By Queen Kunde
A pro-democracy group, The Democratic Front (TDF), has welcomed the recent assessment of Nigeria’s economy by the International Monetary Fund (IMF), describing it as a positive endorsement of President Bola Tinubu’s economic reform programme.
However, the group insisted that the reported rise in Nigeria’s poverty rate should not be directly linked to the reforms introduced by the Tinubu administration.
In a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, TDF argued that most of the increase in poverty occurred before President Tinubu took office in May 2023.
According to the group, the IMF report acknowledged that about three-quarters of the rise in poverty—from 40 per cent to 61 per cent, as recorded by the World Bank—happened between 2019 and 2023.
TDF said the period coincided with the devastating impact of the COVID-19 pandemic, which disrupted businesses, destroyed livelihoods and weakened economic activities across the country.
“The increase in poverty was largely the result of the economic aftermath of COVID-19 and not a direct consequence of the Tinubu administration’s Renewed Hope reforms,” the statement said.
The group noted that millions of Nigerians lost stable sources of income during the pandemic years, while disruptions in global and local supply chains affected economic growth and reduced cash flow within the economy.
TDF also pointed to ongoing tensions in the Middle East as another factor putting pressure on Nigeria’s economy.
It maintained that before the recent conflict involving Iran and the resulting disruptions in global oil markets, the Tinubu administration’s reforms had begun yielding positive results.
According to the group, fuel prices had remained relatively stable between N700 and N800 per litre, while exchange rate reforms were helping to stabilise the foreign exchange market.
“In a country where fuel prices largely determine the cost of living, any disruption in the global oil market has serious consequences for citizens,” the group stated.
TDF further argued that Nigeria was better positioned to withstand current global economic shocks because of the reforms already undertaken by the Tinubu administration.
The group also praised the government’s commitment to ensuring that the benefits of the reforms reach ordinary Nigerians.
It cited the recent approval of more than N700 billion for payments to 1,240 local contractors, saying the move would improve cash circulation, support businesses and strengthen economic activities across the country.
TDF expressed confidence that with sustained implementation of the reforms, the economy would continue to improve and deliver long-term benefits for Nigerians.