Breaking: Jega Cautions Nigeria Against IMF’s Advice

Former Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, has cautioned Nigeria against following all advice from Bretton Woods institutions like the World Bank and the International Monetary Fund (IMF) without scrutiny.

Speaking on Wednesday at the 2024 Annual Directors’ Conference organized by the Chartered Institute of Directors of Nigeria (CIoD), Jega advised that while engagement with these institutions can be beneficial, the government must consider potential long-term consequences.

During his lecture, themed “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” Jega emphasized the need to nurture democratic governance over simply adopting governance standards promoted by international institutions.

“We must be careful with the measures they suggest,” he warned, adding that blindly following their policies may lead to more severe medium- and long-term issues for the country.

His comments come amid concerns that the World Bank and IMF influenced recent economic decisions by President Bola Tinubu, including the removal of fuel subsidies and the naira’s floatation—measures that have triggered inflation.

However, IMF African Region Director, Abebe Selassie, clarified during the IMF and World Bank Annual Meetings in Washington DC that these were domestic decisions made by President Tinubu, with the IMF’s role limited to dialogue.

Jega also stressed the importance of reforming Nigeria’s leadership recruitment process, noting that unprepared leaders pose significant challenges to development.

The CIoD President, Alhaji Tijjani Borodo, highlighted the institute’s role in promoting corporate governance across Nigeria, stating that it aims to empower directors and business leaders to contribute meaningfully to the nation.

Echoing Jega’s remarks, CIoD Chairman Mr. Mutiu Sunmonu underscored character as the foundation of good governance, advocating for parents to instill strong values in the younger generation.