Jega Warns Tinubu Against Adopting IMF and World Bank Policies Uncriticall

Attahiru Jega cautions President Tinubu on implementing IMF and World Bank recommendations, advocating for policies that prioritize Nigerian citizens.

Former Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, has advised the Nigerian government to exercise caution and not uncritically accept every recommendation from the Bretton Woods institutions—the World Bank and International Monetary Fund (IMF).

Jega mentioned that although engaging with the institutions is beneficial, the government should exercise caution to avoid creating a long-term issue for the country.

The former head of INEC shared this advice during the 2024 Annual Directors’ Conference, which is currently taking place. The event’s theme is “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” and it has been organized by the Chartered Institute of Directors of Nigeria (CIoD).

He also advocated for reforming the leadership recruitment process, stating that Nigeria’s major challenge is that most leaders are unprepared for their roles.

The Bretton Woods institutions have faced criticism for allegedly advising President Bola Tinubu on current economic policies, particularly the removal of subsidies from PMS and allowing the naira to float. These actions are said to have driven the country into inflationary pressures.

The difficulties faced by the country have been attributed to policies recommended by the World Bank and IMF that are considered unfavorable to the people.

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At a briefing during the IMF and World Bank Annual Meetings in Washington DC, Abebe Selassie, Director of the African Region for the IMF, stated that the organization did not advise Tinubu to eliminate fuel subsidies.

“The decision was made domestically by President Tinubu. We don’t have any programs in Nigeria; our involvement is confined to routine dialogues, similar to those we maintain with countries like Japan or the UK,” he stated.

Jega urged Nigerians to focus on nurturing and establishing democratic governance, instead of solely emphasizing good governance as promoted by the World Bank.

This is the sole method to set Nigeria on a sustainable path towards what I refer to as ‘People-oriented development processes.’

Jega emphasized that although it is beneficial to collaborate with the World Bank and other organizations, “we should not accept everything they offer without question.”

“We need to exercise great caution regarding the measures they have proposed, as failing to do so could lead us into more significant medium- and long-term issues. This might happen even if we perceive short-term advantages from such engagement,” he emphasized.