President Bola Ahmed Tinubu has assured world leaders that his administration will continue to prioritise 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, in a statement by his spokesman, Bayo Onanuga, said his administration will continue to provide social safety nets to cushion the unintended consequences.
LEADERSHIP Friday reports that the Tinubu administration’s twin policies of fuel subsidy removal and currency float, both recommended by the IMF, have caused spiralling inflation in the country and weakened families’ purchasing power, causing serious hardship among most Nigerians.
But congratulating the IMF chief on her election for a second term in office, President Tinubu appreciated her support in implementing the reforms and called 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,” he said.
Tinubu underlined the critical need for educational access.
“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 further stated that substantial resources must be invested to stimulate the much-needed infrastructural development in the country, just as he told the IMF chief that Nigeria was working on tax reforms to stimulate the economy further.
“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.”
Meanwhile, Nigerian governors have pledged their unwavering commitment to advancing constitutional reforms that reflect the people’s aspirations, stating that they will soon take a position on the contentious tax bills.
Kaduna State Governor Uba Sani disclosed this to journalists after a meeting of the Nigeria Governors’ Forum (NGF), presided over by the Chairman and Kwara State Governor, AbdulRahman AbdulRazaq, on Wednesday night in Abuja.
Sani highlighted the governors’ resolve to actively engage in the ongoing constitutional review process and to take a position on the tax bills presented by President Bola Ahmed Tinubu to the National Assembly.
The meeting featured a briefing from the Deputy Speaker of the House of Representatives, Rt—Hon. Benjamin Okezie Kalu, who chairs the Constitution Review Committee.
In her remarks, IMF managing director, who expressed a desire to visit Nigeria, praised 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 of the reforms 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 expressed the Fund’s readiness to offer technical support in 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 damaged world economies, adding that in the last two years, the IMF had injected about $1 trillion into the world’s economy.
According to her, the developed countries managed the shocks better, unlike the developing nations.
She said the IMF works with developing countries to build resilient institutions to manage future global economic shocks better.
She stressed that it is the right of every country to benefit from the Fund after a critical analysis of its priorities.
The IMF chief informed President Tinubu that the organisation’s Executive Board had approved the 3rd Chair for Sub-Sahara Africa (SSA), which enhances the African voice in the Fund.
She congratulated Nigeria on hosting the IMF’s African Caucus meeting in Abuja in August.
Georgieva also advocated for deepening regional economic ties, assuring that the IMF was ready to support this process.
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