From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu, in Rio de Janeiro, Brazil, reiterated his administration’s commitment to prioritising social investment programmes aimed at supporting Nigeria’s most vulnerable populations. This assurance came during a meeting with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the sidelines of the G20 Leaders’ Summit on Wednesday night.
In a statement issued by the Special Adviser on Information and Strategy, Bayo Onanuga, it was noted that during their discussion, President Tinubu acknowledged the challenges that recent economic reforms have posed to the purchasing power of Nigerians and emphasised that while these reforms are necessary for long-term economic stability, they have also led to increased hardship for many citizens.
“We have started seeing positive results from our reforms, and the Nigerian people now understand the need for them,” he stated. However, he stressed the importance of implementing social safety nets to alleviate the unintended consequences of these reforms.
A significant focus of their conversation, Onanuga said, was on improving access to education in Nigeria. President Tinubu pointed out that a large number of children remain out of school, underscoring education as a crucial pathway out of poverty and hunger. “That is why we are designing ways and incentives to keep these children in school,” he said, urging Georgieva for support in these initiatives.
The President also highlighted the necessity for substantial investments in infrastructure development to stimulate economic growth. He discussed ongoing tax reforms aimed at broadening Nigeria’s tax base without imposing additional burdens on citizens who are already facing economic challenges. “We are engaging stakeholders and sensitising Nigerians to expand the economy’s tax base for inclusive developmental growth,” he explained.
In her remarks, Georgieva commended the Tinubu administration for its economic reforms and expressed her desire to visit Nigeria. She acknowledged the positive indicators emerging from these reforms and assured President Tinubu of further IMF support in diversifying Nigeria’s economy. She specifically praised Nigeria’s social investment programmes as essential measures to cushion the effects of economic challenges on vulnerable populations.
Georgieva emphasised that contrary to common perceptions, the IMF is dedicated to supporting developing nations and has allocated significant resources to emerging economies. She noted that over the past two years, the IMF has injected approximately $1 trillion into the global economy to help mitigate shocks caused by the pandemic.
Additionally, Georgieva informed President Tinubu about the IMF Executive Board’s approval of a third chair for Sub-Saharan Africa (SSA), which aims to enhance African representation within the organisation. She congratulated Nigeria for successfully hosting the IMF’s African Caucus meeting in Abuja earlier this year and advocated for strengthening regional economic ties.