Scrutinize IMF, World Bank guidance for Nigeria, Jega urges FG

Former Chairman of the Independent National Electoral Commission, Attahiru Jega, has advised the Federal Government to be cautious about the recommendations from the World Bank and the International Monetary Fund. During his remarks at the Chartered Institute of Directors’ 2024 Annual Directors’ Conference on Wednesday, Jega emphasized the need for careful consideration of these institutions’ suggestions, cautioning against uncritical acceptance.

“We should not accept their proposals without scrutiny,” Jega asserted, warning that while immediate gains may seem appealing, they could lead to more significant long-term challenges if not properly evaluated.

The conference, themed “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” highlighted Jega’s call for Nigeria to prioritize “democratic governance” over the version of good governance often promoted by the World Bank. He argued that this focus would pave the way for sustainable, people-centered development in Nigeria.

Recently, the Bretton Woods institutions faced criticism for allegedly influencing President Bola Tinubu’s economic strategies, particularly regarding the removal of the PMS subsidy and the floating of the naira, which have been linked to increasing inflation rates in the country. The IMF clarified that it did not recommend the removal of fuel subsidies, stating, “The decision was made domestically by President Tinubu. We do not have programs in Nigeria.”

Jega urged leaders to concentrate on reforms that provide tangible benefits to the Nigerian populace. Tijjani Borodo, President of the CIoD, reiterated the institute’s commitment to enhancing corporate governance. “We aim to connect top business leaders and collaborate with the government to create a conducive business environment, even during tough times,” Borodo remarked.

Event Chairman Mutiu Sunmonu highlighted the importance of character in effective governance. “Without the right character, even the best rules and compliance will falter,” Sunmonu stated, urging parents to instill strong values in their children.