Nigeria's economic reforms working, but poverty increasing – IMF

The IMF said Tuesday that reforms by the Nigerian government have strengthened the economy but warned that over 60% of Nigerians now live in poverty. Since taking office three years ago, President Bola Tinubu removed costly fuel subsidies, liberalized the exchange rate, and overhauled the tax system. However, poverty affected 63% of the population by end-2025, and over 27 million people faced food insecurity. Inflation hit 15.7% in April, while economic growth is projected at 4.1% this year.