IMF Apologises to Nigeria Over Comments on Impact of Tinubu’s Reforms on the Poor
- International Monetary Fund Chief Kristalina Georgieva has apologised to Nigeria for the comments on Tinubu's reforms
- Senator Jimoh Ibrahim had criticised the Fund for making “negative” and “unsubstantiated” remarks about the country’s economic reforms
- The IMF pledged to be more mindful, while reaffirming the need for Nigeria to expand cash transfers to protect vulnerable citizens
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
Kristalina Georgieva, the managing director of the International Monetary Fund(IMF), has apologised for recent remarks suggesting Nigeria should better consider the poor in its economic reforms.
Responding to a strong rebuke from Nigerian Senator Jimoh Ibrahim at the World Bank Parliament in Washington, Kristalina says the IMF will be more cautious in its statements.
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Ibrahim, who represented the Nigerian Senate at the event, criticised the International Monetary Fund for making what he described as “negative comments that lack supporting data” regarding Nigeria’s economy.
He argued that such misleading statements could harm Nigeria’s economy and contribute to instability.
Instead, he urged the international community to acknowledge Tinubu’s positive economic initiatives, such as tariff reforms, improvements in the revenue-to-GDP ratio, enhanced cash flow management, and efforts to repay national debt.
Ibrahim said:
"Madam IMF, in recent weeks, the Fund has criticised Nigeria's reform programmes with negative remarks that lack supporting data.
"Do you believe this is fair? If, as your paper suggests, we are to look inward to build a strong economy, is it appropriate for the IMF to make misleading statements about our domestic economy? Is the IMF the one managing Nigeria’s economy?"
Ibrahim added that Tinubu’s achievements should be seen as a success for all of Africa and are deserving of global support.
IMF apologises to Nigeria
BusinessDay reports that Georgieva responded by assuring that the IMF would be more cautious in its statements moving forward.
“We shall be mindful of our comments on Nigeria from now on. We are your IMF; we are sorry again."
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IMF on hardship in Nigeria
The IMF recently urged the Nigerian government to ensure its economic stabilisation and growth efforts include safeguards for the country’s poorest citizens.
To ease hardship, it also called for a faster rollout of the cash transfer programme targeting vulnerable households.
Julie Kozack, Director of the IMF’s Communications Department, said these cash transfers are especially important during ongoing economic reforms, Punch reported
Kozack said:
"We recognise the extremely difficult circumstances many Nigerians are facing. That’s why I want to emphasise that completing the rollout of cash transfers to vulnerable households is a key priority for Nigeria—alongside enhancing domestic revenue mobilisation."
World Bank to release $17 billion to Nigeria
Ealier, Legit.ng reported that the Nigerian government and the World Bank have struck a partnership for a $17 billion loan for social investment initiatives.
The World Bank’s regional vice president for Western and Central Africa, Ousmane Diagana, disclosed this recently.
He said the fund would be used to track poverty and boost the living standards of Nigeria’s poor.
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Source: Legit.ng
