President Tinubu Pledges continued support for social welfare in talks with IMF chief

Kunle Sanni

President Bola Tinubu has reaffirmed his administration’s commitment to prioritizing social investment programs to protect Nigeria’s poorest and most vulnerable citizens amid ongoing economic reforms.

Speaking on Wednesday in Rio de Janeiro, Brazil, during a meeting with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), on the sidelines of the G20 Leaders’ Summit, President Tinubu acknowledged the challenges Nigerians are facing due to recent reforms.

He assured that efforts to provide social safety nets would continue to mitigate the unintended consequences of these changes.

“We are already seeing positive results from our reforms, and the Nigerian people are beginning to understand their necessity. However, we must continue working to reduce the hardship caused by their implementation,” Tinubu stated.

The President emphasized the critical role of education in breaking the cycle of poverty, announcing plans to increase school enrollment.

“We have too many children out of school, and we know that education is the pathway out of hunger and poverty. That’s why we are designing ways and offering incentives to keep these children in school. We need your support for these kids who are eager to learn,” he told Georgieva.

Tinubu also highlighted the need for substantial investment in infrastructure and ongoing tax reforms aimed at expanding Nigeria’s economic base without overburdening citizens.

“We are engaging stakeholders and sensitizing Nigerians on the need to broaden the economy’s tax base for inclusive, developmental growth. We are doing this without imposing additional burdens on our citizens, who have already contributed significantly. We will require your support in this endeavor,” he added.

In her remarks, Georgieva commended the Tinubu administration’s economic reforms, describing their impact as a positive step toward economic diversification. She expressed the IMF’s readiness to provide technical and financial support to Nigeria, including assistance with the budgeting process and social investment programs.

The IMF chief also acknowledged the global economic shocks caused by the pandemic, noting that developing nations have faced particularly significant challenges in recovery.

She emphasized the IMF’s focus on supporting vulnerable societies and pledged the institution’s continued assistance to help Nigeria build resilience against future global economic shocks.

Georgieva revealed that the IMF’s Executive Board had approved the creation of a third chair for Sub-Saharan Africa to strengthen the region’s voice in the organization.

She also praised Nigeria for successfully hosting the IMF African Caucus meeting in Abuja in August and encouraged further regional economic collaboration.