President Tinubu Reaffirms Commitment to Nigerians’ Welfare, Promises Economic Growth
President Bola Ahmed Tinubu has reaffirmed his commitment to prioritizing the welfare of Nigerians, emphasizing that ongoing reforms are beginning to yield positive results.
During a meeting in Rio de Janeiro with IMF Managing Director, Kristalina Georgieva, on the sidelines of the G20 Leaders’ Summit, the President assured that his government is working on comprehensive tax reforms aimed at stimulating the economy.
He acknowledged the challenges these reforms have posed, particularly in terms of the purchasing power of Nigerians, but reassured that the effects are being mitigated through the social investment programs.
President Tinubu highlighted the importance of the reforms, which include the removal of the petrol subsidy and the floating of the naira, both intended to open up the economy for investment and job creation. While recognizing the hardships faced by citizens as a result of these changes, he stressed the need for these policies to lead to long-term economic growth. The President also emphasized the importance of improving educational access for children, noting that education is key to breaking the cycle of poverty and hunger.
During the meeting, the IMF Managing Director praised the Tinubu administration’s economic reforms, noting the positive indicators emerging from Nigeria. She also acknowledged the government’s social investment programs as an effective way to support the most vulnerable groups, offering IMF’s technical assistance in helping Nigeria achieve the best outcomes from its economic initiatives, including its loan programs. Georgieva expressed the IMF’s continued support for Nigeria’s diversification efforts and reiterated the Fund’s commitment to providing resources to support emerging economies.
Georgieva also discussed the global economic challenges faced by developing nations, particularly following the pandemic, and assured President Tinubu that the IMF is focused on building resilient institutions in these countries. She highlighted the IMF’s efforts to inject significant resources into the global economy and its readiness to support Nigeria’s economic growth, particularly in terms of regional economic integration. She also congratulated Nigeria for hosting the IMF’s African Caucus meeting and emphasized the importance of strengthening Africa’s voice in global economic discussions.
