June 9, 2026
The International Monetary Fund said Tuesday that reforms implemented by the Nigerian government had strengthened the country’s economy, but warned that more than 60 percent of Nigerians now live in poverty.
Since taking office just over three years ago, President Bola Tinubu has removed a costly fuel subsidy that had kept petrol prices artificially low for decades, liberalised the exchange rate for its currency and overhauled the country’s tax system.
While economists said the policy changes were long overdue, poverty has continued to increase, affecting 63 percent of the population at the end of 2025.
More than 27 million people faced food insecurity during the year, the IMF added.
