President Bola Tinubu has expressed that Nigerians are now beginning to see the benefits of his administration’s reforms.
Since taking office in May 2023, Tinubu’s government has made significant policy changes, including the removal of subsidies on petroleum products and the liberalization of the naira, which have led to increased inflation and heightened difficulties for the general population.
However, speaking with 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 reassured that his government remains committed to prioritizing the welfare of the nation’s poor and vulnerable citizens, even as the reforms begin to yield results.
“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 said, as quoted in a statement by presidential spokesperson Bayo Onanuga.
While acknowledging that the reforms have eroded Nigerians’ purchasing power, Tinubu reiterated his administration’s commitment to providing social safety nets to mitigate the adverse effects.
The President also stressed the importance of improving access to education, emphasizing the need for significant investments in infrastructure development to meet the country’s growing demands.
“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 Georgieva.
Additionally, Tinubu highlighted ongoing efforts to reform Nigeria’s tax system in order to stimulate economic growth.
“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 added.
The President also congratulated Georgieva on her re-election for a second term as IMF Managing Director. He expressed his appreciation for her support in advancing the country’s reforms and called for continued institutional backing to ensure long-term stability and growth.
In response, Georgieva praised the economic reforms under Tinubu’s leadership, noting the positive trends they have generated. She expressed her intention to visit Nigeria and pledged continued support to diversify the nation’s economy.
Georgieva particularly commended Nigeria’s social investment programs, describing them as effective measures for alleviating hardship among the most vulnerable. She reiterated the IMF’s focus on supporting developing economies and stressed the organization’s commitment to providing technical assistance, particularly in budgeting processes, to help Nigeria maximize the potential of its loans.
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