Jega to Tinubu: Don’t do everything IMF, World Bank tells you
Former Independent National Electoral Commission (INEC) Chairman, Prof. Attahiru Jega, has cautioned the Nigerian government against uncritically adopting policy advice from the International Monetary Fund (IMF) and the World Bank.
Jega gave the word of caution while speaking at the 2024 Annual Directors’ Conference themed ‘Good Governance as a Catalyst for Economic Recovery, Growth, and Development,’ organised by the Chartered Institute of Directors of Nigeria (CIoD), while highlighting the importance of selective engagement with these institutions, as well as warning that unquestioned compliance could create “greater medium and longer-term problems.”
Jega urged for thoughtful evaluation of their recommendations, noting that “While it’s beneficial to engage with institutions like the World Bank and IMF, we must not swallow what they bring to us hook, line, and sinker.”
Jega advocated for a more robust leadership recruitment process to drive sustainable economic growth, adding “The major challenge facing Nigeria is that many leaders are unprepared for leadership.”
The former INEC chairman’s statement is coming on the heels of public scrutiny of recent economic measures, such as the removal of fuel subsidies and naira floatation, which are perceived as IMF—and World Bank-inspired policies.
However, the IMF’s African Region Director, Abebe Selassie, clarified that President Tinubu made the decision to remove the fuel subsidy domestically, noting that the IMF’s role in Nigeria is primarily consultative.
Jega called for a shift towards “People-oriented development processes,” encouraging Nigerians to prioritise democratic governance and critically assess external advice to secure the country’s economic future.
