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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
News
I Am Pained Over Loss of Lives in Maitama, Okija Stampedes, says Women Affairs Minister
I Am Pained Over Loss of Lives in Maitama, Okija Stampedes, says Women Affairs Minister
*says incidences avoidable
By: Michael Mike
Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, has lamented the losses of lives in Maitama, Abuja and at Okija, in Anambra State during food distribution drives by private institutions aimed at supporting the people as they celebrate the festive season.
The minister expressed deep grief describing the gestures of the donors as laudable, but condemned the crowd management approaches adopted.
In a statement on Saturday by her media team, Sulaiman-Ibrahim stated that they were avoidable incidences, and prayed for the repose of their lives, and speedy recovery for those injured.
While condoling with with the FCT Minister, His Excellency Nyesom Wike and the Anambra State Governor, Professor Charles Soludo, the minister called for thorough investigations into the incidences in order to forestall future occurrences.
The minister emphasized the need for crowd assessment which involves estimating the number of recipients and planning accordingly as a pre-event measure.
She also admonished Nigerians who are planning similar distributions to choose spacious, open areas with minimal obstacles, adding that distributions should be scheduled at a time when the crowd is likely to be smaller.
The statement reads in parts : “I am deeply pained by the news of stampedes in Abuja and Okija in Anambra State today. As a mother, I understand the pain of loosing anyone in death under such horrible circumstances. I join the families and governments of the FCT and Anambra State in this distressing moments, and feels the pains of those directly affected.
“These incidences are avoidable if adequate safety measures are put in place. I hereby call on security agencies to investigate these cases in order to forestall future occurrences.
“By implementing the above measures, the risk of stampedes during food distribution would be minimized.
I Am Pained Over Loss of Lives in Maitama, Okija Stampedes, says Women Affairs Minister
News
Christmas: Gov Zulum Provides Free Transport To 710 Borno Non Indigenes
Christmas: Gov Zulum Provides Free Transport To 710 Borno Non Indigenes
By Francis Okoye
Borno State Governor, Babagana Umara Zulum has provided free transport to 710 non Indigenes living in the State to enable them travel home to celebrate the Christmas and the new year with their loved ones .
The free transport scheme which was flagg-off on Saturday at the Borno Express Bus Terminus saw about 285 persons traveling to the various parts of the country, of which the second batch of 285 would travel on Sunday, while the remaining ones would be leaving the State on Monday.
Speaking during the flagging off, the Chairman/ Zonal Coordinator Ohaneze All Progressives Congress ( APC ) support group, Chief Ugochukwu Egwidike , said each of the 710 travellers apart from the free transport scheme would receive a cash sum of N50,000, while about 250 widows who did not travel would be given N50,000 each to celebrate the Christmas.
Egwudike added that Governor Zulum has made significant strides in providing succour to the needy with various initiatives aimed at alleviating poverty and promoting social welfare, like very subsidised transportation services within Maiduguri metropolitan council, as well as sponsoring many Christians to Jerusalem for pilgrimage.
” Apart from enhanced reduced transportation in city, Governor Zulum’s administration has been offering free transport scheme for all the non Indigenes in every yulitide season like this to connect any part of the six geopolitical zones of Nigeria, with a total of 710 beneficiaries reached annually, thus bridging the gap in mobility and connectivity, and promoting economic growth and development.
“He provided emergency aid and resources to the non Indigenes affected by the recent flood incident in the State and thus showcased his ability to respond to crisis and prioritise the wellbeing of all residents. The Governor has been providing this free transport scheme to non Indigenes from 2020 to date, ” Egwudike said.
He said the Governor’s gestures demonstrate his dedication to creating a more just and equitable society where all the residents regardless of the their ethnic, religious and party affiliation, have access to resources and opportunities they need to thrive.
The Oba of Yorubas in Borno State, Alhaji Hassan Alao Yusuf who witnessed the flagging off ceremony in company of other leaders, appreciated Zulum for the gesture ,saying that the transport scheme to the non Indigenes has depicted the detribalised nature of the Governor.
” He doesn’t care about your religion, tribe or party affiliation. You can see that everyone of the travellers are happy with the Governor’s gestures. Many of them due to the present economic hardship wouldn’t have made the journey to go home and celebrate with their loved ones if not for the free transport scheme,” said Alhaji Yusuf.
