Avoid Breaking Point, Adjust IMF, World Bank Policies, Gambari Tells FG

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Monday, November 25th, 2024

(AFRICAN EXAMINER) – Prof Ibrahim Gambari, former Chief of Staff to ex-President Muhammadu Buhari, has urged the administration of President Bola Tinubu to tweak some of its policies adopted from the World Bank and the International Monetary Fund (IMF).

“Ultimately, what’s the value of the policies that the people do not support?” The octogenarian diplomat queried on the Sunday edition of Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.

“The IMF and the World Bank are partners and this is our country. Therefore, if there is a policy they are advocating or they advise, and we find that it is not working, we should have the freedom to adjust it because our primary responsibility and of the government is to the people of this country.”

The two Bretton Woods institutions have consistently advocated the removal of energy subsidies and the floating of the naira, saying failure to effect the two economic policies has plunged Nigeria into severe inflationary pressures.

After his inauguration in May 2023, Tinubu, former Lagos governor, removed petrol subsidy and floated the naira. Petrol prices more than quadrupled, soaring from less than N200 per litre to over N1,100 in many parts of the country. The naira also took a nosedive, wobbling from around N700/$ to N1,600.

Food and commodity inflation have skyrocketed as Nigerians battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago.

Prof Gambari said Nigeria has been lucky because, in other parts of Africa, the cost of living crisis would have triggered riots.

“We’ve been very lucky because Nigerians don’t demand very much. That’s why they go about their business. That’s why it has never been a pressure.

“There are countries like Sudan where the price of bread rose by 20% and there were riots, and a governor was overthrown. But in Nigeria, the people adjust but there may be a breaking point. We don’t want to wait till a revolution takes over before (we take action),” he said.

The diplomat asked the current administration to quickly domesticate and revise some of the policies of the Bretton Woods institutions it adopted for the benefit of Nigerians.

He said, “Having worked in the United Nations for 13 years, and served my country at the United Nations for 10 years, I am saying that the leadership of every country has to take their destiny into their hands.

“Yes, we are part of the international community. Yes, we are part of the IMF and World Bank because we are part of the international system, but we must be able to adjust the advice of the IMF to our own needs. Our primary responsibility is to Nigeria. We are not responsible and we will not be held responsible for what the IMF does.

“Yes, we value them. They are development partners but this is our country. It is the only country we have. Nigeria is the only country we can call our own and we have to salvage it together.”

“Any president of Nigeria must make security number one because there can be no development without peace…The contribution every president can make to Nigeria is to secure this country. And then promote the framework to release the energy of our people so that they can master their affairs in terms of economy,” he added.