Balance ‘painful’ reforms with social investments, IMF tells FG
The International Monetary Fund (IMF) has asked the Federal Government to cushion the reforms’ harshest impacts with targeted social investments. President Bola Tinubu’s economic reforms have been taking toll on Nigeria’s poorest citizens as the country battles fiscal stability. According to the IMF, the removal of fuel subsidies, while necessary, has exacerbated hardship for many […]
International Monetary Fund IMF
The International Monetary Fund (IMF) has asked the Federal Government to cushion the reforms’ harshest impacts with targeted social investments.
President Bola Tinubu’s economic reforms have been taking toll on Nigeria’s poorest citizens as the country battles fiscal stability.
According to the IMF, the removal of fuel subsidies, while necessary, has exacerbated hardship for many Nigerians, with the poverty rate rising to 47% in 2024.
BusinessDay reports that during her inaugural visit to Nigeria, the IMF’s First Deputy Managing Director, Gita Gopinath, commended the government for implementing long-overdue measures such as the liberalisation of the foreign exchange market and the removal of fuel subsidies.
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But she warned that the benefits of these reforms could be undermined if social protection programs are not accelerated.
“The removal of fuel subsidies, while necessary, has exacerbated hardship for many Nigerians, with the poverty rate rising to 47% in 2024.