The International Monetary Fund (IMF), on Wednesday, said poverty and food insecurity have risen in Nigeria in the past two years under President Bola Tinubu, even as it lauded fuel subsidy removal and exchange rate unification policies.

“The Nigerian authorities have implemented major reforms over the past two years, which have improved macroeconomic stability and enhanced resilience,” the Washington D.C.-based organisation said in its report published on Wednesday.

Lauding the fuel subsidy removal and exchange rate unification policies of the Tinubu-led administration, the IMF insisted that poverty and food insecurity have risen during the same period.

“The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit and improved the functioning of the foreign exchange market. Investor confidence has strengthened, helping Nigeria successfully tap the Eurobond market and leading to a resumption of portfolio inflows. At the same time, poverty and food insecurity have risen, and the government is now focused on raising growth,” the IMF said.

Sunday Dare, spokesperson for Mr Tinubu, reacted to the IMF’s position on Nigeria’s economy, describing it as a “validation” of the government’s policies.

“This validation comes at a time when strong macroeconomic signals have emerged,” Mr Dare said. “President Tinubu’s commitment is unwavering. The support of our governors is firm. And with the backing of Nigerians, the journey toward a more secure, equitable, and prosperous Nigeria is well underway.”

He added, “Though the coast is not clear yet, but we can see the destination. As we move forward, the message from the Presidency is clear: these reforms, though tough, are necessary — and they are already delivering results. But to consolidate these gains, Nigerians must remain engaged, optimistic, and committed to the national vision.”