The Presidency has condemned the recent assessment of Nigeria’s economic reforms, inflation, and poverty levels by the International Monetary Fund (IMF).
Naijaonpoint reports that the IMF, in its article released on Monday, acknowledged President Bola Tinubu’s reforms but raised concerns over Nigeria’s inflation rate, which remains above 20 per cent, alongside high poverty and infrastructural challenges.
It suggested a more effective budgetary framework and the need to channel savings from fuel subsidy removal into critical investments.
The Fund also advised that once Nigeria’s cash transfer system is fully functional, tax rates could be aligned with regional benchmarks.
Reacting to the report, the Special Adviser to Tinubu on Economic Affairs, Tope Fasua, insisted that the incumbent administration has done some of the deepest reforms the nation has seen.
Speaking on Tuesday’s edition of Channels Television’s The Morning Brief, Fasua argued that the IMF had become overly critical,
He described its frequent statements on Nigeria as “heckling” and potentially destabilising.
According to him, “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.
“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.
“Sometimes one wants to think they go into overdrive, almost every week or every two to three days, there’s a statement on Nigeria. At the end of the day, it leaves everyone in a state of confusion.”
Speaking further, he disclosed that Nigeria recently repaid $3 billion to the IMF to exit its COVID-19 loan package, something many other countries have yet to do.
“We’re not asking for a pat on the back; we’re just saying, you know what, give us a breather. Let us be able to implement the policies we’ve started. They acknowledge that the reforms are good, yet they keep demanding more, and it’s almost like being caught between the devil and the deep blue sea,” he added.
Fasua warned that the IMF’s statements risk pitting the Nigerian people against the government, saying they lack nuance and fail to consider the depth of the inherited economic problems.
“Give us a break, let us be able to know where we are going before coming at us at every angle and generally throwing us off whack. 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 said.