The International Monetary Fund (IMF) has warned that poverty and food insecurity in Nigeria have worsened under President Bola Tinubu’s administration, despite hailing the government’s economic reforms such as the removal of fuel subsidy and the unification of the exchange rate.
In a report released on Wednesday, the Washington-based financial institution said that while key macroeconomic policies introduced in the past two years had improved Nigeria’s fiscal stability and market resilience, they had also coincided with growing hardship for millions of Nigerians.
“The Nigerian authorities have implemented major reforms over the past two years, which have improved macroeconomic stability and enhanced resilience,” the IMF said in its latest country report.
“At the same time, poverty and food insecurity have risen, and the government is now focused on raising growth.”
The report particularly acknowledged the scrapping of fuel subsidies, halting of monetary financing of deficits, and improvements in the foreign exchange market.
These measures, the IMF noted, have boosted investor confidence, facilitated Nigeria’s re-entry into the Eurobond market, and triggered fresh portfolio inflows.
However, the economic reforms appear to have come at a steep cost for the country’s population. Millions of Nigerians are grappling with skyrocketing food prices, surging transport costs, and declining purchasing power, pushing more households below the poverty line.
Reacting to the report, Presidential spokesman, Sunday Dare, described the IMF’s verdict as a validation of the Tinubu administration’s bold economic direction.
“This validation comes at a time when strong macroeconomic signals have emerged,” Mr. Dare stated. “President Tinubu’s commitment is unwavering.
The support of our governors is firm. And with the backing of Nigerians, the journey toward a more secure, equitable, and prosperous Nigeria is well underway.”
He acknowledged the hardship many Nigerians are facing but urged citizens to stay the course, expressing optimism that the reforms will yield long-term benefits.
“Though the coast is not clear yet, we can see the destination. These reforms, though tough, are necessary — and they are already delivering results.
“But to consolidate these gains, Nigerians must remain engaged, optimistic, and committed to the national vision,” he added.
Since assuming office in May 2023, President Tinubu has introduced a raft of market-oriented policies aimed at reviving the economy.
However, the short-term effects have sparked widespread public discontent, with labour unions, civil society groups, and opposition parties repeatedly warning that the hardship may undermine social stability.
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