IMF global growth list, food prices show reforms paying off  —  Tinubu’s aide

President Bola Tinubu’s Special Adviser on Economic Affairs, Dr Tope Fasua, has said Nigeria’s inclusion on the International Monetary Fund’s list of countries expected to contribute to global growth and the recent decline in food prices are clear signs that the administration’s economic reforms are yielding results.

Fasua spoke on Tuesday during an interview on Arise News, where he defended the government’s decision to remove fuel subsidies and liberalise the foreign exchange market, insisting that Nigeria has already passed through the most painful phase of the reforms.

“We don’t have to struggle so hard to understand that this needed to be a government of reforms,” he said.

“The reforms are paying off already, whether you look at local assessments or international validation.”

He cited Nigeria’s placement on the IMF’s growth outlook as one of the strongest indicators.

“Nigeria wouldn’t have made it to the IMF list of countries that will contribute to global growth in 2026 if the reforms were not working. We came in sixth, contributing about 0.15 per cent to global growth, at a time when most economies are plateaued,” Fasua said.

According to him, the figures show that Nigeria remains a key economy on the continent.

“That tells you this is an economy that is still growing. It remains one of the largest economies in Africa, whether we like it or not,” he added.

Fasua dismissed suggestions that the reforms should have been implemented gradually, arguing that delay would have deepened the country’s economic crisis.

“In matters like this, the worst thing you can do is to prevaricate or say, ‘let’s go gradually’,” he said.

“Mr President did what needed to be done with fuel subsidies and foreign exchange. The coast is clear now. The worst is over.”

He said recent trade and inflation data showed that the economy is recovering.

“We are coming from a negative situation. We’ve had 10 consecutive quarters of trade surpluses. Imports are down about 20 per cent. Exports are up about 40 per cent. We’re doing 25 per cent more trade within Africa than we used to do,” he stated.

Responding to public concerns over the rising cost of living, Fasua insisted 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 described as public resistance to acknowledging positive changes.

“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.

According to him, the decline in food prices is also reflected in inflation data.

“Food inflation is down to about 11 per cent, and overall inflation is trending down around 15.15 per cent,” Fasua said.
 “We’re heading to single-digit inflation.”

He also pointed to wage increases and tax reforms as evidence that disposable income is improving.

“Minimum wage rose by 130 per cent, while the naira devalued by about 50 per cent,” he said.
 “Everybody that works is earning more in nominal terms.”

On taxation, he said the new tax laws favour low- and middle-income earners.

“Anyone earning ₦25 million per annum and below is taking home more money,” Fasua said, adding that “about 90 to 95 per cent of Nigerians working in compliant organisations actually got more money in their January salaries.”

Fasua further cited gains in Nigeria’s external reserves and currency stability as proof of economic recovery.

“We’ve moved our foreign reserves from about $3.5 billion net to $46–47 billion. The naira is stable. We have international recognition for how this economy is being managed,” the presidential aide said.

He concluded by urging Nigerians to be more optimistic about the country’s economic outlook.

Vanguard News

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