By Ovasa Ogaga,
Nearly two years after President Bola Ahmed Tinubu launched sweeping economic reforms, the International Monetary Fund (IMF) has delivered a sobering verdict: ordinary Nigerians are yet to feel the benefits.
In a statement released on Friday, Axel Schimmelpfennig, IMF Mission Chief for Nigeria, acknowledged the government's efforts to stabilize public finances and steer the country through economic turbulence. But he issued a blunt warning — poverty and food insecurity remain alarmingly high, and for millions of Nigerians, daily life has only grown harder.
“The gains have yet to benefit all Nigerians,” Schimmelpfennig stated, after nearly two weeks of consultations with government officials and civil society groups in Nigeria. He cautioned that the nation’s economic future remains clouded by significant uncertainty, citing volatile oil prices and increasing global instability.
After taking office in May 2023, Tinubu swiftly rolled out bold economic reforms widely praised by international lenders — including the IMF and World Bank — as necessary but painful. These included removing decades-old fuel subsidies, floating the naira, and halting Central Bank financing of the fiscal deficit.
While these moves were intended to correct imbalances and attract foreign investment, they triggered an unprecedented cost-of-living crisis, plunging many Nigerians deeper into poverty. Petrol prices tripled, food costs soared, and the naira lost significant value, worsening an already fragile situation.
The IMF insists the reforms have put Nigeria in a “better position” to weather external shocks, but the human cost is undeniable. In October 2024, the World Bank revealed that over 129 million Nigerians — more than half the population — now live-in poverty, the highest figure in the nation’s history.
As the IMF warns of ongoing risks, public frustration is mounting. Ordinary citizens are still waiting for relief, as hopes for a quick turnaround dim in the face of economic realities.
