IMF Regrets Comments on Nigeria After Senator Jimoh Ibrahim’s Rebuttal at Global Forum
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has expressed regret over recent remarks made by the Fund concerning Nigeria’s economic reforms, following a heated exchange with Senator Jimoh Ibrahim in Washington, D.C.
Georgieva’s contrition came during the World Bank Parliamentary Engagement session, where Senator Ibrahim, who represented Nigeria’s Senate, challenged the IMF’s assessments, describing its commentary on Nigeria’s economy as negative, misleading, and lacking empirical evidence.
The IMF had earlier raised concerns about the impact of the Nigerian government’s reform policies on the country’s poor, prompting a response from Ibrahim, who questioned the objectivity of such statements.
“Madam IMF, in recent weeks, the IMF has criticised the Nigerian reform programmes with negative comments that lack supporting data,” Ibrahim asserted. “Is it appropriate for the IMF to make such unsubstantiated remarks about a sovereign economy it does not manage?”
The senator asked what exactly President Bola Tinubu had done wrong, noting that the administration’s initiatives—ranging from tariff adjustments and improved revenue-to-GDP ratios to enhanced cash flow management and consistent debt repayments—should be seen as commendable steps deserving international support.
Ibrahim argued that such reforms should be celebrated not only as a national effort but as a continental achievement. “Tinubu’s achievements are a success story for Africa and should be supported globally,” he stated.
In her response, Georgieva acknowledged the senator’s concerns, saying, “We shall be mindful of our comments on Nigeria from now on. We are your IMF; we are sorry again.”
Senator Ibrahim accepted the apology, thanking the IMF boss for her candid response and reiterating the importance of global institutions supporting nations navigating complex reforms.
The IMF had earlier advised the Nigerian government to implement policies that stabilise the economy while safeguarding the welfare of its most vulnerable citizens. Specifically, the Fund urged the federal government to accelerate the rollout of its cash transfer programme, intended to support low-income households affected by economic adjustments.
Julie Kozack, Director of the IMF’s Communications Department, emphasised the urgency of the programme. “We recognise the extremely difficult situation many Nigerians face. Completing the rollout of cash transfers is a top priority, alongside improving domestic revenue mobilisation,” she said.
She also confirmed that the IMF’s First Deputy Managing Director, Gita Gopinath, visited Nigeria in March and held high-level meetings with Finance Minister Wale Edun and Central Bank Governor Yemi Cardoso.
The IMF and World Bank have repeatedly advocated for the expansion of Nigeria’s social safety nets, particularly in rural communities where poverty and food insecurity remain critical issues. According to the World Bank, robust cash transfer schemes are vital to helping citizens escape intergenerational poverty amid persistent inflation and sluggish economic growth.
