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W’Bank, IMF advisories harmful to Nigeria, Sagay warns Tinubu
Prominent legal scholar and Senior Advocate of Nigeria, Itse Sagay, has cautioned President Bola Tinubu’s administration against implementing economic policies recommended by the World Bank and International Monetary Fund, arguing that such prescriptions exacerbate hardship for Nigerians.
Speaking in an interview with The PUNCH, Sagay criticised the decision to remove the petrol subsidy based on advice from the Bretton Woods Institutions, describing it as ill-timed and detrimental to the economy.
He noted that historically, IMF and World Bank policies have failed in developing countries, plunging them into deeper economic difficulties.
“I was against the removal of subsidy before we became self-sufficient in internal production of petrol,” Sagay said. “The removal has caused severe economic hardships, including a dramatic crash of the naira and soaring costs of food and transportation.”
He highlighted the suffering of Nigerians, citing the increase in transportation costs, such as a trip from Lagos to Delta State rising from N5,000 to N65,000, and called for a reversal of these policies.
Sagay further stated that the IMF and World Bank often propose “harsh and counterproductive” policies to developing nations, leading to failure and misery in countries that adopt them.
Sagay said, “Before Tinubu took power, I urged him not to remove the subsidy on petrol until we are fully producing it internally. Unfortunately, that was not done and that petrol subsidy removal has plunged us into various serious economic, life hardship.
“My personal belief is that the IMF, World Bank and these Western economic institutions always prescribe very harsh policies for developing countries.
“I do not know any developing country that has adopted these policies which have been successful economically. All those who adopted it in the past failed because their situation got worse until they tossed out those policies and started again.
“From our experience with other African countries, these IMF, and World Bank policies have always failed and have always brought suffering, and misery to the countries to which they are applied. So I hope that somewhere along the way, these policies will be reversed.”
On tax reform bills, Sagay expressed support, arguing that the reforms would push states to increase productivity and reduce the inequities in tax revenue distribution.
He emphasised that states should contribute proportionally to the revenue they receive.
“Lagos, for example, bears the burden of providing infrastructure for a large population but does not get revenue commensurate with this responsibility,” Sagay noted. “A reform that ties earnings to productivity is fair and will encourage states to be more self-reliant.”
Sagay urged the government to reconsider its economic approach while supporting reforms that incentivise productivity and fairness.
A socio-political group, Friends of Hilary (FOH), has thrown its weight behind the possible return of former Delta State governor, Ifeanyi Okowa, to the Senate, saying his comeback would significantly enhance the quality of representation for Delta North Senatorial District.
In a statement issued on Monday, the group said Okowa’s previous tenure as senator between 2011 and 2015 remains a benchmark in effective and responsive representation. According to FOH, his time in the National Assembly was marked by impactful legislative contributions, grassroots engagement, and consistent advocacy for the socio-economic development of the district.
“Senator Okowa’s previous outing remains a benchmark in Delta North. His possible return to the Senate will not only restore effective representation but also deepen the voice of our people at the national level,” the group stated.
The group noted that Okowa distinguished himself during his earlier stint through the sponsorship of bills and motions aimed at improving healthcare, education, and infrastructure, while also maintaining close ties with his constituents through empowerment initiatives and regular consultations.
FOH further argued that at a time when strategic influence and experience are critical in national politics, Okowa’s network and legislative experience would be invaluable in advancing the interests of Delta North.
The endorsement comes amid growing political permutations ahead of the 2027 general elections, with stakeholders in the district weighing options for stronger and more impactful representation at the National Assembly.
In a significant development for Nigeria’s telecommunications sector, two divisions of the Federal High Court have issued interim injunctions restoring airtime lending services and restraining the enforcement of the contentious regulations introduced by the Federal Competition and Consumer Protection Commission (FCCPC).
The FCCPC had introduced the controversial Digital, Electronic, Online or Non-Traditional (DEON) Consumer Lending Regulations in 2025 prompting the legal action.
