Former Chief of Staff to ex-President Muhammadu Buhari, Prof Ibrahim Gambari, has appealed to President Bola Ahmed Tinubu to be sensitive to the excruciating economic hardship Nigerians are going through. This is even as the President to adjust some of his policies adopted from the World Bank and the International Monetary Fund, IMF.
The former CoS made the call on the Sunday edition of Inside Sources with Laolu Akande, a socio-political programme on Channels Television.
Speaking during the programme, Gambari noted that the IMF and the World Bank were partners and Nigeria belongs to her citizens. He, therefore, added that if a policy did not go down well with Nigeria, the country had the freedom to adjust it.
IVNTVNEWS recalls that the two Bretton Woods institutions, IMF and World Bank have consistently advocated the removal of energy subsidies and the floating of the Naira.
Harkening to their economic advise, therefore, President Tinubu, during his inauguration on May 29, 2023, removed petrol subsidy. And in June, he instructed for the floating the Naira.
Twin policies that have made the petrol prices more than quadrupled. Soaring from less than N200 per litre, in May 2023, to over N1,100 in many parts of the country in 2024.
The nation’s currency, the Naira, has also taken a nosedive against international currencies. Wobbling from around N700/$ to N1,700 as of November.
The rippling effects of the floating of the Naira have resulted in food and commodity inflation. Prices of food stuff and sundry items have skyrocketed. This is even as Nigerians are now battling what can pass for the worst cost of living crisis since independence.
Making a comparative analysis, Prof Gambari noted that Nigeria has been lucky. This, he said, is because in other parts of Africa, the cost of living crisis would have triggered riots.
He said, “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 warned the government.
Gambari, therefore, urged the current administration to quickly domesticate and revise some of the policies of the Bretton Woods institutions it adopted for the benefit of Nigerians.
“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,” the former UN representative added.
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