President Bola Tinubu has assured that his administration will continue prioritizing the welfare of the poor and most vulnerable even as the economic reforms bear fruit.
President Tinubu stated this on Wednesday night in Rio de
Janeiro, Brazil, when the Managing Director of the International Monetary Fund
(IMF), Kristalina Georgieva, paid him a courtesy call on the sidelines of the
G20 Leaders' Summit.
While acknowledging that the reforms had weakened Nigerians'
purchasing power, President Tinubu said his administration will continue to
provide social safety nets to cushion the unintended consequences.
Congratulating the IMF Chief on her election for a second term
in office, President Tinubu appreciated her support in implementing the
reforms, calling for more institutional backing for stability and sustainable
growth.
“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.
“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.
President Tinubu stressed that substantial resources must be
invested to stimulate the much-needed infrastructural development in the
country.
The President further noted that Nigeria is working on tax
reforms to stimulate the economy further.
“We are engaging stakeholders and sensitizing 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 her remarks, the Managing Director, who expressed a desire to
visit Nigeria, commended the Tinubu administration's economic reforms and their
positive indicators.
She assured the President of further support in diversifying the
Nigerian economy.
She specifically lauded the social investment programmes as a
way of cushioning the effects on the most vulnerable and promised the
assistance of the body in this regard.
Contrary to popular perception, she said that the IMF is focused
on developing vulnerable societies and devoting substantial resources to
emerging economies.
The managing director expressed the Fund's readiness to offer
technical support for the budgeting process, adding that it will assist Nigeria
in achieving the best possible results from loans.
Georgieva said the world had suffered some shocks from the
pandemic that caused damage to world economies. Over the last two years, the
IMF has injected about $1 trillion into the world economy.
While the developed countries managed the shocks better, the
developing nations did not do so, she noted.
She said the IMF is working with developing countries to build
resilient institutions to better manage future global economic shocks.
She stressed that it is the right of every country to benefit
from the Fund after a critical analysis of its priorities.
The IMF Managing Director informed President Tinubu that the
organisation's Executive Board has approved the 3rd Chair for Sub-Saharan
Africa (SSA), enhancing the African voice.
She congratulated Nigeria on hosting the IMF's African Caucus
meeting in Abuja in August.
Georgieva also advocated deepening regional economic ties,
assuring the IMF is ready to support this process.