News
ActionAid Nigeria Describes IMF, World Bank Promoters of Bad Economy Policies

ActionAid Nigeria Describes IMF, World Bank Promoters of Bad Economy Policies
By: Michael Mike
ActionAid Nigeria has described the World Bank and International Monetary Fund (IMF) as promoters of bad economy policies on Nigerians, stressing that the two international monetary organisations have
been deeply involved in Nigeria’s economy for decades, pushing policies that have done far more harm than good.
A statement on Tuesday signed by the Country Director, ActionAid Nigeria Andrew Mamedu, said the organisation strongly disagrees with the recent statement made by the World Bank Senior Vice President and Chief Economist, Mr. Indermit Gill at the 30th Nigerian Economic Summit (NES30) in Abuja, urging the Nigerian government to sustain its current economic reforms for the next 10-15 years with no clear plans on how it will cater for the people is misguided and insulting to the millions of Nigerians living through unprecedented economic hardship.
Mamedu said: “This call assumes that continuity and persistence in these policies will yield transformative results, but the evidence tells otherwise. While long-term reform is important, the strategies proposed by the World Bank seem disconnected from the immediate socio-economic realities of Nigeria, especially regarding poverty, weak institutional capacity, and structural economic deficiencies.”
Mamedu added that: “The 2003-2007 reforms which he claims is what Nigeria needs is agreeable in the area of debt cancelation, savings and accountability, but it’s negative effect in the devaluation of naira, subsidy removal and corruption was the bane of that reform.”
He lambasted that: “The World Bank and International Monetary Fund (IMF) have been deeply involved in Nigeria’s economy for decades, pushing policies that have done far more harm than good. The Structural Adjustment Programme (SAP) introduced in the late 1980s remains one of the most devastating legacies of this relationship. It crippled our local industries, especially the textile sector, and opened the floodgates for Nigeria to become heavily dependent on imported goods.”
He explained that: “Before the SAP, Nigeria’s textile industry was a vibrant hub employing hundreds of thousands of workers. However, with the IMF-driven policies forcing cuts in subsidies, import liberalization, and currency devaluation, Nigeria was pushed to shut down its own production capacity. According to the National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), over 90% of textile products used in Nigeria valued at over $4 billion are imported, primarily from countries in the Global North. These reforms, instead of fostering local economic growth, have funneled wealth out of Nigeria and into the pockets of international financial institutions and foreign economies.”
Mamedu added that: “These reforms lauded by the World Bank have promoted an import-dependent economy, stifling small businesses and local industries. Successive governments have failed to reverse this trend, and the current reforms, such as the fuel subsidy removal and exchange rate unification, continue to hurt small-scale businesses and everyday Nigerians. According to the National President of the Association of Small Business Owners of Nigeria (ASBON), more than 8 million small businesses has shut down within 18 months over economic hardship due to the impact of the economic policies under the administration of former President Muhammadu Buhari and the current administration of President Bola Tinubu.
“This trajectory has driven unemployment and increased poverty levels across the country, with more Nigerians relying on imported goods to meet basic needs. Instead of empowering local entrepreneurs, these policies enrich multinational corporations and external economies, deepening Nigeria’s dependence on foreign imports and exacerbating inequality.”
Mamedu further added that: “While the World Bank celebrates the unification of Nigeria’s exchange rate as the “most effective in 20 years,” it has led to severe hardship for citizens, driving inflation to a 28-year high. Additionally, the sudden removal of fuel subsidies without robust compensatory mechanisms has further eroded household incomes. These reforms disproportionately affect Nigeria’s poorest, pushing the country deeper into poverty while global financial institutions and foreign investors reap the benefits of Nigeria’s open economy.”
He said: “We acknowledge the World Bank’s emphasis on the need for safety nets to mitigate the effects of these reforms. ActionAid Nigeria supports the call for investments in non-oil sectors, job creation, and financing social safety nets through the savings from fuel subsidies. However, it is essential that these efforts are not mere tokenism. Safety nets must be effective, transparent, and sustainable, not reliant on debt-fueled international loans.
It is not only unacceptable but inhumane to ask Nigerians to endure 15 more years of suffering in the name of reforms that have historically failed us. Millions of Nigerians can barely afford food, fuel, or basic services today. Asking them to wait for over a decade for “things to get better” is an affront to their dignity and a reckless gamble with the nation’s future.
