Vulnerable Nigerians Suffering! IMF Demands FG Expedite Cash Transfer Programme

During a press briefing on Thursday, Julie Kozack, Director of the IMF’s Communications Department, highlighted the need for swift action. She acknowledged the progress made by Nigeria in implementing economic reforms but emphasized that these efforts must be complemented by social support measures to protect the most disadvantaged citizens.

Kozack stated, “We recognize the extremely difficult situation that many Nigerians are experiencing. Therefore, completing the rollout of cash transfers to vulnerable households is a key priority for Nigeria, alongside improving domestic revenue mobilization.”

She also mentioned that Gita Gopinath, the IMF’s First Deputy Managing Director, visited Nigeria earlier in March. During her visit, she met with key officials, including Finance Minister Wale Edun and Central Bank Governor Yemi Cardoso. Gopinath also engaged with civil society groups, private sector representatives, and students at the University of Lagos.

Kozack announced that IMF staff would return to Nigeria the following week for the 2025 Article IV Consultation, a routine assessment of the country’s economic and financial strategies. More details will be shared after the mission is completed.

Previously, the IMF advised Nigeria to expand its cash transfer program to rural areas due to rising poverty and food insecurity. The organization has repeatedly urged the government to strengthen this initiative as a means of helping impoverished Nigerians cope with the high cost of living.

The World Bank also recently emphasized that cash transfer programs are essential for breaking the cycle of intergenerational poverty, particularly as inflation and slow economic growth continue to disproportionately impact the most vulnerable citizens.