Connect with us

News

FG Welcomes Positive IMF Assessment of Nigeria’s Economy, Vows to Sustain Reform Momentum

Published

on

84 Views

The Federal Government has welcomed the International Monetary Fund’s (IMF) 2026 Article IV Mission Concluding Statement, describing it as an independent validation of the success of President Bola Ahmed Tinubu’s economic reform programme.

In a statement, the government noted the IMF’s overall positive assessment, saying the Fund’s observations confirm that the bold reforms implemented over the past three years are strengthening macroeconomic stability, restoring investor confidence, and laying a solid foundation for sustainable and inclusive growth.

The IMF highlighted several key achievements, including improved functioning of the foreign exchange market, stronger external buffers, ongoing fiscal and revenue reforms, and resilience in the banking sector. These developments, the government said, have enhanced Nigeria’s ability to withstand external shocks compared to recent years.

Particular emphasis was placed on the impact of major policy decisions such as the removal of fuel subsidies, the end of deficit monetisation, the liberalisation of the foreign exchange market, and strengthened fiscal discipline. According to the statement, these measures have significantly reduced economic vulnerabilities and rebuilt confidence.

Despite new global challenges arising from the Middle East conflict — including higher energy and food prices, tighter financial conditions, and supply chain disruptions — the IMF acknowledged Nigeria’s notable resilience. The parallel market premium has remained below five percent, sovereign spreads have stayed broadly stable, and investor confidence has been preserved.

The Fund also noted that Nigeria is well positioned to benefit from elevated energy prices through increased export earnings, improved fiscal revenues, and higher foreign exchange inflows. The government said it will focus on translating these opportunities into lasting gains by ramping up crude oil production, expanding domestic refining capacity, boosting gas production and exports, and attracting fresh investments across the energy sector.

Addressing Poverty and Food Insecurity

The government acknowledged the IMF’s observation that poverty and food insecurity remain pressing challenges. While per capita income grew by nearly 10 percent in 2025, indicating a marked reduction in poverty levels, authorities stressed that macroeconomic stability alone is not enough.

To ensure inclusive growth, the government is strengthening social protection programmes, including direct cash transfers to vulnerable households, support for small businesses, student loans through NELFUND, consumer credit schemes, and healthcare investments.

In the agricultural sector, efforts are being scaled up through the Renewed Hope National Agricultural Mechanisation Programme and other initiatives aimed at boosting productivity, expanding irrigation, improving access to inputs and financing, and strengthening food security.

The government also welcomed the IMF’s recognition of progress in domestic revenue mobilisation and public financial management. It pledged to continue implementing new tax laws, digitising revenue collection, and improving transparency and accountability. Steps are already being taken to enhance fiscal data integrity and meet the highest international standards in economic and fiscal statistics.

Positive Medium-Term Outlook

The IMF projects continued economic growth above four percent over the medium term, alongside improving external reserves, rising investment, and stronger fiscal revenues. Public debt has declined as a percentage of GDP, while reserve buffers have strengthened significantly. These positive developments complement recent sovereign credit rating upgrades by international agencies.

The Federal Government reaffirmed its commitment to maintaining macroeconomic stability, accelerating inclusive growth, deepening structural reforms, improving the investment climate, expanding infrastructure, and enhancing human capital development and job creation.

“While challenges remain, the direction is clear and the foundations are stronger,” the statement said. “The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for all Nigerians — lower inflation, decent jobs, higher incomes, greater economic opportunity, and a better quality of life.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

16-Year-Old Osasere Okundaye Becomes Nigeria’s Youngest Chartered Accountant

Published

on

11 Views

In a remarkable feat that has captured national attention, 16-year-old student Osasere Okundaye has emerged as Nigeria’s youngest chartered accountant, shattering the previous record set in 2022.

Okundaye successfully completed the professional examinations of the Institute of Chartered Accountants of Nigeria (ICAN), earning widespread acclaim as a shining example of youthful excellence and determination. Her achievement comes at an age when many peers are still navigating secondary education or early university studies.

