President Bola Tinubu has reassured the international community of his administration’s commitment to prioritizing the welfare of Nigeria’s poor and vulnerable, even as ongoing economic reforms begin to yield positive outcomes.
Speaking in Rio de Janeiro, Brazil, during a courtesy visit by the International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, on the sidelines of the G20 Leaders’ Summit, Tinubu highlighted his government’s dedication to cushioning the unintended effects of the reforms. The special adviser to the president on information and strategy, Bayo Onanuga, disclosed this in a statement on Thursday.
While acknowledging the challenges posed by the reforms, particularly the erosion of Nigerians’ purchasing power, Tinubu emphasized the importance of social safety nets to mitigate hardships. He commended Georgieva for her leadership and ongoing support for Nigeria’s economic reforms, calling for greater institutional backing to ensure stability and sustainable development.
“We have started seeing positive results from our reforms, and the Nigerian people now understand their necessity. However, we must continue working to ease the hardship caused by these changes,” Tinubu said.
The president also stressed the urgent need to address Nigeria’s educational challenges. “Too many children are out of school, and education remains a key pathway out of hunger and poverty. We are developing initiatives to keep these children in school and will require your support for this mission,” he said.
Infrastructure and Tax Reforms
Tinubu underscored the importance of investing in infrastructure to drive growth and outlined ongoing efforts to reform the tax system.
“We are engaging stakeholders and educating Nigerians to expand the economy’s tax base for inclusive growth. This is being done without imposing additional burdens on citizens who have already contributed significantly. We will need your assistance to achieve this,” he added.
IMF’s Support and Acknowledgment
In her remarks, Georgieva praised Tinubu’s economic reforms and their early signs of success. She expressed the IMF’s readiness to support Nigeria in diversifying its economy and strengthening social investment programs to shield the vulnerable from economic shocks.
Georgieva noted that the IMF had injected approximately $1 trillion into the global economy over the past two years to mitigate the effects of the COVID-19 pandemic, with developing nations facing greater challenges in recovery than their developed counterparts. She pledged the IMF’s assistance in building resilient institutions in Nigeria to withstand future global shocks.
The IMF Managing Director also expressed a desire to visit Nigeria and congratulated the country for hosting the African Caucus meeting in Abuja earlier this year. She emphasized the Fund’s commitment to enhancing African representation, citing the approval of a third Chair for Sub-Saharan Africa by the IMF Executive Board.
Georgieva reiterated the IMF’s focus on supporting vulnerable societies, offering technical assistance in budgeting, and ensuring that loans yield optimal results for Nigeria. She also advocated for stronger regional economic ties and pledged the IMF’s support in this regard.
