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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 Supreme Court has vacated the order of the Court of Appeal which barred the recognition of David Mark as the National Chairman of the African Democratic Congress, ADC.
The apex court on Thursday held that the preservative order by the Court of Appeal was in bad faith, unnecessary, unwarranted and improper.
In a unanimous judgment of the Supreme Court, Justice Mohammed Lawal Garba held that the Court of Appeal ought not to have made such order because it was not sought by any of the parties in the matter.
The Court of Appeal had issued an order of status quo antem bellum upon which the ADC exco under David Mark was de-recognized by the Independent National Electoral Commission, INEC.
With the vacation of the order, David Mark and the other national officers are to be recognized as ADC leaders by the electoral body.
The convention produced the Tanimu Turaki-led factional national executives of the party.
Attention has shifted to the Supreme Court, which has fixed April 30 (today) for judgment in the leadership tussle within the African Democratic Congress (ADC).
A five-member panel led by Justice Mohammed Garba will resolve the appeal filed by the David Mark-led faction concerning the authentic leadership of the party.
Also on Thursday, the court is expected to determine the leadership dispute rocking the Peoples Democratic Party (PDP).
Two PDP factions—one led by Kabir Turaki and the other by the Minister of the Federal Capital Territory, Nyesom Wike—are laying claim to the leadership of the party.
The Supreme Court had on April 22 reserved judgment in the ADC crisis to a date to be communicated to the parties involved in the tussle.
However, on Tuesday, the ADC formally wrote to the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, pleading for the quick delivery of judgment in the leadership tussle at the national level.
The party claimed it would suffer irreparable harm if judgment in the protracted battle was not delivered within the period allowed by the Electoral Act for fielding candidates for the 2027 general elections.
It stated in part: “Without the delivery of judgment within the next three days from the date of this letter, the ADC stands the grave and irreversible risk of being excluded from participating in the 2027 general elections.
“This would disenfranchise millions of Nigerians who have subscribed to the ideals of the ADC and deny them their constitutional right to freely associate and contest elections through a political party of their choice.”
At the April 22 hearing, Jibrin Okutepa, SAN, who represented David Mark, urged the Supreme Court to allow the appeal, arguing that the apex court had earlier, on March 21, 2025, held that “no court has jurisdiction to entertain matters bordering on the internal affairs of political parties.”
During the hearing, Okutepa urged the apex court to hold that the Federal High Court in Abuja lacked jurisdiction to entertain the suit.
However, Robert Emukperu, SAN, who represented the first respondent, Nafiu Gombe, urged the court to dismiss the appeal and affirm the judgment of the lower court, which held that the suit was premature.
It will be recalled that a three-member panel of the Court of Appeal dismissed Mark’s appeal, ruling that it was premature and filed without leave of the trial court.
In the PDP matter, the first appeal, marked SC/CV/164/2026, stems from a decision of Justice Peter Lifu of the Federal High Court in Abuja, who restrained the party from proceeding with its planned convention pending the determination of a suit filed by former Jigawa State Governor Sule Lamido.
On November 14, the court issued a final order restraining the PDP from conducting its national convention.
Justice Lifu held that Lamido was “unjustly denied” the opportunity to obtain a nomination form to contest for national chairman, in violation of the PDP constitution and internal regulations.
The Court of Appeal later upheld the decision on March 9, prompting the PDP to appeal.
The second appeal, SC/CV/166/2026, was filed by the PDP, its National Working Committee (NWC), and National Executive Committee (NEC).
It arose from a judgment delivered by Justice James Omotosho, which stopped the party from holding its Ibadan national convention.
The Court of Appeal upheld that decision, agreeing that INEC should not validate the outcome of the convention.
After hearing all arguments, the Supreme Court reserved judgment, stating that the date would be communicated to the parties.
