IMF is overrated, says Tinubu’s adviser, accusing the global lender of politicising Nigeria’s economy and undermining the government’s reform efforts

President Bola Tinubu’s Special Adviser on Economic Affairs, Dr Tope Fasua, has sparked debate by declaring that the IMF is overrated.

Also read: IMF loan repayment, a testament to Tinubu’s Midas Touch – Senator Mudashiru Husain

His comments come after the global lender raised fresh concerns over Nigeria’s inflation rate and the pace of economic reforms.

In a recent country article, the International Monetary Fund stated that Nigeria’s economic challenges, including inflation and poverty, remain deep-rooted. It urged the government to act more decisively to ensure sustainable growth.

“The country needs stronger and more sustained growth to lift millions out of poverty and food insecurity,” the IMF said.

However, Fasua strongly disagrees. Speaking on Tuesday, he accused the Fund of fuelling confusion and undermining Nigeria’s sovereignty.

“Sometimes, one wants to think that the IMF goes into overdrive. Almost every week, they talk about Nigeria and it leaves everyone in a state of confusion,” Fasua said during an interview.

“They are the lenders themselves. That’s an institution we paid $3 billion to just a few weeks ago.”

The economic adviser further suggested the Fund’s commentary may be politically motivated, stating that its advice often pits citizens against the government.

He questioned the IMF’s expectation for quick results from reforms just two years into Tinubu’s presidency.

“A house is really dilapidated and you’re asking for all the comforts back in two years when you have to move the root and even the foundation,” he said, defending the administration’s policy trajectory.

“Tinubu’s administration has done one of the deepest reforms we’ve seen in a while.”

Fasua also emphasised the need for data sovereignty, urging Nigeria to depend less on foreign institutions and build its own data infrastructure.

“We must invest in our data and have our data sovereignty,” he said.

“Sometimes, these statements make one feel like they are overrated. We should actually go get our own data rather than running to those institutions all the time.”

Also read: Nigeria completes repayment of $3.4bn IMF COVID-19 loan principal

With tensions growing between Nigeria’s policymakers and international bodies, Fasua’s remarks underscore a rising sentiment that the IMF is overrated and that more homegrown economic strategies are needed.

Source: Read more at punchng.com