The International Monetary Fund (IMF) has urged the Federal Government to accelerate the completion of its cash transfer program aimed at supporting vulnerable households, describing it as a critical priority amidst ongoing economic reforms.
The Director of the IMF’s Communications Department, Julie Kozack made the call during a press briefing on Thursday. She acknowledged Nigeria’s recent efforts to stabilize its economy and foster growth but stressed the importance of ensuring that these policies are paired with measures to protect the country’s most disadvantaged citizens.
Kozack stated, “We recognize the extremely difficult situation that many Nigerians face. For that reason, I want to emphasize that completing the rollout of cash transfers to vulnerable households is an important priority for Nigeria, as is improving domestic revenue mobilization.”
Kozack also confirmed that Gita Gopinath, the IMF’s First Deputy Managing Director, visited Nigeria earlier in March, where she met with key officials, including the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria, Yemi Cardoso. Gopinath’s visit also included engagements with civil society groups, private sector stakeholders, and students at the University of Lagos.
She further noted that IMF staff would return to Nigeria next week to prepare for the 2025 Article IV Consultation, which assesses the country’s economic and financial policies. Additional updates on Nigeria’s economic situation are expected after the completion of this mission.
Last year, the IMF recommended that Nigeria expand its cash transfer program to reach rural areas, given the rising poverty and food insecurity in the country. The Fund has repeatedly urged the government to scale up the initiative to help the nation’s poorest citizens cope with the worsening cost-of-living crisis.
The World Bank has also emphasized the importance of cash transfer programs in helping Nigerians escape intergenerational poverty, particularly in light of the inflation and weak economic growth that are disproportionately affecting the country’s poorest citizens.
