Jega Warns Tinubu Against Blindly Following IMF, World Bank

Former Chairman of Nigeria's Independent National Electoral Commission (INEC),

Prof. Attahiru Jega ,has issued a cautionary message to President Bola Tinubu regarding the adoption of policies recommended by international financial institutions like the International Monetary Fund (IMF) and the World Bank.

Jega emphasized the importance of critically evaluating such advice to avoid potential long-term economic pitfalls.

Jega stated, "We must be very careful in terms of what measures they have suggested to us because if we don’t do that, we may advertently or inadvertently fall into greater medium and longer-term problems even if we think we are seeing short-term benefits from that kind of engagement."

The backdrop to this warning includes recent economic challenges in Nigeria, such as inflationary pressures following the removal of fuel subsidies and the floating of the naira.

These measures, perceived as 'anti-people' policies, have been linked to advice from the Bretton Woods institutions. However, Abebe Selassie, Director for the IMF's African Region, clarified that these decisions were domestic, stating, "The decision was a domestic one. It was President Tinubu’s decision.

We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK."

Jega also highlighted the need for reform in Nigeria's leadership recruitment process, pointing out that many leaders are unprepared for their roles.

He urged Nigerians to focus on nurturing democratic governance rather than merely adhering to the World Bank's concept of good governance, which he believes is crucial for sustainable and people-oriented development.