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It is time for Nigerians to drag the IMF and World Bank
It is time for Nigerians to drag the IMF and World Bank
By Augustine Osayande
The recent directives issued by the Executive Board of the International Monetary Fund (IMF), emerging from its thorough Post Financing Assessment (PFA), have ignited robust debate within Nigeria’s economic circles. Particularly contentious is the Board’s insistence on the Federal Government, led by President Bola Ahmed Tinubu, to fully eliminate all subsidies, including those pertaining to electricity. This call has elicited a spectrum of reactions ranging from commendations for the President’s economic policies to sharp criticisms. Amidst this discourse, the IMF’s recommendations serve as a focal point illuminating the intricate dynamics between external financial pressures and domestic economic imperatives.
Against the backdrop of Nigeria’s formidable economic challenges, the timing of these recommendations couldn’t be more critical. With inflation skyrocketing to an alarming 28.92 percent and food inflation hovering around 30 percent over the past year, coupled with an unprecedented depreciation of the Naira to an all-time low of N1,540 to a dollar, the nation stands at a crossroads in its economic trajectory.
The IMF’s historical involvement in Nigeria’s economic landscape draws scrutiny, notably regarding the implementation of Structural Adjustment Programs (SAPs) during the 1980s and 1990s. While ostensibly aimed at addressing economic crises, these programs often resulted in stringent austerity measures, currency devaluation, and deep cuts to public spending. Critics contend that these policies exacerbated poverty and inequality, perpetuating Nigeria’s economic challenges instead of fostering sustainable development.
A focal point of criticism towards IMF and World Bank interventions is Nigeria’s substantial external debt burden, a significant portion of which is owed to these international financial institutions. This debt overhang severely restricts the country’s fiscal space, diverting resources away from vital sectors like healthcare, education, and infrastructure. Detractors argue that the terms of debt repayment imposed by these institutions exacerbate Nigeria’s economic woes, underscoring the urgent need for more equitable arrangements.
Furthermore, IMF and World Bank loans often come attached with stringent conditions, including fiscal austerity measures and mandates for privatization. While ostensibly aimed at promoting economic stability and growth, these conditions have faced vehement criticism for their adverse impacts on national sovereignty and socio-economic equality. Critics argue that such conditions fail to account for the unique circumstances of countries like Nigeria, advocating instead for a more nuanced and tailored approach to development.
The IMF and World Bank have been accused of espousing neoliberal economic policies that prioritize market liberalization and privatization, often at the expense of domestic industries and vulnerable populations. This critique underscores broader concerns regarding the effectiveness and fairness of these institutions in addressing the needs of developing countries like Nigeria.
In response to these challenges, there is a growing chorus calling for reforms that prioritize the interests and well-being of the Nigerian people. Advocates stress the importance of empowering local communities, fostering sustainable growth, and ensuring equitable resource distribution. This necessitates bolstering domestic institutions, promoting inclusive policies, and fostering partnerships grounded in mutual respect and cooperation.
Ultimately, the ongoing discourse surrounding IMF recommendations in Nigeria reflects broader calls for reform within international financial institutions. By asserting agency and advocating for alternative approaches to development, Nigerians aspire to tackle entrenched economic disparities and pave the way for a more just and prosperous future.
■ Augustine Osayande, PhD, contributed this piece through austinelande@yahoo.com
It is time for Nigerians to drag the IMF and World Bank
NTAC DG Celebrates Mallam Nuhu Ribadu at 65, Commends His National Service Credentials
By: Michael Mike
Director General of the Nigerian Technical Aid Corps (NTAC), Rt.Hon. Yusuf Buba Yakub has commended the National Security Adviser, Mallam Nuhu Ribadu for his trailblazing leadership as the pioneer Chairman of the Economic and Financial Crimes Commission (EFCC) and for his current role as the National Security Adviser.
The NTAC boss , who made the commendations on Saturday in Abuja, while celebrating the foremost lawyer and public servant, who turned 65 on Friday, also lauded Ribadu for steering Nigeria through complex security challenges with courage and integrity, stating that this has set an enduring example for all public officers to emulate.
In a message he personally signed and made available the media in Abuja,Buba emphasized the great roles Mallam Ribadu has continued to play in the evolution of the Nigerian state.
