The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the approved 2026 budget, describing the allegations as inaccurate and based on a misinterpretation of the International Monetary Fund’s (IMF) 2026 Article IV Consultation Report. Officials insisted that all government expenditures were made within Nigeria’s constitutional and legal framework.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the Federal Government does not operate a “shadow budget” and has not spent public funds outside legislative approval. He explained that all federal expenditures are backed by Appropriation Acts, Supplementary Appropriation Acts, or other statutory authorisations approved by the National Assembly.

According to the minister, some of the figures referenced in public discussions relate to statutory transfers, multi-year capital projects, debt servicing obligations, and other legally authorised expenditures that may be presented differently under international fiscal reporting standards. He stressed that these accounting classifications should not be interpreted as evidence of unlawful or undisclosed spending.

Oyedele further clarified that the IMF’s observations were focused on improving the comprehensiveness and presentation of Nigeria’s fiscal reporting rather than alleging illegal spending or financial misconduct. He added that the government is implementing reforms to harmonise budget reporting and strengthen transparency in public financial management.

The Federal Government reaffirmed its commitment to prudent fiscal management, accountability, and compliance with constitutional provisions governing public finance. Officials also urged the public to rely on verified information when assessing fiscal reports and budget implementation

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Vice President Kashim Shettima has officially opened the landmark Jigawa Investment Summit in Dutse, where he emphasized that the collective economic advancement of Nigeria relies heavily on the ability of its constituent states to harness their distinct resources and attract private capital. Delivering the goodwill message of President Bola Ahmed Tinubu, the Vice President stated that the federation truly flourishes when individual states drive localized expansion, move past structural dependencies, and unlock sustainable opportunities.

Speaking at the flag-off ceremony of the 2026 Jigawa Investment Summit, Shettima pointed out that key policy reforms implemented by the central administration, such as foreign exchange liberalisation and the Business Facilitation Act, are building strong investor confidence across the country. He specifically cited the landmark Electricity Act as a critical regulatory shift that empowers states to license, generate, and distribute independent power, effectively positioning them to foster robust industrial clusters.

The Vice President also commended the host state for its commendable agricultural achievements, notably its contribution of nearly 40 percent of the national wheat output during the preceding farming season. According to him, the challenge moving forward within the framework of the Jigawa Investment Summit is transitioning this expansive local potential into bankable, job-creating pipelines that actively foster shared national prosperity.

With state governments managing the precise locations where development happens and factories operate, Shettima reiterated that sub-national responsive institutions must proactively eliminate bureaucratic bottlenecks. He concluded that unified economic progress across all 36 states remains Nigeria’s greatest strength for long-term industrialization and sustainable growth.

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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has advocated the establishment of a specialised commercial dispute tribunal to accelerate the resolution of business-related conflicts and improve investor confidence in the country. He argued that a more efficient dispute resolution framework would help unlock capital, reduce investment risks, and strengthen Nigeria’s economic competitiveness.

Speaking at a business and investment forum, Edun noted that lengthy legal processes often discourage investors and delay critical business decisions. According to him, creating a dedicated tribunal focused on commercial disputes would provide faster resolutions, improve contract enforcement, and create a more predictable business environment.

The minister stressed that access to swift and transparent justice is a key factor considered by both local and foreign investors when making investment decisions. He explained that improving dispute resolution mechanisms could support ongoing efforts to attract private capital into strategic sectors of the economy, including infrastructure, manufacturing, technology, and housing.

Edun further highlighted the Federal Government’s commitment to implementing reforms that strengthen the ease of doing business and encourage long-term investments. He said Nigeria must continue modernising its legal and regulatory frameworks to align with global best practices and improve its attractiveness as an investment destination.

Industry stakeholders have long identified slow judicial processes and contract enforcement challenges as obstacles to business growth. Analysts believe that a specialised commercial dispute tribunal could reduce case backlogs, lower transaction costs, and improve confidence among domestic and international investors.

The proposal comes as Nigeria seeks to increase private-sector participation in economic development and mobilise additional capital to support infrastructure projects, job creation, and sustainable growth across multiple sectors.

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Nigeria needs more taxpayers, not higher taxes, according to Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, who said expanding the country’s tax base is essential to generating sustainable revenue and supporting long-term development.

Oyedele stated that Nigeria’s tax challenge is not necessarily low tax rates but the relatively small number of individuals and businesses that comply with tax obligations. He stressed the importance of ensuring that those who should pay taxes are brought into the tax net while promoting fairness and efficiency in tax administration.

According to him, the country cannot continue to depend heavily on borrowing to finance critical sectors such as infrastructure, education, healthcare, security, and social protection. He noted that building a sustainable fiscal system requires a broader tax base capable of generating stable and predictable revenue.

Oyedele explained that effective tax reforms should encourage economic growth, reduce inequality, protect vulnerable groups, and improve productivity. He added that a well-functioning tax system could significantly accelerate national development and improve public service delivery.

The comments come amid the implementation of ongoing tax reforms designed to simplify Nigeria’s tax framework, improve compliance, and make the system more competitive and equitable. Recent reforms also introduced relief measures and exemptions for low-income earners and small businesses while seeking to reduce the country’s reliance on debt-financed development.

Economic experts say broadening the tax net through increased compliance and formalisation of economic activities could improve government revenue without placing additional burdens on existing taxpayers.

