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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.
Five alleged kidnappers have reportedly died after a fierce gun battle with operatives of the CP-Special Assignment Team.
The suspects were confirmed dead in a hospital they were rushed to for medical attention.
Delta State Police Public Relations Officer, SP Bright Edafe who confirmed the development in a statement, stated that the incident occurred on 21st April 2025.
The police image maker disclosed that operatives of the CP-Special Assignment team, acting on intelligence relating to kidnapping in Ubuluku, Isseluku, Issele-Asagba, and environs by one Bello Abubakar and his gang members, stormed one of their hideouts in Agu-Amawbia forest, Anambra State.
SP Edafe pointed out that during the raid of the suspects hideout in the forest, the operatives recovered one AK-47 rifle and one hundred and thirty-two rounds of live ammunition.
He further said the investigation was extended to another of their hideouts in a forest between Issele-Asagba and Utulu, where the said Bello Abubakar and his gang members were waiting in ambush.
According to the police image maker, the suspected kidnappers attacked the policemen in a fierce gun battle, but the team, who were aware of the battle ahead, reciprocated in like manner.
SP Edafe added that the manhunt for other injured fleeing suspects is ongoing.
Some senior officials of the Kwara State Local Government Service Commission have been kidnapped by gunmen along the Omu-Aran/Ilorin Road.
The victims were abducted on Friday evening.
Those kidnapped are: the Head of the Legal Department of Oke-Ero Local Government, Elizabeth Arinde, and the Head of Personnel Management of the council, whose name could not be immediately confirmed.
It was gathered on Saturday night that the two senior administrators were among seven individuals kidnapped at Corner Eleyin along the Omu-Aran/Ilorin Expressway while returning to Ilorin, the state capital, for the weekend on Friday, April 25, 2025.
The incident occurred at about 5:45pm where five gunmen ambushed the two private vehicles before leading the passengers into the bush.
The Kwara State Police Command has confirmed the incident.
This was contained in a statement signed by the Police Public Relations Officer, SP Adetoun Ejire-Adeyemi, on behalf of the Commissioner of Police, Adekimi Ojo, on Saturday.
The statement added “The Kwara State Police Command confirms a kidnap incident reported at about 5:45 p.m. on Friday, 25th April 2025, at Eleyin village via Isanlu-Isin. It was reported that about five armed men blocked the highway, stopping two private vehicles, forcefully taking all occupants to an unknown location.
“Following the report, the command, in collaboration with the military and vigilantes, launched a swift operation, leading to the successful rescue of two victims, Ganiyu Ajayi and Kolawole Adeyemi.
“Efforts are ongoing to rescue the remaining five victims and apprehend the perpetrators.
“The command has intensified security measures across the area, including aggressive bush combing, strategic patrols, and intelligence-driven operations to prevent further occurrences”
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