'Seun Ibukun-Oni, Abuja
DAILY COURIER - In a meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the G20 Leaders' Summit in Rio de Janeiro, Brazil, President Bola Tinubu pledged his administration's continued focus on social investment programs to support Nigeria's most vulnerable citizens amid ongoing economic reforms.
President Tinubu acknowledged the economic challenges faced by Nigerians, emphasizing his commitment to mitigating the unintended consequences of reforms that have weakened purchasing power. “We have started seeing positive results from our reforms, and the Nigerian people now understand the need for them, but we have to reduce the hardship that has resulted from the implementation,” he stated.
The President highlighted the administration's efforts to provide social safety nets for the poor and vulnerable, describing these as essential components of his government's policy framework. He also underscored the importance of education in combating poverty, pointing to initiatives aimed at reducing the number of out-of-school children.
“We have too many children out of school, and we know that education is a way out of hunger and poverty. That is why we are designing ways and incentives to keep these children in school, and we need your support for these kids who want to stay in school,” Tinubu told the IMF chief.
President Tinubu noted the necessity of significant investment in infrastructure to stimulate sustainable growth. He also discussed ongoing tax reforms, aimed at expanding Nigeria's tax base without overburdening citizens. “We are engaging stakeholders and sensitising Nigerians to expand the economy's tax base for inclusive developmental growth. We are doing this without necessarily increasing the taxes on our people who have already given a lot. We will require your support on this,” he added.
IMF Managing Director Kristalina Georgieva lauded the Nigerian government for its economic reforms and their positive early results. She praised Nigeria's social investment programs as effective measures for cushioning the impact on vulnerable populations.
Contrary to popular misconceptions, Georgieva emphasized the IMF’s commitment to supporting emerging economies, stating that significant resources are devoted to developing vulnerable societies. She also highlighted the IMF’s readiness to provide technical assistance for Nigeria’s budgeting process to ensure optimal outcomes from financial interventions.
Georgieva remarked on the global economic shocks caused by the pandemic, noting that developing nations like Nigeria faced greater challenges in recovery. She stressed the IMF’s ongoing efforts to build resilient institutions in developing countries to better manage future global economic shocks.
Additionally, Georgieva praised Nigeria for hosting the IMF’s African Caucus meeting in August and advocated for stronger regional economic ties. She noted that the IMF’s Executive Board has approved the addition of a third chair for Sub-Saharan Africa to amplify the region's voice within the organization.
The meeting underscored the shared commitment of the Nigerian government and the IMF to fostering sustainable growth and addressing economic disparities. President Tinubu’s appeal for continued support reflects the administration's focus on creating long-term solutions for the nation’s economic challenges.
As Nigeria implements these reforms, the collaboration with global institutions like the IMF signals a concerted effort to prioritize stability, resilience, and inclusive development for all citizens.