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Nigeria’s sweeping economic reforms have earned strong commendation from the International Monetary Fund (IMF), with the global lender pointing to growing stability and signs of durable recovery in its latest Article IV Consultation report.

The IMF noted that recent policy reforms have helped restore macroeconomic stability, describing them as bold and necessary steps toward rebuilding investor confidence and strengthening the country’s financial system.

A key highlight of the reforms is the renewed independence of the Central Bank of Nigeria (CBN), which has significantly reduced its reliance on the controversial “Ways and Means” financing. According to the IMF, these advances have been cut by nearly 90 percent, marking a decisive end to deficit monetisation and reinforcing the foundation for inflation control.

The impact is already visible. Nigeria’s headline inflation, which previously surged above 40 percent, has dropped to 22.9 percent as of May 2025, reflecting the effectiveness of the CBN’s tight monetary policy stance.

The IMF also praised the country’s foreign exchange (FX) reforms, particularly the transition to a unified exchange rate system under a willing-buyer, willing-seller framework. This has improved liquidity, transparency, and price discovery in the FX market.

As a result, Nigeria recorded stronger foreign reserve growth, with reserves rising to $40.9 billion by the end of 2024, while FX inflows reached $6.9 billion in Q1 2025. The gap between official and parallel market rates has also narrowed significantly, falling from over 60 percent to below 3 percent, signalling improved market confidence.

In a further boost, Nigeria returned to the Eurobond market in January 2025 for the first time in four years, reflecting renewed investor confidence and increased portfolio inflows.

The IMF equally acknowledged ongoing reforms in the banking sector, including plans to increase banks’ minimum capital requirements by March 2026. The initiative is expected to strengthen financial institutions, improve credit access, and support long-term economic growth.

Efforts to expand financial inclusion, particularly through digital banking platforms and initiatives like the Women’s Financial Inclusion (Wi-Fi) programme, were also commended as part of broader structural reforms.

Despite the positive outlook, the IMF cautioned that challenges remain, including inflation pressures, infrastructure deficits, insecurity, and fiscal risks. It stressed the need for continued reforms in agriculture, energy supply, healthcare, and education to sustain growth.

“Recent reforms should help establish a strong foundation for sustained and inclusive growth,” the IMF noted, while calling for policy consistency and coordination in navigating global economic uncertainties.

Reacting to the report, CBN Governor Olayemi Cardoso said the assessment reinforces Nigeria’s progress toward restoring credibility and achieving long-term economic stability.

“This affirms that Nigeria is regaining credibility and laying the foundation for inclusive growth. It is also a reminder that discipline and vision remain essential,” Cardoso said.

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A new study has revealed that about 63 percent of citizens in fell below the poverty line following the removal of petrol subsidy introduced by the administration of .

The findings were presented during a policy dialogue organised by in , where policymakers, economists, and civil society groups gathered to assess the impact of Nigeria’s ongoing economic reforms.

Poverty Rate Rose From 49.8% to 63%

According to the research presented by economist of the , the national poverty rate surged from about 49.8 percent to roughly 63 percent shortly after the subsidy removal.

The report said the economic reform triggered widespread price increases across multiple sectors, significantly affecting household welfare.

However, the poverty rate later declined slightly to about 56.2 percent after the government introduced social protection measures such as cash transfer programmes.

Low-Income Households Hit Hardest

The study showed that the economic shock was not evenly distributed among Nigerians.

Low-income households experienced the most severe impact as rising transport, fuel, and electricity costs significantly reduced their purchasing power.

The national poverty gap—which measures the depth of poverty—also widened considerably, increasing from 31.6 percent to over 45 percent after the subsidy removal.

Experts noted that this means many poor households became even poorer during the period.

Consumption Declined Across Nigeria

The research also found that household consumption declined across different income groups following both the subsidy removal and electricity tariff adjustments.

Rural households and urban low-income groups were particularly affected as rising energy and transportation costs forced many families to reduce spending on essential needs.

According to the study, many Nigerians responded to the economic shock by:

• Reducing transportation use
• Cutting household consumption
• Rationing electricity
• Borrowing money to meet basic needs

“Households adjusted to the shocks not through recovery but through sacrifice,” Shuaibu explained.

Businesses Also Under Pressure

Businesses also reported significant challenges resulting from the reforms.

Many firms said higher fuel and electricity costs increased operating expenses, forcing them to raise prices, reduce staff, or shut down operations.

Some companies have also begun switching to alternative energy sources in order to cope with rising energy costs.

Government Officials Defend Economic Reforms

Speaking at the dialogue, , Deputy Governor for Economic Policy at the , defended the reforms, stating that Nigeria’s economy previously suffered from major structural distortions.

He explained that oil revenue had declined sharply over the past decade, falling from about $92 billion in 2012 to less than $2 billion in 2023.

According to him, the subsidy regime and exchange rate distortions were estimated to have cost the country about six percent of its Gross Domestic Product (GDP).

Despite the short-term hardship, Abdullahi said the reforms are beginning to produce early macroeconomic improvements, including declining inflation and improving foreign reserves.

Calls for Stronger Social Protection

Economists at the dialogue urged the government to expand social protection programmes to support vulnerable households.

, a senior economist at the , recommended strengthening Nigeria’s social register to ensure financial support reaches the poorest citizens quickly.

Experts also stressed that sustained dialogue and targeted economic policies will be necessary to ensure that the benefits of the reforms eventually reach ordinary Nigerians.

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