“Give Us a Breather!” — Presidency Slams IMF Over Harsh Economic Report

The Nigerian Presidency has pushed back strongly against the International Monetary Fund (IMF) over its recent report on inflation, poverty, and the pace of economic reform in the country. In the report, titled *“How Nigeria Can Unleash Its Economic Potential”*, the IMF highlighted Nigeria’s persistently high inflation, rising poverty, and the slow impact of reform policies. It also recommended stronger fiscal discipline, improved social safety nets, and sustained monetary tightening by the Central Bank of Nigeria (CBN).

But in an interview on Channels Television’s *The Morning Brief*, Special Adviser to the President on Economic Affairs, Tope Fasua, said the IMF’s tone was overly critical and risked undermining public confidence in the government’s reform agenda. He described the fund’s frequent commentary as “heckling,” noting that its statements were becoming destabilising and excessive.

Fasua expressed concern that the IMF’s remarks could be interpreted as fatalistic, particularly at a time when the government had taken difficult decisions to stabilise the economy. He pointed to recent measures including the passage of new tax legislation that provides relief to low-income earners and small businesses, as well as ongoing reforms in foreign exchange and fuel subsidy regimes.

“This administration under President Tinubu has done some of the deepest reforms we have seen in a while,” Fasua said. “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 further revealed that Nigeria had recently repaid a \$3 billion COVID-19 loan to the IMF—something he noted many countries had yet to do—and questioned the logic of persistent pressure on the country despite progress.

Fasua also criticised what he described as contradictions in the IMF’s role as both adviser and lender, arguing that the fund’s policy suggestions often conflicted with its lending expectations. “Sometimes it looks like their advice clashes with their lending stance. We don’t even know which to believe anymore,” he said.

He cautioned that such conflicting and frequent commentary could incite public dissatisfaction with the government. “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 added.

Responding to concerns about inflation and the cost-of-living crisis, Fasua said the CBN had made progress in stabilising interest rates and that inflation had declined over the past three months, with further moderation expected. He dismissed suggestions that inflation could be quickly reduced to single digits, calling that expectation “unrealistic.”

He also challenged the credibility of external assessments, urging Nigeria to invest in its own economic data systems. “Sometimes these statements feel overrated. We should invest in collecting our own data and stop depending solely on BrettonWoods institutions. Let’s build our own capacity and data credibility,” he said.

Fasua concluded by reaffirming the government’s commitment to its reform programme while asking for more time to deliver results. “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. Like the president would say, ‘let the poor breathe.’”