President Bola Tinubu, during a courtesy call by the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, in Rio de Janeiro on Wednesday, reaffirmed his administration’s commitment to prioritizing the welfare of Nigeria’s poor and vulnerable populations. This assurance was made on the sidelines of the G20 Leaders’ Summit.
In a statement released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Tinubu acknowledged that while the ongoing economic reforms had placed a strain on Nigerians’ purchasing power, the government would continue to offer social safety nets to mitigate the challenges faced by the public.
President Tinubu also extended his congratulations to Georgieva on her re-election for a second term as IMF Managing Director and expressed appreciation for the IMF’s support in the implementation of Nigeria’s economic reforms. He emphasized the positive results already emerging from these reforms and stressed the importance of reducing the hardships resulting from their implementation.
The president highlighted the critical need for improving educational access in Nigeria, pointing out the high number of children out of school. He emphasized that education is a key pathway out of poverty and hunger, urging Georgieva to support initiatives designed to keep children in school.
Additionally, President Tinubu underscored the necessity of substantial investments in infrastructure development, as well as tax reforms aimed at stimulating the economy without burdening the already taxed citizens. He appealed to the IMF for continued support in these areas to foster inclusive growth.
In response, Georgieva commended the Tinubu administration for its economic reforms, noting their positive impact on Nigeria’s economic indicators. She expressed a keen interest in visiting Nigeria and offered further support for diversifying the Nigerian economy. She also highlighted the IMF’s commitment to assisting developing nations and acknowledged Nigeria’s role in regional economic affairs, noting the approval of a third chair for Sub-Saharan Africa at the IMF, which enhances Africa’s voice in global economic matters.
Georgieva assured the president of the IMF’s readiness to provide technical support for Nigeria’s budgeting process and help the country maximize the benefits of loans, particularly in the wake of global economic challenges exacerbated by the COVID-19 pandemic. She also praised Nigeria for hosting the IMF’s African Caucus meeting in Abuja earlier this year and advocated for strengthening regional economic cooperation.
