- President Bola Tinubu assures continued prioritization of social investment programs for the poor and vulnerable
- Economic reforms aim to stimulate growth, despite initial hardship on Nigerians’ purchasing power
- Education and infrastructure development emphasized as critical areas for investment
- Tax reforms underway to expand economy’s tax base without increasing taxes on citizens
- IMF Managing Director Kristalina Georgieva pledges support for Nigeria’s economic diversification and social investment programs
President Bola Tinubu has reaffirmed his administration’s commitment to prioritizing social investment programs, despite the economic reforms’ initial impact on Nigerians’ purchasing power. During a courtesy call with IMF Managing Director Kristalina Georgieva at the G20 Leaders’ Summit in Rio de Janeiro, Brazil, Tinubu acknowledged the reforms’ unintended consequences and vowed to continue providing social safety nets ¹.
Tinubu emphasized the importance of education, stating that Nigeria has too many children out of school and recognizing education as a way out of hunger and poverty. He also stressed the need for substantial resources to stimulate infrastructural development and announced ongoing tax reforms to expand the economy’s tax base.
Georgieva commended Nigeria’s economic reforms and pledged the IMF’s support for diversifying the Nigerian economy. She highlighted the IMF’s focus on developing vulnerable societies and emerging economies, citing the organization’s injection of $1 trillion into the global economy over the past two years.
