IMF to FG: Protect poor Nigerians from rising prices through cash transfers 

The International Monetary Fund (IMF) has advised the Nigerian government to implement its social protection measures to benefit poor and vulnerable Nigerians.

Julie Kozak, the IMF’s Director of Communications, said this during a recent press briefing, emphasising the urgent need to alleviate the hardships faced by Nigerians due to surging food, drug, and transportation prices. 

The full implementation of the social safety net programme is considered essential for the government’s future efforts to reform the costly subsidies on fuel and electricity.

She added that addressing food insecurity is an immediate priority. 

Kozak said: 

The IMF also sees the recent actions of the Monetary Policy Committee (MPC), which further tightened monetary policy, as a positive step towards curbing inflation and relieving pressure on the naira. 

The IMF also announced its plans to release a detailed annual report on Nigeria’s economy, shifting the focus to its broader economic landscape. 

This announcement follows an IMF team’s visit to Nigeria from February 12 through 23. The team engaged in discussions on economic developments and policies with the government and the Central Bank of Nigeria (CBN). This visit forms part of the IMF’s routine dialogue with Nigerian authorities, intended to tackle the nation’s economic challenges.