President Bola Tinubu has assured the Managing Director of the International Monetary Fund, Kristalina Georgieva, that his administration’s economic reforms are starting to yield positive results, despite the initial challenges faced by Nigerians.
Since taking office in May 2023, Tinubu’s government has implemented significant economic measures, including the removal of the petroleum subsidy and the floatation of the naira.
These reforms have led to rising inflation and increased hardship for many citizens. However, during a meeting with Georgieva on the sidelines of the G20 Leaders’ Summit in Rio de Janeiro, Tinubu reiterated his commitment to supporting the poor and vulnerable while ensuring long-term economic stability, according to Politics Nigeria.
The President acknowledged the immediate impact of the reforms on Nigerians’ purchasing power but stressed the government’s ongoing efforts to provide social safety nets to ease the burdens on the population.
He emphasized the importance of education as a means to break the cycle of poverty and hunger and outlined plans to incentivise keeping children in school.
Tinubu also discussed efforts to broaden the tax base for inclusive economic growth, without increasing the burden on citizens who have already been affected by the economic changes. He called for international support to help expand these initiatives.
“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.”
In response, Georgieva praised the economic reforms undertaken by the Tinubu administration, noting their positive outcomes. She also expressed her intention to visit Nigeria and reiterated the IMF’s support for Nigeria’s efforts to diversify its economy. She commended Nigeria’s social investment programs, which aim to alleviate the effects of the reforms on the most vulnerable segments of society, and assured Tinubu of continued assistance from the IMF.
