Nigeria heading for economic recovery despite current hardship – Bagudu

He made this known during a courtesy visit by the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig, according to a statement by the Ministry of Budget’s Director of Information, Osagie Jacobs, on December 11, 2025.

Bagudu also took the opportunity to mention that the $500 million loan facility from the World Bank will benefit the nation as the federal government plans to carry out the Human Capital Opportunities for Prosperity and Equity (HOPE) project in the country.

According to the statement, Bagudu explained that the reforms undertaken by Bola Ahmed Tinubu’s administration, particularly the development and implementation of economic and tax reforms, will ensure more functional Public Financial Management (PFM) systems in the country.

He said, “The economic reforms are necessary decisions to put the Nigerian economy on the right track.” 

“The fund will enhance transparency and accountability for basic education and primary health care, in addition to improving recruitment, deployment, and better performance management of teachers,” he said.

“This expenditure can continue for a period not exceeding six months or until the coming into operation of the law, as outlined in Chapter 5, Part 2, Section 122 of the Nigerian Constitution,” he added.

Earlier, the IMF Mission Chief for Nigeria, Mr. Axel Schimmelpfennig, was quoted as saying he was in the country to discuss the Nigerian budgeting process, with particular emphasis on the simultaneous implementation of the 2023/2024 budgets and supplementary budgets in the same year.

The visit is in preparation for the publication of the 2025 annual report of the World Bank.

Schimmelpfennig reportedly “welcomed the federal government’s tax reforms, as increased revenue generation will ensure more development for Nigerian citizens,” and promised additional IMF support for Nigeria’s developmental needs.

Naijaonpoint previously reported two months ago that the Federal Government of Nigeria was negotiating a $500 million loan from the World Bank to boost basic education, focusing on improving learning outcomes and reducing the number of out-of-school children.

According to the Programme Information Document (PID) seen by Naijaonpoint, the loan is part of the World Bank’s HOPE for Quality Basic Education for All initiative.

The project, which is expected to receive formal approval by March 2025, aims to address Nigeria’s education challenges and enhance access to early childhood, primary, and junior secondary education.