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It is time for Nigerians to drag the IMF and World Bank

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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

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Education Secretary calls on Islamiya schools to support the government in Yobe

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Education Secretary calls on Islamiya schools to support the government in Yobe

By: Yahaya Wakili

The Acting Education Secretary of the of the Nguru local education authority in Yobe state, Alh. Hamisu Ado Nguru, has urged the management committee of Ruhuddeen Islamiyya primary school, Nguru, to support the government in its quest to take education to all the nooks and crannies of the local government area.

Alhaji Hamisu Ado made the peal when the management committee of Ruhuddeen Islamiyya primary school, Nguru, paid him a courtesy visit at his office.

He promised to continue to carry every school along when the opportunity comes up.

Speaking earlier, the management committee leader, Khalifa Salisu Usman Fallatiya, said they were at the education secretary office to solicit for a more cordial working relationship with the local education authority.

He expressed their happiness at how their school was carried along on the scheme of things, unlike before.

“We wish and pray that the existing cordial working relationship will continue,” Khalifa Salisu said.

He pointed out that “we have witnessed changes in how things were done before; therefore, we are solely behind you and your management team.

Khalifa Salisu maintained that we are 100 percent in support of what the present administration is doing in the state.

“We are also grateful for the concern given to almost every school through their management team; we believed this was a good omen for everyone of us,” he added.

Education Secretary calls on Islamiya schools to support the government in Yobe

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FG should introduce price control across Nigeria, Gadodumasun Fika

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FG should introduce price control across Nigeria, Gadodumasun Fika

By: Yahaya Wakili

Former chairman of the National Road Transport Owners (NARTO), Potiskum local government chapter, Yobe state, Alhaji Abdullahi Garba Alele, and Gadodumasun Fika have called on the federal government to introduce price control in the country.

Alhaji Abdullahi Alele made the peal today in Damaturu while briefing the newsmen on the current hardships facing the people in the country.

He said that before, people were crying over the high price of dollars, but now dollars are down, and instead, businessmen are reducing the price of essential commodities.

Alele further calls on the businessmen to fear God in their minds, adding that whatever you do in the world, you must account for it before our creator, Allah (SWT).

He also urged the government to provide enough farm implements, such as fertilizer and seeds, among others. So people should participate actively in agricultural production for their sustainable means of livelihood.

“God blessed us with good land for farming, especially in the northern part of the country, and about 99 percent of the occupation of the people of Yobe State is farming.” Alele said.

FG should introduce price control across Nigeria, Gadodumasun Fika

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Violent extremism, terrorism, biggest threat to ECOWAS subregion —Commandant, Kofi Annan International Peacekeeping Training Centre

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Violent extremism, terrorism, biggest threat to ECOWAS subregion —Commandant, Kofi Annan International Peacekeeping Training Centre

By: Michael Mike

The Commandant, Kofi Annan International Peacekeeping Training Centre (KAIPTC), Maj. Gen. Richard Gyane has described violent extremism and terrorism (VET) as the biggest threat to the ECOWAS subregion, Africa and humanity.

Gyane stated this in Abuja during a chat with journalists during a mobile training course on women, youth, and VET, organized by KAIPTC on Wednesday.

The Commandant said that the security challenges in West Africa had informed KAIPTC’s decision to organize the capacity building for women and youth to build their resilience to tackle terrorism.

He said that the training, organized in collaboration with the Norwegian Government, would empower women and youth with the requisite knowledge about terrorists’ operations and build their resilience against VET threats.

Gyane said: “If you look at our subregion now, violent extremism is a big threat to us; If you look at the Sahel nations, most of these countries are virtually taken over by violent groups.

“If you look at Nigeria and the Boko Haram group, and the movement of these groups southwards, it is worrisome.

“Why are we particular about women and youth? They become vulnerable. These are the most vulnerable groups in our society, who are subject to radicalization by VETs.

“The aim is to engage these women and youth especially and let them understand the issues, the recruitment and all that about these groups who want to destroy our humanity within the subregion,” he said.

He noted that KAIPTC engages and empowers women and youth through its training programs because when people are empowered, it becomes difficult for VET groups, whose aim is to radicalize the people and take over their countries, to do so.

He however noted that no country could tackle VET alone, and stressed the need for collaboration among all stakeholders beyond the security space in order to curb VET’s surging scourge in West Africa and Africa at large.

Gyane said that, given the porous borders of ECOWAS countries, and the need for them to cooperate and share intelligence, ECOWAS member states should do everything possible to bring on board Mali, Burkina Faso and Niger, who are threatening to quit the bloc.

“It is not good for the subregion to have a divided front, and I think whatever we need to do to bring on board these countries, who want to separate themselves from the subregion, is very necessary.

“ECOWAS has done well in certain areas, especially the free movement of persons protocol and I think within the continent of Africa, ECOWAS has done so well.

“But I think we need to collaborate more beyond even the security space. I would want to see us one day using the same currency and all that.

“We should work more as one homogeneous subregion to ensure that people should be free to live and work wherever they are and do business.

“When we do that, it can help us to control violent extremism and terrorism,” Gyane added.

Violent extremism, terrorism, biggest threat to ECOWAS subregion —Commandant, Kofi Annan International Peacekeeping Training Centre

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