President Bola Tinubu has reaffirmed his administration\u2019s commitment to prioritizing the welfare of the poor and vulnerable as Nigeria implements far-reaching economic reforms.<\/p>\n
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\u2019 Summit.<\/p>\n
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.<\/p>\n
He assured Georgieva of his government\u2019s efforts to provide social safety nets to cushion the effects.<\/p>\n
\u201cWe 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,\u201d Tinubu stated.<\/p>\n
The President also congratulated Georgieva on her re-election as IMF Managing Director and sought institutional support for Nigeria’s stability and sustainable growth.<\/p>\n
He emphasized the urgent need for educational initiatives to address the country\u2019s high rate of out-of-school children, highlighting education as a key pathway out of poverty.<\/p>\n
\u201cThere 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,\u201d he told Georgieva.<\/p>\n
Tinubu further underscored the importance of infrastructure development and tax reforms to boost the economy.<\/p>\n
He emphasized the need for broadening the tax base without increasing the burden on those already paying taxes.<\/p>\n
\u201cWe 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,\u201d he added.<\/p>\n
In response, Georgieva commended Tinubu\u2019s economic reforms and noted the positive indicators emerging as a result. She assured the President of the IMF\u2019s continued support in diversifying Nigeria\u2019s economy and praised the administration\u2019s social investment programs targeting vulnerable populations.<\/p>\n
Georgieva highlighted the IMF\u2019s focus on supporting vulnerable societies and emerging economies, clarifying its role in fostering resilience against global economic shocks.<\/p>\n
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.<\/p>\n
\u201cDeveloping nations have faced immense difficulties in managing these shocks. Our focus is on helping these countries build resilient institutions to mitigate future global crises,\u201d she said.<\/p>\n
Georgieva also informed Tinubu of the IMF Executive Board\u2019s approval of a third chair for Sub-Saharan Africa, a move aimed at amplifying Africa\u2019s voice within the organization.<\/p>\n
She congratulated Nigeria for successfully hosting the IMF\u2019s African Caucus meeting in Abuja in August and emphasized the need for stronger regional economic ties, pledging the IMF\u2019s support for such initiatives.<\/p>\n
As part of her remarks, Georgieva expressed her intention to visit Nigeria soon and reiterated the IMF\u2019s readiness to provide technical assistance in budgeting processes to help Nigeria achieve optimal outcomes from its economic reforms and loans.<\/p>\n
\u201cEvery country has the right to benefit from the IMF after thorough analysis of its priorities. We are committed to ensuring Nigeria achieves its goals,\u201d she concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Bola Tinubu has reaffirmed his administration\u2019s 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 […]<\/p>\n","protected":false},"author":29,"featured_media":56678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-56677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=56677"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56677\/revisions"}],"predecessor-version":[{"id":56679,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56677\/revisions\/56679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/56678"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=56677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=56677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=56677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}