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IMF Director Kristalina Georgieva reportedly apologised on Monday in Washington, DC, for recent comments about Nigeria needing to consider the poor in its economic policies.
This came after Senator Jimoh Ibrahim criticised the IMF for making “negative comments that lack supporting data” about Nigeria’s economy.
The IMF had questioned how the Nigerian government’s reforms were affecting poor citizens during meetings with lawmakers.
Ibrahim, who represented the Senate at the World Bank Parliament in Washington, challenged the international organisation over its negative statements about Nigeria’s economy.
The senator asked Georgieva what President Tinubu had done wrong with the reforms he’s implemented since taking office in 2023.
Ibrahim argued that such misleading statements could harm Nigeria’s economy and create instability. He said the international community should instead recognise Tinubu’s positive economic initiatives, including tariff regulation, improved revenue-to-GDP ratio, better cash flow management, and debt repayment efforts.
“Madam IMF, in recent weeks, the IMF has criticised the Nigerian reform programmes with negative comments that lack supporting data,” the senator said. “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?”
Ibrahim added that Tinubu’s achievements should be seen as a success for all of Africa and are deserving of global support.
In response, the IMF boss reportedly said, “We shall be mindful of our comments on Nigeria from now on. We are your IMF; we are sorry again.”
Ibrahim thanked Georgieva for her straightforward comments and accepted her apology on behalf of Nigeria.
Recently, the IMF urged Nigeria’s government to make sure its efforts to stabilise the economy and boost growth include measures to protect the country’s poorest citizens.
To help reduce suffering among the poorest Nigerians, the IMF called on the government to speed up its cash transfer program that supports vulnerable households.
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Julie Kozack, Director of the IMF’s Communications Department, said these cash transfers are especially important during ongoing economic reforms.
“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,” Kozack said.
She confirmed that the IMF’s First Deputy Managing Director visited Nigeria in March and met with key officials, including Finance Minister Wale Edun and Central Bank Governor Yemi Cardoso.
Last year, the IMF advised Nigeria to expand its cash transfer program to rural areas due to rising poverty and food insecurity.
The World Bank has also stated that cash transfer programs are crucial in helping Nigerians escape poverty, especially when inflation and weak economic growth are hitting the poorest people hardest.
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