63 percent of Nigerians now live in poverty: IMF breaks silence on Tinubu’s economic reforms

63 percent of Nigerians now live in poverty: IMF breaks silence on Tinubu’s economic reforms

The International Monetary Fund on Tuesday said that reforms implemented by the President Tinubu-led federal government have strengthened the country’s economy, but warned that more than 63 percent of Nigerians now live in poverty.

During his swearing-in ceremony in 2023, President Tinubu announced the removal of a costly fuel subsidy that had kept petrol prices artificially low for decades, liberalised the exchange rate for its currency and overhauled the country’s tax system.

While economists said the policy changes were long overdue, poverty has continued to increase, affecting 63 percent of the population at the end of 2025.

According to the IMF, more than 27 million Nigerians faced food insecurity during the year.

“Strong reforms over the past three years have yielded improved macroeconomic outcomes and built resilience. Still, conditions for many Nigerians remain difficult. Poverty reached 63 percent (national poverty line) and 27 million Nigerians are estimated to have faced food insecurity in the fall of 2025,” the IMF said in a statement after its annual review of the Nigerian economy.