‘Nigerians Struggling’ – IMF Warns FG: Complete Cash Transfers to Support Nigeria’s Vulnerable

As economic reforms continue, the International Monetary Fund (IMF) has called on the Federal Government to expedite the rollout of its cash transfer program to support those in need.

This appeal was made by Julie Kozack, the director of the IMF’s communications department, during a press briefing on Thursday.
Nigeria’s recent efforts to stabilize its economy and spur growth are welcomed by the Fund, she said, but it is crucial that these policies be supported by actions that protect the welfare of the country’s most vulnerable residents.
We acknowledge that many Nigerians are in a really challenging circumstance,” he stated.

Therefore, I would want to emphasize that boosting domestic income mobilization and finishing the implementation of cash transfers to households that are at risk are top priorities for Nigeria.

IMF First Deputy Managing Director Gita Gopinath visited Nigeria earlier in March, meeting with key authorities such as Finance Minister Wale Edun and Central Bank of Nigeria (CBN) Governor Yemi Cardoso, Kozack said.

Throughout her two-day trip to Abuja and Lagos, Gopinath also engaged with leaders of the commercial sector, civil society organizations, and University of Lagos students.

In order to get ready for the 2025 Article IV Consultation, a regular assessment of the country’s financial and economic policies, she said that IMF staff will be returning to Nigeria the next week.

According to Gopinath, more details on Nigeria will become available following the team’s mission.

Nigeria’s cash transfer program should be extended to rural areas, the IMF advised last year, given the rise in poverty and food insecurity.

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In order to help poor Nigerians deal with the rising cost of living crisis, the organization has continuously urged the government to expand this program.

In a time when inflation and slow economic growth are disproportionately impacting the most vulnerable groups, the World Bank has underlined the importance of cash transfer programs in assisting Nigerians in ending the intergenerational cycle of poverty.