President Bola Ahmed Tinubu has called on the International Monetary Fund (IMF) to assist Nigeria in tackling its high number of out-of-school children and in broadening the country’s tax base for sustainable economic growth.
Speaking during a courtesy visit by IMF Director Kristalina Georgieva at the G20 Leaders’ Summit in Brazil, Tinubu emphasized the critical link between education, hunger, and poverty. He highlighted the need for global support to keep millions of Nigerian children in school, a step crucial to breaking the cycle of poverty.
“We have too many children out of school, and education is the way out of hunger and poverty. We are creating incentives to ensure these children stay in school and will require your support to achieve this,” Tinubu said.
He also underscored his administration’s efforts to expand the country’s tax base without increasing the tax burden on Nigerians, many of whom are already under financial strain.
Despite economic reforms such as the removal of fuel subsidies and the floating of the Naira, Nigeria faces mounting economic challenges. Inflation surged to 33.88% in October, while fuel prices soared to over N1,100 per litre, significantly impacting Nigerians’ cost of living. Additionally, the Naira has depreciated sharply, with the exchange rate reaching N1,658.57 per dollar as of November 21, 2024.
According to UNICEF, Nigeria had 18.5 million out-of-school children as of August 2024, a statistic Tinubu aims to change with IMF backing.
