President Bola Tinubu has assured of his commitment to prioritising the welfare of the poor and most vulnerable Nigerians, even as he is optimistic of his economic reforms.
Tinubu, who acknowledged that his reforms weakened Nigerians’ purchasing power, however, said his administration would continue to provide social safety nets to cushion the consequences.
The President spoke on Wednesday night in Rio de Janeiro, Brazil, when the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, visited him during the G20 Leaders’ Summit in the South American country.
Congratulating the IMF chief on her re-election, Tinubu appreciated her support in implementing the reforms, calling for more institutional backing for stability and sustainable growth.
He said, “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.
“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.”
The President stressed that substantial resources must be invested to stimulate the much-needed infrastructural development in the country.
He further noted 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 development. 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,” Tinubu said.
In her remarks, the Managing Director, who expressed the desire to visit Nigeria, commended the Tinubu administration’s economic reforms and their positive indicators.
She assured the President of further support in diversifying the Nigerian economy.
Congratulating Nigeria on hosting the IMF’s African Caucus meeting in Abuja in August, Georgieva advocated deepening regional economic ties, assuring the IMF’s readiness to support this process.
