Turn Economic Gains Into Relief For Nigerians, Ex-IMF Expert Tells FG

A former International Monetary Fund (IMF) and World Bank expert, Dr Ifediora Amobi, has urged the Federal Government to turn the gains from its economic reforms into tangible improvements in Nigerians’ living standards.

Amobi also described the expertise of the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, as a national blessing.

His call comes amid continuing concerns about the high cost of living, even as the Federal Government cites improved public finances, stronger external stability and increased revenue mobilisation as evidence of progress under President Bola Tinubu’s economic reform programme.

In a statement, the economist commended Oyedele’s handling of fiscal policy and the government’s presentation of its economic reform scorecard.

He, however, stressed that sustaining the reforms must go hand in hand with measures to cushion the impact of economic adjustments on households and businesses.

“The reforms were necessary to reposition the Nigerian economy, but the immediate impact on households and businesses cannot be ignored. What is important now is to sustain the reforms while implementing measures that will provide relief and stimulate economic activity,” Amobi said.

Amobi’s comments come amid a central debate over the Tinubu administration’s economic programme: whether improvements in government revenue and macroeconomic indicators will ultimately lead to more affordable living costs, better employment opportunities and improved public services.

Presenting the Federal Government’s reform scorecard on 20 August 2026, Oyedele said the reforms had generated N20.4 trillion in incremental resources between June 2023 and December 2025.

According to the minister, the removal of the petrol subsidy generated N15.8 trillion for the Federation, while improved independent revenue contributed another N3.1 trillion. He also cited increased borrowing as an additional source of funds.

Oyedele argued that removing the petrol subsidy and unifying the foreign exchange market were necessary to address longstanding economic distortions and avert potentially more damaging consequences, including depleted foreign reserves, further pressure on the naira and fiscal instability.

However, the reported fiscal gains have yet to ease widespread concerns about pressure on household incomes.

Against this backdrop, Amobi urged the government to focus not only on raising revenue but also on deploying public resources efficiently to meet the country’s development needs.

He said stronger revenue mobilisation, closing fiscal loopholes and improving accountability were essential to building a more resilient economy.

The government, he said, must prioritise long-term revenue growth, eliminate fiscal leakages and create incentives to attract private-sector investment.

He added that the reforms’ ultimate measure would be their impact on infrastructure, job creation, social services and the competitiveness of Nigerian businesses.

Amobi also called for targeted interventions to protect vulnerable Nigerians from rising living costs, warning that benefits must match macroeconomic improvements and be felt in citizens’ daily lives.

The economist said confidence in Oyedele’s ability to manage the country’s fiscal challenges stemmed from the minister’s professional background and experience in taxation and economic policy.