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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
Troops rescue two abducted victims, recover terrorists’ motorcycles in Katsina
By Zagazola Makama
Troops of Sector 2, Operation FANSAN YAMMA, have rescued two abducted victims and recovered two motorcycles belonging to terrorists during a counter-terrorism operation in Sabuwa Local Government Area of Katsina State.
The troops, deployed for counter-terrorism and anti-banditry operations in the state, encountered an armed terrorist group while conducting routine security operations in the area.
The troops engaged the terrorists with superior firepower, forcing them to flee in disarray into the surrounding terrain.
During a subsequent search and clearance operation along the terrorists’ escape route, the troops rescued two male victims who had earlier been abducted along the Dandume–Damari axis.
The troops also recovered two motorcycles reportedly used by the terrorists to conduct their criminal activities.
The rescued victims are currently receiving necessary care and assessment before being reunited with their families.
Troops have maintained a heightened state of vigilance in the general area to safeguard local communities and prevent further attacks and criminal activities along critical transit corridors.
The operation forms part of the ongoing efforts by Operation FANSAN YAMMA to disrupt terrorist and bandit networks and restore lasting peace across the North-West.
Troops rescue two abducted victims, recover terrorists’ motorcycles in Katsina
Troops rescue 23 abducted civilians, foil kidnapping attempt in Zamfara
By Zagazola Makama
Troops of Operation FANSAN YAMMA have rescued 23 abducted civilians and foiled a separate kidnapping attempt during operations in Zamfara State.
The operations were conducted as part of ongoing counter-terrorism and anti-banditry efforts to disrupt criminal groups operating across the state.
In Anka Local Government Area, troops on combat patrol around the outskirts of Wuya Town encountered a group of terrorists and successfully secured the release of 23 kidnapped civilians.
The victims comprised three adult males and 20 females. Preliminary debriefing revealed that they were abducted from Gummi Local Government Area and had been held in captivity for about three weeks.
The rescued victims are currently receiving medical attention and other necessary support before being reunited with their families.
In a separate operation in Bungudu Local Government Area, troops responded to intelligence indicating that armed bandits had infiltrated Dankurmi Town with the intention of abducting residents.
The troops swiftly mobilised to the area and engaged the attackers in a heavy firefight.
The superior firepower of the troops forced the bandits to retreat without succeeding in abducting any civilian.
According to security sources, traces of blood were subsequently discovered along the terrorists’ withdrawal route, indicating that some of the attackers may have sustained gunshot wounds during the encounter.
Troops have maintained a strong presence in the area and are continuing operations to track the fleeing terrorists.
The latest successes further demonstrate the sustained efforts of Operation FANSAN YAMMA to rescue abducted citizens, disrupt bandit networks and restore security across Zamfara State.
Troops rescue 23 abducted civilians, foil kidnapping attempt in Zamfara
Troops rescue two female kidnap victims in Kogi
By: Zagazola Makama
Troops of the Nigerian Army have rescued two female kidnap victims after suspected bandits invaded a farmland in Ajodomodo Village, Dekina Local Government Area of Kogi State.
The incident occurred at about 10:30 a.m. on Wednesday, Sept. 2, when the suspected bandits reportedly invaded the farmland and abducted the two victims before fleeing the area.
Troops of the 21 Battalion Quick Reaction Force swiftly responded to the incident and pursued the fleeing criminals along their withdrawal route towards Agbodakodo Forest.
According to sources the pressure from the troops forced the abductors to abandon the victims in the forest.
The victims, identified as 15-year-old Miss Mohammed Rahinat and Mrs Hassanatu Mohammed, 30, were subsequently rescued unharmed.
The two women were evacuated to the 21 Battalion Medical Reception Station for medical attention and further assessment.
The military said troops have continued operations in the area to track the fleeing suspects and prevent further attacks on farming communities.
The rescue illustrates the importance of rapid military response and timely information sharing in countering kidnapping and other criminal activities in rural communities.
Troops rescue two female kidnap victims in Kogi
Troops arrest soldier, recover 69 rounds of ammunition in Plateau
Troops rescue two abducted victims, recover terrorists’ motorcycles in Katsina
Troops rescue 23 abducted civilians, foil kidnapping attempt in Zamfara
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