Complete cash transfers to vulnerable Nigerians, IMF tells FG
The International Monetary Fund has called on the Federal Government to expedite the completion of its cash transfer programme to support vulnerable households, describing it as a crucial priority in the face of ongoing economic reforms.
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 stabilise 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 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 confirmed that the IMF’s First Deputy Managing Director, Gita Gopinath, who 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 programme 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 programmes are essential in helping Nigerians escape intergenerational poverty, especially at a time when inflation and weak economic growth are hitting the poorest the hardest.