He said: “I have the honour to refer to the above subject-matter and avail myself of the opportunity of this auspicious moment to celebrate you, Dear Leader and Brother, on the occasion of your birthday celebration this year.
“Yesterday again marked yet another milestone of wisdom, dedication, and service as you celebrated 65 years of life, many of which you have invested in the service of our nation and humanity at large.
“Without the risk of reciting the obvious, Sir,
your trailblazing leadership as the pioneer Chairman of the Economic and Financial Crimes Commission (EFCC), where you transformed the fight against corruption, and now as the National Security Adviser, steering Nigeria through complex security challenges with courage and integrity, has set an enduring example for all of us to emulate.
“Your legacy of principled reform, selfless service, and steadfast patriotism continues to inspire countless Nigerians, especially the young professionals and Volunteers we work with every day. May Allah (SWT) continue to strengthen you for greater wisdom and performance as you age in wealth and wellness.
“For myself, my dear family and on behalf of the Management and staff of the Nigerian Technical Aid Corps (NTAC), where with your kind support I have served as DG these past years, I extend heartfelt congratulations to you, Sir, on this remarkable milestone and solemn achievement.
“May Allah grant you good health, long life, and the special wisdom to keep guiding our nation toward peace, security, and prosperity.
“We pray that the years ahead bring you abundant joy, fulfillment, and the satisfaction of seeing the fruits of your tireless efforts in many more years of blessings.”
NTAC DG Celebrates Mallam Nuhu Ribadu at 65, Commends His National Service Credentials
Jihadist reportedly overrun gendarmerie camp in niger, kill 21 officers
By: Zagazola MAkama
Suspected jihadists on Friday attacked and seized control of the Gendarmerie Camp in Garbougna, Niger Republic, killing more than 21 gendarmes, according to security sources.
The attackers, believed to be affiliated with Sahel-based extremist groups, stormed the facility in large numbers, overwhelming security personnel during the early morning assault.
Sources told Zagazola Makama that the insurgents also carted away several vehicles, along with a significant quantity of arms and ammunition stored at the camp.
“The situation is dire. The Garbougna gendarmerie post was overrun, and dozens of weapons and vehicles were taken. The number of casualties is still being compiled, but more than 21 gendarmes are feared killed,” one security source said.
The attack underscores the escalating insecurity in parts of Niger, where jihadist groups linked to al-Qaida and the Islamic State continue to mount coordinated assaults on security formations and rural communities.
Niger’s military authorities have not yet issued an official statement regarding the incident as at the time of filing this report.
Zagazola recalls that the tri-border region spanning Niger, Mali and Burkina Faso has witnessed intensified jihadist activities in recent months, with security forces increasingly targeted in ambushes and camp raids.
Jihadist reportedly overrun gendarmerie camp in niger, kill 21 officers
Tuggar Appeals to Broadcaster to Promote Nigeria’s Information Sovereignty
By: Michael Mike
Minister of Foreign Affairs, Ambassador Yusuf Tuggar has emphasized the critical role of independent broadcasters in promoting the country’s information sovereignty, national cohesion, and digital security.
Represented by the Ministry of Foreign Affairs spokesperson, Kimiebi Ebienfa, at the Independent Broadcasters Association of Nigeria (IBAN) 2025 Annual General Meeting and Conference, on Thursday, Tuggar stressed that the broadcast sector is a key player in shaping Nigeria’s global narrative and ensuring internal stability.
The event’s theme, “Broadcasting for Information Sovereignty, National Cohesion and Digital Security,” according to the minister aligns with the nation’s foreign policy objectives.
He urged broadcasters to produce locally relevant content, counter disinformation, and bridge ethnic and cultural divides, adding that a united Nigeria commands greater international respect.
He also highlighted the need for robust digital security measures to protect against cyber threats and misinformation campaigns, warning that breaches in the sector could undermine national security.
He called for stronger collaboration between the government and media to safeguard Nigeria’s information ecosystem and project a positive global image.
The conference aimed to address the evolving challenges of broadcasting in a digital age.
Tuggar Appeals to Broadcaster to Promote Nigeria’s Information Sovereignty
NTAC DG Celebrates Mallam Nuhu Ribadu at 65, Commends His National Service Credentials
Jihadist reportedly overrun gendarmerie camp in niger, kill 21 officers
Tuggar Appeals to Broadcaster to Promote Nigeria’s Information Sovereignty
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