By Kolawole Ojebisi
Former Chairman of the Independent National Electoral Commission, Attahiru Jega, has advised the Federal Government to always subject economic policies from the Bretton Woods institutions to close scrutiny before implementation instead of taking them hook, line, and sinker.
He noted that while it’s good to engage with the Bretton Woods institutions, particularly the World Bank and the International Monetary Funds, the government must consider the country’s economic peculiarities and exercise caution before embracing their recommendations.
Jega said this while speaking at the Chartered Institute of Directors’ 2024 Annual Directors’ Conference on Wednesday.
“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 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.
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 had 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.”
Many economists has berated successive governments in the country over the penchant for neo-liberal policies sold to them by both IMF and World Bank.
