Falana Urges FG to Reject IMF, World Bank Policies on Subsidy Removal

In a recent interview on Channels Television’s Politics Today program, Nigerian human rights lawyer Femi Falana called on the Nigerian government to discard the “deleterious policies” of the World Bank and International Monetary Fund (IMF).

Falana criticized the institutions’ advice to increase electricity tariff and remove any remaining petrol subsidies, arguing that the political climate in Nigeria is not conducive to such measures.

Falana pointed out that even the most advanced capitalist societies provide subsidies for certain products, and that the Nigerian government should follow suit.

He emphasized that the National Economic Council, headed by the Vice President and composed of state governors, the Central Bank Governor, and the Minister of Finance, is the only body recognized by the Nigerian constitution to advise the President on economic matters.

The senior lawyer accused the government of abdicating its responsibility to the IMF and the World Bank, claiming that these institutions were set up by imperialists to undermine the economies of developing nations.

He noted that Western economies, such as the United Kingdom, the United States, and Germany, continue to provide subsidies to their citizens without facing economic collapse.

Falana stated that he would take action after the deadline set by the courts for the government to establish prices for commodities.

This statement highlights the ongoing debate in Nigeria over the role of international financial institutions in shaping domestic economic policies.

As the Nigerian government grapples with these issues, the debate over the appropriate balance between international guidance and domestic priorities is likely to continue.

The outcome of this debate could have significant implications for Nigeria’s economic future and the welfare of its citizens.