“Give Us a Break” — Nigerian Presidency Fires Back at IMF Over Harsh Economic Report

The Nigerian government has reacted strongly to a recent International Monetary Fund (IMF) report criticizing the country’s economic performance, with a top presidential aide urging the global financial institution to “give Nigeria a breather.” Eyes Of Lagos reports,

The report, released on July 7, 2025, and titled “How Nigeria Can Unleash Its Economic Potential,” accused Nigeria of failing to make meaningful progress in tackling inflation, reducing poverty, or boosting investor confidence despite recent reforms.

IMF’s Concerns: Inflation, Poverty, and Policy Weakness

The IMF noted that:

• Inflation remains persistently above 20%

• Food insecurity has worsened

• Government policies have shown limited impact

• There is need for firmer monetary policy, effective budgetary discipline, and a transparent redistribution of fuel subsidy savings

The Fund also advised aligning Nigeria’s tax rates with regional standards once the national cash transfer system becomes fully operational.

“The country needs stronger and more sustained growth to lift millions out of poverty and food insecurity,” the report stated.

Presidency Claps Back: “Let Us Breathe”

Reacting during a live interview on Channels Television’s The Morning Brief, the Special Adviser to the President on Economic Affairs, Tope Fasua, criticized the IMF’s remarks, calling them “discouraging,” “destabilizing,” and poorly timed.

“This administration under President Tinubu has done some of the deepest reforms in decades… We just passed tax relief bills for low-income earners and small businesses,” Fasua said.

“We haven’t even allowed those reforms to settle, and yet the IMF is issuing fatalistic statements that leave everyone confused.”

Fasua argued that despite Nigeria’s efforts—such as repaying $3 billion of its COVID-19 IMF loan—the country continues to face pressure from the Fund.

“We’re not asking for a pat on the back; we’re saying give us a break. We’re rebuilding a broken system. We’ve removed the roof and are working on the foundation. How do you expect full comfort in two years?”

“Let the Poor Breathe” — Government Defends Reform Path

Fasua referenced President Bola Tinubu’s famous quote, saying:

“Like the president would say, ‘Let the poor breathe.’ The IMF keeps recommending even more painful reforms, but we must consider the social impact.”

He also noted that:

• Interest rates are stabilizing, with the Central Bank considering gradual reductions

• Inflation, while still high, has been declining for three consecutive months

• The IMF’s tone lacks economic realism, saying: “An economist is not a fantasist.”