Former Nigerian Senator Shehu Sani has sharply criticized the World Bank and International Monetary Fund, accusing the institutions of prescribing failed economic policies to developing countries.
In a tweet posted on his social media account, the former lawmaker used strong language to express his frustration with the two financial bodies.
Senator Sani specifically took issue with the institutions’ common policy recommendations, including subsidy removal and currency flotation. He suggested these measures, often promoted as solutions for economic growth, frequently lead to opposite outcomes for the countries that implement them.
“The World Bank and IMF are the Witches and Wizards who will tell you to remove subsidies and float your currency in the ocean and expect the miracle of wealth and prosperity, and when the results turns out to be poverty and misery, they blame you for taking the wrong dosage,” Senator Sani wrote.
His statement comes as Nigeria continues to experience economic difficulties following the removal of fuel subsidies and the floating of the naira, policies that have contributed to rising inflation and increased cost of living for citizens.
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