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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.
Rivers State Administrator, Retired Vice-Admiral Ibok Ibas marked Easter on Sunday with a worship service at the Chapel of Everlasting Grace, Government House, Port Harcourt.
Ibas was accompanied by his wife, Dr. Theresa, their children, and key state officials including the Secretary to the State Government (SSG), Prof. Ibibia Lucky Worika, and his family.
A statement signed by the SSA media, Hector Igbikiowubo, said the administrator joined worshippers in a service filled with uplifting hymns and prayers for peace in Rivers State and the country.
Chaplain Pastor Barasin Ogan delivered a message, reminding the congregation of the transformative power of Christ and assuring them of divine justification, deliverance, healing, and righteousness through faith.
Special prayers were offered for President Bola Tinubu, Administrator Ibas, and the continued progress of Rivers State, reinforcing unity and faith as the foundation for a brighter future.
The Nigerian Correctional Service (NCoS) has strongly denied reports linking it to the alleged kidnapping of a 12-year-old girl in Rivers state, describing the claims as false, malicious, and a figment of the writer’s imagination.
In a statement issued by the Service’s Public Relations Officer, Umar Abubakar, the NCoS said the allegation was aimed at misleading the public and tarnishing the image of the Service.
Abubakar stated that a thorough check of available records showed no inmate named “Chi Boy” is in custody at any facility under the Enugu State Command.
He added that the failure to provide the full names of the alleged inmate or the kidnapped victim further undermines the credibility of the report.
He emphasized that the NCoS is unaware of any kidnapping incident linked to its facilities in Rivers State or any other command, as claimed in a circulating press statement and viral video.
Abubakar also clarified that no investigative agency has tracked any suspected kidnapper to any correctional facility in either Enugu or Delta State Commands.
“Therefore, the Service is not in the position to confirm payment of ransom or whatsoever transaction as alleged in the fictitious report and video.
“The Service has no role in the said kidnap story, and as a security organization, it does not operate in isolation; rather, it partners with sister agencies to ensure adequate security. The Service will never turn down requests for investigation activities from sister agencies,” Umar said.
Benjamin Netanyahu has said he has instructed Israel’s military to intensify pressure on Hamas after the Palestinian militant group rejected a temporary truce proposal.
In a televised address, the Israeli prime minister said that while war came with a heavy price, Israel had “no choice but to continue fighting for our very existence, until victory”.
On Thursday, Hamas rejected an Israeli proposal for a temporary pause in fighting, describing the offer as demanding “impossible conditions”.
Hamas currently holds 59 hostages, with 24 of them believed to be alive. It says it will only return them in exchange for the release of more Palestinian prisoners, a full Israeli withdrawal from Gaza, and a lasting truce, as called for in the now-defunct ceasefire agreement reached earlier this year.
Netanyahu’s remarks came after the Hamas-run health ministry in Gaza said Israeli strikes had killed more than 90 people in 48 hours.
Women and children were among 15 people who were killed overnight on Friday in the southern city of Khan Younis, according to hospital staff.
At least 11 of those who were killed were sheltering in a tent in the designated humanitarian zone of al Mawasi, where hundreds of thousands of displaced people are living, the hospital workers said.
A further four people were killed in separate strikes on the city of Rafah, including a mother and her daughter, according to Gaza’s European Hospital, where the bodies were taken.
Israel says its latest campaign is to put pressure on Hamas to release more hostages and ultimately agree to disarm and leave the territory.
For weeks, Israeli troops have also blockaded Gaza, barring the entry of food and other goods.
Last month, 15 aid workers were killed and buried in a shallow grave after being fired upon by Israeli troops.
Hamas’s armed wing said the fate of Israeli-American hostage Edan Alexander was unknown after a guard who was holding him was found killed.
On Tuesday, Hamas said it had lost contact with a group of militants holding Mr Alexander in Gaza.
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