The International Monetary Fund (IMF) has urged the Federal Government to complement its economic stabilisation and growth initiatives with measures that protect the country’s most vulnerable citizens.
To alleviate hardship among the poorest, the IMF called on the government to fast-track the completion of its cash transfer programme to support vulnerable households.
Julie Kozack, Director of the IMF’s Communications Department, emphasised the programme’s importance amid ongoing economic reforms. Speaking at a press briefing on Thursday, she highlighted the urgent need to implement cash transfers.
“We recognise the extremely challenging conditions many Nigerians face. That is why I want to stress that finalising the rollout of cash transfers to vulnerable households remains a critical priority for Nigeria, alongside enhancing domestic revenue mobilisation,” Kozack stated.
She confirmed that the IMF’s First Deputy Managing Director, Gita Gopinath, visited Nigeria earlier in March, meeting with key officials, including Finance Minister Wale Edun and Central Bank Governor Yemi Cardoso.
Kozack also revealed that an IMF team would visit Nigeria next week in preparation for the 2025 Article IV Consultation, a periodic review of the country’s economic and financial policies. She added that further updates would be provided once the mission concludes.
Last year, the IMF advised Nigeria to expand cash transfers to rural communities to address rising poverty and food insecurity. The organisation has consistently advocated for scaling up the programme to help Nigerians cope with the worsening cost of living crisis.
The World Bank recently stated that cash transfer schemes are crucial in breaking intergenerational poverty, particularly as inflation and weak economic growth disproportionately affect the poorest.
