The International Monetary Fund (IMF) has stated that Nigeria’s tough economic reforms, implemented nearly two years ago under President Bola Ahmed Tinubu, have yet to bring tangible benefits to the country’s average citizens. Despite government claims that the reforms were necessary to improve Nigeria’s public finances, ordinary Nigerians are grappling with the worst cost-of-living crisis in a generation.
Axel Schimmelpfennig, IMF Mission Chief for Nigeria, acknowledged that the government has made “important steps to stabilise the economy, enhance resilience, and support growth.” However, these positive changes have not yet translated into widespread improvements, with poverty and food insecurity remaining high across the country.
Tinubu’s economic measures, which include the liberalisation of the naira, the removal of fuel subsidies, and ending the Central Bank’s financing of the fiscal deficit, have been critical in shaping the country’s financial landscape. However, global uncertainty and declining oil prices are expected to challenge Nigeria’s economic outlook further.
The World Bank’s October report highlighted that poverty in Nigeria has worsened over the past six years, with more than half of the population, equating to 129 million people, now living in poverty.
Source: Swifteradio.com
