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
Navy officer, family abducted in Kachia
By: Zagazola Makama
Armed bandits have abducted a naval officer and members of his family in Kachia Local Government Area of Kaduna State.
Zagazola learnt that the incident occurred on Aug. 20, 2025, at about 0200hrs, when the gunmen stormed Unguwan Mission, Kachia, and whisked away Seaman Olatunji Enoch, 40, of the Nigerian Navy attached to NNSAT Kachia.
The assailants also took away his wife, Margaret Olatunji, 25, and their daughter, Hellen Bitrus, 13, during the attack.
Security agencies have since launched a manhunt for the perpetrators, with cordon-and-search operations ongoing in surrounding bushes. The operation aims to ensure the safe rescue of the victims without harm.
Navy officer, family abducted in Kachia
News
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
By: Bodunrin Kayode
The international Police Academy (UNIPOL) has Appointed Deputy Commander General (DCG) Joseph Icha,
Director Training and Manpower Development, National Drug Law Enforcement Agency (NDLEA) as Director International Counter Narcotics Training Nigeria Section.
A statement from the academy’s management stated that “the academy proudly announces the appointment of
DCG Joseph Icha, Director Training and Manpower Development, NDLEA as Director International Counter Narcotics Training Nigeria Section.
“This appointment recognizes
DCG Joseph Icha, Director Training and Manpower Development, NDLEA. exceptional contributions to national security, law enforcement leadership, and international cooperation.”
Icha has served the Agency in various Senior Management capacities as Principal Staff Officer, Assistant State Commander, Assistant Director, State Commander, and Deputy Director among others, with commendations.
The new international counter narcotics boss has attended several law enforcement courses on Drug Supply Suppression and Drug Demand Reduction within and outside the country.
“He is a Master Trainer with the United Nations Office of Drug and Crime (UNODC) in Drug Law Enforcement intelligence led investigation strategies and Criminal Intelligence. ” said the statement.
Joseph Icha has facilitated training programmes on behalf of UNODC to various law enforcement agencies in the country.
DCG Joseph Icha is a Law Enforcement Operative, mentor, curriculum designer, and advisor per excellence.
He is also a member of several international professional Organizations and currently is the Director Training and Manpower Development of NDLEA.
This important appointment was pronounced under the leadership of Dr. Alexander Jan M (Hany El Zahar), Executive Director, Founder, and CEO of the International Police Academy – UNIPOL, and IPA President (Rtd.) Senior Superintendent of Police Shuaib Adam HSC OLY VJ, International Director of Law Enforcement, Police, and Military, with the support of Prof. Yuval Binstoc (IPA) and Sir Junustia Brecen.
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
Plateau State Complied with the deadline for 2024 Audited financial Reports…. Manset
By: Bodunrin Kayode
Plateau State Accountant General Naanret Manset has said that it was not true that Plateau state has refused to comply with the deadline given to states for the submission of 2024 audited financial statements.
Reacting to a report published recently, the accountant general in a statement noted that “the attention of the Office of the Accountant-General of Plateau State has been drawn to a publication by the Foundation for Investigative Journalism (FIJ) titled ‘It’s Past Deadline, 5 States Fail to Publish 2024 Financial Statements’, which wrongly lists Plateau State as one of the defaulters.”
Naanret Manset maintained that “For the record, Plateau State fully complied with all statutory timelines for the preparation, audit, and publication of its 2024 audited financial statements
“Submitted same to the Auditor-General in May, 2025 which is within the stipulated period of 6 months.
“Audit completed in June, 2025 and forwarded to the House of Assembly which is also within the stipulated period of 3 months.
“Approved by the House of Assembly
Published online on 27 July 2025, below the legal timeline of 9 months.
The audited report is publicly available here:
“We urge FIJ to promptly correct their publication and remove Plateau State from the list of non-compliant states.
Plateau State remains committed to transparency, accountability, and timely financial reporting.” It noted.
The FIJ had recently published that six Nigerian states are yet to publish their audited financial statements for the 2024 fiscal year.
It revealed that five of such erring states have already past their statutorily implied deadlines which Plateau is saying is not true as it applies to them.
The publication had said that ” erring states are Akwa Ibom, Kaduna, Ogun, Oyo, Plateau and Rivers.
“In Akwa Ibom’s case, its amended 2021 audit law gives the auditor general up to nine months to publish the report online after submitting it to the House of Assembly.
“The Accountant General has six months to present the books, followed by a 90-day audit and submission period.
” In the other five states, audit laws differ in the year they were enacted or updated, but the process is similar.
“The Accountant General must submit the financial documents to the audit office within three months after the financial year ends.
” The Auditor General is then required to audit the report, send it to the House of Assembly and publish it immediately.
“The Ogun State Audit Law (2021), Rivers State Audit Law (2021, as amended), Akwa Ibom State Audit Law (2021), Oyo State Audit Commission Law (2021) and Plateau State Audit Law (2021) all set out these requirements.
” In Rivers, however, publishing the audit is left to the discretion of the Auditor General.
“In past years, these states have published their audits between June and August. Some have also been ranked among the lowest in transparency.
” The CJID Openness Index, released in July 2024, placed all six in the bottom tier along with 10 others.”
Recently, FIJ reported Akwa Ibom’s repeated disregard for budgetary transparency despite binding provisions in its Fiscal Responsibility Law.
The FIJ report maintained that two states Yobe and Ekiti, scored above average for transparency and accountability in 2024, with 73 per cent and 54 per cent, according to the Sub national Audit Efficacy Index, published by the Paradigm Leadership Initiative.
The report noted that the annual assessment, which measures financial transparency and policy adoption across Nigeria’s state governments, shows a familiar trend: “stagnation or decline.”
Plateau State Complied with the deadline for 2024 Audited financial Reports…. Manset
Navy officer, family abducted in Kachia
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
Plateau State Complied with the deadline for 2024 Audited financial Reports…. Manset
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