Reject IMF, World Bank Policies on subsidy – Falana to FG

Oluwasegun SanusiFebruary 14, 20241 Mins read1.1k

Reject IMF and World Bank Policies, to remove all subsidies - Falana to FG

Human Rights Lawyer, Femi Falana(SAN), has called on the Federal government to reassess its adherence to the policies advocated by the International Monetary Fund (IMF) and the World Bank.

Speaking on Channels Television’s Politics Today programme on Tuesday, Falana expressed concerns over the detrimental effects of these policies on the Nigerian populace.

Falana urged the government to abandon what he termed as “deleterious policies,” specifically citing the pressure to increase electricity tariffs and eliminate remaining fuel subsidies.

He emphasised the incongruity of such measures, especially amidst a political climate that he deemed as not conducive.

“There is no society in the world where government does not subsidise one product or the other even in the most advanced capitalist societies.

And that is why Nigerians must begin to ask the government to discard and jettison the deleterious programs and policies of the IMF and the World Bank,” Falana asserted.

Highlighting the constitutional framework guiding economic decision-making, Falana underscored the role of the National Economic Council (NEC), chaired by the Vice President and comprising state governors, the Governor of the Central Bank, and the Minister of Finance, as the primary advisory body to the President in economic matters.

Expressing dismay over what he perceived as a relinquishment of responsibility, Falana accused the government of deferring to the IMF and the World Bank, entities he characterised as instruments of imperialism.

“It is an ideological battle; these institutions were set up by imperialism principally to destroy the economies of developing nations while they turn their eyes when other governments are giving subsidies to their people,” Falana asserted passionately.

He contrasted the resilience of economies such as those of the United Kingdom, the United States, and Germany, which provide subsidies to their citizens, with the challenges faced by developing nations adhering to IMF and World Bank policies