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Horrible economy: Nigeria has sold its soul to IMF, World Bank – Falana
To Femi Falana, Senior Advocate of Nigeria (SAN), the quicker Nigeria adhered to alternative ways of climbing out of its current economic hole, by ditching the advice of the Bretton Wood institutions, the better things would be for suffering mass of citizens.
A guest of Politics Today, a current affairs programme on Channels Television, Falana, foremost human rights crusader, suggested for instance that Nigeria should join BRICS economic bloc in addition to selling Nigerian crude to foreigners in naira rather than dollars.
Stressing that the Federal Government must reduce its reliance on the economic predictions and policies of the International Monetary Fund (IMF) and the World Bank, he said: “There are countries in the world today insisting that we are not going to be tied to the American dollars and those countries are in the BRICS – Brazil, Russia, India, China and South Africa.”
Though Vice President Kashim Shettima, who was at the 15th BRICS Summit in South Africa said did not apply to join the economic bloc considered to be a counterweight to western powers like the United States, Falana believed it was time for Nigeria to join the economic bloc to salvage the naira.
“Others are joining them; Saudi Arabia has joined them. UAE, Ethiopia, Egypt and all that. We cannot be more Catholic than the Pope. If friends of the West are joining BRICS, why are we not there? So that we can trade in naira,” he noted.
The Senior Advocate of Nigeria (SAN), while accusing the government of dancing around the problem, arguing that the circulars by the Central Bank of Nigeria (CBN) would not solve the forex challenges, added: “If I had my way, my own radical policy would be that: I would sell Nigerian gas and crude oil in naira. Let those who want to buy our products look for naira. That is how to promote your currency.
“But this business of everybody looking for dollars even to pay school fees, rent houses, and sell houses. It doesn’t happen unless you dollarize your economy. These are the issues the government would have to address to come out of this economic doldrums,” he said.
Falana urged the Nigerian government to discard the “deleterious policies” of the World Bank and IMF like asking the government to increase electricity tariff and remove whatever was remained of the petrol subsidy despite that the political climate in the country was 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 programmes and policies of the IMF and the World Bank.
“The only economic body recognised by the constitution to advise the President is the National Economic Council headed by the Vice President and peopled by the state governors, Governor of the Central Bank and the Minister of Finance.”
Lamenting that the government had abdicated its responsibility to the IMF and the World Bank, set up by imperialists, he said: “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 the other governments are giving subsidies to their people. The economies of the United Kingdom, the United States, Germany and other are not collapsing despite that they give subsidies.”
For those believing that President Bola Tinubu’s exclusion of Humphrey Nwosu, the late Chairman of the defunct National Electoral Commission (NEC), was an error that would be corrected subsequently, their expectation came to naught on Friday, with his non-recognition once again.
In a surprise outing, the President failed once again to name the late Professor of Political Science as one of the Nigerians honoured, on the day Nigerians would be celebrating this year’s anniversary of June 12, designed to mark the historic 1993 presidential election, which has now been designated as Nigeria’s Democracy Day.
It was a day Moshood Kashimawo Olawale Abiola (MKO), the candidate of the defunct Social Democratic Party (SDP), was elected President in a transition programme undertaken by the military government of then President Ibrahim Badamasi Babangida (IBB).
Expectations are that because the Option A4 model used in achieving the outcome of the election, acknowledged as the freest and fairest election in Nigerian history, the late electoral commission’s boss, would feature prominently in the list of those to be honoured by the government.
But another list contained in the national broadcast by the President, suggested that the position of the treatment meted to the former NEC Chairman, reflected the thinking in the All Progressives Congress (APC), as the late President Muhammadu Buhari, Tinubu’s predecessor, under whom June 12 was given national recognition.
The list, populated mainly by names from the South West, which included both civilians and military personnel, did not capture the category of national honours to be bestowed on the recipients, as the government said further information would be released in due course.
Prominent among those recognized, was Shehu Musa Yar’Adua, a General and former Chief of Army Staff, Supreme Headquarters between 1976 and 1979, under the military regime of Olusegun Obasanjo, who died in Abakaliki Prison in 1997, where he was detained for allegedly participation in carrying out a coup against Sani Abacha, then Head of State.
Tinubu, said the completed Institute of Petroleum Studies, Kaduna, would now be known as General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology, to honour the General, who later became a prominent figure in Nigerian politics, “for his vision of national partnership.”
Listing the other names, Tinubu said: “I am also pleased to announce national awards to the following Nigerians, who suffered persecution, endured indignities, exile, incarceration, and, at times, solitary confinement, so that we have democracy today.”
The recipients included: Ayoka Lawani, Tunde Fagbenle, Oladele Alake, Olatunji Bello, Louis Odion, Segun Babatope, Sam Omatseye, Ademola Osinubi, Bola Bolawole and the duo of Lade Bonuola, former Managing Director of The Guardian and Femi Kusa, former Editor of the Nigerian foremost newspaper.
Others, were: Debo Adeniran, Ayo Opadokun, Chief Ralph Obiora, Ose Osayande, Osa Director, Sylvester Odion-Akhaine, Arthur Nwankwo (Posthumous) and Osagie Obayuwana, all pro-democracy activists.
