President Bola Tinubu said Nigerians are increasingly embracing the difficult reforms of his administration despite the hardship they’re facing. Tinubu stated this during a meeting with the International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, at the G20 Leaders’ Summit in Rio de Janeiro, Brazil.
According to the president, “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, however, acknowledged that citizens’ purchasing power has been eroded as a result of the reforms.
Bayo Onanuga, Special Adviser tothe President on Information and Strategy, said Tinubu told the IMF that his administration remains committed to protecting vulnerable populations through continued social investment programmes.
“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,” Onanuga quoted the president as telling the IMF chief.
That is not the only area that he wants the IMF to give support to the country, as Tinubu further briefed the IMF Managing Director about his administration’s ongoing efforts to implement tax reforms aimed at stimulating economic growth without increasing the burden on already-struggling citizens. He said, “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.”
Georgieva, according to Onanuga, expressed optimism about the economic reforms and their positive indicators. She assured Tinubu of IMF’s continued support for Nigeria’s economic diversification and described the social investment programmes as important for protecting the most vulnerable. According to Georgieva, current global economic challenges stem from the COVID-19 pandemic.
She revealed that the IMF has injected approximately $1tn into the global economy over the past two years, with focus on supporting developing nations in building more resilient economic institutions. Georgieva said it is the right of every country to benefit from the Fund after a critical analysis of its priorities.