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QUICK NOTE I am glad Nigerians are engaged in discussions about the management of the economy, both fiscal and monetary. This matters even more as we head towards the polls, dealing with the gains, pains and fears of the reforms implemented thus far. The post below is useful, but it also shows why economic issues require nuance beyond headlines. See...., the claim that the #IMF asked Nigeria to impose fuel and telecom taxes is substantially true, but incompletely framed. That framing may reflect the trust deficit that has built up over time with such statements, but we should not deepen it. We should help reduce it. The IMF did not simply say “impose fuel and telecom taxes now.” In its 2026 Article IV Staff Report, it said Nigeria may need further tax policy changes over the medium term, including increasing VAT, extending VAT to fuel products, rationalising tax exemptions, and introducing telecom excises. But it also added an important caveat. The timing of such reforms must consider poverty and food insecurity, and ensure that the cash transfer system is in place and funded. Paragraph 20, Fiscal Policy, page 17, states: “Further tax policy changes will likely be needed, such as increasing the VAT rate, extending VAT to fuel products, rationalising tax expenditures … and introducing telecom excises, to complement administrative gains. The timing of reforms must consider the poverty and food insecurity situation and ensure that the cash transfer system is in place and funded.” See: proshare.co/articles/imf-202… The Executive Board summary also notes that additional tax policy measures may be needed over the medium term, including to fund a scaled-up cash transfer programme for vulnerable households. Nigeria’s Executive Director also made the balancing point clear. The authorities are open to further tax policy adjustments, including possible VAT increases, VAT on fuel products, and telecom excises, but only when the cash transfer system is fully funded and operational, so the burden does not fall disproportionately on the vulnerable. See: proshare.co/articles/imf-com… via @proshare So, to the good people at @NigeriaStories, the “breaking news” version is not false. Perhaps, due to the editorial summary, it unwittingly overstated the message by omitting the IMF’s caveats on timing, sequencing, and social protection. Without holding brief for the @IMFNews or the @NigeriaGov, and without prejudice to the wider debate on whether taxes are the right solution, the more accurate framing is this: The IMF recommends that Nigeria consider further medium-term revenue measures, including extending VAT to fuel products and introducing telecom excises, but says timing should depend on poverty conditions and the readiness of funded cash-transfer protections. My regards.