Rio de Janeiro: President Bola Tinubu has affirmed his administration’s commitment to prioritizing the welfare of the poor and most vulnerable populations. This commitment was expressed during a meeting with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), on the sidelines of the G20 Leaders’ Summit in Rio de Janeiro, Brazil.
According to News Agency of Nigeria, President Tinubu acknowledged the challenges posed by recent reforms, which have affected Nigerians’ purchasing power. He assured that his government would continue to provide social safety nets to mitigate these effects. While congratulating Georgieva on her re-election for a second term, Tinubu expressed appreciation for her support in implementing the reforms and called for further institutional backing to ensure stability and sustainable growth.
President Tinubu also highlighted the importance of educational access, stating that too many children are out of school and that education is a critical pathway out
of hunger and poverty. He emphasized the need for substantial resources to stimulate infrastructural development and mentioned ongoing tax reforms aimed at expanding the economy’s tax base without increasing the tax burden on citizens.
In her response, IMF Managing Director Georgieva praised the Tinubu administration’s economic reforms and their positive outcomes. She assured the President of the IMF’s continued support in diversifying Nigeria’s economy and emphasized the importance of social investment programs in cushioning the effects on the most vulnerable. Georgieva highlighted the IMF’s focus on supporting vulnerable societies and emerging economies, and she expressed the Fund’s readiness to provide technical support for Nigeria’s budgeting process.
Georgieva also discussed the IMF’s efforts to assist developing countries in building resilient institutions to better manage future economic shocks, noting the recent global economic challenges caused by the pandemic. She informed President Tinubu that th
e IMF’s Executive Board had approved the 3rd Chair for Sub-Sahara Africa, enhancing the African voice within the organization. Additionally, she congratulated Nigeria for hosting the IMF’s African Caucus meeting in Abuja and advocated for deeper regional economic ties with the assurance of IMF support in these endeavors.