The list also included Joe Okei-Odumakin , Titus Mann, Joe Igbokwe, Richard Akinnola, Ben Charles-Obi (Posthumous), George Mbah Niran Malaolu, Ishola Williams, a retired Major-General, Femi Aborisade, Jenkins Alumona, Gbemiga Ogunleye, Muyiwa Adekeye, Babajide Kolade-Otitoju and Ike Okonta.
“We also recognise the soldier-democrats of the June 12 struggle: Major General MA Garba, Brigadier General Lawal Jaafaru Isa, Col Umar Farouk Ahmed; Col Sambo Dasuki;
Col Lawan Gwadabe; Brigadier Jonathan Ndam Temlong, Col Musa Shehu; Major General Chris Eze; Major General Harris Dzarma; Col Isa Jibrin; Maj. General Joseph Oshanupin; Col Olusegun Oloruntoba, Olugbede of Gbede Kingdom), Lieutenant Colonel Happy Kefas Bulus, Col J Okai;
Col Emmanuel Ndubueze; Lt Col Yakubu Muazu and Brigadier Yahaya Abubakar, the Current Etsu Nupe, who is already the holder of the CFR title.”
From Godswill Obot Akpabio, Senate President, came a definitive message to Nigerians on Friday – the future is bright, the road is clear and destination is assured under a strong, visionary and purposeful democratic leadership of President Bola Tinubu.
But he also raised a proviso – since democracy is participatory all citizens of the country, must get involved in providing the planks, which when nailed together, would enable the leaders fortify the platform for its growth, to enhance a robust, viable future.
These formed the fulcrum of his admonishment, as he joined other national leaders to celebrate Nigeria’s 27th anniversary of uninterrupted democracy, in which it not only broke the vice grip of military rule, but witnessed seven election circles to choose leaders at both national and other levels of government.
Akpabio, Chairman of the National Assembly, Nigeria’s lawmaking institution, was particular about the participation of the Nigerian youths in making his admonition come true, reminding them that they actually owned the future being fashioned today.
Conveying his message through Eseme Eyiboh, his spokesman the former Governor of Akwa Ibom State and former Minister of Niger Delta, also called on Nigerians to embrace unity, vigilance, and active participation in nation-building, commending them for showcasing resilience and support for democracy despite some low moments.
Noting that democratic experiment remained a testimony of endurance despite years of agitations, he said: “On behalf of the 10th National Assembly, I congratulate every Nigerian for the sustenance of democracy for close to three decades. Mistakes have been made in the course of this journey but we will surely get to the desired destination with your support.”
“Democracy should extend beyond the conduct of elections and be anchored on accountability, justice, compassion and service to the common good.”
Particularly for the Nigerian youths, he was emphatic about their active participation in the nation’s political process stressing that the younger generation forms the fulcrum of leadership succession.
Hear him: “As we commemorate June 12, I wish to encourage the youth not to sit on the fence but be active participants in the nation’s political activities. The youths constitute the fulcrum of those who will succeed us tomorrow.
“Let us therefore rededicate ourselves to the ideals of freedom, transparency and accountable government, social justice, and active citizen participation, especially the youths.”
The Senate President, also spoke the current parlous state of carnage in the country, appealing to Nigerians to unite with one another and cooperate with the government to tame “the monster that has befallen the nation.”
Assuring that Tinubu’s administration remained committed to ending the menace and securing the release of all persons in captivity, he said: “I urge every Nigerian to support the administration of President Bola Ahmed Tinubu in her efforts in fighting terrorism. We understand the pains you are going through but the government is not resting on its oars and hopefully we shall overcome this current challenge and all will be well with Nigeria.”
Seriake Dickson, National Leader of the Nigeria Democratic Congress (NDC), on Wednesday showcased Peter Obi, its presidential candidate in the 2027 election, but gave a proviso – his importance would not be at the expense of the party.
A guest on Prime Time, a public affairs programme on ARISE NEWS Television, the former Governor of Bayelsa State, now Senator representing West at the National Assembly, maintained that the belief in some quarters that Obi’s entrance into the party was a favour was completely misplaced.
Instead, he argued that the opposite was the case, as it was the party that was doing its candidates a favour by giving them the opportunity to contest elective positions on its platform in the 2027 elections, a gesture that ought to be returned.
Hear him: “Don’t make it look like anyone is doing NDC a favour. No one is. Rather, the NDC and I and my colleagues are doing people a favour by granting our platform. If you are genuinely supporting Peter Obi and you are disparaging me, the leader, or the platform itself. That is nonsensical.”
Stressing that NDC had demonstrated confidence in Obi by adopting Obi as its sole presidential candidate and selecting a vice-presidential candidate without internal disputes, he said it was enough to earn its leadership the gratitude it deserved.
He added: “Nobody paid shishi. So, if a presidential candidate didn’t pay shishi to be made the sole presidential candidate and sole vice-presidential candidate, that same party cannot be the one saying that small people are underprivileged.
“I could have run. There’s no one more qualified than me. There’s no one more qualified than me to run for presidential candidate. None. There is no crisis within the NDC. Peter Obi is a cherished member of our party. On our own, we have made him a presidential candidate. Sole presidential candidate. And that counts for something. We are working well together. There’s no crisis.”
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