In the same vein, a member of the board of trustees of Igbo Welfare Association/ Ohanaeze Ndigbo, Borno State, Pharm Napoleon Egbonu , commended Governor Zulum for his continuous support to the non Indigenes in the State,
Pharm Egbonu noted that the gesture of the Governor to the non Indigenes in the State is a unifying factor that needed to to be emulated by other Governors in building a trust and unity among ethic groups across the country.
Also speaking, the General Manager, Borno Express Transport Corperation, Grema Zanna, appreciated Governor Zulum for the gesture, saying the what the Governor has done is part of his programme of alleviating the issue of high cost transportation to the residents of the State.
He noted that those that are benefiting from the free transport scheme notwithstanding being non Indigenes have been contributing to the economic development of the State, and are part and parcel of Borno State
Christmas: Gov Zulum Provides Free Transport To 710 Borno Non Indigenes
News
Buni explains achievements in 2024
Buni explains achievements in 2024
By: Yahaya Wakili
Yobe state Governor, Hon. Mai Mala Buni, CON, has said in 2024, our effort in the health sector led the Yobe state government to win 500,000 US dollars in the primary healthcare leadership challenge for states in the North-East sub-region.
We have achieved 100% payment of hazard allowances and adjustment of CONMESS and CONHESS salary scales to healthcare workers, recruited 311 new members of staff, including doctors, nurses, and other cadres, and ensured the continuation of our free dialysis program for kidney patients.
Governor Buni disclosed this while addressing journalists at the End-Of-Year 2024 Media briefing at Cedars Recreation Center Damaturu, the state capital.
The governor, who was represented by his ever-loyal deputy, Hon. Idi Barde Gubana Wazirin Fune, also said, apart from the achievements recorded in the education sector, such as the building of many model and mega schools, the award of scholarships to students undergoing various courses within and outside the country, ministries, departments, and the agencies (MDAs) legacies, which are not mentioned in the speech.
Idi Barde Gubana, who read the speech of the governor who was attending another very important meeting of the Northern Governor’s Forum in Kaduna, revealed that, “in the year under review, through robust and prudent management of score resources, we were able to turn around the fortunes of our people by making significant investments in education, agriculture, healthcare, and wealth and job creation, and road construction, among others.
In the recent Multi-Purpose Cash Assistance (MPCA) empowerment program we unveiled, a total of 52,997 households and 201,300 individuals were reached with a total sum of #3,907,387,056, while 456,205 other households with a total of 974,220 individuals were reached with food and non-food items support.
He said, “In the area of agriculture and food security, through our agricultural revitalization program, the sum of #15.3 billion was spent to provide farm implements and inputs to 5,340 farmers across the 178 wards of the state. The state government is also spending $1.7 billion in the procurement of assorted grains for our strategic grains reserve.
“Similarly, in the area of wealth creation, a lot was also achieved. These include the procurement of 475 modern sewing and embroidery machines, procurement and distribution of 350 disability tricycles, procurement of 712 nos. of cows and bulls to livestock farmers, provision of cash grants of #150,000 to 3,560 micro and small entrepreneurs across 178 wards of the state, and provision of cash support of #20,000 to 4,800 unemployed youths.
In addition, training of 85 youths on shoemaking and provision of start-up kits, distribution of 500 units of deep freezers to women in the ice-making business, procurement of 1,780 smoking stoves, 1,780 frying pans, 1,780 frying spoons, 1,780 sieving basins, and 1,780 bowls. Procurement of 100 units of pick-up tricycles for distribution to beneficiaries and the procurement and distribution of 340 work bulls, 170 ox-drawn carts, and 170 ox-drawn plows, among others.
In his welcome address, Yobe State Commissioner of Home Affairs, Information, and Culture, Hon. Abdullahi Bego, said this is the first time in as many years that His Excellency himself would avail us of the opportunity to address this kind of end-of-year gathering.
He said Yobe state, and indeed Nigeria as a whole, cannot thrive and make any meaningful progress without peace and security, and the participation of all citizens requires that the media always focus attention on what brings the people together rather than what sets them apart.
“I am confident that with your support, the Yobe state government under the charismatic and indefatigable leadership of His Excellency Governor Mai Mala Buni CON, in the months and years ahead, will continue to reach even more milestones and make an even bigger impact in the lives of the people of the state, he said.
“On behalf of the management and staff of the Ministry of Home Affairs, Information, and Culture, I want to express my deepest gratitude to His Excellency, Hon. Mai Mala Buni CON, Chiroman Gujba, ably represented by his ever-loyal deputy, Hon. Idi Barde Gubana Wazirin Fune, for sparing the time to address this distinguished gathering of our state’s press and media community.
Buni explains achievements in 2024
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