In a statement issued on Tuesday, Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the IMF’s 2026 Article IV Mission concluding statement provided independent validation of the economic reforms implemented by the administration of President Bola Tinubu.
The government said the report highlighted improvements in macroeconomic stability, fiscal management, foreign exchange market operations and banking sector resilience.
According to the statement, the IMF observed that reforms introduced over the past two and a half years had strengthened Nigeria’s capacity to withstand external shocks.
“The report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu are strengthening macroeconomic stability, restoring confidence, and laying the foundation for sustainable and inclusive growth,” Oyedele said.
The government said the IMF recognised the impact of key reforms, including the removal of fuel subsidies, the end of deficit monetisation, foreign exchange liberalisation and efforts to strengthen fiscal discipline.
It added that the fund noted Nigeria now faces global economic uncertainties with stronger policy frameworks and buffers than before.
The Federal Government said recent tensions in the Middle East had created inflationary pressures worldwide through higher energy prices, rising food costs and supply chain disruptions.
According to the government, the IMF noted that Nigeria’s foreign exchange parallel market premium remained below five percent, while sovereign spreads and investor confidence had remained broadly stable.
The government added that higher global energy prices could create opportunities for increased export earnings, fiscal revenues and foreign exchange inflows.
It said efforts were ongoing to increase crude oil production, expand domestic refining capacity, grow gas exports and attract investments across the energy value chain.
The Federal Government welcomed the IMF’s recognition of progress in domestic revenue mobilisation and public financial management reforms.
It said the implementation of new tax laws, digitisation of revenue collection processes and stronger accountability mechanisms would further strengthen fiscal sustainability.
The government also noted the IMF’s recommendations on fiscal reporting, budget transparency and data reconciliation.
According to the statement, steps are already being taken to improve fiscal data integrity and deepen public financial management reforms.
The government said the IMF projected economic growth above four percent in the medium term, alongside stronger reserves, increased investment and improved fiscal revenues.
It added that public debt had declined relative to gross domestic product (GDP) and reserve buffers had strengthened significantly.
