The administration of President Bola Ahmed Tinubu has responded to recent criticism from the International Monetary Fund (IMF), stating that expecting a complete overhaul of Nigeria’s decades-long economic challenges within two years is “not realistic.”
Special Adviser to the President on Economic Affairs, Tope Fasua, made the remarks on Tuesday during an appearance on The Morning Brief, a programme aired by Channels Television. Fasua took aim at what he described as persistent and unhelpful commentary from the IMF, calling their most recent analysis “very fatalistic” and destabilising to the country’s ongoing reform process.
“This administration under President Tinubu has done some of the deepest reforms that we have seen in a while,” Fasua stated.
He cited the recent signing of tax bills into law that aim to provide relief to low-income earners and increase the tax threshold for small businesses. According to him, these are foundational changes that need time to take root.
“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 said.
The IMF had earlier published an article titled “How Nigeria Can Unleash Its Economic Potential”, in which it raised concerns over the country’s inflation rate and the slow impact of current reforms.
Fasua, however, accused the global lender of excessive interference, claiming the IMF issues public remarks about Nigeria almost every two to three days, causing unnecessary alarm.
“Sometimes one wants to think they go into overdrive. At the end of the day, it leaves everyone in a state of confusion,” he added.
He also revealed that Nigeria had repaid $3 billion borrowed from the IMF during the COVID-19 pandemic, while many other countries had not. Yet, according to Fasua, the Fund continues to apply pressure without acknowledging the progress made.
“We’re not asking for a pat on the back; we’re just saying, give us a breather. Let us be able to implement the policies we’ve started,” he said.
Fasua warned that the IMF’s constant criticism could sway public opinion against the Tinubu government, especially at a time when many Nigerians are still grappling with the painful effects of economic reforms, including the removal of fuel subsidy and the floating of the naira.
“It’s like a house that is completely dilapidated, and we’re being asked to provide full comfort in two years after removing the roof and working on the foundation. That’s not realistic,” Fasua concluded.
