Adjust IMF, World Bank policies – Gambari urges Nigerian Govt

Former Chief of Staff to ex-President Muhammadu Buhari, Prof Ibrahim Gambari, has appealed to the administration of President Bola Tinubu to adjust some of its policies adopted from the World Bank and the International Monetary Fund, IMF.

Gambari made the call on the Sunday edition of Inside Sources with Laolu Akande, a socio-political programme on Channels Television.

The diplomat said the IMF and the World Bank were partners and Nigeria belongs to her citizens, adding that if a policy did not go down well with Nigeria, the country had the freedom to adjust it.

Recall that the two Bretton Woods institutions have consistently advocated the removal of energy subsidies and the floating of the naira.

President Tinubu, after his inauguration in May 2023, removed petrol subsidy and floated the naira, making petrol prices more than quadrupled and soaring from less than N200 per litre to over N1,100 in many parts of the country.

The naira also took a nosedive, wobbling from around N700/$ to N1,700.

Food and commodity inflation have skyrocketed as Nigerians battle what can pass for the worst cost of living crisis since the country’s independence over six decades ago.

Prof Gambari said Nigeria has been lucky because, in other parts of Africa, the cost of living crisis would have triggered 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 said.

He 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.

He said, “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,” he added.