The International Monetary Fund (IMF), the financial body has commended the economic reforms by the President Bola Ahmed Tinubu-led administration, particularly tax and monetary policies.
The IMF listed strategies it found impressive to include enhancing tax enforcement and broadening the tax base to generate funds crucial for development spending and social protection, all while maintaining debt sustainability.
The IMF, in the recent Article IV Consultation released on Thursday, said the policies were significant in addressing Nigeria’s economic and social challenges.
Executive Directors of the IMF lauded the government’s decisive actions in areas such as revenue mobilisation, governance enhancement, and the strengthening of social safety nets.
They noted the administration’s particular focus on revenue collection and the effectiveness of policy frameworks as foundational to these improvements.
The IMF also supported Nigeria’s shift towards an inflation-targeting regime, recommending the strengthening of the Central Bank of Nigeria’s independence to ensure effective transition.
The organisation, however, called for caution regarding any amendments to the CBN Act that might undermine the bank’s autonomy.
It commended the government for reinstating the cash transfer programme, essential in combating acute food insecurity and advocated for its scaling up alongside a comprehensive revenue mobilisation strategy.
