‘Nigerians Facing Difficult Situation’ – IMF Asks FG To Complete Cash Transfers To Vulnerable Households

The International Monetary Fund (IMF) has urged the Federal Government to accelerate the implementation of its cash transfer program aimed at assisting vulnerable households, emphasizing its importance amid ongoing economic reforms.

During a press briefing on Thursday, the Director of the IMF’s Communications Department, Julie Kozack, made this appeal.

She noted that while the Fund appreciates Nigeria’s recent initiatives to stabilize its economy and promote growth, it is essential that these policies are complemented by measures that safeguard the welfare of the nation’s most disadvantaged citizens.

He said, “We do recognise the extremely difficult situation that many Nigerians face.

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“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 Gita Gopinath, the First Deputy Managing Director of the IMF, visited Nigeria earlier in March, where she met with significant officials, including Finance Minister Wale Edun and the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso.

During her two-day visit to Abuja and Lagos, Gopinath also interacted with civil society organizations, private sector representatives, and students at the University of Lagos.

She mentioned that the IMF staff would return to Nigeria the following week to prepare for the 2025 Article IV Consultation, which is a regular evaluation of the nation’s economic and financial policies.

Gopinath indicated that further information regarding Nigeria would be available after the team’s mission was completed.

Last year, the IMF recommended that Nigeria expand its cash transfer program to rural regions due to increasing poverty and food insecurity.

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The organization has consistently encouraged the government to enhance this initiative as a way to assist impoverished Nigerians in coping with the escalating cost of living crisis.

The World Bank recently emphasized that cash transfer programs are crucial for helping Nigerians break the cycle of intergenerational poverty, particularly during a period when inflation and sluggish economic growth are disproportionately affecting the most vulnerable populations.