JUST IN: Presidency Rejects IMF Report on Nigeria’s Inflation, Poverty.
The Nigerian Presidency has rejected a recent International Monetary Fund (IMF) article that raised concerns over the country’s economic trajectory.
The government has labelled the report as a “very fatalistic” and unhelpful assessment of ongoing reforms.
In its July 7 publication titled “How Nigeria Can Unleash Its Economic Potential,” the IMF acknowledged that President Bola Tinubu’s administration had initiated important reforms, such as the removal of fuel subsidies and exchange rate unification, but warned that the impact had been slow in reducing inflation, tackling poverty, or strengthening investor confidence.
The Fund noted that inflation remained persistently above 20 per cent, food insecurity had deepened, and recommended firmer monetary policy, effective budgetary discipline, and better redistribution of fuel subsidy savings into critical infrastructure and social safety nets.
“The country needs stronger and more sustained growth to lift millions out of poverty and food insecurity,” the IMF stated, while also encouraging the Federal Government to align its tax rates with regional benchmarks once the national cash transfer system is fully functional.
However, in reacting to the IMF’s remarks, the Special Adviser to the President on Economic Affairs, Tope Fasua, faulted the tone and timing of the Fund’s message, describing it as both discouraging and destabilising.
Speaking on Channels Television’s The Morning Brief on Tuesday, Fasua said:
“This administration under President Tinubu has done some of the deepest reforms that we have seen in a while. We only just got the tax bills signed into law—bills that offer relief to low-income earners and double the tax threshold for small businesses.
The Nigerian Presidency has rejected a recent International Monetary Fund (IMF) article that raised concerns over the country’s economic trajectory.
The government has labelled the report as a “very fatalistic” and unhelpful assessment of ongoing reforms.
In its July 7 publication titled “How Nigeria Can Unleash Its Economic Potential,” the IMF acknowledged that President Bola Tinubu’s administration had initiated important reforms, such as the removal of fuel subsidies and exchange rate unification, but warned that the impact had been slow in reducing inflation, tackling poverty, or strengthening investor confidence.
The Fund noted that inflation remained persistently above 20 per cent, food insecurity had deepened, and recommended firmer monetary policy, effective budgetary discipline, and better redistribution of fuel subsidy savings into critical infrastructure and social safety nets.
“The country needs stronger and more sustained growth to lift millions out of poverty and food insecurity,” the IMF stated, while also encouraging the Federal Government to align its tax rates with regional benchmarks once the national cash transfer system is fully functional.
However, in reacting to the IMF’s remarks, the Special Adviser to the President on Economic Affairs, Tope Fasua, faulted the tone and timing of the Fund’s message, describing it as both discouraging and destabilising.
Speaking on Channels Television’s The Morning Brief on Tuesday, Fasua said:
“This administration under President Tinubu has done some of the deepest reforms that we have seen in a while. We only just got the tax bills signed into law—bills that offer relief to low-income earners and double the tax threshold for small businesses.
JUST IN: Presidency Rejects IMF Report on Nigeria’s Inflation, Poverty.
The Nigerian Presidency has rejected a recent International Monetary Fund (IMF) article that raised concerns over the country’s economic trajectory.
The government has labelled the report as a “very fatalistic” and unhelpful assessment of ongoing reforms.
In its July 7 publication titled “How Nigeria Can Unleash Its Economic Potential,” the IMF acknowledged that President Bola Tinubu’s administration had initiated important reforms, such as the removal of fuel subsidies and exchange rate unification, but warned that the impact had been slow in reducing inflation, tackling poverty, or strengthening investor confidence.
The Fund noted that inflation remained persistently above 20 per cent, food insecurity had deepened, and recommended firmer monetary policy, effective budgetary discipline, and better redistribution of fuel subsidy savings into critical infrastructure and social safety nets.
“The country needs stronger and more sustained growth to lift millions out of poverty and food insecurity,” the IMF stated, while also encouraging the Federal Government to align its tax rates with regional benchmarks once the national cash transfer system is fully functional.
However, in reacting to the IMF’s remarks, the Special Adviser to the President on Economic Affairs, Tope Fasua, faulted the tone and timing of the Fund’s message, describing it as both discouraging and destabilising.
Speaking on Channels Television’s The Morning Brief on Tuesday, Fasua said:
“This administration under President Tinubu has done some of the deepest reforms that we have seen in a while. We only just got the tax bills signed into law—bills that offer relief to low-income earners and double the tax threshold for small businesses.
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