President Bola Tinubu has reaffirmed his administration’s commitment to prioritizing the welfare of the poor and vulnerable as Nigeria implements far-reaching economic reforms.
Tinubu made this declaration on Wednesday night in Rio de Janeiro, Brazil, during a meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on the sidelines of the G20 Leaders’ Summit.
In a statement released Thursday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu acknowledged the strain the reforms have placed on Nigerians’ purchasing power.
He assured Georgieva of his government’s efforts to provide social safety nets to cushion the effects.
“We are beginning to see positive outcomes from our reforms, and the Nigerian people now understand their significance. However, we must ease the hardships these reforms have caused,” Tinubu stated.
The President also congratulated Georgieva on her re-election as IMF Managing Director and sought institutional support for Nigeria’s stability and sustainable growth.
He emphasized the urgent need for educational initiatives to address the country’s high rate of out-of-school children, highlighting education as a key pathway out of poverty.
“There are too many children out of school. We are developing strategies and incentives to ensure they remain in school, and we need your support in this critical area,” he told Georgieva.
Tinubu further underscored the importance of infrastructure development and tax reforms to boost the economy.
He emphasized the need for broadening the tax base without increasing the burden on those already paying taxes.
“We are educating stakeholders and the public on the need for a broader tax base to achieve inclusive developmental growth. Your support in this area will be invaluable,” he added.
In response, Georgieva commended Tinubu’s economic reforms and noted the positive indicators emerging as a result. She assured the President of the IMF’s continued support in diversifying Nigeria’s economy and praised the administration’s social investment programs targeting vulnerable populations.
Georgieva highlighted the IMF’s focus on supporting vulnerable societies and emerging economies, clarifying its role in fostering resilience against global economic shocks.
She noted that the IMF has provided nearly $1 trillion to global economies over the past two years, especially to help developing nations navigate post-pandemic challenges.
“Developing nations have faced immense difficulties in managing these shocks. Our focus is on helping these countries build resilient institutions to mitigate future global crises,” she said.
Georgieva also informed Tinubu of the IMF Executive Board’s approval of a third chair for Sub-Saharan Africa, a move aimed at amplifying Africa’s voice within the organization.
She congratulated Nigeria for successfully hosting the IMF’s African Caucus meeting in Abuja in August and emphasized the need for stronger regional economic ties, pledging the IMF’s support for such initiatives.
As part of her remarks, Georgieva expressed her intention to visit Nigeria soon and reiterated the IMF’s readiness to provide technical assistance in budgeting processes to help Nigeria achieve optimal outcomes from its economic reforms and loans.
“Every country has the right to benefit from the IMF after thorough analysis of its priorities. We are committed to ensuring Nigeria achieves its goals,” she concluded.
