Avoid Breaking Point, Adjust IMF, World Bank Policies, Gambari Advises FG

Former Chief of Staff to ex-President Muhammadu Buhari, Prof. Ibrahim Gambari, has called on the administration of President Bola Ahmed Tinubu to reevaluate and adapt economic policies influenced by the International Monetary Fund (IMF) and the World Bank. Speaking on Inside Sources with Laolu Akande, a socio-political program aired on Channels Television, Gambari stressed the need for policies that prioritize the well-being of Nigerians.

Balancing Policies with Public Support

Questioning the value of unpopular policies, Gambari stated, “The IMF and the World Bank are partners, but this is our country. If there is a policy they are advocating, and it is not working, we should have the freedom to adjust it because our primary responsibility as a government is to the people of this country.”

The two Bretton Woods institutions have long recommended the removal of energy subsidies and the floating of the naira to stabilize Nigeria’s economy. Tinubu’s administration implemented these measures after his inauguration in May 2023. This led to a quadrupling of petrol prices—from under N200 per litre to over N1,100—and a dramatic depreciation of the naira, which plunged from N700/$ to around N1,600.

As a result, inflation soared, creating one of Nigeria’s worst cost-of-living crises since independence. Food and commodity prices skyrocketed, leaving many Nigerians grappling with severe economic hardships.

Warning Against Social Unrest

Gambari cautioned against ignoring the growing economic strain on Nigerians. He noted, “We’ve been very lucky because Nigerians don’t demand very much… But there may be a breaking point. We don’t want to wait until a revolution takes over.”

Drawing comparisons with other countries, he cited Sudan, where a minor increase in bread prices led to riots and the overthrow of a governor. He urged the government to act swiftly to prevent similar unrest in Nigeria.

Domesticate and Adjust Policies

Prof. Gambari advocated for revising IMF and World Bank-inspired policies to suit Nigeria’s unique circumstances. “Our primary responsibility is to Nigeria. We are not responsible and will not be held responsible for what the IMF does… Nigeria is the only country we can call our own, and we have to salvage it together,” he emphasized.

He also urged the government to foster economic empowerment by creating a framework that enables Nigerians to thrive.

Security as a Foundation for Development

In addition to economic reforms, Gambari underscored the importance of national security. “Any president of Nigeria must make security number one because there can be no development without peace,” he said. He called on the government to ensure stability while enabling citizens to harness their potential for economic progress.

The diplomat’s remarks underscore the urgent need for a balanced approach that aligns international recommendations with local realities to address Nigeria’s economic challenges and maintain social harmony.