Renowned legal scholar and Senior Advocate of Nigeria, Itse Sagay, has expressed concerns over the economic direction of President Bola Tinubu’s administration. Sagay cautioned against the implementation of policies recommended by the World Bank and the International Monetary Fund (IMF), asserting that such measures have historically caused significant economic hardship in developing countries, including Nigeria.
Sagay, speaking in a recent interview, specifically criticised the removal of the petrol subsidy, a policy undertaken based on advice from the Bretton Woods Institutions. He argued that the timing of the subsidy removal was poorly considered and detrimental to the Nigerian economy. …CONTINUE READING
According to him, the policy exacerbates the financial burden already faced by citizens and increases the cost of living across the country.
The Senior Advocate of Nigeria pointed to historical evidence to support his claims, noting that economic policies promoted by the IMF and World Bank have often failed in developing nations. Sagay argued that these measures, rather than improving economic conditions, have plunged countries further into economic difficulties. He emphasized that Nigeria should learn from past experiences and reconsider its reliance on such external advice.
Sagay highlighted the immediate impact of the petrol subsidy removal on Nigerians, particularly the rise in transportation costs. He cited the example of transportation fares for trips such as Lagos to Delta State, which he noted had skyrocketed from N5,000 to N65,000. He described this as a direct consequence of policies that disregard the realities faced by the average Nigerian, calling for a review of such economic strategies to alleviate the suffering of the populace.
The legal expert further critiqued the general approach of the IMF and World Bank towards developing nations, describing their policy prescriptions as “harsh and counterproductive.” He asserted that these institutions often recommend measures that fail to yield the intended economic improvements, leaving countries in worse conditions. Sagay suggested that Nigeria and other developing nations should carefully evaluate the implications of adopting such recommendations.
He said: “I do not know any developing country that has adopted these policies which have been successful economically. All those who adopted it in the past failed because their situation got worse until they tossed out those policies and started again.
