Tinubu Says Nigeria Is Seeing Positive Results From Economic Reforms

President Bola Tinubu has highlighted the positive outcomes of his administration’s economic reforms, which include removing subsidies on petroleum products and floating the naira. While these moves have led to inflation and economic challenges, Tinubu remains confident that the reforms will ultimately benefit Nigeria’s economy.

Speaking with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on the sidelines of the G20 Leaders’ Summit in Rio de Janeiro, Brazil, Tinubu acknowledged the hardships caused by the reforms but emphasized that Nigerians are beginning to see the long-term advantages.

“We have started seeing positive results from our reforms, and the Nigerian people are beginning to understand their necessity,” Tinubu stated. He also recognized the economic strain these changes have placed on the public and promised that the government would continue supporting the most vulnerable citizens through social safety nets.

The President also emphasized the urgent need for educational investment, noting that millions of children are still out of school. He stressed that education is a key factor in combating hunger and poverty, and that his administration is focused on creating opportunities to keep children in school. He called on the IMF for support in this area, highlighting the need for investment in infrastructure and expanding the tax base to foster inclusive economic growth.

“We are engaging with various stakeholders to expand the economy’s tax base while ensuring that existing taxes do not increase the burden on the people,” he explained.

Tinubu also congratulated Georgieva on her re-election as IMF Managing Director and thanked her for her support in Nigeria’s reform process. He called for continued institutional backing to ensure the country’s economic stability and long-term growth.

In her remarks, Georgieva commended the Tinubu administration for its economic reforms, acknowledging their positive impact. She also expressed a desire to visit Nigeria and reiterated the IMF’s commitment to supporting Nigeria’s diversification efforts. Georgieva praised the social investment programs aimed at assisting the most vulnerable citizens, stressing that the IMF is focused on supporting emerging economies. She also offered technical support for Nigeria’s budgeting process, which would help optimize the benefits of future loans.