3 weeks ago
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Former Chairman of the Independent National Electoral Commission, Attahiru Jega, has urged the Federal Government to exercise caution when considering recommendations from the World Bank and the International Monetary Fund.
Speaking at the Chartered Institute of Directors’ 2024 Annual Directors’ Conference on Wednesday, Jega stressed the importance of engaging with these institutions but warned against adopting their recommendations without careful scrutiny.
“We should not swallow what they bring to us hook, line, and sinker,” Jega stated, adding that short-term benefits could lead to greater long-term issues if not considered carefully.
Under the theme “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” Jega stressed that Nigeria should focus on “democratic governance rather than merely the good governance promoted by the World Bank.”
He believes this approach will put Nigeria on “a sustainable path of people-oriented development.”
The Bretton Woods institutions were recently accused of influencing President Bola Tinubu’s current economic policies, particularly the removal of the PMS subsidy and the floating of the naira, which have contributed to rising inflation in the country.
The IMF recently clarified that it did not advise President Bola Tinubu to remove fuel subsidies, stating, “The decision was a domestic one. It was President Tinubu’s decision. We don’t have programmes in Nigeria.”
Jega, however, urged leaders to focus on reforms that deliver real benefits to Nigerians.
The CIoD President, Tijjani Borodo, highlighted the institute’s commitment to promoting corporate governance.
“We are dedicated to building connections among top business leaders and working with the government to foster a favourable business environment, even in challenging times,” Borodo said.
The Chairman of the event, Mutiu Sunmonu, noted that character is essential to good governance.
“If you don’t have the right character, no matter the rules and compliance, everything will fail,” Sunmonu said, encouraging parents to instil strong character in their children.
