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ACF to FG: Reject World Bank, IMF’s recommendations on Nigerian economy

The Arewa Consultative Forum (ACF) has cautioned the Federal Government against adopting what it described as “out-of-context and largely discredited public policy” solutions recommended by multilateral finance organisations, including the World Bank and the International Monetary Fund (IMF).

The ACF said the government, while seeking solutions to the economic situation, should follow in the footsteps of Asian countries which pulled themselves out of economic crisis of the 1980s and 1990s by ignoring the policy prescriptions of the multi-lateral agencies.

The Forum gave the advice in a statement issued by its National Publicity Secretary, Prof. T. A. Muhammad-Baba, on Tuesday, October 3, 2023.

Muhammad-Baba stated: “ACF warns that a lot more remains to be done in the administration of economic policies in the country.

“In particular, ACF cautions against the wholesale and unimaginative acceptance of out-of-context and largely discredited public policy solutions being preached by multilateral finance organisations like the World Bank and the International Monetary Fund (IMF).

“It should be instructive to our policymakers that Southeast Asian nations pulled themselves out of the economic crisis of the 1980s and 1990s by largely ignoring, not by accepting, the policy prescriptions of the multi-lateral agencies.”

The ACF spokesperson further commended the federal government over the resolutions reached with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to suspend their planned industrial action, noting that the labour unions were able to convince the government to pay attention to the plight of workers and other Nigerians following the hardship that trailed the removal of fuel subsidy.

He added: “ACF notes that these negative economic conditions are felt more in the northern states of Nigeria, being largely the most agrarian segment of the country with the lowest per capita incomes, poor scores in all indices of economic development and standard of living measures, etc.

“For example, according to the National Bureau of Statistics (NBS), in its 2022 Multidimensional Poverty Report, people considered poor in Nigeria numbered 133 million, out of which 86 million, or 65%, live in the North, who suffered over one quarter of all possible deprivations.

“In contrast, the South housed about 47 million or 35%. Rightly, ACF has been concerned about this alarming sobering state of affairs.

“Against all the above developments, the President Bola A. Tinubu-led Administration continues to insist that its economic and social policies are the right mix of solutions to revamp the economy for better days are ahead.

“While sympathising with organised labour, ACF has been concerned, apprehensive and edgy that a protracted labour strike would amount to a double jeopardy for the people of the North, already disadvantaged as alluded to earlier. A middle ground was clearly indicated.

“The ACF therefore congratulates the joint teams of the FGN and the NLC/TUC for finding that middle ground which averted the strike, even if for labour, the truce is for a period of four weeks only.

“ACF appreciates the FGN’s understanding and roll-out of measures to cushion the debilitating challenges in the economy. The NLC and TUC teams are also deeply appreciated for their ability to force out the hands of the FGN.

“Therefore, the FGN and the NLC/TCU should not assume that the country is out of the woods. The negotiations must continue.”

The Star