President Bola Tinubu has stressed that he is committed to reducing the “hardship” resulting from the implementation of his administration’s ongoing reforms in Nigeria.
Tinubu made this disclosure during his interaction with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, as shared on his official Twitter page on Thursday.
The two crossed paths in Brazil during the G20 summit, which gathered global leaders from the European Union, America, and the African Union.
IMF Strongly Supports Tinubu’s Reforms
- During the meeting with Tinubu, Georgieva commended the federal government’s current economic policies.
- She assured the Nigerian government of continued support to fully implement these policies.
“Excellent meeting with President @officialABAT at the G20 Summit. Commended Nigeria’s decisive actions to reform the economy, accelerate growth, and generate jobs for its vibrant population. The IMF strongly supports Nigeria on this journey,” she tweeted on Thursday.
What the President Said
On his part, Tinubu maintained that his economic policies are already yielding the desired results.
He also acknowledged the hardship associated with the policies but promised to reduce its effects on Nigerians.
He outlined that while his government is fast-tracking investments in several sectors, discussions are ongoing regarding stakeholders’ tax awareness and compliance responsibilities.
He stated:
“I assured IMF Managing Director Kristalina Georgieva @KGeorgieva during our meeting that our economic reforms are already yielding positive results. Our administration remains committed to reducing the hardship that has resulted from the implementation of these reforms, while also protecting the most vulnerable in Nigeria.
“Social safety nets, education, investments in infrastructure, and inclusive growth are key to our agenda,” he stated.
- He explained to the IMF chief that his government is already engaging stakeholders and sensitizing Nigerians to expand the country’s economy’s tax base for inclusive developmental growth.
- He said the federal government is doing this without necessarily increasing the tax burden on Nigerians, who have already contributed a lot.
What You Should Know
Since assuming office in May 2023, President Tinubu has repeatedly urged Nigerians to be patient with his administration as he drives the nation towards economic growth.
- Since the removal of the fuel subsidy, the price of goods and services has skyrocketed, but Tinubu stressed that the pain is temporary and that his administration is working towards rechanneling subsidy funds to critical infrastructure.
- Tinubu’s policy stance has drawn positive outlooks from several rating agencies.
- Last month, the IMF projected that Nigeria’s economy will expand by 3.2% in 2025, while inflation is estimated to drop to 25% in the same year.
For Nigeria, the IMF’s recent GDP growth projection for 2025 represents a 0.2% increase from its earlier projection in July of this year.