Senior Advocate of Nigeria and legal scholar, Prof. Itse Sagay, has advised President Bola Tinubu’s administration to reject economic policies recommended by the International Monetary Fund (IMF) and World Bank, describing them as detrimental to Nigeria’s economy.
In an interview with *The PUNCH*, Sagay criticized the removal of the petrol subsidy, which was based on advice from the Bretton Woods Institutions. He argued that the decision, made without achieving self-sufficiency in local petrol production, has worsened economic hardships for Nigerians.
“The removal of the petrol subsidy has caused severe economic challenges, including the naira’s devaluation and skyrocketing transportation and food costs,” Sagay said.
He cited examples such as a sharp rise in transport costs, with a trip from Lagos to Delta State increasing from ₦5,000 to ₦65,000, and urged a policy reversal.
Sagay further accused the IMF and World Bank of imposing “harsh and counterproductive” policies on developing countries, leading to failure and increased suffering.
“No developing country that has adopted these policies has succeeded economically,” he noted, referencing historical failures in Africa.
On tax reform, Sagay supported measures that link state revenue to productivity. He emphasized the need for fair distribution of resources, arguing that reforms would incentivize states to become self-reliant.
“Lagos bears the burden of providing infrastructure for a large population but does not receive commensurate revenue. A productivity-based reform is both fair and necessary,” he said.
Sagay called for a reconsideration of economic policies while backing reforms that encourage fairness and state-level productivity.
