IMF asks FG to protect poor citizens

The International Monetary Fund has urged the Federal Government to ensure that its efforts to stabilise economy and boost growth are supported by measures that protect the country’s poorest citizens.

To ease the suffering of the poorest citizens, the IMF asked the Federal Government to expedite the completion of its cash transfer programme to support the vulnerable households.

According to the Director of the IMF’s Communications Department, Julie Kozack, the cash transfer is a crucial priority in the face of ongoing economic reforms.

Kozack made the call during a press briefing on Thursday.

“We do recognise the extremely difficult situation that many Nigerians face. For that reason, I just want to emphasise that completing the rollout of cash transfers to vulnerable households is an important priority for Nigeria, as is improving revenue mobilisation domestically,” Kozack said.

She confirmed that the IMF’s First Deputy Managing Director, Gita Gopinath, had visited Nigeria earlier in March and met with key officials, including the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria, Yemi Cardoso.

Kozack added that IMF staff would return to Nigeria next week in preparation for the 2025 Article IV Consultation, a periodic assessment of the country’s economic and financial policies.

She noted that further updates on Nigeria were expected after the team concludes its mission.

Last year, the IMF advised Nigeria to extend its cash transfer programme to rural areas in light of rising poverty and food insecurity.

The Fund has consistently urged the government to scale up the initiative as a means of helping poor Nigerians navigate the worsening cost of living crisis.

The World Bank recently stated that cash transfer programmes were essential in helping Nigerians escape intergenerational poverty, especially at a time when inflation and weak economic growth are hitting the poorest the hardest.