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W’Bank, IMF advisories harmful to Nigeria, Sagay warns Tinubu

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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.”

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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.

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“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.

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“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.

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Aso Rock in darkness as vandals steal TCN cable

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Some parts of the Presidential Villa, popularly known as Aso Rock were yesterday (Friday) thrown into darkness as vandals carted away the Transmission Company of Nigeria (TCN) 132kva underground cables.

The General Manager, Public Affairs, TCN, Ndidi Mbah, confirmed that the attack affected 60 per cent of power supply to Abuja as the vandals carted away 40 meters of 1×500mm2 XLPE conductors on the 2 numbers 132kva transmission lines.

According to her, the attacks also affected some other parts of Abuja which included; Maitama, Wuse, Jabi, Lifecamp, Asokoro, Utako, and Mabushi.

The vandalised 132kV transmission line and underground cable supplies bulk power to the Central Area transmission substation in Katampe, Abuja.

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She said the incident impacted eight distribution feeders supplying the Central Area, Abuja.

Mbah expressed concern over the ongoing issue of cable vandalism, which continues to disrupt power delivery nationwide.

She further emphasised that TCN has already dispatched a team of engineers to promptly restore power to the affected areas.

“The vandalism of this critical infrastructure is suspected to have occurred near the Menillum Park axis of Abuja,” she stated.

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Mbah therefore appealed to residents in the affected areas to remain patient while efforts to repair the damaged cables are underway.

She also called on Nigerians to stay vigilant and protect transmission equipment to prevent further incidents of vandalism.

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Kalu Leads House Delegation to Ogun for Condolence Visit

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…eulogizes late Onanuga, ex-speaker Bankole’s mother

By Gloria Ikibah

Deputy Speaker of the House of Representatives, Rep. Benjamin Okezie Kalu, CON, has described the late Deputy Chief Whip, Rt. Hon. Adewunmi Oriyomi Onanuga, as an irreplaceable parliamentarian known for her vocal nature and friendly disposition.

Leading a delegation on behalf of the Speaker, Rep. Tajudeen Abbas, Kalu visited Sagamu, Ogun State, on a condolence mission to the late Onanuga’s family.

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Addressing the bereaved, he praised her dedication and influence, noting her unique presence in plenary sessions and unwavering support for her colleagues.

Kalu consoled her mother, Chief Mrs. Comfort Folashade Etutu, and her children, urging them to trust in God for comfort and strength. He assured the family of the House’s continued support and prayed against further untimely deaths in the household.

Earlier, Kalu led the delegation to Abeokuta for the fidau prayers of the late Mrs. Monsurat Atinuke Bankole, mother of former House Speaker Rt. Hon. Dimeji Bankole.

He lauded her sacrifices, which contributed to the success of her children, including the former Speaker’s contributions to the National Assembly.

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N800bn Inadequate for Nigeria’s Road Projects, Minister Umahi Tell Lawmakers

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By Gloria Ikibah

The Minister of Works, Dave Umahi, has described the N800 billion allocated to his ministry in the proposed 2025 budget as grossly insufficient to address Nigeria’s growing road infrastructure needs.

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Umahi stated this during the 2025 budget defence session held on Friday by the House Committee on Works, chaired by Rep. Akin Alabi.

Speaking candidly, Umahi called for an upward review of the ministry’s budgetary allocation, stressing that the current figure would barely make a dent in the nation’s road development agenda.

“We plead with you to help us. N800 billion cannot do anything for us. It cannot address our road needs, and so we plead with you to help us,” the Minister told the lawmakers.

Umahi who emphasised the importance of adequate funding to complete ongoing projects and initiate critical new ones across the country, also stressed that borrowing was a necessary step to bridge the infrastructure gap and stimulate economic growth.

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The Minister underscored the potential economic impact of infrastructure development, stating that it would create jobs and boost local economies.

“When the nation is in recession, you have to borrow money and invest in infrastructure. That is how you emerge from a recession. Infrastructure is a catalyst for economic activities, and this hunger we talk about will become a thing of the past,” he explained.

“Food sellers, sand suppliers, gravel workers, and others will benefit. Support Mr. President, and let’s borrow money to build infrastructure so Nigeria can be great again,” he added.

In response, Chairman of the Committee, assured Umahi that the committee would summon the Minister of Finance and the Head of the Budget Office to clarify the rationale behind the ministry’s limited allocation.

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The session also provided an opportunity for the Minister to address lawmakers’ concerns about the state of roads nationwide, with assurances that the government remains committed to completing ongoing projects.

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