President Bola Ahmed Tinubu has highlighted the positive outcomes emerging from the reforms initiated by his administration since taking office.
Speaking on Wednesday night in Rio de Janeiro, Brazil, during a courtesy call from the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the sidelines of the G20 Leaders’ Summit, Tinubu acknowledged that while the reforms have led to challenges for Nigerians, there is a growing understanding of their necessity.
“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 stated.
The President emphasized his administration’s commitment to minimizing the hardship caused by the reforms, noting that while Nigerians recognize the long-term benefits, there is a need to ease their immediate struggles.
He reaffirmed his administration’s focus on the welfare of the poor and vulnerable, even as the economic reforms take effect.
Acknowledging the impact on Nigerians’ purchasing power, Tinubu assured that his government would continue to provide social safety nets to mitigate the unintended consequences of the reforms.
He also congratulated Georgieva on her re-election for a second term as IMF Chief, thanking her for the IMF’s support in Nigeria’s reform efforts. He called for continued institutional backing to ensure stability and sustainable growth.
The President also stressed the importance of improving educational access. “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 said.
Further, Tinubu underscored the need for significant investment in infrastructure development and highlighted ongoing tax reforms aimed at stimulating the economy.
“We are engaging stakeholders and sensitising Nigerians to expand the economy’s tax base for inclusive 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 added.
In her remarks, IMF Managing Director Kristalina Georgieva commended the economic reforms under Tinubu’s administration, noting their positive indicators. She assured the President of continued support in diversifying the Nigerian economy and specifically praised the social investment programs aimed at supporting the most vulnerable.
Georgieva explained that, contrary to common perceptions, the IMF is focused on helping vulnerable societies and investing heavily in emerging economies. She also offered the IMF’s technical support for Nigeria’s budgeting process, emphasizing the organization’s commitment to helping the country achieve optimal results from its loans.
She acknowledged the global economic shocks caused by the pandemic, with developed nations faring better than their developing counterparts. The IMF has injected about $1 trillion into the global economy over the past two years to help mitigate these effects.
The IMF Managing Director further stated that the organization is working with developing nations to build resilient institutions capable of managing future global economic shocks. She also noted that it is every country’s right to benefit from the IMF, following a careful analysis of its priorities.
Georgieva congratulated Nigeria on hosting the IMF’s African Caucus meeting in Abuja in August and advocated for strengthening regional economic ties, assuring that the IMF stands ready to support these efforts.
