President Bola Tinubu has assured the International Monetary Fund (IMF) Chief, Kristalina Georgieva, that his administration’s economic reforms are paying off, despite the initial hardship faced by Nigerians.
Since taking office in May 2023, Tinubu has implemented reforms, including the removal of petroleum subsidy and the floating of the naira, which has led to increased inflation and hardship for many.
However, during a meeting with Georgieva on the sidelines of the G20 Leaders’ Summit in Rio de Janeiro, Brazil, Tinubu emphasized his commitment to prioritizing the welfare of the poor and vulnerable. He acknowledged the reforms’ impact on Nigerians’ purchasing power but pledged to continue providing social safety nets to mitigate the unintended consequences.
“We have started seeing positive results from our reforms, and the Nigerian people now understand the need for them, but we have to reduce the hardship that has resulted from the implementation,” Tinubu was quoted in a statement by presidential spokesman, Bayo Onanuga.
He added, “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.”
“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.”
The President congratulated Georgieva on her re-election and appreciated her support in implementing the reforms.
In response, Georgieva commended the Tinubu administration’s economic reforms and their positive indicators. She expressed her desire to visit Nigeria and assured the President of further support in diversifying the Nigerian economy.
Georgieva praised the social investment programs as a way to cushion the effects on the most vulnerable and promised assistance from the IMF.
