As part of preparations for the second phase of its economic reform agenda, the Federal Government has held talks with a delegation from the International Monetary Fund (IMF) to discuss Nigeria’s medium-term outlook and the forthcoming 2026–2030 National Development Plan.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, met with IMF officials led by Mr. Axel Schimmelpfennig, Assistant Director of the IMF’s African Department, in Abuja, according to a statement issued by the ministry.
The visit formed part of the IMF’s consultative mission to review Nigeria’s fiscal priorities, macroeconomic framework, and reform trajectory ahead of the Fund’s next country report.
In his opening remarks, Schimmelpfennig commended Nigeria’s ongoing reform momentum and expressed the IMF’s interest in understanding how the country’s medium-term strategy aligns with its broader development objectives.
“We would like to hear your thoughts on current developments — your outlook for the next year and the medium term,” he said. “We understand that you are preparing the medium-term framework, the National Development Plan, and the 2026 budget. Having your overall vision at this stage will be extremely helpful.”
He further observed that Nigeria’s policy coherence, even in a pre-election period, demonstrates growing institutional maturity.
“Every country manages pre-election periods differently,” he noted. “But what we see in Nigeria is a continued commitment to reform and policy consistency — a signal of institutional strength.”
Responding, Bagudu reaffirmed the government’s commitment to aligning fiscal reforms with national planning to promote coherence, efficiency, and inclusive growth.
He expressed appreciation for the IMF’s constructive engagement and technical support over the past two and a half years.
“We are deeply grateful for the guidance and encouragement we have received from the IMF and World Bank. Your interrogation and feedback have helped refine our reforms and ensure that our economic management remains evidence-based,” he said.
The minister highlighted that Nigeria’s reform journey under President Bola Tinubu has been anchored on discipline, inclusion, and transparency — principles already yielding measurable progress.
He stressed that the administration’s vision of building a $1 trillion economy by 2030 rests on sustained reforms and coordinated national planning. The Renewed Hope Ward-Based Development Plan, he said, is designed to harness the economic potential of Nigeria’s 8,809 wards, creating a framework for inclusive, bottom-up growth.
Bagudu also explained that the 2026–2030 National Development Plan will align strategies across federal, state, and local governments into a cohesive, data-driven framework for sustainable development.
“We are working to make the plan a reflection of Nigeria’s collective ambition, one that incorporates fiscal discipline, subnational collaboration, and the reforms necessary to sustain long-term growth,” he said.
He further underlined the importance of continued collaboration with the IMF on macroeconomic modelling, fiscal planning, and comparative global data, describing Nigeria’s approach to reform as “flexible and future-oriented.”
“We are not lamenting; we are learning and refining. Our partnership with the IMF is about innovation, not dependency, and it will continue to guide Nigeria’s reform-driven path towards sustainable growth.”
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
