By – Arthur Nwakanma


Renowned human rights lawyer, activist and senior advocate of Nigeria, Femi Falana, has bemoaned the economic problems bedevilling the country with the attendant hardship, unemployment, misery and poverty on vast majority of Nigerians. He unequivocally placed the blame on the footsteps of IMF and World Bank whose draconian and obnoxious economic policy prescriptions that the Nigerian government bought hook,line and sinker is responsible for the hopelessness and multi dimensional poverty in the country. These views were expressed on the Channels Television Current affairs programme, Politics Today.

He was miffed, that the same Bretton Woods imperialist institutions while asking Nigeria to outrightly and comprehensively remove fuel subsidy, increase electricity tariff and float the naira with dire consequences on our national life is accusing the British government of not spending enough on education.

The legal practitioner was flabbergasted that governments in developed countries offer subsidies and social security nets in one form or the other without any IMF query.

He accused the Bretton Woods organizations of being set up by the West to undermine and destroy the economies of the developing countries.

Femi Falana upbraided the Nigeria government for sheepishly implementing the economic packages of the IMF at the detriment of the country and her people. He asserted that the only body recognised by the constitution to advise the government on economic matters is the National Economic Council, which he viewed as having abdicated its responsibilities.

The Senior advocate, called on the world bank to be more concerned with the Auditor General’s 2020 report presented to the National assembly in November, 2023 which revealed that 3.5 billion dollars World Bank loan offered Nigeria government which is due for payment in the next 3 years can not be located. He quipped that that should be their worry and not pressuring the government to unleash further hardship and suffering on the people. He denigrated the World Bank for not making genuine efforts to recover looted Nigerian funds hidden in banks in Western countries.

Falana made reference to section 16 of the constitution that stipulates that the government must be under obligation to plan and run the economy in order to promote the happiness of the people. And not the present sadness and misery they are experiencing.

Finally, he admonished the Nigerian government to look inwards and shun these anti people Bretton Woods institutions and their economic prescriptions, harnessing our abundant natural and human resources for the good, prosperity and happiness of Nigerians.