“The question is, how many Nigerians will be alive till then to reap the benefits of this reforms, what does the future holds for our children who are currently feeling the brunt of the hardship, will there still be hope for them in 15 years’ time?”
He said: “ActionAid Nigeria emphasizes that Nigerians cannot and will not wait for 15 years for economic policies that will continually inflict hardship. The people of this nation deserve urgent action, not promises of long-term recovery. Every passing day under the weight of these reforms pushes more citizens into extreme poverty and despair.
“We demand that the government rethinks its blind allegiance to the World Bank’s economic blueprint and starts prioritizing the welfare of its people. The government must reject the idea that growth must come at the expense of human lives and begin to invest meaningfully in local industries, small businesses, and sustainable economic models that empower Nigerians rather than enslave them.
“The government must impartially fight one of the root causes of this hardship which is corruption starting with the NNPC as they are at the middle of corruption and responsible for mismanagement of funds from recent reports of the $300 million ‘bailout funds collected from the Federal Government. Amongst all, accountability to the people must take precedence and reforms must be people centered.”
ActionAid Nigeria Describes IMF, World Bank Promoters of Bad Economy Policies
News
FG disburses N2.25bn to Gombe MSMEs

FG disburses N2.25bn to Gombe MSMEs
The Federal Government, through the Bank of Industry (BoI), has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe.
Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BoI, confirmed this during a town hall meeting held in Gombe on Friday.
The meeting aimed to sensitise the Gombe business community about the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing enterprises.
Olusi said the Federal Government, through BoI, had disbursed over N107 billion to nearly 900,000 beneficiaries across Nigeria’s six geo-political zones.
“Out of this, over 16,696 beneficiaries, valued at N2.25 billion, are from Gombe State,” he said.
Represented by Mr Mohammed Maina, North East Regional Manager of BoI, Olusi described the fund as a landmark initiative of President Bola Tinubu’s administration.
He stated that the initiative aims to empower MSMEs and revitalise Nigeria’s manufacturing sector as part of a broader economic growth strategy.
According to him, the scheme represents a strong investment in Nigeria’s future and a commitment to unlocking the business sector’s potential.
“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi noted.
He added that MSMEs account for 96 per cent of Nigerian businesses, 84 per cent of employment, and nearly half of the country’s Gross Domestic Product (GDP).
Olusi said President Bola Tinubu envisions an economy where local industries thrive, meet global standards, and every enterprise is empowered to succeed.
BoI, he said, is working to ensure the scheme becomes a catalyst for jobs, innovation, and prosperity, especially among young entrepreneurs.
He commended Gombe State Government’s support and urged MSME owners, community leaders, and youth groups to champion the intervention.
Mr Abdulwahab Sabo, Senior Special Assistant to Gov. Inuwa Yahaya on MSMEs, praised President Tinubu for positively impacting Gombe’s local economy.
Sabo stated that MSMEs remain the backbone of the state’s economy by creating jobs and fostering entrepreneurship, especially among women and youths.
He said the Yahaya-led administration is committed to supporting initiatives that empower women and youths while encouraging business growth.
Abbas Abdul, Chairman of the Tea and Bread Association in Gombe, expressed gratitude to President Tinubu for the financial support.
Abdul, who received N50,000 six months ago, said his business has grown to N300,000, and he now plans to open a mini restaurant.
Adamu Abubakar from Dukku LGA, who engages in fabrication and welding, said the intervention saved him from high commercial bank interest rates.
Abubakar received a N5 million loan at nine per cent interest per annum and now plans to expand and employ more young people.
The News Agency of Nigeria (NAN) reports that the town hall included a question and answer session on accessing loans and challenges faced by MSMEs.
FG disburses N2.25bn to Gombe MSMEs
News
Afenifere Warns Against Profiling Tinubu Administration, Yoruba Government

Afenifere Warns Against Profiling Tinubu Administration, Yoruba Government
… Says Such Act is Tantamount to Playing Russian Roulette with National Destiny
By: Michael Mike
Afenifere, a Pan-Yoruba Socio-Political Organisation has warned those labelling the present administration of President Bola Tinubu as Yoruba government to stop such profiling, stating that such act is tantamount to playing Russian roulette with our national destiny.
