IMF (2) (1).webp
The Digest:

The International Monetary Fund (IMF) has expressed significant concern that Nigeria's ongoing economic reforms, despite some progress, have yet to reach the most vulnerable populations, citing a critical lack of a robust social safety net.

Key Points:

  • IMF highlights Nigeria's lack of a robust social safety net.
  • Reforms' impact yet to reach the poor, increasing poverty risk.
  • Poverty rate stood at 42% in 2023.
  • Bold reforms (FX, subsidy removal) yield mixed results.
  • Inflation, poor infrastructure still hinder growth.
  • IMF urges urgent cash transfer expansion for the vulnerable.
  • Calls for increased revenue and transparent budgeting.
The IMF article, co-authored by its Mission Chief to Nigeria, Axel Schimmelpfennig, and Resident Representative, Christian Ebeke, stressed that urgent cash transfer expansion, improved budgeting, and increased domestic revenue are crucial to ensure inclusive growth and lift millions from poverty, emphasizing the need for reforms to directly benefit citizens.

Sources: Punch Newspaper, IMF Website