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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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PRESIDENT TINUBU MOURNS VICTIMS OF TERRORIST ATTACK IN NGOSHE, GWOZA LGA IN BORNO STATE

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PRESIDENT TINUBU MOURNS VICTIMS OF TERRORIST ATTACK IN NGOSHE, GWOZA LGA IN BORNO STATE
 
By: Our Reporter

President Bola Tinubu has expressed heartfelt condolences to the families of those affected by the recent terrorist attack by Boko Haram on the Ngoshe community in Gwoza Local Government Area of Borno State.
 
The President mourns the loss of innocent lives, including military personnel, and those caught in friendly fire during the aerial interdiction of fleeing terrorists by the Air Force.
 
He describes the attack by the terrorists as a heartless assault on hapless citizens, urging Nigerians in Borno and elsewhere not to succumb to fear.
 
President Tinubu commends the military for their swift response, which led to the killing of scores of terrorists and their subsequent forced retreat.
 
He charges the military and other security agencies to work urgently to rescue those kidnapped by the terrorists.
 
Additionally, he directs the armed forces to intensify their efforts to protect civilians nationwide and prevent attacks on military installations in the North East.
 
President Tinubu prays for the souls of those who lost their lives in the attacks and friendly fire and extends his sympathies to their families and the Borno State Government.

PRESIDENT TINUBU MOURNS VICTIMS OF TERRORIST ATTACK IN NGOSHE, GWOZA LGA IN BORNO STATE

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Borno State Command Celebrates 2026 World International Civil Defence Day in Grand Style

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Borno State Command Celebrates 2026 World International Civil Defence Day in Grand Style

By: Bodunrin Kayode

The Borno State Command of the Nigeria Security and Civil Defence Corps (NSCDC) recently marked the 2026 World International Civil Defence Day with a weeklong series of activities, themed “Towards a safer society.”

A statement by the command’s spokesperson CSC Bulus James, stated that the celebration began with briefings and sensitization of staff on NSCDC’s critical roles in Crisis Management, Protection of Critical National Assets and Infrastructure, Peace and Conflict Resolution, Counter-terrorism, and VIP Protection.

On Thursday, 26th February 2026, officers and men, led by Acting Commandant DCC Obe Ndubuisi, embarked on a road match from the State Headquarters through the Kano Motor Park community and concluded at the headquarters, where the Acting Commandant delivered speeches on behalf of Commandant CC Ahmed Bello Gaya, including messages from the Commandant General and the State Commandant.

On the 27th February, 2026, Muslim faithfuls gathered at Al-Ansar Masjid for Jumaat prayers, with ACG CBRNE Hameed Abudurin from NHQ Abuja in attendance as Special Guest of Honour.

He was also present at the Passing Out Parade (POP) of a joint special training program held at the Nigerian Police Force Explosive Ordnance Disposal and Chemical, Biological, Radiological, Nuclear (EOD-CBRN) Training School, Maiduguri, in collaboration with UNMAS which offered him the opportunity to celebrate alongside the Muslim faithfuls.

Prayers were offered by the Chief Imam Borno State, and NSCDC. Worshippers expressed gratitude for NSCDC’s unwavering commitment to safeguarding lives, property, and critical national assets.

This was followed by the grand finale at the NSCDC Glorious Chapel which held a special Sunday service at the Command’s multipurpose hall, attended by guests from sister security agencies on 1st March, 2026

Goodwill messages were delivered, followed by a keynote address from Commandant CC Ahmed Bello Gaya, delivered by Acting Commandant Obe Ndubuisi.

.DCC Paul Ochola delivered an exhortation on “Selfless Service to Humanity: Towards a Safer Environment.” The service concluded with pleasantries and a group photograph.

Borno State Command Celebrates 2026 World International Civil Defence Day in Grand Style

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Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents

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Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has commiserated with the people of Ngoshe affected by the recent Boko Haram attack, describing the incident as tragic.

Ngoshe, a community in Gwoza local government, was attacked on Tuesday evening, scores were killed, while others were abducted.

Addressing members of the community on Friday in Pulka, Governor Zulum said he personally came to sympathize with the affected people and families of those that lost their loved ones.

He assured that efforts are underway to rescue all those abducted, restore security, and provide humanitarian support to victims.

“We are here today to commiserate with the people of Ngoshe that have lost their loved ones following the unfortunate incident that occurred on Tuesday. The situation is very sad and our hearts go out to all those affected by this tragedy,” Zulum said.

“I want to assure you that we will do everything possible to address the unfortunate situation that has befallen this community, and for those who have been abducted, the Nigerian military will do everything within its capacity to rescue them,” Zulum assured.

Governor Zulum explained that military operations are currently ongoing in Ngoshe and the Sambisa Forest to rid the area of criminal elements.

“There are ongoing military operations within the Sambisa Game Reserve. What we witnessed yesterday was largely a result of insurgents being pushed out from their strongholds, which led them to launch coordinated attacks on nearby communities,” he explained.

He called on the Nigerian Army to intensify operations to clear insurgents from the Mandara Hills which he described as a major security threat.

“The Mandara Hills remain a major security concern. The insurgents descended from the hills to attack this town. Therefore, I call on the Nigerian Army and the Federal Government to intensify efforts to clear Mandara Hills of insurgents,” Zulum said.

The governor noted that the exact number of casualties is yet to be confirmed as assessments are still ongoing, but acknowledged that several lives were lost while others were abducted.

As part of immediate humanitarian intervention, the governor said the state government had begun distributing relief materials and establishing cooking points to provide food for displaced residents.

“For now, we will distribute food items to those affected and I have directed that cooking points be established so that everyone in this community can receive meals from a central kitchen,” he said.

The governor appealed to residents to remain calm and law-abiding, noting that Borno State government will double its efforts to end this madness. “We shall not relent in our commitment to restoring lasting peace and stability in the state,” he said.

“I strongly believe that with sustained military operations and cooperation between all levels of government, we will overcome this challenge. Insha Allah, peace will return fully to our land,” the governor added.

Similarly, Governor Babagana Zulum inspected houses burned during an attack by Boko Haram insurgents on Thursday in Konduga town.

Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents

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