The Nigerian government has responded strongly to recent criticism by the International Monetary Fund (IMF), saying it is unfair and unrealistic to expect a total economic turnaround within just two years of President Bola Tinubu’s administration.
Speaking during an interview on Channels Television’s The Morning Brief, Tope Fasua, Special Adviser to the President on Economic Affairs, described the IMF’s remarks as “very fatalistic” and unhelpful.
“This administration under President Tinubu has done some of the deepest reforms we’ve seen in a long time,” Fasua said. “We’ve just signed tax bills into law to help low-income earners and small businesses. These efforts need time to take effect.”
The IMF had recently released an article titled “How Nigeria Can Unleash Its Economic Potential”, in which it expressed concern over Nigeria’s high inflation and the perceived slow impact of ongoing reforms. But Fasua dismissed the publication as part of a growing pattern of pressure from the Fund.
“Almost every week, the IMF releases a statement on Nigeria. It creates confusion and makes it look like nothing is being done,” he said.
He further noted that Nigeria had repaid a \$3 billion COVID-19 loan to the IMF, yet continues to face frequent public scrutiny from the organisation—more than many other debtor countries.
“We’re not asking for praise, but we need room to implement these policies properly,” Fasua said. “You don’t tear down a house and expect full comfort in two years.”
He also warned that constant negative assessments from the IMF could turn public opinion against the government at a time when many Nigerians are already struggling with the effects of subsidy removal, inflation, and currency reforms.
“Let us breathe. Let us rebuild. We are laying the foundation for long-term stability, but it cannot happen overnight,” Fasua added.
Since taking office in May 2023, President Tinubu has introduced sweeping economic reforms including fuel subsidy removal, exchange rate unification, and new tax measures. While these policies are intended to stabilise the economy in the long run, they have led to short-term hardship for many Nigerians.