Thanks for this piece
The IMF is entitled to offer advice. Nigeria is equally entitled to reject any advice that does not serve its national interest.
History teaches us that IMF prescriptions have often come with painful consequences across the developing world. From the Structural Adjustment Programmes of the 1980s and 1990s in Africa and Latin America to austerity measures imposed during economic crises, many countries were told to remove subsidies, raise taxes, cut public spending, and liberalize markets. While some reforms achieved macroeconomic targets, millions of ordinary citizens paid the price through unemployment, rising poverty, weakened social services, and economic hardship.
Nigeria itself still bears the scars of Structural Adjustment. Entire industries struggled, the middle class was weakened, and many social protections were eroded. We must therefore approach every IMF recommendation with healthy skepticism and rigorous scrutiny.
Suggestions such as extending VAT to fuel, imposing new taxes on telecommunications, raising VAT rates, or reducing incentives may improve government revenue on paper. But the real question is: what will be the impact on ordinary Nigerians, small businesses, job creation, inflation, and national competitiveness?
The duty of the President is not to impress international financial institutions. His duty is to protect the welfare, security, and prosperity of Nigerians. Economic policy must be guided by Nigeria’s realities, not by one-size-fits-all templates developed in distant boardrooms.
The government should listen to all stakeholders, weigh all options, and pursue policies that grow the economy, create jobs, expand the tax base, reduce waste, and improve governance before placing additional burdens on citizens who are already struggling.
Nigeria must engage the IMF respectfully, examine its recommendations but ultimately govern itself courageously by choosing what is best for Nigeria regardless of IMF position. I am sure this government will ultimately make the right decisions.