President Tinubu Reaffirms Commitment to Mitigating Hardship from Economic Reforms in Nigeria

President Bola Tinubu has emphasized his dedication to reducing the “hardship” arising from the ongoing economic reforms of his administration in Nigeria.

Tinubu made this statement during a meeting with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), which took place in Brazil on the sidelines of the G20 summit. The summit brought together leaders from across the European Union, the Americas, and the African Union.

In the meeting, Georgieva commended Nigeria’s bold economic reforms and pledged continued support to help the country fully implement its policies. On Twitter, she praised the Nigerian government’s decisive actions to reform the economy, boost growth, and create jobs for the country’s youthful population. She added that the IMF strongly supports Nigeria in these efforts.

The President’s Remarks

During the meeting, President Tinubu expressed confidence that his administration’s economic policies are already delivering positive results. However, he acknowledged the hardships that have accompanied these reforms and pledged to reduce their impact on Nigerians.

He emphasized that while his government is prioritizing investments in multiple sectors, it is also engaging with stakeholders to enhance tax awareness and compliance. Tinubu stated:

“I assured IMF Managing Director Kristalina Georgieva that our economic reforms are already yielding positive results. Our administration remains committed to reducing the hardship that has resulted from the implementation of these reforms, while also protecting the most vulnerable in Nigeria. Social safety nets, education, investments in infrastructure, and inclusive growth are key to our agenda.”

The President further explained that his government is working to expand Nigeria’s tax base to support sustainable economic growth, without placing an additional burden on Nigerians who are already making significant contributions.

Background and Context

Since taking office in May 2023, President Tinubu has repeatedly called for patience from Nigerians as he drives the country toward economic recovery and growth. Following the removal of the fuel subsidy, the cost of goods and services has risen, but the President has assured that the current hardship is temporary. He is focused on re-channeling subsidy funds to vital infrastructure projects that will help support long-term development.

His policy actions have garnered favorable projections from global rating agencies. Last month, the IMF forecasted that Nigeria’s economy will grow by 3.2% in 2025, with inflation expected to drop to 25% in the same year. This growth projection is a 0.2% increase from the IMF’s earlier forecast in July of 2024