IMF ranking, cheaper food prices show Tinubu’s reforms are working – Aide
Nigeria's inclusion on the International Monetary Fund's list of nations expected to contribute to global growth, along with the recent drop in food prices, is a clear indication that the administration's economic reforms are working, according to Dr. Tope Fasua, President Bola Tinubu's Special Adviser on Economic Affairs.
These comments were expressed by Fasua on Tuesday in an interview with Arise News. He supported the government's decision to liberalise the foreign currency market and eliminate gasoline subsidies. Nigeria has already gone through the most difficult stage of the changes, he claimed.
He declared, "We don't have to struggle so hard to understand that this needed to be a government of reforms."
These comments were expressed by Fasua on Tuesday in an interview with Arise News. He supported the government's decision to liberalise the foreign currency market and eliminate gasoline subsidies. Nigeria has already gone through the most difficult stage of the changes, he claimed.
He declared, "We don't have to struggle so hard to understand that this needed to be a government of reforms."
"Whether you look at local assessments or international validation, the reforms are already paying off."
One of the best indicators, he noted, is Nigeria's standing on the IMF's growth projection.
If the changes had not been successful, Nigeria would not have been included on the IMF's list of nations that will contribute to global growth in 2026. At a time when other countries are stagnating, we ranked sixth and contributed almost 0.15 percent to global growth, according to Fasua.
He claims that the numbers show Nigeria's economy is still one of the continent's most important.
This indicates that the economy is continuing expanding. Whether we like it or not, it is still one of Africa's biggest economies," he continued.
One of the best indicators, he noted, is Nigeria's standing on the IMF's growth projection.
If the changes had not been successful, Nigeria would not have been included on the IMF's list of nations that will contribute to global growth in 2026. At a time when other countries are stagnating, we ranked sixth and contributed almost 0.15 percent to global growth, according to Fasua.
He claims that the numbers show Nigeria's economy is still one of the continent's most important.
This indicates that the economy is continuing expanding. Whether we like it or not, it is still one of Africa's biggest economies," he continued.
Suggestions that the reforms should have been introduced gradually were rejected by Fasua. Any delay, he claimed, would have made the nation's economic problems worse.
"The worst thing you can do in situations like this is to hesitate or say, 'let's go gradually,'" he remarked.
"Mr. President took the necessary action on foreign exchange and gasoline subsidies. Now the coast is clear. The worst has passed.
He pointed out that the economy is rebounding based on recent trade and inflation figures.
"We are coming from a bad circumstance. We've had trade surpluses for ten straight quarters. Imports have decreased by almost 20%. Exports have increased by almost 40%. He said, "We're doing 25% more trade within Africa than we used to."
"The worst thing you can do in situations like this is to hesitate or say, 'let's go gradually,'" he remarked.
"Mr. President took the necessary action on foreign exchange and gasoline subsidies. Now the coast is clear. The worst has passed.
He pointed out that the economy is rebounding based on recent trade and inflation figures.
"We are coming from a bad circumstance. We've had trade surpluses for ten straight quarters. Imports have decreased by almost 20%. Exports have increased by almost 40%. He said, "We're doing 25% more trade within Africa than we used to."
Addressing public concerns about the rising cost of living, Fasua maintained that food prices have dropped significantly.
“Food prices are down. Gari prices are about 70 per cent lower. Rice prices are down 30 to 40 per cent. Beans prices have dropped,” he said.
He criticised what he called public resistance to recognising positive developments.
“We seem stuck in this mindset that things can never get better, so we keep repeating by rote that food prices are up. Let the whole world hear it: food prices are down in Nigeria,” he maintained.
He clarified that inflation statistics also show the drop in food prices.
According to Fasua, "overall inflation is trending down around 15.15 percent, and food inflation is down to about 11 percent."
"Single-digit inflation is on the horizon."
He cited tax reforms and wage increases as indicators of rising disposable income.
"The naira depreciated by roughly 50%, while the minimum wage increased by 130%," he stated.
"In nominal terms, everyone who works is earning more."
Regarding taxes, he said that those with low and intermediate incomes gain from the new tax laws.
According to Fasua, "overall inflation is trending down around 15.15 percent, and food inflation is down to about 11 percent."
"Single-digit inflation is on the horizon."
He cited tax reforms and wage increases as indicators of rising disposable income.
"The naira depreciated by roughly 50%, while the minimum wage increased by 130%," he stated.
"In nominal terms, everyone who works is earning more."
Regarding taxes, he said that those with low and intermediate incomes gain from the new tax laws.
“Fasua stated that "about 90 to 95 percent of Nigerians working in compliant organisations actually got more money in their January salaries" and that "anyone earning ₦25 million per year and below is taking home more money."
Fasua also pointed to advancements in Nigeria's currency stability and external reserves as proof of the country's economic progress.
Our net foreign reserves have increased from approximately $3.5 billion to $46–47 billion. The value of the naira is steady. The presidential assistant claimed that the way this economy is being run has earned us recognition on a global scale.
In closing, he urged Nigerians to have a more positive outlook on the nation's economic destiny.
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