An influential socio-political activist, Senator Shehu Sani has accused the International Monetary Fund (IMF) of pushing Nigeria into economic self-destruction.
Sani made this statement while criticizing the IMF for its perceived negative impact on Nigeria’s economy, and highlighting the African Development Bank’s warnings against following the advice of the UN financial agency.
He stated this via his X handle (formerly known as Twitter) @ShehuSani, on Sunday, February 18.
The former federal lawmaker advised President Bola Tinubu’s administration to heed the caution of the African Development Bank.
He wrote: “The IMF is pushing our country to economic self-destruction and the African Development Bank is cautioning us against threading that path. We should go with the latter.”
Earlier, the African Development Bank (AfDB) has said the economic hardship and the rising prices of fuel and other commodities could lead to social unrest in Nigeria.
In its macroeconomic performance and outlook for 2024 released on Saturday, the AfDB said internal conflicts and violence could also result from rising prices for fuel and other commodities.
According to the financial institution, Ethiopia, Angola and Kenya could also experience social unrest following the rising cost of living and high prices of food items.
The AfDB projected Africa’s economy to grow higher than the 3.2 per cent recorded in 2023, adding that the growth on the continent will rebound to 3.8% in 2024.
The African Bank, however cautioned that an increase in fuel and commodity prices occasioned by currency depreciation or subsidy removal in Nigeria, Angola, Kenya and Ethiopia could trigger internal conflicts.