Amid ongoing economic changes, the International Monetary Fund (IMF) has called on the Federal Government to expedite the rollout of its cash transfer program to support households that are at risk.
The IMF’s Communications Department Director, Julie Kozack, made this plea during a press briefing on Thursday.
While the Fund commends Nigeria’s recent efforts to encourage growth and stabilize its economy, she pointed out that these policies must be supported by actions that protect the welfare of the country’s most vulnerable residents.
“We acknowledge the very challenging circumstances that many Nigerians are facing,” he remarked.
“Therefore, I would like to emphasize that Nigeria’s top priorities are improving domestic revenue mobilization and completing the rollout of cash transfers to vulnerable households.”
Gita Gopinath, the IMF’s First Deputy Managing Director, visited Nigeria earlier in March, according to Kozack, and met with important authorities, including Finance Minister Wale Edun and Yemi Cardoso, the governor of the Central Bank of Nigeria?
While in Abuja and Lagos for two days, Gopinath also spoke with leaders of the commercial sector, civil society organizations, and University of Lagos students.
She said the next week, IMF staff would be back in Nigeria to get ready for the 2025 Article IV Consultation, which is a regular assessment of the country’s financial and economic policy.
When the team’s mission was over, Gopinath said, further details on Nigeria would become available.
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Because poverty and food insecurity are on the rise, the IMF suggested last year that Nigeria extend its cash transfer program to rural areas.
For the purpose of helping poor Nigerians deal with the rising expense of living crisis, the group has continuously urged the government to expand this program.
Recently, the World Bank underlined how important cash transfer programs are to helping Nigerians break the intergenerational poverty cycle, especially at a time when the most vulnerable groups are being disproportionately impacted by inflation and slow economic growth.
