The pan-Yoruba socio-political organization, Afenifere, on Saturday, urged President Bola Tinubu‘s administration to be cautious about recent recommendations from the World Bank, particularly regarding the reduction of government support for social services in Nigeria.
OsunDailyNG reports that the caution follows a statement made earlier this week by the World Bank Group’s Senior Vice President, Indermit Gill, during the Nigerian Economic Summit Group (NESG) held in Abuja.
Gill suggested that the government withdraw its support for certain social and economic programs and continue the floating of the Naira, predicting that the benefits of such efforts would only become evident over the next 10 to 15 years.
Responding to these comments, Afenifere’s National Publicity Secretary, Jare Ajayi, issued a statement advising the Federal Government to approach such advice with skepticism.
Ajayi pointed out that while the benefits of the World Bank’s proposals may not be realized until the distant future, the current government would be remembered mainly for the sacrifices imposed on the people during this period, while any future successes would be credited to subsequent administrations.
He urged the government to prioritize policies that encourage local businesses and initiatives, reducing the country’s reliance on imported goods, rather than adhering to the World Bank’s recommendations.
Ajayi emphasized that many countries that followed advice from the World Bank and the International Monetary Fund (IMF) ended up worse off than before, citing nations like Mexico, Ghana, Argentina, and South Korea as examples.
In the statement he signed, Ajayi said: “Firstly, the current administration under President Bola Ahmed Tinubu would have run its terms before the 10 to 15 years the presumed dividends of the World Bank prescriptions will manifest.
“Meaning that this administration may then only be remembered for the sacrifices made by the people and the attendant sufferings while another administration would take the credit for the dividends – if at all.
“So, rather than continuing with the Bank’s policies, resort should be made to policies that boost local businesses and encourage local initiatives thus reducing dependence on imported goods.
“The conditions given by the Bank included budget cuts, removal of subsidies from some services being provided for the people and the devaluation of the country’s currency. But, instead of heeding the advice, the Malaysian PM did the exact opposite. Of course, it was tough initially. Today, however, Malaysia is growing economically and is one of the few countries that are shedding off the toga of third-worldism.
“What we are saying is that while it is important to lay a good foundation for economic recovery, the models being prescribed by the World Bank and the International Monetary Fund (IMF) should be no-go areas because the havoc such models have wreaked in some of the countries that applied them.”
