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.”
Call to Action: Share Your Thoughts!
What do you think about the IMF’s report on Nigeria? Is the government moving fast enough?
💬 Leave a comment below and join the conversation on Nigeria’s economic path and international influence.
📢 Don’t forget to share this article to spread awareness about Nigeria’s reform challenges.
About the author
Adenta Building Collapse Linked to Illegal Construction and Ignored Stop-Work Orders
A preliminary investigation into the collapse of a three-storey building at Adenta New Site in the Greater Accra Region has revealed that the project was carried out without the required regulatory approvals and in defiance of official stop-work directives issued by local authorities. The findings were released by a Joint Technical Investigative Committee comprising structural engineering experts and representatives from the Ghana Institution of Engineering (GhIE), the Institution of Engineering and Technology, Ghana (IET-Gh), and the Architecture Registration Council (ARC). According to the committee, the incident highlights serious violations of Ghana’s building regulations and raises concerns about compliance and enforcement within the construction sector. The building collapsed on June 3, 2026, trapping five occupants beneath the debris. The victims included three adults and two children. Rescue teams successfully pulled four individuals from the rubble alive and transported them to the […]
Kpandai Residents Encouraged to Promote Unity and Peace for Sustainable Development
Residents of Kpandai in the Northern Region have been encouraged to put aside tribal, linguistic and political differences and work collectively toward the development of their communities. The call was made by the Parish Priest of St. Kizito Parish, Rev. Fr. Moses Nseaminya, during the launch of the St. Kizito Parish Feast, Partnership and Cultural Day Celebration. The event seeks to promote peace, social cohesion and stronger relationships among the various ethnic groups living within the district. Speaking during the launch, Rev. Fr. Nseaminya emphasized that diversity should be viewed as a strength that can drive development rather than a source of conflict and division. He noted that although residents come from different cultural backgrounds and hold varying political views, they all share a common goal of improving the welfare and future of Kpandai. According to the parish priest, meaningful […]
ECG Explains Power Outages in Greater Accra and Western Regions Following Technical Faults
The Electricity Company of Ghana (ECG) has attributed ongoing power interruptions in parts of the Greater Accra and Western regions to separate technical faults affecting its distribution network. In a statement issued on Monday, June 8, 2026, the power distributor said a technical fault at the Nsawam Primary Station has disrupted electricity supply to several communities within the Accra West operational area. The affected communities include Hebron, Medie, Samsam, Satellite, Koleman and nearby areas, where residents have been experiencing intermittent power outages. According to ECG, engineering teams have been deployed to the station and are actively working to identify and rectify the fault to restore stable electricity supply as quickly as possible. Meanwhile, in the Western Region, a broken high-tension (HT) electricity pole at Ankasa has caused a separate power disruption, affecting multiple towns and communities across the area. Communities […]
Burkina Faso forme 8 000 jeunes VDP agricoles pour renforcer l’autosuffisance alimentaire
La cérémonie officielle de sortie de la 3e cohorte des Volontaires pour la Défense de la Patrie (VDP) agricoles et de fin de formation de 8 000 jeunes en entrepreneuriat agricole s’est tenue le 5 juin 2026 à l’École nationale de formation agricole (ENAFA) de Matourkou. L’initiative s’inscrit dans le cadre de l’Initiative présidentielle pour l’agriculture et l’autosuffisance alimentaire, portée par les autorités burkinabè. Cette formation vise à renforcer les capacités des jeunes dans le secteur agricole tout en les impliquant dans une dynamique de production locale et de souveraineté alimentaire. Une jeunesse formée entre agriculture, civisme et engagement citoyen Le directeur exécutif du Bureau national des grands projets du Burkina Faso, Hamidou Sawadogo, a salué l’engagement des bénéficiaires. Selon lui, le programme traduit la volonté des autorités de transformer durablement le secteur agricole afin de réduire la dépendance alimentaire […]
Clément Zongo dédicace trois ouvrages littéraires à Ouagadougou
Le journaliste-chroniqueur burkinabè Clément Zongo a procédé, le 6 juin 2026 à Ouagadougou, à la dédicace de trois ouvrages intitulés La fille aux cheveux châtains, Les Chroniques de Clément Zongo et Juste un coup de plume. La cérémonie, organisée dans la grande salle du Centre national des arts du spectacle et de l’audiovisuel (CENASA), a réuni des acteurs du monde culturel, des professionnels des médias ainsi que de nombreux passionnés de littérature. De son vrai nom Alexis Yaméogo, Clément Zongo est titulaire d’une maîtrise en sciences et techniques de l’information et de la communication. Conseiller des affaires culturelles, il s’est distingué au fil des années grâce à plusieurs récompenses obtenues dans le domaine littéraire. Un roman consacré à la lutte contre les préjugés liés à l’albinisme Parmi les œuvres présentées figure La fille aux cheveux châtains, un roman qui aborde […]
Three Rescued as Rescue Teams Search for Trapped Victims After North Industrial Area Building Collapse
Rescue teams are continuing efforts to locate and extract individuals believed to be trapped beneath the rubble of a collapsed building in Accra’s North Industrial Area following a structural failure that has left several people injured. According to Alex King Nartey of the Ghana National Fire Service's communications team, three people have so far been rescued from the scene and are currently receiving medical treatment. However, emergency responders fear that at least three more individuals may still be trapped under the debris. Speaking at the site, Mr. Nartey explained that rescue operations have been slowed by the absence of earth-moving equipment needed to remove large sections of collapsed concrete and debris safely. He disclosed that the Fire Service has requested assistance from the military, while the Mayor of Accra has also facilitated the deployment of heavy machinery to support the […]
