Modupe Gbadeyanka
By Modupe Gbadeyanka
President Bola Tinubu has been advised to reassess the relationship between Nigeria and the Bretton Woods Institutions, the International Monetary Fund (IMF) and the World Bank.
The Conference of Nigeria Political Parties (CNPP), which made this call in a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, said part of the suggestions of these global lenders implemented by the Nigerian government caused the current hardship in the country.
The group also tasked Mr Tinubu to review “the performance of his appointees and sack those constituting a cog in the wheel of the progress of his administration through their clear unproductivity and sabotage.”
CNPP, which is the umbrella body of all registered political parties and political associations in Nigeria, said the federal government must be given the room to implement home-grown policies and not rely on the IMF and the World Bank.
Reacting to the recent call by the IMF for the government to completely phase out petrol and electricity subsidies, the group said “restoring macroeconomic stability in Nigeria should come from homegrown policies and programmes as IMF solutions have never aided Nigeria’s economic recovery, rather our economic woes worsened every time Bretton Woods Institutions’ advisories were implemented in Africa.”
“While removal of subsidy, due to the attendant corruption that bedevilled its payment was desirable, it was akin to shooting down Nigeria’s economy by implementing subsidy removal policy without functional refineries for local production of petroleum products.
“The call by IMF for the complete phase-out of petrol and electricity subsidies in the country is a suggestion to the Bola Tinubu administration to inflict more hardship on already suffering masses of Nigeria.
“Has the IMF ever advised the USA and European countries on the removal of subsidies on cotton, which has been detrimental to one of Africa’s leading cotton exporters, Burkina Faso?
“It’s on record that in Europe in 2019, €38.2 billion was spent on direct payments to farmers and €13.8 billion on rural development, with a further €2.4 billion supported the market for agricultural products. Has the IMF ever spoken about energy and agricultural subsidies in the USA and the European countries?
“We therefore urge President Bola Tinubu to focus on homegrown solutions to Nigeria’s economic crisis and jettison policy advisories from the IMF and other Bretton Woods Institutions,” a part of its statement said.
