IMF Backs Tinubu’s Reforms as Nigerian President Expresses Commitment to Reducing Hardship
Tinubu maintained that his economic policies are already yielding the desired results while acknowledging the hardship associated with the policies but promising to reduce their effects on Nigerians
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has commended the Nigerian government’s current economic policies saying the IMF strongly supports President Bola Tinubu’s ongoing reforms.
Georgieva stated this during his interaction with the Nigerian President when the two crossed paths in Brazil during the G20 summit, which gathered global leaders from the European Union, America, and the African Union.
She assured the Nigerian government of continued support to fully implement these ongoing economic reform policies.
“Excellent meeting with President @officialABAT at the G20 Summit. Commended Nigeria’s decisive actions to reform the economy, accelerate growth, and generate jobs for its vibrant population. The IMF strongly supports Nigeria on this journey,” Georgieva tweeted on Thursday.
In his reaction, President Tinubu stressed that he is committed to reducing the “hardship” resulting from the implementation of his administration’s ongoing reforms in Nigeria.
The President disclosed this in a statement shared on his official Twitter page on Thursday.
President Tinubu maintained that his economic policies are already yielding the desired results while acknowledging the hardship associated with the policies but promising to reduce their effects on Nigerians.
He outlined that while his government is fast-tracking investments in several sectors, discussions are ongoing regarding stakeholders’ tax awareness and compliance responsibilities.
“I assured IMF Managing Director Kristalina Georgieva @KGeorgieva during our meeting that our economic reforms are already yielding positive results. Our administration remains committed to reducing the hardship resulting from implementing these reforms, while protecting the most vulnerable in Nigeria.
“Social safety nets, education, investments in infrastructure, and inclusive growth are key to our agenda,” Tinubu stated.
Furthermore, he explained to the IMF chief that his government is already engaging stakeholders and sensitizing Nigerians to expand the country’s economy’s tax base for inclusive developmental growth.
Tinubu said the federal government is doing this without necessarily increasing the tax burden on Nigerians, who have already contributed a lot.
Recall that President Tinubu, since assuming office in May 2023, has repeatedly urged Nigerians to be patient with his administration as he drives the nation towards economic growth.
Since the removal of the fuel subsidy, the price of goods and services has skyrocketed, but Tinubu stressed that the pain is temporary and that his administration is working towards rechanneling subsidy funds to critical infrastructure.
Tinubu’s policy stance has drawn positive outlooks from several rating agencies.
Last month, the IMF projected that Nigeria’s economy will expand by 3.2% in 2025, while inflation is estimated to drop to 25% in the same year.
For Nigeria, the IMF’s recent GDP growth projection for 2025 represents a 0.2% increase from its earlier projection in July of this year. More
