The International Monetary Fund (IMF) has apologised for saying Nigeria needs to consider the poor in its economic policies.
This is coming after Senator Jimoh Ibrahim blasted IMF Director, Kristalina Georgieva for uttering a negative statament that wasn’t backed with supporting data about Nigeria’s economy.
Representing the Senate at the World Bank Parliament in Washington, Jimoh revealed that misleading comments like that go a long way in harming Nigeria’s economy and creating instability. According to him, rather than make reckless comments without sufficient data to back it up, the IMF should instead applaud President Tinubu’s positive economic initiatives thus far, including tariff regulation, better revenue-to-GDP ratio, efficient cash flow management, and successful debt repayment efforts.
Challenging the international organisation to explain how Tinubu’s reforms have affected the poor negatively, Senator Jimoh said that the president’s achievements should be seen as a success for all of Africa, not a stick that BAT and his government should be flogged with.
“Madam IMF, in recent weeks, the IMF has criticised the Nigerian reform programmes with negative comments that lack supporting data. Do you believe this is fair? Suppose we are to look inward to build a strong economy, as you suggested in your paper. Is it appropriate for the IMF to make untruthful comments about the domestic economy? Is the IMF the entity managing the economy?” he said.
Reacting, IMF Director Kristalina Georgieva reportedly said, “We shall be mindful of our comments on Nigeria from now on. We are your IMF; we are sorry again,” which led to Ibrahim thanking her in return and accepting her apology on behalf of the country.
Recall that the IMF recently begged Nigeria’s government to ensure its plan to stabilise the economy and aid growth does not exclude measures to protect the country’s poorest citizens. To help ease sufferings among poverty-stricken Nigerians, the organisation urged the government to fasten its cash transfer program that can immediately support vulnerable households.
According to the Director of the IMF’s Communications Department, Julie Kozack, the cash transfer programs will go a long way in taking several Nigerians out of poverty, especially during a period when inflation and weak economic growth are affecting the poorest citizens the most.
“We do recognise the extremely difficult situation that many Nigerians face. For that reason, I just want to emphasise that completing the rollout of cash transfers to vulnerable households is an important priority for Nigeria, as is improving revenue mobilisation domestically,” she said.
