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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
NDLEA intercepts cocaine in Saudi-bound religious books
By: Michael Mike
Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted a shipment of cocaine concealed in 20 sets of religious books going to Saudi Arabia.
The spokesman of the anti-narcotics agency, Femi Babafemi in a statement on Sunday said the cocaine consignment consisting of 20 parcels with a total weight of 500 grammes and buried in the pages of the religious books was uncovered at a courier company in Lagos last Tuesday when NDLEA officers of the Directorate of Operations and General Investigation (DOGI) were searching through export cargos going to Saudi Arabia at the logistics firm.
Babafemi said at another courier company same day, NDLEA officers intercepted five parcels of Loud, a strong strain of cannabis weighing 2.8 kilogrammes hidden in a carton coming from the United States of America.
In Kano, a 22-year-old alleged supplier of illicit substances to bandits, Muhammad Mohammed, has been arrested by NDLEA operatives on patrol along Bichi – Kano road while heading to Katsina with 277 ampoules of pentazocine injection tied to his thigh and private part with Sellotape.
He was intercepted on Sunday 13th April, while another suspect, Mohammed Abdulrahman Abdulaziz, 43, was nabbed same day at Research Rimin Kebe area of Nasarawa, Kano with 68 blocks of skunk, a strain of cannabis, weighing 30 kilogrammes.
He said not less than 557.2 kilogrammes of skunk, 5.6 kilogrammes of methamphetamine and 29.8 grammes of heroin were recovered from a house along Major General Isaiah Alllison Street, Opolo, Yenagoa, Bayelsa state where four suspects were arrested when NDLEA operatives raided the premises last Wednesday
Babafemi said the four suspects arrested during the raid include: Sarimiye Suwa, 46; Roland Prosper, 34; Sarimiye Tare, 45; and Fidelis Ugbesla, 46, while a total of 1,100 kilogrammes of skunk were recovered from a delivery van with the driver, Ismail Abdullahi arrested in Surulere area of Lagos last Thursday.
In Kaduna, NDLEA operatives last Friday raided the hideout of a suspect, Ike Ani, 30, in Zaria, where no fewer than 31,950 pills of tramadol 225mg and diazepam were recovered, and in Kebbi, along Bagudo road on the same day a vehicle loaded with bags of charcoal coming from Malabil, Benin Republic was intercepted, when the vehicle was search, 97 kilogrammes of skunk concealed in the sacks of charcoal was recovered.
. Three suspects: Abubakar Ibrahim, 50; Mustapha Aliyu, 32; and Bashar Lawali, 28, were arrested in connection with the seizure.
A 48-year-old Okafor Marcel was nabbed with 11.5 kilogrammes skunk at Abatete, Anambra state while NDLEA operatives in Osogbo, Osun state last Tuesday arrested Ajala Mercy, 27, with 43 litres of skushi, a mixture of black currant, cannabis and opioids recovered from her room at Dada estate, Halleluyah area of the state capital.
Babafemi said two cannabis farms in Egbeta forest, Ovia North East LGA, Edo state were raided by NDLEA operatives who destroyed 3,717.8625 kilogrammes of the psychoactive plant on 1.487145 hectares and recovered 136.5 kilogrammes of processed cannabis.
At the Tincan seaport in Lagos, a suspect Basorun Kayode, 40, who has been at large for two years was arrested by NDLEA officers in connection with the seizure of 107 kilogrammes Loud imported from Canada in 2023, while another suspect, Dauda Yakubu who distributes illicit drugs within the seaport community was arrested by a team of operatives last Monday.
The spokesman said the War Against Drug Abuse (WADA) social advocacy activities by NDLEA commands equally continued across the country in the past week.
Meanwhile, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd) while commending the officers and men of DOGI, Kano, Lagos, Kaduna, Kebbi, Osun, Zone 13, Edo and Tin-can commands of the agency for the arrests and seizures of the past week, equally praised their counterparts in all the commands across the country for ensuring a fair balance between their drug supply reduction and drug demand reduction efforts.
NDLEA intercepts cocaine in Saudi-bound religious books
Fire Guts Water Board IDP Camp in Monguno, Borno
By: Zagazola Makama
A devastating fire broke out at the Water Board IDP Camp in Monguno Local Government Area (LGA) on April 19, 2025, destroying approximately one hundred thatch and makeshift houses.
Eye witnesses said that the fire started at around 1040hrs and rapidly spread across the settlement, burning household items, foodstuffs, and other valuable properties to ashes.
The cause of the fire is yet to be determined, and the value of the property destroyed is still being assessed.
Humanitarian officials were immediately deployed to the scene to maintain crowd control and prevent looting, while firefighters, alongside camp residents, worked tirelessly to extinguish the flames.
Fortunately, no casualties or loss of life were reported.
Fire Guts Water Board IDP Camp in Monguno, Borno
Terrorists Snatch Vehicle in Monguno, Borno
By: Zagazola Makama
Armed assailants suspected to be members of ISWAP/Boko Haram attacked and snatched a vehicle in Monguno Local Government Area (LGA) on April 18, 2025, at about 1400hrs.
Saleh Haun, a resident of the Water Board IDP Camp in Monguno, reported that while he was at the Gumnari Bush Area in Monguno, four armed gunmen, riding on two motorcycles, accosted him.
The assailants, at gunpoint, seized his white Toyota Land Cruiser, before fleeing with the vehicle to an unknown location.
A Military Forward Operating Base (FOB) has been alerted, and efforts are underway to to track the assailant and recover the stolen vehicle.
Terrorists Snatch Vehicle in Monguno, Borno
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