The Nigeria Labor Congress has described the World Bank’s recommendation for President Bola Tinubu to maintain economic reforms for the next 15 years as “an invitation to chaos and an act of cruelty".
International financial institutions recently urged the Tinubu-led government not to backtrack on ongoing economic reforms, warning that doing so could have negative implications for the country.
However, the NLC warned that blindly following advice from the World Bank and International Monetary Fund could have dire consequences for Nigeria.
Benson Aper, NLC’s communications director, issued the warning in an interview with Saturday Punch.
Upa argued that the World Bank did not have Nigeria's best interests in mind and urged Tinubu to ignore advice and develop his own economic plan to address Nigeria's challenges.
“If their past advice did not work for us, will their latest advice help us? Asking President Bola Tinubu to continue these painful policies is an act of cruelty on the part of the World Bank. “,” Upa said.
He added: “This advice will not materialize and there will be consequences if President Tinubu accepts it because the country is literally at a standstill.” There is pain everywhere, even the business world is suffering. ”
“We advise the government not to accept this recommendation, as it is a complete invitation to chaos and would be highly counterproductive.”
Also, the pan-Yoruba socio-cultural and socio-political organization Afenifere warned the Federal Government to be wary of the advice of the World Bank.
In a statement signed by the group’s National Public Relations Secretary, Jare Ajayi, Mr. Afenifere called for indigenous policies in the country to boost local businesses, foster innovation and reduce over-reliance on imports.
“This call for the president to be wary of prescriptions from the Bretton Woods institutions is premised on what has happened to countries that have followed various prescriptions made by the World Bank, the International Monetary Fund, or both.” did.
Also, Sherif Dean Tera, a professor of economics at Babcock University, said the World Bank should rather advise Nigeria on how to move Nigeria from a consumption economy to a production economy, saying that the fluctuation of the naira against the dollar would lead to a decline in Nigeria’s economy. He said it was destroyed.
Tera blamed the current economic woes on Tinubu’s “thoughtless” adoption of the World Bank’s recommendations on the removal of fuel subsidies.
“The World Bank has the right to propose whatever it wants to propose, but it is now up to us to know what is good for us.
“We should do what we know is right for the economy, not keep borrowing ideas from the World Bank and other international organizations as if there are no economists here to advise governments.”
Similarly, economic expert Paul Alaje said the World Bank’s advice to Nigeria’s economy will not bring any prosperity.
Arache said countries that followed the bank’s advice had nothing positive to show the bank.
“In the 1980s, the Russian president was told not to oppose reform, it would be beneficial. The government advised the people that the flotation and subsidy removal policies were beneficial for the people. It’s unfortunate. However, the benefits did not appear until 15 years later.
“Until 1999, when a new president came along, he kept the currency pegged, halting unchecked floating exchange rates and the deep devaluation of the Russian currency. The president also cut taxes and at the same time cut supplies as a means of raising revenue. This raised exports and oil prices.
“We were told the same thing by the World Bank. I am seriously afraid, but we are not the only ones being told things like this. Argentina and Venezuela are being told the same thing by the same international organization. Had the same recommendations, the peso is still struggling. This is the same in Venezuela. Both adopted that policy, but no, hyperinflation and poverty are still very evident in American countries.
“Today, the Naira was the worst performing currency due to floating policy. The truth is that the price will rise further. Shockingly, what does the World Bank have to do to reverse this trend? He didn’t tell me.”
