IMF begins assessment of Nigeria’s economy, to engage senate on Tinubu’s reforms

The senate will hold a high-level meeting with officials of the International Monetary Fund (IMF) as part of consultations on Nigeria’s economic outlook and reform programmes introduced by the administration of President Bola Tinubu.

The engagement forms part of the IMF’s ongoing Article IV consultation with Nigeria, according to a notice to senators.

The meeting is expected to facilitate discussions on the country’s economic management and possible support for the federal government’s reform initiatives.

Article IV consultation is an in-depth review of a member country’s economic health, policies, and future outlook conducted annually by the fund.

During consultation, the IMF officials visit the country to discuss fiscal, monetary, and structural policies. A report is then produced for the executive board to assess, aiming to prevent financial crises and promote stability.

In the notice, Emmanuel Odo, the senate clerk, said the IMF consultation mission to Nigeria is scheduled from March 4 to March 17, 2026.

The notice was read during plenary on Thursday by Barau Jibrin, the deputy senate president.

According to the communication, the IMF mission team will hold consultations with several government institutions during the visit.

The team also requested a high-level engagement with the leadership of the senate.

“Article IV Consultation exercise. The Federal Office of Finance wishes to inform the leadership of the Senate and distinguished senators that at the instance of the Federal Government of Nigeria, the International Monetary Fund Article IV Consultation in Nigeria has been scheduled to hold from March 4 to March 17, 2026,” the notice reads.

“The IMF mission team will engage select government institutions in meetings. Accordingly, it has requested a high-level meeting between the President of the Senate and the IMF mission team during which it intends to engage the Senate on matters of economic management.”

The notice said the interaction will focus on Nigeria’s economic outlook and areas where the IMF could support ongoing reforms by the federal government.

“The meeting is expected to provide insights on Nigeria’s economic outlook and how the IMF can establish support for the ongoing reforms of the Federal Government,” it stated.

To ensure broad legislative participation, chairmen of key senate committees have been invited to attend the meeting.

The committees include banking, insurance and other financial institutions; appropriations, capital markets, finance, petroleum resources (upstream), national planning and economic affairs, and public accounts.