President Bola Ahmed Tinubu has identified that Nigeria would require the support of the International Monetary Fund to close the gap of out-of-school children and to expand the economy’s tax base.

 

According to a statement on Thursday by Tinubu’s spokesperson, Bayo Onanuga, the president made this known recently when the Director of the IMF, Kristalina Georgieva, paid him a courtesy call on the sidelines of the G20 Leaders’ Summit in Brazil.

 

He noted that Nigeria has too many children out of school, which required adequate education— solutions to hunger and poverty in Nigeria.

 

According to him, Nigeria engages stakeholders and Nigerians on the need to expand the country’s tax base for economic development without necessarily increasing taxes.

 

Tinubu told the IMF boss that his administration will continue to prioritise the welfare of the poor and most vulnerable.

 

“We have too many children out of school, and we know that education is a way out of hunger and poverty.

 

“That is why we are designing ways and incentives to keep these children in school, and we need your support for these kids who want to stay in school.

 

“We are engaging stakeholders and sensitising Nigerians to expand the economy’s tax base for inclusive developmental growth. We are doing this without necessarily increasing the taxes on our people, who have already given a lot. We will require your support on this,” he said.

 

Earlier, DAILY POST reported that Tinubu told the IMF Chief that his administration’s economic reforms have started yielding results.

 

Recall that on 14 June 2023, Tinubu announced the removal of fuel subsidies and the floating of Naira at the foreign exchange market.

 

The twin policies have contributed to the economic hardship Nigerians are facing.

 

This comes as headline inflation surged to 33.88 percent in October upon several hikes in fuel prices, which stood between N1060 and N1,115 per litre in petrol stations in Nigeria.

 

Similarly, the Naira foreign exchange rate rose to N1658.57 per dollar on Thursday, November 21, 2024, from N464 on June 13, 2023.

 

According to the United Nations Children’s Fund, UNICEF, there are 18.5 million out-of-school children in Nigeria as of August 2024.