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

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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

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Crime

Bandits Kill Four, Abduct Several in Zamfara Attacks

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Bandits Kill Four, Abduct Several in Zamfara Attacks

By: Zagazola Makama

At least four people have been killed, including two children, while several others were abducted in a series of attacks by suspected bandits across Zamfara State.

Intelligence sources told Zagazola Makama that the attacks, which occurred between Sunday night and Monday morning, February 24, 2025, targeted communities in Gusau and Bukuyyum local government areas.

In Shemori Village, Mada District, bandits kidnapped six women at about 8:30 p.m. on Sunday. Early Monday morning, another group of gunmen stormed Kairu Community in Zugu District, killing two residents and abducting an unspecified number of people.

Around the same time, bandits attacked Hayin Bajumi in Mada Town, Gusau LGA, where they set ablaze the house of one Aliyu Usman. The fire killed two of his children, five-year-old Ishaq Aliyu and two-year-old Jafar Aliyu.

The attackers also kidnapped Usman’s neighbor’s wife and her one-year-old baby before fleeing.

Bandits Kill Four, Abduct Several in Zamfara Attacks

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Mysterious Fish Kills Four in Taraba, Two Hospitalized

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Mysterious Fish Kills Four in Taraba, Two Hospitalized

By: Zagazola Makama

Four people have died, and two others are receiving treatment after consuming a poisonous fish in Kashimbila, Takum Local Government Area of Taraba State.

Intelligence sources told Zagazola Malam’s that the six Fulani herders including Abdul Juli, Sule Abubakar, Adamu Mato, Saidu Payo, Yusuf Musa, and Ibrahim Haruna, went on a fishing expedition at a nearby river on  February 22, at about  2200hrs.

It was gathered that after catching and cooking the fish, they unknowingly consumed a poisonous species, leading to severe illness.

In February 23, they were rushed to the Primary Health Centre in Kashimbila, where four of them Juli, Abubakar, Mato, and Payo were confirmed dead by the doctor on duty.

The two survivors, Yusuf Musa and Ibrahim Haruna, are currently receiving treatment at the same hospital.

The incident was reported to the was police by one Haruna Isiaka of Chidawa Village.

Police have deposited the corpses at the hospital mortuary for autopsy, while investigations into the incident are ongoing.

Mysterious Fish Kills Four in Taraba, Two Hospitalized

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AT POLICE STRATEGIC CONFERENCE: President Tinubu Insists On Inter-agency Synergy To Contain Insecurity

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AT POLICE STRATEGIC CONFERENCE: President Tinubu Insists On Inter-agency Synergy To Contain Insecurity

** Says only a stable internal security can foster Nigeria’s economic growth

By: Our Reporter

President Bola Ahmed Tinubu has again called for synergy and cooperation among security agencies to deal a final blow to what is left of terror attacks, banditry, kidnapping and other forms of criminality in Nigeria.

To this effect, he restated his administration’s resolve to improve the institutional capacity of the Nigeria Police Force (NPF) and position the force to actualise its inherent mandate as the frontline agency in internal security.

President Tinubu gave the charge on Monday in Abeokuta when he officially declared open the fifth annual Strategic Security Conference and Retreat for Senior Police Officers held in the Ogun State capital.

The President who was represented at the event by his deputy, Vice President Kashim Shettima, implored the conferees to hinge a significant portion of their discussions on strategies for multi-agency collaboration.

“During my visit to the Office of the National Security Adviser and the National Counter Terrorism Centre in Abuja, I stressed the importance of inter-agency cooperation in tackling security challenges.

“Synergy among all security agencies is vital to eliminating banditry, kidnapping, armed robbery, and other forms of criminality. Please dedicate a significant portion of your deliberations to advancing strategies for multi-agency collaboration,” he stated.

The timing of the retreat, according to the Nigerian leader, is crucial in advancing his administration’s goals, just as the theme of the conference, “Improving Nigeria’s Internal Security and Economic Prosperity Through Inclusive Policing,” aligns seamlessly with the core objectives of the administration.

He however observed that while one of the administration’s objectives is to take advantage of the nation’s human and natural resources to foster economic growth, the vision cannot be attained until the county’s internal security becomes stable.

“We are committed to fostering economic growth by leveraging the vast potential of our human and natural resources. However, this vision is unattainable without a stable internal security landscape and strong stakeholder collaboration,” the President noted.

