Jega urges Nigerian govt to reject IMF, World Bank’s policies

The former chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, has advised the Federal Government to reject anti-people advice offered by the Bretton Woods institutions – the World Bank and the International Monetary Fund (IMF).

The IMF had come under scathing attack by many in Nigeria for advising President Bola Tinubu on present economic policies, especially the removal of fuel subsidy as well as the floating of the naira, which have plunged the country into inflationary pressures.

The hardship in the country has been blamed on the ‘anti-people’ policies suggested by the World Bank and IMF.

But the IMF’s African Region Director, Abebe Selassie, had during a media briefing on the sidelines of the just-concluded IMF and World Bank Annual Meetings in Washington DC, the United States, claimed that the organisation did not advise Tinubu to remove fuel subsidy.

“The decision was a domestic one. It was President Tinubu’s decision. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK,” he said.

Reacting to this, Jega said while it is good and useful to engage with the institutions, the government must be careful not to plunge the country into a long-term problem.

READ ALSO: IMF denies influencing Nigeria’s fuel subsidy removal, currency floatation

The former INEC boss gave this advice while speaking at the ongoing 2024 Annual Directors Conference with the theme, ‘Good Governance as a Catalyst for Economic Recovery, Growth, and Development’, organised by the Chartered Institute of Directors of Nigeria on Wednesday.

He also called for a reform of the leadership recruitment process, saying the major challenge confronting Nigeria is that most of the leaders are not prepared for leadership.

Jega advised Nigerians to pay serious attention to nurturing and entrenching democratic governance, rather than merely good governance, as being promoted by the World Bank.

“This is the only way to place Nigeria on a sustainable trajectory of what I call ‘People-oriented development processes.’

Jega reiterated that while it is good to engage the World Bank and other organizations, “we should not swallow hook, line, and sinker what they bring to us”.

“We must be very careful in terms of what measures they have suggested to us because if we don’t do that we may advertently or inadvertently fall into greater medium and longer-term problems even if we think we are seeing short-term benefits from that kind of engagement,” he stressed.

By: Babajide Okeowo

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