The Nigerian Presidency has criticised the International Monetary Fund (IMF) over what it described as excessive and at times overstated commentary on Nigeria’s economic trajectory, particularly in relation to recent reforms, inflation trends, and poverty rates.
Speaking during an appearance on Channels Television’s Morning Brief on Tuesday, Special Adviser to President Bola Tinubu on Economic Affairs, Tope Fasua, pushed back against a recent IMF article titled How Nigeria Can Unleash Its Economic Potential, which raised concerns about the pace of reforms and persistently high inflation in the country.
“Whoever wrote that statement is not sounding like an economist. Because an economist is not a fantasist. That’s a fantastic statement they just made, expecting things to just turn around,” Fasua remarked.
He expressed concern over the frequency of IMF statements on Nigeria’s economy, saying that the volume and tone of such commentary risk confusing the public rather than providing clarity.
“Sometimes these statements feel overrated. We should invest in collecting our own data and stop depending solely on Bretton Woods institutions,” he added.
According to Fasua, the Tinubu administration has initiated what he described as some of the most consequential economic reforms in the country’s recent history. He referenced the newly signed tax legislation as an example of measures designed to support low-income earners and increase tax thresholds for small businesses.
“We haven’t even allowed those measures to settle, yet we’re hearing all sorts of very fatalistic statements from different places, including, unfortunately, the IMF,” he said.
Fasua criticised the IMF for what he termed relentless and at times unhelpful scrutiny, likening its commentary to “heckling” that could potentially undermine public trust.
He further disclosed that Nigeria has repaid $3 billion of its COVID-19 loan package from the IMF, while many other countries are yet to do so. Despite this, he said, the Fund continues to maintain pressure on the country.
“We’re not asking for a pat on the back; we’re just saying, give us a breather. Let us implement the policies we’ve started,” he appealed.
“They acknowledge that the reforms are good, yet they keep demanding more. It’s almost like being caught between the devil and the deep blue sea.”
Fasua warned that the IMF’s posture could create a rift between the Nigerian government and its citizens by failing to recognise the complexity of the economic challenges inherited by the current administration.
“It’s like a house that is completely dilapidated. And we’re being asked to provide full comfort in two years after removing the roof and working on the foundation. That’s not realistic,” he explained.
He also questioned the coherence of the IMF’s dual role as both adviser and lender, suggesting its policy recommendations often clash with its financial strategies. “We don’t even know which to believe anymore,” he said.
“We’ve done the right things. They say they want more, but the government also has a right to say, ‘Let us see how what we’ve done turns out.’ Like the president would say, ‘Let the poor breathe.’”
Addressing the cost-of-living concerns referenced in the IMF article, Fasua acknowledged the challenges but criticised the Fund’s prescription of continuous interest rate hikes as detached from the country’s economic realities.
“Interest rates are now stabilising. The Central Bank has a view to begin to reduce them gradually,” he concluded.