The rulings, delivered in Lagos and Abuja, restored services relied upon by millions of Nigerians and offerred relief to licensed Value Added Service providers caught in the dispute.
In Lagos, Justice A. Lewis-Allagoa on April 15, 2026 granted four interim injunctions in suit marked FHC/L/CS/760/2026, filed by the Wireless Application Service Providers Association of Nigeria (WASPA) against the FCCPC.
The court restrained the commission, its officers and agents from enforcing the DEON Regulations, including several key provisions of the framework.
The court further barred the FCCPC from interfering with the operations of WASPA members, imposing sanctions or fines for alleged non-compliance, or issuing directives connected to the enforcement of the regulations and adjourned to 27 April 2026 for further hearing.
Relatedly, the Federal High Court in Abuja on April 24, 2026 granted an interim order in suit marked FHC/ABJ/CS/779/2026 following an ex parte application by Nairtime Holdings Limited and Nairtime Nigeria Limited against MTN Nigeria Communications Plc and Airtel Networks Limited.
The court restrained both telecom operators, their officers and agents from suspending, restricting or otherwise interfering with Nairtime Nigeria Limited’s access to their platforms, including short codes, SMS, USSD and billing services.
The order applies for the duration of Nairtime’s valid licence issued by the Nigerian Communications Commission (NCC) and prevents the operators from relying on the FCCPC regulations as a basis for any disruption.
The applicants had argued that the planned suspension of services was based on a directive linked to the DEON Regulations, despite their compliance with contractual obligations and the absence of any established breach or required notice.
The court found sufficient grounds to grant interim relief pending the determination of the substantive suit.
Taken together, the two rulings effectively place the enforcement of the DEON Regulations on hold, creating a temporary legal framework that allows airtime lending and related services to continue.
The FCCPC is restrained from acting against VAS providers, while telecom operators are prevented from using the regulations to deny licensed operators access to their networks.
The DEON Regulations, introduced by the FCCPC in July 2025, were designed to extend regulatory oversight to unsecured digital lending, including airtime and data credit services.
However, the move triggered strong opposition from industry stakeholders, particularly the Association of Licensed Telecommunications Operators of Nigeria (ALTON), which argued that the regulations encroached on the statutory mandate of the NCC, created overlapping compliance obligations and conflicted with an existing memorandum of understanding between both regulators.
ALTON had raised these concerns with the NCC as far back as August 2025, warning that unresolved jurisdictional conflicts could disrupt the market.
The current litigation and its consequences appear to have validated those concerns.
Although the rulings provide immediate relief for operators and consumers, they remain interim measures.
The substantive suits before the courts will ultimately determine the legality and scope of the FCCPC’s authority over digital lending within the telecommunications sector. (Guardian)
By Gloria Ikibah
The path towards a second term for President Bola Ahmed Tinubu has effectively been set in motion after nomination paperwork for the 2027 presidential race was obtained within the ruling All Progressives Congress.
The forms were collected in Abuja by Hon. James Faleke, the member representing Ikeja Federal Constituency, who acted on the President’s behalf. The move followed the official opening of the party’s nomination process by its National Organising Secretary, Suleiman Argungu.
A payment of ₦100 million accompanied the collection, marking a significant early step in what is expected to be a closely watched re-election effort.
The development comes against the backdrop of an already published electoral timetable by the Independent National Electoral Commission, which has mapped out key dates for the next general elections.
Voting for the presidency and National Assembly is fixed for 16 January 2027, while governorship and state assembly elections are to follow on 6 February.
The electoral body has also scheduled party primaries between late April and the end of May 2026, with campaigns for federal-level contests expected to begin in August, and those for state offices in September.
With the nomination process now underway, political activity is expected to gather pace in the months ahead as parties begin to organise internally and position themselves for the contest.
2027: FOH Endorses Okowa, Says Delta North Needs Him
Court orders MTN, AIRTEL to resume airtime lending services
2027: Campaign Quietly Underway as Tinubu Secures APC Forms
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