President Bola Tinubu has emphasized that Nigerians are beginning to see the positive impacts of his administration’s economic reforms. Speaking with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), at the G20 Leaders’ Summit in Rio de Janeiro, Tinubu reaffirmed his government’s commitment to prioritizing the welfare of the nation’s most vulnerable, even as the reforms take effect.
“We’re already seeing positive results from our reforms, and Nigerians understand their necessity. However, we must reduce the hardships these changes have caused,” Tinubu said, according to a statement by his spokesperson, Bayo Onanuga.
Since taking office in May 2023, Tinubu has enacted significant policy changes, such as removing the petroleum subsidy and floating the naira. These measures, aimed at stabilizing the economy, have led to higher inflation and widespread hardship. Acknowledging the strain on citizens, Tinubu promised to expand social safety nets to ease the burden on the poorest.
Tinubu also stressed the importance of education in combating poverty and hunger, calling for substantial investments in infrastructure to ensure wider access. “Too many children are out of school. Education is key to escaping hunger and poverty, and we are creating incentives to keep these children in school,” he said, seeking Georgieva’s support.
Regarding tax reforms, the President highlighted ongoing consultations with stakeholders to broaden the tax base without further burdening the already struggling populace. “We’re working to expand the tax base for inclusive growth while not raising taxes on those who are already stretched thin. We will need your support for this,” he added.
Tinubu also congratulated Georgieva on her re-election and expressed gratitude for the IMF’s assistance with Nigeria’s reforms, requesting continued institutional backing to foster economic stability and growth.
In response, Georgieva commended Tinubu’s reform efforts and their potential for transformative change. She expressed a desire to visit Nigeria and reiterated the IMF’s support for the country’s diversification initiatives. “The social investment programs are vital to cushioning the impact on vulnerable groups,” she said, pledging continued technical and financial support.
Contrary to common views, Georgieva reiterated the IMF’s commitment to assisting vulnerable populations and emerging economies, offering further technical support for Nigeria’s budgeting process to maximize the impact of loans and financial instruments.
