Tinubu Reaffirms Continued Focus On Welfare Of Vulnerable During G20 Summit

President Bola Tinubu told the international community on the sidelines of the G20 Leaders' Summit that his government will keep prioritizing the well-being of the poor and vulnerable, even as economic reforms begin to show results.

The statement, titled "We shall continue to prioritize social investment programs, President Tinubu tells IMF Managing Director" was shared by Special Adviser to the president on Information and Strategy Bayo Onanuga on X.

The meeting was held in Rio de Janeiro, Brazil, where the Managing Director of the International Monetary Fund Kristalina Georgieva paid a courtesy visit.

Tinubu acknowledged that the economic reforms had reduced Nigerians' purchasing power, but assured that his government would continue to provide social safety nets to help mitigate the negative effects.

He congratulated IMF Chief Georgieva on her re-election for a second term, and thanked her for supporting the reforms. The president also called for more institutional support to ensure stability and sustainable growth.

"We have started seeing positive results from our reforms, and the Nigerian people now understand the need for them, but we have to reduce the hardship resulting from the implementation," Tinubu told Georgieva.

The president stressed the importance of education, noting that too many children were out of school. He pointed out that education was a key way to fight hunger and poverty, and added his government was working on plans and incentives to keep children in school.

Tinubu also mentioned that the government was working with stakeholders to raise awareness and expand the country's tax base for more inclusive economic growth.

However, he emphasized that this effort will not involve increasing taxes on already heavily taxed people, before asking the IMF chief's support in this initiative.

In response, Georgieva expressed interest in visiting Nigeria and praised Tinubu's economic reforms, highlighting their positive results. She assured the president of continued support to help diversify Nigeria's economy.

Georgieva offered technical support for Nigeria's budgeting process and said the IMF would help the country maximize benefits from loans.

She acknowledged the global economic damage caused by the pandemic and mentioned that the IMF injected about $1 trillion into the global economy in the last two years.

While developed countries managed the shocks better, the IMF worked with developing nations to strengthen institutions for future resilience, she added.

The meeting between Tinubu and Georgieva came a month after the Nigeria Labor Congress had called out the IMF for denying responsibility for the Nigerian government's recent removal of the petrol subsidy.