The International Monetary Fund (IMF) has urged the federal government to conduct its economic stabilisation policies with policies that would protect the welfare of most vulnerable Nigerians.

IMF’s Director of Communications, Julie Kozack, made this known during a routine press conference at the IMF headquarters in Washington, adding that it is important that the government engages in financial transfers that would enable vulnerable citizens to support themselves in the current economic reforms.

Daily Trust reports that the removal of subsidy from premium motor spirit (PMS) which is one of the recommendations of the IMF has brought untold hardship to Nigerians with inflationary pressures never experienced in the recent past.

Following the removal of subsidy from PMS, the product rose from about N200 per litre to about N1000.

With a fully deregulated market, fuel prices would now be determined by market forces.

Kozack however acknowledged the challenges many Nigerians faced and stressed the importance of prioritising support for vulnerable households.

“The authorities’ policies to stabilise the economy and promote growth are welcomed.

“However, they must be accompanied by targeted social transfers to support the most vulnerable populations. We recognise the extremely difficult situation that many Nigerians face,” she said.

She said completing the rollout of cash transfers to vulnerable households and improving domestic revenue mobilisation should be key priorities for Nigeria.

Kozack also announced that IMF staff would soon visit Nigeria to prepare for the 2025 Article IV Consultation.

Under Article IV of the IMF’s Articles of Agreement, the IMF conducts annual bilateral discussions with member countries.

As part of this process, a staff team visits the country, gathers economic and financial data, and engages with officials on economic policies and developments.