Adjust IMF, World Bank policies – Gambari urges Nigeria
By Ibrahim Umar,
Kanempress News,
25th, November,2024
Former Chief of Staff to ex-President Muhammadu Buhari, Professor Ibrahim Gambari, has appealed to the administration of President Bola Tinubu to adjust some of its policies adopted from the World Bank and the International Monetary Fund, IMF.
Gambari made the call while speaking on one of Nigeria’s private Television stations, Channels TV on the Sunday edition of Inside Sources with Laolu Akande, a socio-political programme.
The diplomat said the IMF and the World Bank were partners and Nigeria belongs to her citizens, adding that if a policy did not go down well with Nigeria and her citizens l, the country had the freedom and power to adjust it.
Kanempress recalled that the two Bretton Woods institutions, IMF and World bank had consistently advocated the removal of energy subsidies and the floating of the naira.
President Tinubu, had after his inauguration in May 2023, removed petrol subsidy and floated the naira, making petrol prices more than quadrupled and soaring from less than N200 per litre to over N1,100 in many parts of Nigeria.
The naira also took a nosedive, wobbling from around N700/$ to N1,700,” Professor Gambari stated.
While food and commodity inflation had skyrocketed as citizens battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago.
Professor 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,” the diplomats pointed out.
“There are countries like Sudan where the price of bread rose by 20% and there were riots, and a governor was overthrown,” Professor Gambari said.
“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),” the diplomat said.
Professor Gambari urged the current administration to quickly domesticate and revise some of the policies of the Bretton Woods institutions it adopted for the benefit of its citizens.
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,” Professor Gambari advised.
“Our primary responsibility is to Nigeria. We are not responsible and we will not be held responsible for what the IMF does,” he said.
“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,” Professor Gambari concluded.
