘‘Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations.”
The National Chairman of All Progressives Congress (APC), Abdullahi Ganduje, has argued that there is nothing wrong if Nigeria evolves into a one-party state, provided it reflects the will of the people.
Speaking to State House correspondents on Friday after a meeting with President Bola Tinubu at the Presidential Villa in Abuja, Ganduje dismissed concerns raised by opposition leaders over the country’s political direction.
He insisted that the growing dominance of the APC is a reflection of public trust in the party’s governance.
“If one-party state is a wish and blessing to Nigeria; One-party state is not by force; it is by negotiation,” Ganduje said.
“If other political parties see the effect of the positive governance of our party and decide to come to our party willingly, I think there is nothing wrong with that.”
Citing China as an example of a successful one-party system, Ganduje stated that the APC is not actively working to eliminate opposition, but that defections and realignments are part of democratic processes.
“Too many political parties spoil governance,” he added.
Ganduje led three senators from the opposition Peoples Democratic Party (PDP), reportedly from Kebbi State, to meet with President Tinubu, announcing their intention to join the APC.
According to him, their defection is the result of extensive negotiations among stakeholders in the state and is part of APC’s broader strategy to strengthen its base.
“This is a good development and in consonance with what is happening in Nigeria today. Almost every week in the Senate and House of Representatives, you see members of other political parties decamping to our party,” he said.
Ganduje assured that the APC is prepared to smoothly integrate the new members, maintaining that the party’s strategy to expand both its numbers and the quality of its membership is aligned with democratic principles.
The Senator representing Kogi Central in the National Assembly, Natasha Akpoti-Uduaghan, has distanced herself from a viral TikTok video that surfaced online showing her dancing to “Omo Ologo”, a song in praise of President Bola Tinubu.
In a public disclaimer released via her verified X (formerly Twitter) account, Akpoti-Uduaghan denied owning any TikTok account, warning the public against being misled by parody accounts across various social media platforms.
“I do not own a TikTok account,” she posted.
“Many parody accounts exist in my name on X (Twitter), Instagram, Facebook and TikTok. Some have garnered large followings.”
She clarified that the circulating video was manipulated from an old 2023 clip and repurposed with “mischievous intent” to mislead the public.
“While I hold the President in utmost respect, I’d urge everyone to disregard the mischievous post made using an old 2023 video of mine,” she stated.
The video, sound-tracked by “Omo Ologo”, a praise song performed by Dauda Kahutu Rarara at a recent event attended by Tinubu in Katsina, appeared to depict the senator aligning herself with the president’s camp.
President Bola Tinubu has issued a passionate call for unity, resilience, and renewed patriotism, urging Nigerians to stand firm behind ongoing reforms aimed at rebuilding the country’s economic foundation.
Speaking during a grand reception in Awka, Anambra State, on the occasion of his state visit, President Tinubu acknowledged the current challenges facing the nation but assured the people that the hard choices were necessary for lasting prosperity.
“We continue to plead with Nigerians for their patience and understanding,” Tinubu appealed.
“We call on all patriots and progressives to rise and continue to work hard every day for the greatness of our dear country. We have no other country but Nigeria. We must make it great as the pride of the black race.”
He reaffirmed his administration’s commitment to inclusive development, citing progress made in economic reform, infrastructure investment, and improved public finance management.
“We met near-insolvent public finance… unsustainable multiple subsidies… a chaotic and debilitating forex regime. These monsters have been tackled,” he said.
Highlighting renewed investor confidence and growth in agriculture, manufacturing, and technology, Tinubu said the “Renewed Hope Agenda” was already yielding visible results.
He particularly commended Anambra for leading in innovation and development, referencing the commissioning of the Solution Fun City and Government House Mini-City as signs of progress.
Describing Governor Chukwuma Soludo as “a brilliant man” and “a thinker who knows the way,” Tinubu added: “We are working together for a better Anambra and Nigeria.”
The president also praised Anambra State for fully implementing and even surpassing the new national minimum wage, calling it “a signal of true leadership and compassion for the working class.”
Asserting the federal government’s commitment to equitable development, Tinubu promised increased investment in roads, power, rail, and digital infrastructure across all regions, including the Southeast.
