Gambari tells FG to adjust IMF, World Bank policies; Ologbondiyan says subsidy removal, Naira floating has brought Nigeria to its knees

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?” he 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 advised, 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.”

Recall after Tinubu’s inauguration in May 2023, the 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.

The octogenarian diplomat 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.

And on a similer trajectry, Ex-Spokesperson for the Peoples Democratic Party Kola Ologbondiyan has criticised the Bola Tinubu administration for removing the fuel subsidy and floating the naira, saying both decisions have brought the country to its knees.

Olodiyan who spoke as a special guest on Channels Television’s The Morning Brief on Monday, said Tinubu would have embarked on phased removal of petrol subsidy, and then provide palliatives such as reducing fare on public transportation rather than subsidised rice for the masses.

“Basically, I as Kola Ologbodiyan, subscribe to the ideas as laid down by the original founders of the party.

“For instance, let’s take the issue of the removal of subsidy, because what has brought Nigeria to its knees has been these two major decisions made by President Bola Tinubu, particularly on the subsidy removal and of floating the naira.

“But under the PDP leadership in the time past- I am aware that what we had was a phased subsidy removal, which also came with palliatives. The APC has said Nigerians should go and buy rice at N40, 000 per bag. But the needs of Nigerians go beyond rice. So, I believe the policies could also be better if we have a public transport system where you and I won’t have to drive our vehicles at a subsidised rate.

“But the unfortunate thing as we are witnessing today is that we are paying lip service, even as PDP to engaging the sitting government on its reforms, to put forward alternatives.

The removal of petrol subsidy has seen prices of Premium Motor Spirit rise from an average of N189 per litre shortly after President Tinubu took over office in May 2023, to above N1000 per litre recently.

On reforms called for by the PDP governors during their meeting over the weekend, Ologbodiyan cited the issue of tax reforms which is being championed by the party.

“I know they have championed the issue of tax reforms. However, largely, you and I know that the situation of the economy is very depressing. Most people as we speak cannot even afford to feed”.

 

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