IMF Urges Nigerian Government to Complete Cash Transfers to Support Vulnerable Citizens
Julie Kozack, Director of the IMF’s Communications Department
The International Monetary Fund (IMF) has urged the Federal Government of Nigeria to expedite the completion of its cash transfer programme to support vulnerable households. The IMF emphasized that this initiative is crucial in cushioning the effects of ongoing economic reforms on low-income Nigerians.
Speaking during a press briefing on Thursday, Julie Kozack, Director of the IMF’s Communications Department, acknowledged Nigeria’s recent efforts to stabilize its economy and drive growth. However, she stressed that these policies must be complemented by targeted support for the country’s poorest citizens.
“We recognize the extremely difficult situation that many Nigerians face. Completing the rollout of cash transfers to vulnerable households is an important priority, as is improving revenue mobilization domestically,” Kozack stated.
IMF’s Continued Engagement with Nigeria
Kozack also confirmed that IMF’s First Deputy Managing Director, Gita Gopinath, recently visited Nigeria, meeting with key government officials, including the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria, Yemi Cardoso. During her visit, Gopinath also engaged with civil society groups, private sector stakeholders, and students at the University of Lagos.
Additionally, the IMF will be sending a team to Nigeria next week to prepare for the 2025 Article IV Consultation, a routine assessment of Nigeria’s economic and financial policies. The Fund expects to provide further updates after the conclusion of this mission.
“Completing the rollout of cash transfers to vulnerable households is an important priority for Nigeria, as is improving revenue mobilisation domestically.” — Julie Kozack, IMF Communications Director.
Benefits of Cash Transfers to Nigerians
The cash transfer programme is designed to provide financial relief to low-income households, helping them cope with rising food prices, inflation, and economic hardship. Last year, the IMF advised the Nigerian government to extend the programme to rural areas, recognizing the increasing poverty and food insecurity affecting many citizens.
The World Bank has also emphasized the importance of cash transfers in reducing intergenerational poverty, especially as inflation and weak economic growth continue to hit the most vulnerable groups the hardest. By ensuring that these funds reach those in need, the government can provide immediate relief while working towards long-term economic stability.
With the rising cost of living, completing the rollout of cash transfers is a necessary step to protect Nigeria’s most vulnerable citizens. As the IMF continues to engage with Nigerian authorities, ensuring the successful implementation of this programme will be crucial in alleviating poverty and supporting economic resilience.
