Former Chief of Staff to ex-President Muhammadu Buhari, Prof Ibrahim Gambari, has urged President Bola Tinubu not to adopt a wholesale implementation of the policies of the World Bank and the International Monetary Fund (IMF) but tweak them to get the best for Nigerians.
The economist, academic and diplomat who turned 80 few days ago stated this while featuring on the Sunday edition of Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television and monitored by our Correspondent in Lagos.
Prof Gambari asked rhetorically, “Ultimately, what’s the value of the policies that the people do not support?”
His position was made clear in the words: “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.”
It is common knowledge that the two global financial institutions have consistently advocated that subsidies be completely removed from essential products, especially, petrol and then pressuring the government to float the national currency, the naira. The two policies have been fingered as the main drivers of the galloping inflation currently ravaging the country with prices of almost everything gone through the roof.
The renowned diplomat was full of gratitude to God, saying were Nigeria to be some other African countries, what is going on could have resulted in crisis and 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 counseled.
Prof Gambari urged the President to quickly review some of the policies of the Bretton Woods institutions with a view to adopting them in a manner that will suit Nigerians’ situation.
“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.
On his inauguration day back in May 2023, President Bola Tinubu had announced on the spot that “subsidy is gone” and followed that policy pronouncement with a floating of the Naira.
The effect of the removal of subsidy was instant as petrol prices have jumped astronomically from less than N200 per litre to over N1,100 in many parts of the country. The naira also took a serious bashing as it plunged to its worst value ever at over N1,650 to the Dollar.
The consequences were more felt in food and commodity prices as inflation recently rose to over 33 percent according to the National Bureau of Statistics (NBS).
