President Bola Tinubu has said Nigerians are now seeing the positive results of his administration’s reforms.
Since he assumed office in May 2023, Tinubu has scrapped subsidy on petroleum products and floated the naira, the result of which worsened inflation and subjected the masses to hardship.
But receiving 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 assured that his administration will continue prioritising the welfare of the poor and most vulnerable even as the economic reforms bear fruit.
“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 weakened Nigerians’ purchasing power, but said his government will continue to provide social safety nets to cushion the unintended consequences.
The Nigerian leader also emphasised the critical need for educational access, stressing that substantial resources must be invested to stimulate the much-needed infrastructural development in the country.
Tinubu further noted that Nigeria is working on tax reforms to stimulate the economy further.
“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.
He also congratulated the IMF Chief on her election for a second term in office.
While appreciating her support in implementing the reforms, Tinubu called for more institutional backing for stability and sustainable growth.
In her remarks, the Managing Director commended the Tinubu administration’s economic reforms and their positive indicators.
She expressed her desire to visit Nigeria and assured the President of further support in diversifying the Nigerian economy.
Georgieva 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 IMF chief also expressed her readiness to offer technical support for the budgeting process, adding that it will assist Nigeria in achieving the best possible results from loans.
