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Tinubu’s reforms struggling to deliver meaningful results – IMF
Eighteen months after the implementation of Nigeria’s ongoing economic reforms, the International Monetary Fund (IMF) has observed that the fiscal policies introduced by the President Bola Tinubu administration are struggling to deliver meaningful results.
Catherine Patillo, IMF Deputy Director, while presenting a report at the Lagos Business School (LBS) on Friday, reported a mixed performance of economic reforms across Sub-Saharan Africa, with notable successes in countries such as Côte d’Ivoire, Ghana and Zambia.
Nigeria was conspicuously absent from the list of success stories in the region.
The report stated that sub-Saharan Africa’s average economic growth rate is projected to remain at 3.6 per cent for 2024. It noted that Nigeria’s growth rate, pegged at 3.19 per cent, falls below this average.
Patillo said that while macroeconomic imbalances have reduced in several countries, Nigeria has yet to show such progress.
She stated that more than two-thirds of countries have undertaken fiscal consolidation, stressing that while the median primary balance is expected to narrow by 0.7 percentage points alone in 2024, there are notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others.
The report stated, “In contrast, Nigeria’s inflation rate, which slowed briefly in July and August, resumed its upward trend in September, rising further in October.
“At 33.8 per cent, it significantly exceeds the 21 per cent target set for 2024, with analysts predicting further increases in November and December.”
The report also observed Nigeria’s struggles with exchange rate stability, highlighting it as one of the worst-performing nations in that regard.
According to the report, other countries in the region are experiencing reduced foreign exchange pressures but Nigeria’s local currency depreciation and instability remain a concern.
On debt servicing, the report said Nigeria ranked among countries suffering the heaviest fiscal burden.
The IMF noted that rising debt service obligations are consuming substantial portions of revenue, limiting resources available for development.
It stated that in Angola, Ghana, Nigeria, and Zambia, the increase in interest payments alone absorbed a massive 15 per cent of total revenue.
The IMF grouped Nigeria among resource-intensive countries struggling with social and political challenges that hinder reform implementation.
Political unrest, public dissatisfaction, and tight financing conditions were identified as major impediments.
The report noted that resource-intensive countries continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most and further noted that adjustment fatigue, public resistance, and weak communication strategies are undermining the impact of reforms in Nigeria.
The IMF recommended rethinking reform strategies, urging countries like Nigeria to adopt measures that mobilise public support for deep structural changes.
It pointed out the need for greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions.
By Gloria Ikibah
The Federal Government of Nigeria has extended its heartfelt congratulations to the State of Qatar on the occasion of its National Day, celebrated on Wednesday, December 18, 2024.
In a statement signed by the Acting Spokesperson for the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, Nigeria’s Minister for Foreign Affairs, Ambassador Yusuf Maitama Tuggar, conveyed fraternal greetings to Qatar’s Prime Minister and Minister of Foreign Affairs, His Excellency Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.
The statement highlighted Qatar’s commitment to promoting global peace and its significant contributions to humanitarian services worldwide.
“The Federal Government of Nigeria commends the commitment and strategic efforts made by the State of Qatar in the promotion of global peace; and more so, the excellent contributions to humanitarian services in different parts of the world,” it read.
Ambassador Tuggar emphasised the strong and growing relations between Nigeria and Qatar, expressing satisfaction with the collaborative efforts to strengthen ties for the mutual benefit of their citizens.
He wished Qatar peace, prosperity, and progress, reaffirming Nigeria’s enduring friendship and support.
This underscores Nigeria’s recognition of its diplomatic relationship with Qatar and its shared commitment to global cooperation and development.
By Gloria Ikibah
The House of Representatives Public Accounts Committee (PAC) has called for the removal of the National Examination Council (NECO), University of Ibadan (UI), Federal Ministry of Labour and Employment, and 21 other federal Ministries, Departments, and Agencies (MDAs) from the 2025 budget.
This recommendation follows their repeated failure to account for previous allocations and internally generated revenue.
During an extraordinary session on Wednesday, December 18, 2024, the Committee resolved that these MDAs should be excluded from the budget until they comply with its directives.
Chairman of the Committee, Rep. Bamidele Salam, stressed: “The Financial Regulation empowers the National Assembly to exclude any Ministry, Department, or Agency (MDA) that fails to account for their previous appropriations. As such, the listed MDAs should be excluded from the 2025 budget until they appear before this constitutional committee.”
The decision was prompted by the consistent non-compliance of these MDAs despite multiple summons issued by the Committee to scrutinize their financial operations.
Prominent institutions among those recommended for delisting include hospitals, universities, and federal development agencies. Some of the affected MDAs are:
- Federal Medical Centre, Bida
- Federal Ministry of Labour & Employment
- Ahmadu Bello University Teaching Hospital, Zaria
- Nigeria Police Force: Department of Information and Communication Technology
- Federal College of Education (Technical), Asaba
- Federal College of Education, Yola
- Federal Polytechnic Ekowe, Bayelsa State
- Abubakar Tafawa Balewa University Teaching Hospital, Bauchi
- Federal University of Technology, Minna
- Cross River Basin Development Authority
- Nigeria Office for Trade Negotiation
- National Examination Council (NECO)
- Nigeria Police Academy, Wudil
- Presidential Amnesty Programme
- Galaxy Backbone
- Senior Special Assistant to the President on Sustainable Development Goals
Others include the National Health Insurance Authority (NHIA), Nigeria Nuclear Regulatory Authority, National Space Research and Development Agency, Federal Cooperative College (Ibadan), Upper Niger River Basin Development Authority, University of Lagos, University of Ibadan, and Federal School of Survey, Oyo State.
The Committee unanimously recommended that the MDAs in question be delisted from the 2025 budget until they comply with the request for documentation and provide necessary financial clarifications.
Nigeria Congratulates Qatar on National Day
Reps Recommends Delisting NECO, UI, Labour Ministry, 21 Others From 2025 Budget
Reps Call for Revival of NAPAC to Boost Transparency, Accountability
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