From Juliana Taiwo-Obalonye, Abuja
President of the World Bank, Ajay Banga, has commended President Tinubu for his early macro fiscal reforms and commitment to stability. He assured that the World Bank would support Nigeria not only with financial aid but also with knowledge and guidance on regulatory and fiscal policies.
Banga, during a visit to Abuja, said Tinubu’s determination to address Nigeria’s challenges, including the issue of fuel subsidy, was commendable. He emphasized that correcting the situation was crucial to avoid an unsustainable fiscal deficit. Banga expressed confidence that President Tinubu’s efforts would set Nigeria on a path towards a prosperous future and position the country as an African champion.
When asked about growth forecasts, Banga emphasized the importance of focusing on the future direction rather than past predictions. He acknowledged the ongoing reforms and stated that he would not give too much credence to earlier forecasts.
The meeting between President Tinubu and President Banga was described as constructive and concluded on a positive note, with both leaders sharing a vision for Nigeria’s economic growth and development.
Banga, speaking to State House Correspondents after the meeting, said “Basically, we had a very constructive discussion, not just with the president but also a number of his advisers. And we talked about what was in his mind as priorities. And I commended him for a lot of the things he’s doing early in his term, not easy macro fiscal reforms, and stability are very important. He’s very determined to do the right thing. And I think you will find the World Bank supporting everything, not just financial aid, but also with knowledge and thinking around how to create the right regulatory policies and fiscal policies. So we had a very good discussion. It ended very well.”