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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
MAN OF THE YEAR Award By THISDAY Newspapers/ARISE Media Group
CELEBRATING PRESIDENT BOLA TINUBU
The President/Commander in Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency, Bola Tinubu, has been announced “MAN OF THE YEAR” by THISDAY Newspapers and ARISE News Board of Editors.
The prestigious recognition reaffirmed Mr. President’s exemplary leadership, visionary thinking, and unwavering commitment to transforming the country amid mounting economic and security challenges.
The awards organisers also noted that the President has marched on with courage and determination to change Nigeria for the better, and proven to be a leader who is driven more by convictions and taken decisions which are in the best interest of the nation.
To commemorate this milestone, THISDAY is unveiling a Special Edition on Monday, January 27, 2025, to afford the President’s
aides, friends, well-wishers, and associates the opportunity to share in the joy and pride that the award brings to Mr. President through placement of Congratulatory/Goodwill messages to honour the awardee among other award recipients.
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MAN OF THE YEAR Award By THISDAY Newspapers/ARISE Media Group
Nigeria Commiserates with Türkiye Over Devastating Fire Incident
By: Michael Mike
Nigerian government has commiserated with the government and people of Türkiye over the fire incident at the Grand Kartal Hotel in the Kartalkaya Ski Resort that resulted in the death of 66 persons injured over 50 others.
The condolence message was contained in a statement signed by the acting spokesperson of the federal ministry of foreign affairs, Kimiebi Ebienfa.
The statement read: “The Federal Republic of Nigeria wishes to express deep condolence to the Government and People of the Republic of Turkiye over the unfortunate fire incident at the Grand Kartal Hotel in the Kartalkaya Ski Resort.
“The fire, which claimed the lives of 66 persons and injured over 50 others in Bolu Province in Northwestern Turkiye, was reported to have started in the early hours of Tuesday 21st January 2025.
“The Federal Government of Nigeria sympathizes with the Government of the Republic of Turkiye and the families of the victims of the fire incident, and also wishes a speedy recovery of the injured.”
Nigeria Commiserates with Türkiye Over Devastating Fire Incident
Yobe’s Commitment To Agric. Development very Impressive -Islamic Development Bank
By: Mamman Mohammed
The Islamic Development Bank has expressed satisfaction with the preparedness of Yobe state government to partner the bank for an agricultural project.
Mr. Javed khan, Senior Agriculture Specialist of the Bank stated this at a courtesy call on Governor Mai Mala Buni CON, at the Government House, Damaturu.
Khan said the commitment of Yobe state government to meeting its obligations is quite impressive and encouraging.
Khan who led a team from the bank on assessment tour of the state to see for itself the documents developed and the preparations on ground for the project, said the team was convinced with government’s committment to the project.
“We were initially discouraged not to come to Yobe state citing insecurity but, we insisted on coming and are impressed with the peace and security, and the government’s commitment to the project.
“We are working towards a target in the next three months for the state to obtain approval from the bank for the project.
“The working synergy between our team and your team suggests that we will achieve our target within the stipulated time frame” Khan said.
Responding, Governor Buni commended the Bank for not listening to the enemies of progress of the state.
“l am glad you did not listen to them, some of whom have never been anywhere close to Yobe state but giving stories about what they don’t know.
“You are now here and you have seen things for yourselves and can tell the story better. We are ready for this partnership using agriculture to drive the economy of our state and the people.
“All the 17 local government areas in the state are now accessible and the people can access their farms and make this proposed project successful” Buni said.
The Governor explained the importance of agriculture to the people, adding “this project would guarantee food security and economic prosperity in our post insurgency recovery programme.
“The resilience exhibited by our people in embracing agriculture being their major preoccupation to rebuild their lives after the protracted insecurity is very encouraging and need to be supported” he said.
The Governor re-ephasized the readiness of his administration to partner the bank to make agricultural development in the state a huge success story.
Yobe’s Commitment To Agric. Development very Impressive -Islamic Development Bank
MAN OF THE YEAR Award By THISDAY Newspapers/ARISE Media Group
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