Afenifere in a statement signed on Friday by its National Organising Secretary Abagun Kole Omololu, said: “We have taken due note of the recent expose by Dr. Sandra Duru, detailing her conversation with the suspended Senator Natasha Akpoti-Uduaghan, particularly her shocking admission of a clandestine plot to sabotage the administration of His Excellency President Bola Ahmed Tinubu, GCFR, which the conspirators have stereotyped as a “Yoruba government,” and thereby stir the embers of division to deny him a second term. This is no light accusation. It is a revelation that demands reflection from patriots and repudiation from all who still hold Nigeria dear.”
The group added that: “Let it be said, plainly and without ambiguity, that President Bola Ahmed Tinubu’s government is not a Yoruba government. It is a Nigerian government. He did not ascend to the presidency by tribal inheritance but by democratic choice — the result of votes cast in faith by Nigerians of every tongue, creed, and religion.
“To label this administration as “Yoruba” and weaponize that label as grounds for sabotage is not only dishonest, but a vile act of tribal opportunism and sedition. We reject it utterly.
“We remind the nation: When President Muhammadu Buhari held office for eight years, no one branded his leadership as a “Fulani government.” No tribal coalition was formed to deny him a second term on the grounds of ethnicity. He was allowed to serve out his mandate in full — and rightly so. The same principle of equity and continuity must apply now. Let no one demand justice only when it suits them, but deny it when it is owed to others.”
The group adduced that: “President Tinubu shall serve his full term of eight years, by the will of the good people of this country and under the watch of the Constitution. To suggest otherwise is to play Russian roulette with our national destiny.”
Afenifere commended Dr. Duru for her expose, stating that: “Afenifere salutes Dr. Sandra Duru for her uncommon courage — for speaking truth not only to power, but to conspiracy. Her voice is a reminder that integrity still walks among us, and that silence, in the face of wickedness, is not an option for those who love this country.
“Furthermore, we condemn in the strongest terms the campaign of calumny and false allegations against the President of the Senate, Senator Godswill Akpabio — a man whose only crime, it appears, is that he dares to cooperate and collaborate with the President in the spirit of statesmanship and progress.
“We reject the weaponization of false allegations as political tools — especially when such weapons are aimed at innocent men, families and private lives. Politics has its place, but it must never trespass the boundaries of human decency. To smear a man’s name, fabricate charges, and unleash innuendo on his children, his home, and his honour — that is not politics. That is malice in its rawest form.”
The group further said: “We strongly decry the internationalization of fabricated domestic issues by those who authored the falsehood in the first place. This is akin to setting fire to your own seat in a cinema and running out crying “Fire! Fire!” — not out of alarm, but out of selfish ambition. It is selfishness that seeks to burn down the image of the nation to satisfy the ego of one person who believes that except she has her way, the country should not have peace.”
Afenifere warned that: “Nigeria is not a personal or tribal empire. Our nation will not bow to tribal blackmail. It will not bend to invented narratives. And it will not break under the weight of conspiracy. Let all patriots rally to the defence of truth, justice, and constitutional order. Let us remember that nations fall not only when tanks roll through streets — but also when lies, repeated often enough, begin to sound like truth.”
The group said: “We have come too far to be dragged backward by petty ambition disguised as activism. Let us reject the agents of sabotage — not because they threaten one man, but because they threaten all of us.”
Afenifere Warns Against Profiling Tinubu Administration, Yoruba Government
Crime
Police arrest 95 suspected cultists in Edo raid, recover arms and insignia

Police arrest 95 suspected cultists in Edo raid, recover arms and insignia
By: Zagazola Makama
The Police in Edo state has arrested 95 suspected cultists in a series of coordinated raids across the state targeting known cultist hideouts, the Command said on Friday.
Police sources told Zagazola Makama that the ongoing operation, which began on April 28, was carried out by combined Tactical Teams, who apprehended suspected members of three major cult groups notorious for violent crimes.
According to the police, 33 of the suspects are believed to be members of the Malphites Confraternity, 34 are linked to the Aye (Black Axe) Confraternity, while 28 others are associated with the Eiye Confraternity.
Items recovered during the operation include one single-barrel shotgun with four live cartridges, and two Malphite-branded caps.
The Police said that the suspects are being charged with multiple felonies, including cult-related murders and violent attacks in recent weeks.
The police sources assured the public that the crackdown will continue until all criminal elements are rooted out, warning that there will be no hiding place for cultists and their sponsors in the state.
Police arrest 95 suspected cultists in Edo raid, recover arms and insignia
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