“Our Primary Responsibility is to Nigeria, Not the IMF” – Gambari Urges FG to Adjust Economic Policies

Professor Ibrahim Gambari, former Chief of Staff to ex-President Muhammadu Buhari, has called on President Bola Tinubu’s administration to reassess and adjust certain economic policies recommended by the International Monetary Fund (IMF) and the World Bank. Speaking during an interview on Inside Sources with Laolu Akande, a socio-political program on Channels Television, Gambari emphasized that these policies must prioritize the well-being of Nigerians above all else.

He questioned the effectiveness of policies that lack popular support, stating, “Ultimately, what’s the value of the policies that the people do not support?” Gambari added that while the IMF and World Bank are development partners, Nigeria must retain the freedom to adapt their advice to meet the country’s unique needs. He underscored that the government’s primary responsibility is to its citizens, not to external institutions.

The IMF and World Bank have long advocated for the removal of energy subsidies and the floating of the naira, asserting that delays in implementing these measures have exacerbated Nigeria’s inflation woes. After taking office in May 2023, President Tinubu implemented both policies, leading to significant economic consequences. The removal of petrol subsidies caused fuel prices to surge from under ₦200 per litre to over ₦1,100 in many areas, while the naira’s value plunged from ₦700/$ to around ₦1,600/$. These changes have contributed to soaring inflation and a severe cost-of-living crisis, with many Nigerians struggling to cope.

Gambari warned that Nigeria’s resilience in the face of such challenges should not be taken for granted. “We’ve been very lucky because Nigerians don’t demand very much. That’s why they go about their business… But there may be a breaking point. We don’t want to wait until a revolution takes over before we take action,” he cautioned. He cited examples from other countries, such as Sudan, where a 20% rise in bread prices led to riots and political upheaval.

Drawing on his experience in international diplomacy, including over a decade at the United Nations, Gambari stressed the need for Nigeria to take control of its destiny. He reiterated that while the country must engage with global institutions, its policies must be tailored to its own needs and priorities. “Our primary responsibility is to Nigeria. We are not responsible and will not be held responsible for what the IMF does,” he said, emphasizing the importance of safeguarding Nigeria’s sovereignty and well-being.

Gambari also highlighted the critical role of security in national development, stating, “Any president of Nigeria must make security number one because there can be no development without peace.” He called for policies that empower Nigerians to take charge of their economic futures, stressing the need for collective efforts to salvage the country. “Nigeria is the only country we can call our own, and we have to salvage it together,” he concluded.