Related
Christian killings: Nigeria hiring lobbyists to mask insecurity — Ted Cruz
Cruz said Nigeria’s engagement of a Washington-based lobbying firm was a public relations move meant to soften criticism from the United States rather than confront the insecurity crisis at home. He said Nigerian officials were trying to influence opinion in Washington while failing to address allegations of attacks on Christians and other vulnerable groups. The senator has been at the forefront of calls for sanctions and accountability over alleged religious persecution in Nigeria. His proposed Nigeria Religious Freedom Accountability Act of 2025 seeks to hold officials responsible for what he describes as the enabling of mass violence against Christians. Reports also said Nigeria signed a $9 million lobbying contract with DCI Group, a US public affairs firm, after being designated a country of particular concern by President Donald Trump. The controversy adds to growing diplomatic tension between Abuja and some […]
Three Ansaru terrorists linked to Oriire abductions get life jail
Justice Salim Ibrahim delivered the ruling against Abdulrazak Umar, alias Abu Khalifa/Abu Khalid; Yunusa Musa, alias Yunusa Bin Musa; and Shamsu Adamu Sani, alias Abu Itisar, after they pleaded guilty to several terrorism-related charges brought by the Department of State Services (DSS). The defendants were accused of belonging to Darul Salam, a proscribed group linked to Ansaru, and of working with bandits who abducted pupils and teachers in Oriire. They faced a 10‑count charge bordering on terrorism, kidnapping, concealment of information and incitement through extremist religious ideology. Court documents showed that Umar, in particular, admitted guilt to counts involving training and instructing terror group members via messaging platforms and pushing radical ideology. Justice Ibrahim invoked the maximum penalty of life imprisonment on key counts after the three men admitted being part of the network behind the high‑profile Oriire school kidnappings. […]
US lawmaker seeks Nnamdi Kanu’s release
James, who represents Michigan’s 10th Congressional District, urged the Nigerian government to free Kanu and respect his fundamental rights. He described Kanu’s continued detention as a violation of international human rights norms and cited previous United Nations opinions on the case. “The detention of Mazi Nnamdi Kanu is a clear example. The UN Working Group on Arbitrary Detention called for his unconditional release, yet he remains in solitary confinement,” the lawmaker said during his remarks on Capitol Hill. He also accused the Nigerian authorities of enabling the “slaughter of innocent Nigerians” and called on Washington to take a firmer stand on abuses. Kanu, leader of IPOB, has been held in Nigeria on terrorism-related and secessionist charges, despite repeated legal and political appeals for his release. In November 2025, 44 federal lawmakers in Nigeria wrote President Bola Tinubu, asking him to […]
Enugu Air aircraft suffers runway excursion at Benin Airport
The incident involved one of Enugu Air’s Embraer regional jets, which veered off the runway after touchdown and came to rest in a grassy area beside the runway. The airline confirmed that the aircraft had been secured and that aviation authorities had been notified in line with standard procedure. Enugu Air said all 63 passengers and five crew members were safely evacuated, with no injuries or casualties recorded. The carrier added that it was assessing the aircraft and the circumstances surrounding the incident, while warning that some flight schedules could be adjusted temporarily. The Nigerian Safety Investigation Bureau is expected to probe the incident, while the NCAA will carry out regulatory oversight to determine what caused the runway excursion. The temporary closure of the runway also disrupted operations at Benin Airport
Court sentences three to life imprisonment over Orire school kidnapping
Justice Salim Ibrahim convicted the defendants, Abdulrazak Umar, Yunusa Musa and Shamsu Adamu Sani, after they pleaded guilty to some of the charges brought against them by the Federal Government. The three men were arraigned on a 10-count charge bordering on terrorism, kidnapping, concealment of information, incitement and illegal mining.vanguardngr+2 Prosecutors said the convicts were linked to the abduction of pupils and teachers in Oriire between January and May 2026 and were accused of concealing information about the masterminds of the attack. They were also alleged to belong to Darul Salam, an affiliate of the proscribed terrorist group Ansaru.dailypost+3 The incident happened on May 15, when gunmen attacked Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School in the Esiele and Yawota communities, abducting 46 people in total. Security forces later rescued 44 of the victims and […]
Reps to ONSA: explain why you ignored alert on PFIPC
The House of Representatives has called on the Office of the National Security Adviser (ONSA) to explain why it allegedly ignored an alert over the controversial Presidential Foreign Intervention Promotion Council (PFIPC). Lawmakers said the issue has raised serious concerns about how the alleged agency appeared in the federal budget despite questions over its legality and existence. The House wants ONSA and other relevant officials to clarify what actions were taken after the warning was reportedly raised. The development is part of a wider probe into the phantom PFIPC, which has drawn public criticism over budget transparency and verification procedures. Lawmakers say they are determined to get to the root of the matter and ensure that such irregularities do not recur in future appropriation exercises.