Prof. Ibrahim Gambari Urges Tinubu Administration to Revise IMF and World Bank Policies

Prof. Ibrahim Gambari, former Chief of Staff to ex-President Muhammadu Buhari, has called on President Bola Tinubu’s administration to adjust some of the policies adopted from the International Monetary Fund (IMF) and World Bank to better suit Nigeria's needs.

Gambari expressed his views during an appearance on Channels Television’s sociopolitical program, Inside Sources with Laolu Akande, on Sunday.

Gambari emphasized that while the IMF and World Bank are important development partners, Nigeria must prioritize the welfare of its citizens over external advice.

“Our primary responsibility is to Nigeria. Yes, we are part of the international system, but we must be able to adjust the advice of the IMF to our own needs. This is our country, and it is the only one we can call our own. We have to salvage it together,” he said.

Since his inauguration in May 2023, President Tinubu has implemented significant economic changes, including the removal of petrol subsidies and the floating of the naira. These moves align with IMF and World Bank recommendations but have led to:

• A tripling of petrol prices, from under N200 per litre to over N1,100 in some regions.
• A sharp depreciation of the naira, from about N700/$ to as high as N1,700/$.
• A severe cost-of-living crisis, with soaring food and commodity prices.

Gambari noted that such economic challenges could have led to widespread unrest in other parts of Africa but highlighted Nigerians' resilience:

“We’ve been very lucky because Nigerians don’t demand very much. That’s why they go about their business. But there may be a breaking point. We don’t want to wait till a revolution takes over before we act.”

Drawing from his years of experience at the United Nations, Gambari urged the government to modify international policy recommendations to address the unique challenges facing Nigeria. He stated:

“Yes, we value them [IMF and World Bank]. They are development partners, but we must domesticate their policies for the benefit of Nigerians. Leadership means taking our destiny into our own hands.”