President Tinubu pointed out that since it came on board in 2023, his administration had “embarked on bold and decisive reforms to address the deep-rooted challenges stemming from years of mismanagement and neglect”.

He listed the impact of some of the reforms in various sectors including internal security, food security, unemployment, inflation, and infrastructure, acknowledging that they may have been quite challenging at the onset.

Noting that the reforms are vital to realigning Nigeria with the vision of its founding fathers, the President said, “We have introduced reforms to restore investor confidence, stabilise the macroeconomic environment, and reduce inflation.

“We are also taking firm measures to instil fiscal discipline, stabilise the foreign exchange market, and eliminate financial leakages by removing fuel and electricity subsidies. These efforts free up critical budgetary resources, enabling us to address long-standing infrastructure deficits.

“We are investing in roads, railways, and energy projects through public-private partnerships, which will lower transportation costs, expand market access, boost productivity, and create much-needed jobs.”

Mindful of the fundamentals of creating an environment where businesses and investments flourish, President Tinubu said his administration has opted for strengthening the nation’s security agencies and their operational capabilities as a priority by equipping them enough “to confront emerging threats and effectively combat crime.”

The President reaffirmed his administration’s resolve to enhance “the institutional capacity of the Nigeria Police Force, ensuring it is more effective and well-positioned to fulfil its constitutional mandate as the lead agency in internal security.”

He outlined efforts by the government to achieve this, including recruiting and retaining a competent workforce while fostering a positive and supportive work environment, bridging existing security infrastructure and equipment gaps “through a comprehensive and sustainable programme that includes renovating police barracks, improving mobility, and upgrading essential combat and protective gear.

“Implementing the new minimum wage is among the many steps we have taken to enhance the welfare of Nigerian workers, including police personnel. We will continue collaborating with the police leadership to provide financial incentives to motivate officers and all security personnel to perform at their highest levels.

“While no remuneration can truly compensate for the sacrifices made by our security forces, we remain committed to supporting them in their crucial role of keeping Nigeria safe and united,” he added.

Acknowledging that security is a shared responsibility, President Tinubu charged communities and the citizens to “actively collaborate with the police to foster a safer society.

“No matter how well-funded, well-equipped, or well-trained a police force is, it can not succeed without the cooperation of the people it serves. Public engagement and trust are central to the success of inclusive policing,” he maintained.

Earlier, Governor Dapo Abiodun of Ogun State applauded President Tinubu and Vice President Shettima for their visionary leadership, saying their unwavering commitment to peace and national prosperity has continued to serve as an inspiration to him and his colleagues.

He observed that security underscores the ideal society where citizens feel saved, valued and protected, stressing that security and development are intertwined.

He highlighted the contributions of Ogun State to efficient policing including securing more police vehicles, and motorcycles and collaborating with the French government to Secure high-tech drones, among others.

In his welcome remarks, the Inspector-General of Police, Kayode Egbetokun, described the annual Police conference as “a critical platform for assessing the administrative and operational strategies of the Nigeria Police Force, extensive insight and realigning policy objectives with evolving global security landscape.”

He stated that in the past two years, the conference has offered valuable insight that has served contemporary policing in Nigeria, promoting innovation, collaboration and best practices.

He said the theme of the conference naturally flowed from the last conference, focusing on the broader issues of enhanced security mechanism, and international development with emphasis on internal policing.

Also speaking, the Inspector General of Police of Kenya, Mr. Douglas Kanja Kirocho, said Kenya and Nigeria have enjoyed a cordial and mutual relationship for many years while seeking good benefits for their citizens.

He noted that, as African Union Police Chief, he had informed the AU heads of state and government during their meeting in July 2023 in Nairobi of the need for joint exercise and security training, particularly in surveillance of the respective borders in the wake of terrorism and trans-border crimes.

He called for collaboration to improve the needs and welfare of the citizens.

In the same vein, the Inspector General of Police of Rwanda, CG Felix Namuhoranye, described the theme of the conference as “very significant, timely and relevant, as we resonate with the security concerns not only in Nigeria but in Africa in general.”

He said development and peace can only take place in a secure environment, noting that inclusiveness is a moral obligation that is necessary in the police force just as it is paramount in government policy.

AT POLICE STRATEGIC CONFERENCE: President Tinubu Insists On Inter-agency Synergy To Contain Insecurity

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