International Monetary Fund (IMF) Managing Director Kristalina Georgieva reportedly expressed regret in Washington, DC, on Monday for recent comments emphasising the need for the Nigerian government to consider the poor in its economic policies.
This purported apology followed criticism from Nigerian Senator Jimoh Ibrahim, who accused the IMF of making “negative comments that lack supporting data” regarding Nigeria’s economy.
The IMF had also questioned the impact of the government’s reforms on poor Nigerians during inter-parliamentary meetings.
Senator Ibrahim, representing the Nigerian Senate at the World Bank Parliament, specifically challenged the IMF’s negative assessment of Nigeria’s economic reforms implemented since President Tinubu assumed office in 2023.
He argued that such “misleading statements” could harm the economy and create domestic instability.
Ibrahim further contended that instead of condemnation, the international community should acknowledge President Tinubu’s economic initiatives, including tariff regulation, improved revenue-to-GDP ratio, cash flow management, and debt repayment.
Addressing the senator’s concerns, Georgieva reportedly stated, “We shall be mindful of our comments on Nigeria from now on. We are your IMF; we are sorry again.” Ibrahim then thanked the IMF MD and accepted her apology on behalf of Nigeria.
The IMF has recently urged the Nigerian government to ensure its economic stabilisation and growth efforts are accompanied by measures to protect the poorest citizens, particularly by expediting the rollout of its cash transfer programme.
IMF Communications Director Julie Kozack emphasised the urgency of these cash transfers given the ongoing economic reforms.
The IMF had previously advised Nigeria to expand its cash transfer programme to rural areas to address rising poverty and food insecurity, a recommendation echoed by the World Bank as a crucial tool for escaping intergenerational poverty amidst inflation and weak economic growth.
