President Tinubu Highlights Positive Results of Economic Reforms in Meeting with IMF's Kristalina Georgieva

 

President Bola Tinubu has shared that Nigerians are beginning to experience the positive outcomes of his administration's economic reforms. The president made this statement during a meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), at the G20 Leaders' Summit in Rio de Janeiro, Brazil.

Tinubu emphasized that while his government has already seen the initial benefits of its reforms, it is crucial to reduce the hardships that have accompanied their implementation. “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,” he stated, according to a release from his spokesperson, Bayo Onanuga.

Since taking office in May 2023, Tinubu has introduced key policy changes, including the removal of the petroleum subsidy and the devaluation of the naira. While these measures aim to stabilize the economy, they have led to inflationary pressures and growing challenges for many Nigerians. The president acknowledged the strain on the population’s purchasing power and committed to expanding social safety nets to alleviate the burden on the country’s most vulnerable citizens.

In addition, Tinubu stressed the vital role of education in addressing poverty and hunger. He highlighted the importance of investing in infrastructure and resources to ensure that all children have access to education. “We have too many children out of school, and we know that education is a way out of hunger and poverty,” he said. He called for continued international support for initiatives that keep children in school.

On the issue of tax reforms, Tinubu noted that his administration is actively working with stakeholders to broaden the tax base while ensuring that the tax policies do not further burden an already strained population. “We are engaging stakeholders and sensitizing Nigerians to expand the economy’s tax base for inclusive growth,” he explained, adding that this effort would not necessarily involve increasing taxes on the public.

During the meeting, Tinubu congratulated Georgieva on her re-election for a second term as IMF Managing Director and expressed his gratitude for the IMF’s support in implementing the reforms. He called for continued institutional backing to foster economic stability and sustainable growth.

In response, Georgieva praised the reforms, acknowledging their potential to transform Nigeria’s economy positively. She expressed her intent to visit Nigeria and reiterated the IMF’s commitment to supporting the country’s diversification efforts. “The social investment programs are a great way to cushion the effects on the most vulnerable,” she said, and she pledged further technical and financial assistance to Nigeria.

Georgieva also emphasized the IMF’s dedication to supporting vulnerable societies and emerging economies, offering technical support for Nigeria’s budgeting process to maximize the benefits of loans and other financial instruments.