Minister of Youth Development Ayodele Olawande congratulated the young prodigy, describing her accomplishment as an inspiring milestone. “I heartily congratulate Miss Osasere Okundaye on her outstanding achievement of becoming Nigeria’s youngest Chartered Accountant at just 16 years of age,” the minister said, highlighting her hard work and resilience as a symbol of the potential within Nigerian youth.

Okundaye’s success surpasses the record previously held by Jonathan Adewale (also known as Ojo Jonathan Adewale), who qualified as a chartered accountant at age 17 in 2022. Her qualification has sparked pride across the country and renewed focus on empowering young Nigerians in professional fields.

While full ICAN membership typically requires additional practical experience (usually three years), Okundaye’s completion of the rigorous exams marks a historic breakthrough. Details about her educational background and the journey to this achievement are still emerging, but her story is already motivating aspiring accountants and students nationwide.

This milestone underscores the growing narrative of exceptional young talent driving Nigeria forward in various sectors. Congratulations poured in from across social media and media outlets, celebrating Okundaye as a beacon of hope for the nation’s future.

Continue Reading

News

JUST IN: Vigilante Groups Rescue Kidnapped NECO Students in Borno State

Published

on

23 Views

Local vigilante groups have successfully rescued several students of the National Examinations Council (NECO) who were abducted in Borno State, security sources confirmed on Monday.

The students were reportedly kidnapped while traveling or residing in the area for examination purposes. Details of the exact number rescued and the circumstances of the abduction remain limited, but eyewitness accounts indicate that vigilante fighters acting on intelligence engaged the kidnappers, leading to the release of the captives without major casualties reported among the students.

A community leader in the affected area praised the swift response of the vigilantes, stating that their deep knowledge of the local terrain played a crucial role in tracking the abductors. “These boys and girls were on their way to pursue their education. We thank God and our local defenders for bringing them back safely,” he said.

Borno State has faced persistent security challenges, including banditry and insurgent activities that have occasionally targeted schools and students. The rescue operation highlights the growing reliance on community-based security networks in complementing efforts by the Nigerian military and police in the region.

Authorities are yet to issue an official statement on the incident, but sources say efforts are ongoing to reunite the rescued students with their families and provide necessary medical and psychological support. Investigations into the kidnapping are also underway to apprehend those responsible.

This latest incident comes amid broader concerns over the safety of students in northern Nigeria during examination periods.

Continue Reading

News

EFCC Charges Former Port Harcourt, Warri Refinery MDs with Money Laundering

Published

on

24 Views

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has filed separate money laundering charges against the immediate past Managing Directors of the Port Harcourt Refining Company (PHRC) and the Warri Refining and Petrochemical Company (WRPC).

The accused are Ahmed Adamu Dikko, former MD of the Port Harcourt Refinery, and Jimoh Olasunkanmi Yisawu, former MD of the Warri Refinery. The charges stem from the alleged diversion and laundering of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries.

According to court documents and investigations by PREMIUM TIMES, the EFCC accused the former officials of abusing their positions by receiving and laundering large sums of money through third parties in connection with controversial turnaround maintenance contracts.

The probe forms part of a broader investigation into alleged fraud involving billions of dollars linked to the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries. EFCC sources have indicated that the total amount under scrutiny runs into billions, with earlier recoveries reported at ₦38.66 billion alongside other properties.

The charges include multiple counts of money laundering, with Dikko and Yisawu allegedly involved in diverting public funds meant for critical refinery upgrades. This comes amid ongoing scrutiny of officials from the Nigerian National Petroleum Company Limited (NNPCL) and contractors involved in the projects.

The development is the latest in a series of actions by the EFCC targeting alleged corruption in Nigeria’s oil sector, where massive investments in refinery rehabilitation have yielded limited operational improvements despite significant expenditures.

As of the time of filing, court proceedings for the arraignment of the former MDs were underway. The EFCC has not yet issued an official statement on the matter.

Continue Reading

Trending