By Cross Udo, Abuja
President Bola Tinubu has assured of his commitment to prioritise the welfare of the poor and most vulnerable Nigerians as his economic reforms bear fruit.
Tinubu acknowledged that his reform programmes had weakened Nigerians’ purchasing power, but he said his administration would continue to provide social safety nets to cushion the unintended consequences.
The President spoke late Wednesday in Rio de Janeiro, Brazil, when the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, paid him a courtesy call on the side-lines of the G20 Leaders’ Summit.
Congratulations to the IMF Chief on her election for a second term in office. President Tinubu appreciated her support in implementing the reforms and called for more institutional backing for stability and sustainable growth.
He said, “We have started seeing positive results from our reforms, and the Nigerian people now understand their need, but we have to reduce the hardship resulting from their implementation.”
He emphasized the critical need for educational access, adding, “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 stressed that substantial resources must be invested to stimulate the much-needed infrastructural development in the country.
The President further noted that Nigeria is working on tax reforms to stimulate the economy further.
He said, “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.”
In her remarks, the Managing Director, who expressed a desire to visit Nigeria, commended the Tinubu administration’s economic reforms and their positive indicators.
She assured the President of further support in diversifying the Nigerian economy.
She specifically lauded social investment programmes to cushion the effects on the most vulnerable and promised the body’s assistance in this regard.
Contrary to popular perception, she said that the IMF is focused on developing vulnerable societies and devoting substantial resources to emerging economies.
The managing director expressed the Fund’s readiness to offer technical support for the budgeting process, adding that it will assist Nigeria in achieving the best possible results from loans.
Georgieva said the world had suffered shocks from the pandemic that damaged world economies. Over the last two years, the IMF has injected about $1trn into the world economy.
While the developed countries managed the shocks better, the developing nations did not do so, she noted.
She said the IMF works with developing countries to build resilient institutions to manage future global economic shocks better.
After critically analysing its priorities, she stressed that every country has the right to benefit from the Fund.
The IMF Managing Director informed President Tinubu that the organization’s Executive Board had approved the 3rd Chair for Sub-Sahara Africa (SSA), enhancing the African voice.
She congratulated Nigeria on hosting the IMF’s African Caucus meeting in Abuja in August.
Georgieva also advocated for deepening regional economic ties, ensuring the IMF is ready to support this process.
