In light of 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.
Julie Kozack, the director of the IMF’s communications department, made this plea during a press briefing on Thursday.
Although the Fund supports Nigeria’s recent efforts to stabilize its economy and spur growth, 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 incredibly challenging circumstances that many Nigerians encounter,” he stated.
“For that reason, I just want to emphasize that improving domestic revenue mobilization and finishing the rollout of cash transfers to vulnerable households are important priorities for Nigeria.”
Kozack revealed that earlier in March, IMF First Deputy Managing Director Gita Gopinath traveled to Nigeria and spoke with key officials, such as Finance Minister Wale Edun and Central Bank of Nigeria (CBN) Governor Yemi Cardoso.
Gopinath also spoke with leaders of the commercial sector, civil society organizations, and University of Lagos students during her two-day trip to Abuja and Lagos.
The next week, she said, IMF staff would return to Nigeria to get ready for the 2025 Article IV Consultation, a regular assessment of the country’s financial and economic policies.
Gopinath said that after the team’s mission was over, further details about Nigeria would become accessible.
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Due to rising rates of poverty and food insecurity, the IMF suggested last year that Nigeria extend its cash transfer program to rural areas.
The group has continuously urged the government to expand this program in order to help poor Nigerians deal with the challenge of rising living expenses.
According to a recent World Bank report, cash transfer programs are essential for assisting Nigerians in ending the intergenerational cycle of poverty, especially at a time when the most vulnerable groups are being disproportionately impacted by inflation and slow economic growth.
