Afenifere Slams World Bank’s 15-Year Plan, Urges Tinubu To Protect Nigerian Social Services

Afenifere Slams World Bank’s 15-Year Plan, Urges Tinubu To Protect Nigerian Social Services

The pan-Yoruba socio-political group, Afenifere, has advised President Bola Tinubu’s government to be cautious when considering the recent recommendations from the World Bank, particularly regarding reducing government support for social services in Nigeria.….CONTINUE READING 

This follows a statement made earlier in the week by Indermit Gill, the World Bank Group’s Senior Vice President, during the Nigerian Economic Summit Group (NESG) in Abuja. Gill suggested that Nigeria withdraw its support for certain social and economic programs, predicting that the positive outcomes of these measures would only be seen in 10 to 15 years.

In response, Afenifere’s National Publicity Secretary, Jare Ajayi, warned the Federal Government to critically assess this advice. He expressed concerns that while the potential benefits might take years to materialize, the present administration would be remembered primarily for the hardships imposed on the Nigerian people, with any future benefits being credited to subsequent governments.

Ajayi urged the government to prioritize policies that foster local businesses and reduce dependence on imported goods, instead of strictly following the World Bank’s recommendations. He noted that several countries, such as Mexico, Ghana, Argentina, and South Korea, faced economic difficulties after following advice from the World Bank and International Monetary Fund (IMF).

Ajayi said: “The current administration under President Bola Ahmed Tinubu will have ended its term before the 10 to 15 years in which the World Bank’s projected benefits might manifest. This could mean that while the people endure sacrifices, a future administration would receive the credit for any dividends.”

He also highlighted that the World Bank’s recommendations included budget cuts, the removal of subsidies, and devaluation of the Naira, while noting that countries like Malaysia thrived by rejecting such policies. Instead of following the World Bank’s model, Malaysia invested in local growth, and today it stands as one of the economically thriving nations.

Afenifere’s statement urged Nigeria to pursue similar policies, focusing on self-reliance, economic growth, and reducing external dependence.