PRESIDENT TINUBU ASSURES THAT HIS ADMINISTRATION WILL CONTINUE PRIORITISING THE WELFARE OF THE POOR 21-11-24
By Sadiq Aminu President Bola Tinubu has assured that his administration will continue prioritising the welfare of the poor and most vulnerable even as the economic reforms bear fruit.
President Tinubu stated this in Rio de Janeiro, Brazil, when the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, paid him a courtesy call on the sidelines of the G20 Leaders’ Summit.
While acknowledging that the reforms had weakened Nigerians’ purchasing power, President Tinubu said his administration would continue to provide social safety nets to cushion the unintended consequences.
Congratulating the IMF Chief on her election for a second term in office, President Tinubu appreciated her support in implementing the reforms, calling for more institutional backing for stability and sustainable growth.
He emphasised the critical need for educational access, expressing concern about the high number of out of school children.
He noted that education was the sure way overcoming poverty and hunger, thus compelling the government to grant incentives to keep the children in school, and sought for the kids, who want to stay in school.
President Tinubu stressed that substantial resources must be invested to stimulate the much-needed infrastructural development in the country.
The President further noted that Nigeria was working on tax reforms to stimulate the economy further.
In her remarks, the Managing Director, who expressed a 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, and .specifically lauded the social investment programmes as a way of cushioning the effects on the most vulnerable and promised the assistance of the body in this regard.
Contrary to popular perception, Kristalina Georgieva said the IMF was focused on developing vulnerable societies and devoting substantial resources to emerging economies.
She expressed the IMF’s readiness to offer technical support for the budgeting process, adding that it will assist Nigeria in achieving the best possible results from loans.
Georgieva said the world had suffered some shocks from the pandemic that caused damage to world economies.
She said the IMF was working with developing countries to build resilient institutions to better manage future global economic shocks.
The IMF Managing Director stressed that it was the right of every country to benefit from the Fund after a critical analysis of its priorities.
She informed President Tinubu that the organisation’s Executive Board had approved the 3rd Chair for Sub-Sahara Africa (SSA), enhancing the African voice.
Georgieva congratulated Nigeria on hosting the IMF’s African Caucus meeting in Abuja in August.
Georgieva also advocated for deepening regional economic ties, ensuring the IMF is ready to support this process.