President Bola Tinubu has assured that Nigerians are beginning to see the positive effects of his administration’s reforms, despite the initial challenges they have posed.
Since assuming office in May 2023, Tinubu has implemented significant reforms, including the removal of the petroleum subsidy and the floating of the naira. While these measures aimed at improving Nigeria’s economy, they have also contributed to rising inflation and increased hardship for many citizens.
During a meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the G20 Leaders’ Summit in Rio de Janeiro, Brazil, Tinubu emphasized that his administration remains committed to addressing the needs of Nigeria’s most vulnerable citizens, even as the long-term benefits of these reforms begin to materialize.
“We have started seeing positive results from our reforms, and the Nigerian people now understand the need for them,” Tinubu said, adding, “But we have to reduce the hardship that has resulted from their implementation.” The statement was relayed by presidential spokesman Bayo Onanuga.
Acknowledging that the reforms have strained Nigerians’ purchasing power, the President assured that his government will continue providing social safety nets to alleviate the adverse effects.
Furthermore, Tinubu stressed the importance of improving access to education, noting that investing in infrastructure and education is key to lifting millions out of poverty. “We have too many children out of school, and we know that education is a way out of hunger and poverty,” he said, calling for both domestic and international support to ensure more children remain in school.
The President also highlighted ongoing efforts to reform Nigeria’s tax system, aimed at stimulating economic growth without burdening the public further. “We are engaging stakeholders and sensitizing Nigerians to expand the economy’s tax base for inclusive developmental growth,” he said. “We will require your support on this,” he added, addressing Georgieva.
Tinubu also congratulated Georgieva on her re-election for a second term as IMF Managing Director, praising her continued support for Nigeria’s economic reforms and calling for further institutional backing to ensure stability and sustainable growth.
In response, Georgieva commended the Nigerian government’s economic reforms and their positive indicators. She also expressed a keen interest in visiting Nigeria and promised continued IMF support, particularly in diversifying the nation’s economy.
Georgieva praised Nigeria’s social investment programs as effective tools to mitigate the impact of reforms on the country’s most vulnerable citizens. She also reaffirmed the IMF’s commitment to supporting emerging economies, emphasizing that the organization is focused on developing vulnerable societies.
Additionally, she offered technical assistance to improve Nigeria’s budgeting process, with the aim of optimizing the outcomes of the country’s borrowing efforts.
