President Bola Tinubu has assured that his administration will continue to prioritize the welfare of the poor and most vulnerable, saying his government's economic reforms have begun to bear fruit.
Tinubu gave the assurance on Wednesday night in Rio de Janeiro, Brazil, when Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), paid him a courtesy visit. A release issued by Bio Onanuga, the Presidential Information and Strategy Adviser, said Tinubu, during a meeting on the sidelines of the G20 leaders' summit, acknowledged that his administration's reforms have weakened the purchasing power of many Nigerians.
But the president said his government would continue to provide a social safety net to mitigate unintended consequences.
Congratulating the IMF chief on his election for a second term, Tinubu commended his support in implementing reforms, calling for greater institutional support for stability and sustainable development.
Tinubu said, “We have begun to see positive results from our reforms and Nigerians now understand the need for them, but we must mitigate the difficulties resulting from implementation.”
He stressed the critical need for educational access, saying, “We have a lot of children out of school, and we know that education is a way out of hunger and poverty. That's why we are trying to keep these children in school.” We are creating ways and incentives for children who want to stay in school to stay in school.
Tinubu stressed that adequate resources must be invested to achieve the much-needed infrastructural development in the country.
He said Nigeria is working on tax reforms to further stimulate the economy.
He said, “We are engaging stakeholders and sensitizing Nigerians to expand the tax base of the economy for inclusive developmental growth. We're doing this without raising taxes on our people, who have already paid so much. We will need your support on this.”
In his remarks, the IMF Managing Director, who expressed his desire to visit Nigeria, commended the Tinubu administration's economic reforms and their positive indicators.
He assured the President of further support in diversifying the Nigerian economy.
Georgieva particularly praised social investment programs as a way to mitigate the impact on the most vulnerable people and pledged the Fund's assistance in this regard.
Contrary to popular belief, Georgieva said the IMF was focused on developing weaker societies and devoting substantial resources to emerging economies.
He expressed the Fund's readiness to provide technical assistance to the budget process in Nigeria, adding that this would assist the country in achieving the best possible outcomes from the loans.
Georgieva said the world has suffered some shocks from the COVID-19 pandemic, which has caused damage to the world economy, adding that in the last two years, the IMF has invested about $1 trillion in the global economy.
He said that developed countries managed the shocks better, while developing countries did not.
He said the IMF is working with developing countries to build resilient institutions to better manage future global economic shocks.
According to him, it is the right of every country to benefit from the fund after critical analysis of its priorities.
The IMF boss informed Tinubu that the organization's Executive Board has approved the third Chair for Sub-Saharan Africa (SSA) to amplify the African voice.
He congratulated Nigeria for hosting the IMF African Caucus meeting in Abuja in August.
Georgieva also advocated deepening regional economic ties, saying the IMF is ready to support this process.
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