“Poverty and food insecurity remain high” — IMF says Tinubu’s reforms yet to benefit Nigerians

The International Monetary Fund (IMF) has stated that President Bola Tinubu’s economic reforms have yet to bring meaningful relief to ordinary Nigerians, with poverty and food insecurity remaining alarmingly high across the country. In a statement issued on Friday, the IMF acknowledged that while the Nigerian government has implemented significant measures aimed at stabilizing the economy, such efforts have not yet translated into broad-based benefits for the population.

“The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth,” the IMF said. These steps include halting central bank financing of fiscal deficits, scrapping costly fuel subsidies, and improving the operations of the foreign exchange market. However, the Fund emphasized that despite these reforms, “poverty and food insecurity remain high.”

The statement followed a visit by an IMF delegation led by mission chief Axel Schimmelpfennig to Lagos and Abuja from April 2 to 15 for the 2025 Article IV Consultations with Nigeria. While acknowledging that the Tinubu administration’s policies have placed Nigeria in a better position to face global economic challenges, the IMF noted that the overall economic outlook remains uncertain. “Elevated global risk sentiment and lower oil prices impact the Nigerian economy,” it said. The IMF urged continued efforts to strengthen economic resilience and create a more enabling environment for private sector-led growth.

The Fund’s concerns mirror growing frustration among Nigerians, many of whom have voiced dissatisfaction with the rising cost of living and deteriorating economic conditions. In August 2024, thousands of citizens took to the streets in a 10-day nationwide protest against what they described as bad governance and widespread hunger.

President Tinubu has maintained that the economic difficulties are temporary and necessary sacrifices for long-term recovery and growth.