IMF Data Is Weak, Unreliable – Senator Ibrahim

Ondo South Senator, Jimoh Ibrahim, has faulted Africa’s economic outlook from World Bank and International Monetary Fund (IMF).

Naijaonpoint reported that the World Bank projected that more Nigerians would fall below the poverty line in 2027.

The Chairman, Senate Inter-parliamentary Committee, said the world’s two financial bodies make projections without reliable data.

Speaking with reporters on the sideline of the spring 2025 meetings of the IMF and World Bank in Washington DC, the United States, Ibrahim stated that cutting projected growth or rescheduling debts are insufficient and advised the two international financial institutions to respond beyond merely downgrading outlooks.

“They should do more to unite nations. International institutions should engage leaders. The world needs a conference table of leaders and genuine engagement,” he said.

He stressed the need for the IMF and World Bank leadership to always hold “high–level discussions with global economic leaders focused on collaboration“.

The All Progressives Congress ( APC) Senator warned that the global economy faces an uncertain future, which could threaten commitments to globalization.

“The situation threatens innovation and could lead to a worldwide retreat from commitments to globalisation,” he noted.

Specifically on African economies, he stressed, “I cannot see any improvement in economic outlooks as the IMF is working on projected data rather than reliable data. Their data, as it relates to Africa, is weak and unreliable.

He further advised President Bola Tinubu to stay committed to his reform agenda.

“My advice is that the President stays committed to his reform agenda, strive to enhance his team’s knowledge capacity on economic management and international finance,” he added.