Tinubu Has Surrendered Nigeria’s Sovereignty to IMF, World Bank – HURIWA

Human Rights Writers Association of Nigeria (HURIWA) has condemned President Bola Tinubu’s recent economic policies, saying they have undermined Nigeria’s sovereignty.

Bola Tinubu

HURIWA noted that the condemnation comes in the wake of Tinubu’s dramatic policy shift, which starkly contrasts with his previous stance against similar policies under former President Goodluck Jonathan.

In a press statement, HURIWA recalled that before ascending to the Presidency, Tinubu was a vocal critic of the International Monetary Fund (IMF) and World Bank’s economic prescriptions.

According to the group, during Jonathan’s administration, Tinubu, and other prominent figures, including then-opposition leader Muhammadu Buhari, fiercely opposed the IMF and World Bank’s recommendations such as the removal of subsidies and the devaluation of the Naira, arguing that these policies would harm Nigeria’s economic stability and undermine the nation’s sovereignty.

“However, since taking office, Tinubu has adopted and intensified these very policies, leading to accusations of hypocrisy from various quarters.

“Critics have criticized Tinubu for this reversal, labeling it a betrayal of his earlier principles. According to them, Tinubu’s current endorsement of the IMF and World Bank measures, which he previously opposed, represents a significant departure from his earlier stance and effectively compromises Nigeria’s economic independence,” HURIWA stated.

HURIWA echoed these concerns, arguing that the devaluation of the Naira and the implementation of foreign-influenced economic policies weaken Nigeria’s financial sovereignty.

The association pointed out that by aligning Nigeria’s economic strategy with foreign interests, the current administration is ceding control over the country’s financial system to external forces, stressing that this shift not only diminishes the nation’s economic autonomy but also places Nigeria at the mercy of international economic pressures.

In addition to criticizing the economic policies, HURIWA also linked these measures to broader security concerns.

The association contended that the failure of Nigeria’s security agencies to effectively protect the country’s borders is directly related to the administration’s economic strategies.

According to HURIWA, inadequate border security has allowed armed non-state actors and criminals to infiltrate the country, further threatening Nigeria’s sovereignty. This situation, HURIWA argues, is a consequence of prioritizing foreign economic directives over national stability and security.

HURIWA’s critique extended to a call for the government to adhere to the Central Bank of Nigeria (CBN) Act, which obliges the administration to stabilize the Naira.

The association emphasized that protecting the national currency is crucial for maintaining Nigeria’s economic sovereignty and stability. Additionally, HURIWA urged the government to improve efforts to secure Nigeria’s borders, reinforcing measures to prevent the infiltration of terrorists, arms smugglers, and other illicit actors.

Drawing comparisons with other nations, HURIWA highlighted how countries like the United States, Canada, Australia, and the United Kingdom have successfully defended their economic and territorial sovereignty.

“These countries have implemented policies that prioritize national interests, maintaining strong control over their economic systems and borders. For instance, the United States has resisted external pressures to devalue the Dollar, ensuring a stable currency that supports its economic strength. Similarly, Australia and Canada have fortified their borders against illegal entries, safeguarding their territorial integrity”, HURIWA added

HURIWA further argued that Nigeria’s political leaders should adopt similar strategies to protect both economic stability and national security.

The association suggested that by resisting foreign-imposed economic measures and focusing on strengthening border protection, Nigeria can safeguard its sovereignty and ensure a more secure and prosperous future.

“HURIWA’s criticism of President Tinubu’s policy reversal underscores the broader implications of adopting IMF and World Bank directives. Our call for adherence to the CBN Act and the enhancement of border security highlights the interconnectedness of economic policies and national sovereignty.

“As Nigeria faces ongoing economic and security challenges, Our recommendations offer a pragmatic approach to achieving stability and defending the nation’s interests against external influences,” the statement added.