News
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
Crime
NIDCOM Says 163 Trafficked Victims Rescued from Ghana in Five Months
NIDCOM Says 163 Trafficked Victims Rescued from Ghana in Five Months
By: Michael Mike
The Nigerians in Diaspora Commission (NIDCOM) alongside other stakeholders have rescued another set of 13 trafficked Nigerian girls from Ghana, thus bringing the total number of those repatriated from the same country to the nation within the last five months to 163.
According to a statement on Friday signed by the spokesman of NIDCOM, Abdur-Rahman Balogun, the rescued operation was as a result of the combined and coordinated efforts of the Ghanaian Anti-Human Trafficking Police , The Rescue live foundation International, and NIDO Ghana working in collaboration with NIDCOM.
Speaking on the latest efforts, Chairman/CEO Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa expressed her gratitude to the First Lady , Senator Oluremi Tinubu, the Governor of Ebonyi State, Francis Nwifuru for their support in facilitating the safe return of the girls back to the country.
She also commended the vital roles played by the BOT Chairman (Rescue live foundation International/NIDO Ghana),
Chief Callistus Elozieuwa, and the Ghanaian Anti-Human Trafficking Police Unit in bringing the traffickers to justice.
She reiterated NiDCOM’s commitment to protecting Nigerians in the diaspora under President Bola Ahmed Tinubu’s Renewed Hope Agenda, which gave priority to combating human trafficking and safeguarding the rights of Nigerian citizens at home and in the Diaspora.
The statement revealed that the rescued young girls, ages 19 to 30 years, are from Ebonyi, Benue, Kaduna and Rivers states.
According to the statement, they were lured to Ghana under the false promises of employment but were instead forced into exploitative situations and bound by an oath of secrecy, while the traffickers are making money off the dastardly act.
NiDCOM representative, Mr Akinboye Akinsola, who accompanied the ladies back to Nigeria, where they were handed over to the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) for rehabilitation and reintegration said these set of ladies surrendered themselves willingly , having heard of the ealier operation conducted in Kpone Katamanso and Tema.
Elozieuwa said with Rescue live Foundation International/NIDO Ghana’s assistance, the ladies were provided shelter for some days after they all willingly indicated their interest to come back home.
The Senior Special Assistant to Governor of Ebonyi State, Mr Valentine Okike Uzo, thanked the Governor for his willingness to bring the ladies back home which in line with his efforts to care for all Ebonyi indigenes both home and in the Diaspora.
He assured that all efforts are in place to ensure a proper rehabilitation for the victims from Ebonyi state.
NIDCOM Says 163 Trafficked Victims Rescued from Ghana in Five Months
News
ECOWAS Court Dismisses Application for Default Judgment in Case Against Nigeria
ECOWAS Court Dismisses Application for Default Judgment in Case Against Nigeria
By: Michael Mike
The ECOWAS Court of Justice has delivered a judgment in the case of Chukwuemeka Edeh v. Federal Republic of Nigeria, dismissing the Applicant’s request for a default judgment.
The Applicant, Chukwuemeka Edeh, a Nigerian citizen from Enugu State, filed his application against the Federal Republic of Nigeria, alleging unlawful detention and torture by the Special Anti-Robbery Squad (SARS).
The Applicant claimed that SARS operatives subjected him to acts of physical abuse, including spraying of tear gas into his eyes, beatings, and forced confession, in violation of his human rights as guaranteed under the African Charter on Human and Peoples’ Rights and other international instruments to which Nigeria is a party. Mr. Edeh sought compensation of N5 million for his suffering.
Following the failure of the Federal Republic of Nigeria to submit a defense, Mr. Edeh applied for a default judgment. In the Judgment delivered by Justice Edward Amoako Asante, the Judge Rapporteur, the Court held that it had jurisdiction over the matter and that application was admissible, having complied relevant requirements in the Protocol of the Court. However, after examining the Applicant’s submissions and evidence, the Court found that the Applicant’s claims were not substantiated by sufficient evidence to warrant a default judgment. Therefore, it dismissed the application for a default judgment.
The three-member panel of the Court were Honourable Justice Ricardo Cláudio Monteiro Gonçalves(presiding judge), Honorable Justice Dupe Atoki (panel member), and Honorable Justice Edward Amoako Asante (judge rapporteur).
ECOWAS Court Dismisses Application for Default Judgment in Case Against Nigeria
News
ECOWAS Court finds Sierra Leone guilty of human rights violations during Makeni protests
ECOWAS Court finds Sierra Leone guilty of human rights violations during Makeni protests
By: Michael Mike
The ECOWAS Court of Justice, has delivered its decision in the case of Hassan Kargbo and seven others against the State of Sierra Leone.
The applicants brought an action before the ECOWAS Court of Justice against the State of Sierra Leone for serious violations of their fundamental rights during the tragic events that took place in Makeni in July 2020, particularly the violations of the right to security of the person, the right to life and the right to an effective remedy.
The events leading to this case took place on 17 and 18 July 2020, when a demonstration by young people was violently quelled by the Sierra Leone law enforcement.
According to the applicants, the army and police used live ammunition and tear gas against the demonstrators, causing deaths and serious injuries among unarmed civilians. Several victims, including Foday Kargbo, Mohamed Sillah and Alusine Sesay, died as a result of this crackdown.
The State of Sierra Leone neither appeared nor presented a defence. The Court delivered its judgment by default.
In the judgment delivered on Thursday by Justice Gbéri-bè Ouattara, Judge-Rapporteur, the Court found that the State of Sierra Leone had violated the right to security of the applicants Hassan Kargbo and Mohamed Fornah. Nonetheless, the Court found that the State had neither violated the right to life of the applicants, who were still alive, nor their right to an effective remedy.
As for the unarmed civilians who had lost their lives in the violence, the claim of the applicants who had presented themselves as their rightful heirs was declared inadmissible for failure to provide proof of their death and of their kinship with the victims.
Furthermore, the Court found that the State had failed in its obligation to conduct investigations into the events at Makeni.
As compensation for these violations, it ordered the State to pay USD 15,000 in damages to each of the applicants Hassan Kargbo and Mohamed Fornah for violation of their right to security. It also enjoined the State to take measures to prevent the excessive use of force during peaceful demonstrations and to conduct an investigation to identify and prosecute those responsible for the violence.
The three-member panel of the Court were Honorable Justice Ricardo Cláudio Monteiro Gonçalves (presiding judge), Honorable Justice Gberi-Bè Ouattara (judge-rapporteur) and Honorable Justice Edward Amoako Asante (panel member).
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