President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to prioritizing the welfare of Nigeria’s poor and vulnerable, even as the nation begins to see positive results from ongoing economic reforms.
Speaking on Wednesday night during a meeting with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the sidelines of the G20 Leaders’ Summit, President Tinubu acknowledged the hardships faced by Nigerians due to the reforms.
He assured that his government would continue to provide social safety nets to cushion the impact of the measures.
“We have started seeing positive results from our reforms, and the Nigerian people now understand the need for them,” President Tinubu stated.
“But we have to reduce the hardship that has resulted from the implementation.”
He also emphasized the importance of education in reducing poverty and hunger, highlighting his administration’s focus on keeping children in school.
“We have too many children out of school, and 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,” he told the IMF chief.
President Tinubu further stressed the need for substantial investments in infrastructure and tax reforms aimed at expanding Nigeria’s tax base for inclusive development without increasing the financial burden on 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.
In her remarks, Kristalina Georgieva congratulated President Tinubu on Nigeria’s social investment programmes and commended the administration’s reforms, which she said were yielding positive indicators.
She assured the President of the IMF’s continued support in diversifying Nigeria’s economy and offered technical assistance for the budgeting process to ensure optimal loan utilization.
Georgieva also highlighted the IMF’s focus on developing vulnerable societies, revealing that the Fund had injected $1 trillion into the global economy over the last two years to address economic shocks caused by the pandemic.
“The IMF is working with developing countries to build resilient institutions to better manage future global economic shocks,” she said, adding that the organisation’s Executive Board had approved the 3rd Chair for Sub-Sahara Africa to strengthen Africa’s voice in global economic decisions.
She further praised Nigeria for hosting the IMF African Caucus meeting in Abuja earlier this year and expressed interest in visiting the country.
The meeting underscored Nigeria’s strategic positioning in the global economic landscape as the Tinubu administration continues to prioritize reforms that drive growth and protect the most vulnerable.