President Bola Tinubu has assured that his administration prioritizes the welfare of the poor and vulnerable, noting that the government’s economic reforms have started to yield positive results. Tinubu provided this assurance during a meeting on Wednesday night in Rio de Janeiro, Brazil, with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who paid him a courtesy call.
A release from Bayo Onanuga, the President’s Adviser on Information and Strategy, noted that Tinubu acknowledged the impact of his administration’s reforms on the purchasing power of many Nigerians during discussions held at the G20 Leaders’ Summit.
The President emphasized his commitment to providing social safety nets to mitigate the unintended consequences of these reforms. He congratulated Georgieva on her re-election for a second term and expressed gratitude for her support in implementing economic reforms, while also calling for more institutional backing for stability and sustainable growth. “We have begun to see positive results from our reforms, and the Nigerian people now understand their necessity, but we must alleviate the hardships resulting from their implementation,” Tinubu stated.
He also highlighted the urgent need for improved access to education, saying, “We have far too many children out of school, and we recognize that education is a pathway out of hunger and poverty. That is why we are designing programs and incentives to keep these children in school, and we need your support for those who wish to stay in school.” Tinubu stressed the importance of investing significant resources in the country’s infrastructure development and mentioned that Nigeria is working on tax reforms to further stimulate the economy. He said, “We are engaging stakeholders and informing Nigerians about expanding the tax base for inclusive developmental growth. We aim to do this without increasing the tax burden on our citizens who are already contributing a lot. We will need your support in this.”
In her remarks, Georgieva commended the Tinubu administration’s economic reforms and their positive indicators. She expressed a desire to visit Nigeria and assured the President of further support in diversifying the Nigerian economy. Georgieva specifically praised the social investment programs as a means to support the most vulnerable populations and promised the IMF’s assistance in this area.
Contrary to some perceptions, Georgieva stated that the IMF is focused on developing vulnerable societies and is committed to allocating substantial resources to emerging economies. She emphasized the fund’s readiness to offer technical support for Nigeria’s budgeting process and assist the country in maximizing the benefits from loans. Georgieva noted that the world has faced significant shocks from the COVID-19 pandemic, which severely impacted the global economy. She mentioned that over the past two years, the IMF has injected approximately $1 trillion into the global economy. While developed nations managed these shocks more effectively, developing nations struggled, she indicated.
The IMF is working with developing countries to build resilient institutions capable of better managing future global economic disruptions. According to her, it is the right of every country to benefit from the fund following a thorough analysis of its priorities.
Georgieva informed Tinubu that the IMF’s Executive Board had approved the creation of a third Chair for Sub-Saharan Africa to enhance the African representation within the organization. She also congratulated Nigeria on hosting the IMF’s African Caucus meeting in Abuja in August and advocated for deepening regional economic ties, assuring that the IMF is ready to support this process.
About Author
