As a critical priority in the face of ongoing economic reforms, the International Monetary Fund has urged the federal government to accelerate the completion of its cash transfer program to assist households that are at risk.
The Director of the IMF’s Communications Department, Julie Kozack, made the call during a press briefing on Thursday.
She stated that while the Fund welcomed Nigeria’s recent efforts to stabilize its economy and boost growth, it was important that these policies were supported by measures that protect the country’s poorest citizens.
He said, “We do recognize the extremely difficult situation that many Nigerians face.
“For that reason, I just want to emphasize that completing the rollout of cash transfers to vulnerable households is an important priority for Nigeria, as is improving revenue mobilization domestically.”
Kozack confirmed that the IMF’s First Deputy Managing Director, Gita Gopinath, had visited Nigeria earlier in March and met with key officials, including the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria, Yemi Cardoso.
Gopinath also engaged with civil society groups, private sector stakeholders, and students at the University of Lagos during her two-day visit to Abuja and Lagos.
She added that IMF staff would return to Nigeria next week in preparation for the 2025 Article IV Consultation, a periodic assessment of the country’s economic and financial policies.
She noted that further updates on Nigeria are expected after the team concludes its mission.
Last year, the IMF advised Nigeria to extend its cash transfer program to rural areas in light of rising poverty and food insecurity.
The Fund has consistently urged the government to scale up the initiative as a means of helping poor Nigerians navigate the worsening cost of living crisis.
The World Bank recently stated that cash transfer programs are essential in helping Nigerians escape intergenerational poverty, especially at a time when inflation and weak economic growth are hitting the poorest the hardest.
