- Senator Shehu Sani has cautioned the federal government against following the International Monetary Fund (IMF) advice
- Sani said the IMF, a financial agency of the United Nations (UN) is pushing Nigeria into economic self-destruction.
- He advised President Bola Tinubu’a government to listen to the warning issued by the African Development Bank (AfDB)
Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy
FCT, Abuja – Former Kaduna central senator, Shehu Sani has accused the International Monetary Fund (IMF) of pushing Nigeria into economic self-destruction.
Sani said that while the IMF is dragging Nigeria down economically, and the African Development Bank (AfDB) has been warning Nigeria against following the advice of the financial agency of the United Nations (UN).
Photo credit: Shehu Sani/Asiwaju Bola Ahmed Tinubu
Source: Facebook
He stated this via his X handle (formerly known as Twitter) @ShehuSani, on Sunday, February 18.
The former federal lawmaker said advised President Bola Tinubu’s administration to take the caution of AfDB
He wrote:
“The IMF is pushing our country to economic self-destruction and the African Development Bank is cautioning us against threading that path. We should go with the latter.”
As reported by Channels TV, AfDB raised an alarm that rising prices of fuel and other commodities could lead to social unrest in Nigeria, Ethiopia, Angola and Kenya.
The regional multilateral development finance institution issued the warning in its macroeconomic performance and outlook for 2024
“Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.
Nigerians react
@IamThatNaijaGuy
In 1984, 1 USD was equivalent to 0.765 Naira. Which means that the naira has a higher value than the USD.
In 1986, the IMF advised the then govt of IBB to devalue the Naira as part of a series of economic reforms called SAP.self-destruction
That was the beginning of the economic woes of Nigeria which it has never been able to recover till date.
No serious country takes any meaningful economic advice from the IMF or the World Bank because these institutions are designed to keep developing nations as slaves, so they can continue to lend money to them at exorbitant rates.
If countries like Nigeria become economically viable, the IMF and the World will collapse.
@Good_citizins
IMF never wants the progress of Nigeria, but the Nigerian government should understand that the IMF is not in Nigeria’s streets to understand the level of hunger that is going on. Does it mean that we don’t have our own economic template that will work for us?
@iagharanya
The IMF has always been the tool of the West to keep Africa down. The earlier we wake up the better
@whykavelli
We should thread really carefully, the economy is on the verge of total collapse
@OlutunjiT
I can now see some of the reasons why the US is not comfortable with Akinwunmi Adesina as the President of the African Development Bank
Source: Legit.ng
