President Bola Ahmed Tinubu pledges to alleviate the challenges Nigerians face due to his administration’s economic reforms. He makes this commitment during a discussion with International Monetary Fund (IMF) Managing Director Kristalina Georgieva at the G20 Summit in Brazil.
IMF Backs Nigeria’s Economic Reforms
Kristalina Georgieva expresses the IMF’s strong support for Nigeria’s economic policies, commending the government’s decisive actions to stimulate growth and create jobs. “Nigeria’s economic reforms are bold steps toward accelerating growth and job creation for its dynamic population,” Georgieva states, adding that the IMF remains committed to supporting these initiatives.
Tinubu’s Response
President Tinubu highlights the positive outcomes of his economic policies while acknowledging the difficulties they bring. He assures Nigerians that his administration prioritizes easing the associated hardships, particularly for vulnerable groups.
“Our reforms are already producing results. However, we are committed to reducing the challenges they impose on Nigerians,” Tinubu says. He emphasizes investments in social safety nets, education, infrastructure, and inclusive growth as cornerstones of his administration’s agenda.
Tax Awareness and Economic Expansion
Tinubu outlines ongoing efforts to engage stakeholders and educate Nigerians about broadening the country’s tax base. He stresses that this approach aims to drive economic growth without increasing the financial burden on citizens.
Context and Future Outlook
Since taking office in May 2023, President Tinubu has consistently urged patience as his administration implements strategies to strengthen Nigeria’s economy.
The removal of the fuel subsidy, a major reform, has led to significant price hikes for goods and services. Tinubu reassures Nigerians that these challenges are temporary, with subsidy savings redirected toward critical infrastructure.
The IMF projects Nigeria’s GDP will grow by 3.2% by 2025, with inflation expected to drop to 25% in the same period. These projections reflect optimism about the country’s economic trajectory under Tinubu’s leadership.
 Managing Director Kristalina Georgieva at the G20 Summit in Brazil.){kind=link}