President Bola Tinubu has stated that Nigerians are beginning to see the positive outcomes of his administration’s economic reforms.
Since taking office in May 2023, Tinubu’s government has removed subsidies on petroleum products and floated the naira, moves that initially led to rising inflation and increased hardship for many citizens.
However, during a meeting with the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the sidelines of the G20 Leaders’ Summit in Rio de Janeiro, Brazil, Tinubu reaffirmed his commitment to prioritizing the welfare of the poor and vulnerable, assuring that the long-term benefits of these reforms would soon be evident.
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“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 on Thursday by presidential spokesman, Bayo Onanuga.
He acknowledged that the reforms had reduced Nigerians’ purchasing power but assured that his government would continue to provide social safety nets to mitigate the unintended consequences.
The Nigerian leader also highlighted the urgent need for improved access to education, emphasizing that significant investment is required to drive the necessary infrastructural development in the country.
Tinubu also pointed out that Nigeria is actively working on tax reforms aimed at further stimulating the economy.
“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,” he told the IMF chief.
“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,” he stated.
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He also congratulated the IMF Managing Director on her re-election for a second term.
Expressing gratitude for her support in advancing economic reforms, President Tinubu called for continued institutional backing to ensure stability and sustainable growth.
In her response, the Managing Director praised the Tinubu administration’s economic reforms and highlighted the positive outcomes they have yielded.
She expressed a strong interest in visiting Nigeria and assured the President of the IMF’s ongoing commitment to supporting the diversification of the Nigerian economy.
Georgieva specifically commended the social investment programs as an effective means of alleviating the impact on Nigeria’s most vulnerable populations and pledged the IMF’s assistance in furthering these efforts.
Addressing common misconceptions, she emphasized that the IMF is dedicated to supporting developing and vulnerable economies, allocating significant resources to emerging nations.
Additionally, the IMF chief offered technical support for Nigeria’s budgeting process, affirming that such assistance would help the country maximize the benefits of its loan agreements.
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