Presidency Slams IMF For ‘Fatalistic’ Take on Nigeria’s Economy
The Federal Government , through Special Adviser to the President on Economic Affairs, Tope Fasua , has strongly criticized the International Monetary Fund (IMF) over its recent report titled:
“How Nigeria Can Unleash Its Economic Potential.”
Fasua described the report as overly negative and disconnected from the real progress being made by the government.
He called the tone of the IMF statement “very fatalistic,” adding that it risks undermining public confidence in Nigeria’s economic recovery.
“Let Us Implement Our Policies First” – Fasua
Speaking on Channels Television’s The Morning Brief , Fasua said the government has only just implemented major reforms like tax relief for low-income earners and doubling tax thresholds for small businesses .
“We haven’t even allowed these policies to settle, yet we’re hearing all sorts of fatalistic statements from different places—including the IMF.”
He stressed that while Nigeria appreciates technical advice, constant pressure can create confusion and slow down implementation.
“Sometimes, it feels like they are heckling us nonstop. It’s almost every few days there’s another statement about Nigeria.”
He added:
“That doesn’t help—it destabilises.”
Govt Defends Handling of Economic Challenges
Fasua also reminded the IMF that Nigeria recently paid back $3 billion to exit the COVID-19 loan facility , a move many countries have not yet made.
Yet, he said, the IMF continues to push Nigeria hard on new reforms.
“We’re not asking for praise—we’re asking for space to execute our plans.”
He noted that Nigeria inherited a deeply damaged economy and compared the situation to rebuilding a house:
“You don’t expect full comfort after removing the roof and starting on the foundation. That’s not realistic.”
IMF’s Dual Role Causes Confusion – Fasua
The adviser pointed out an internal conflict within the IMF: one arm gives policy advice while the other sets lending conditions.
“Their messages often contradict each other. We don’t even know which one to follow anymore.”
He urged the fund to take a more balanced approach, saying Nigeria needs support—not excessive pressure—while navigating complex reforms.
“Let us see how our policies turn out. As the president says, let the poor breathe.”
On Inflation: “It’s Coming Down” – Fasua
When asked about the IMF’s concerns over rising inflation, Fasua responded firmly:
“Do they expect inflation to drop below 10% in one quarter? That’s unrealistic.”
He clarified that inflation had already started to ease over the past three months and will likely fall further.
“Whoever wrote that statement isn’t sounding like an economist.”
He also encouraged Nigeria to build its own data systems instead of relying too heavily on Bretton Woods institutions.
“Let’s develop our own capacity and credibility.”
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