The Nigerian government has reacted strongly to a recent International Monetary Fund (IMF) report that paints a bleak picture of the country’s economy, urging the global financial body to ease up and let its reforms breathe.
The report, titled “How Nigeria Can Unleash Its Economic Potential”, published on July 7, criticized the Tinubu administration’s policy impact as slow and ineffective in reducing inflation, addressing poverty, or boosting investor confidence. With inflation still above 20%, and food insecurity rising, the IMF urged firmer fiscal control and better use of subsidy savings.
But Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs, isn’t having it.
Appearing on Channels TV’s The Morning Brief on Tuesday, Fasua described the tone of the IMF report as “discouraging and destabilising,” saying it undermines the real progress being made.
“This administration under President Tinubu has done some of the deepest reforms we’ve seen in a long time,” Fasua said. “We only just signed tax relief bills that protect low-income earners and small businesses—and before those measures can even take root, we’re already hearing fatalistic statements from the IMF.”
He didn’t mince words about the frequency of IMF commentary on Nigeria, suggesting that the Fund’s involvement has gone beyond advice: “Every other week there’s a new statement. At some point, it feels more like interference than support.”
Fasua revealed that Nigeria has repaid $3 billion of its COVID-19 era IMF loan—an obligation many other countries haven’t met—yet the Fund, he argued, is still piling pressure.
“We’re not asking for praise. Just space. Let us implement these reforms and assess their impact. You can’t renovate a broken house and expect full comfort in two years,” he added.
The presidential aide accused the IMF of pushing for even more painful reforms, like further interest rate hikes, even while Nigerians are grappling with a high cost of living. “Yes, inflation is still high, but it has declined steadily in the last three months,” he noted.
Fasua also criticized the IMF’s approach as disconnected from economic reality. “Whoever wrote that report isn’t sounding like an economist. Economists understand timelines, patience, and realism—not fantasy,” he said.
Borrowing from one of Tinubu’s most quoted remarks, Fasua concluded with a reminder: “Let the poor breathe.”
In short, the Nigerian government is saying: We’re not perfect—but we’re trying. And if the world wants results, it has to give reforms the time to work.
