The Nigerian government has accused the International Monetary Fund (IMF) of constantly discrediting the country’s economic reforms under President Bola Tinubu.
The presidency described the IMF’s recent comments as “very fatalistic” and unhelpful to the country’s recovery efforts.
Speaking on The Morning Brief on Channels Television, Tope Fasua, the President’s Special Adviser on Economic Affairs, called the IMF’s tone destabilising.
“This administration under President Tinubu has done some of the deepest reforms that we have seen in a while,” he said.
He noted that the tax reforms passed under Tinubu’s watch were designed to ease pressure on ordinary Nigerians and small businesses.
“We only just got the tax bills signed into law—bills that offer relief to low-income earners and double the tax threshold for small businesses,” Fasua added.
‘We Just Started—Stop The Pressure’
The presidency said Nigeria’s economic challenges were decades in the making and could not be fixed in two years.
“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,” Fasua lamented.
He accused the IMF of frequently releasing harsh statements, which confuse the public and build pressure against the government.
“Sometimes one wants to think they go into overdrive, almost every week or every two to three days,” he said.
“At the end of the day, it leaves everyone in a state of confusion.”
Fasua revealed that Nigeria had already repaid $3 billion from the IMF’s COVID-19 relief loan, while other countries are yet to do the same.
“We’re not asking for a pat on the back; we’re just saying, give us a breather,” he said.
“Let us be able to implement the policies we’ve started. They acknowledge that the reforms are good, yet they keep demanding more.”
Dilapidated House, Unrealistic Expectations
Fasua likened Nigeria’s recovery to rebuilding a house in ruins.
“It’s like a house that is completely dilapidated,” he said. “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 warned that if the IMF continues its criticism, it may worsen public anger at home.
“Give us a break. Let us know where we’re going before coming at us from every angle and throwing us off whack,” Fasua said.
The IMF’s article titled “How Nigeria Can Unleash Its Economic Potential” had warned about rising inflation and slow reform impact. But the presidency says reforms take time and need patience.
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