Youth Rights Campaign Accuses Tinubu, Others Of Acting As ‘Yes Men’ To World Bank, IMF, Calls For Mass Action Against Policies

The Youth Rights Campaign (YRC) has called for mass resistance against the neo-liberal policies being implemented by President Bola Tinubu’s administration, supported by global financial institutions like the World Bank and the International Monetary Fund (IMF).

The group has expressed concerns about the long-term consequences of the policies on Nigeria’s economy and the standard of living for its citizens.

The rights group accused Indermit Gill, Senior Vice-President of the World Bank, over his recent comment during the 30th Nigeria Economic Summit held in Abuja on Monday, October 14.

Gill emphasized the importance of sustaining critical reforms, stating, “Nigeria’s path to economic transformation hinges on its ability to sustain critical reforms like that of President Tinubu for at least 15 years. There is no shortcut to economic transformation. The difficult decisions taken today will not yield immediate results, but they will set the foundation for a more prosperous and stable Nigeria.”

In a statement released on Wednesday, Francis Nwapa, the National Secretary of YRC, condemned the comments made by Gill, asserting that they reflect a disregard for the adverse effects these reforms have had on the Nigerian economy and the living standards of its citizens.

“Despite the devastating impact of these so-called reforms on the Nigerian economy and the living standards of its people, Mr. Gill believes it is in the best interest of Nigerians to continue suffering to achieve the ruinous World Bank agenda,” Nwapa said.

Citing recent figures from the Manufacturing Association of Nigeria (MAN), Nwapa highlighted the growing distress in the industrial sector, where over 767 manufacturing companies have shut down operations in 2023, and an additional 335 are facing significant challenges.

Nwapa described the World Bank’s policies as being aligned with “economic vampires,” accusing President Tinubu and his administration of acting as “yes men of imperialism.”

According to the YRC, these neo-liberal policies have contributed to widespread economic instability, unemployment, and a decline in living standards, while offering little hope for immediate relief.

“What Mr. Gill didn’t tell his listeners is that humans must be alive, in good health, with access to education and security, to achieve a prosperous future,” Nwapa added.

“Are these IMF/World Bank anti-poor reforms meant to benefit Nigerians, or simply to serve the interests of the World Bank and its imperialist funders?”

The statement further reads, “In August 2024, the same World Bank reported that domestic food prices in Nigeria remains among the highest globally by 37.5%.”

The UN’s Food and Agriculture Organisation Director-General, Qu Dongyu was reported to have said, “The magnitude of suffering in Nigeria is alarming. It is incumbent upon all of us to act now and to act fast to save lives, safeguard livelihoods and prevent the worst situation.”

Nwapa explained that the United Nations children Fund UNICEF announced that 18.3 million children are out of school in Nigeria, a figure higher than the population of the Netherlands.

“Inflation in Nigeria is currently at 32.15%. youth unemployment is currently at 53.40%, while at the last report of Global Hunger Index, despite having 36.9 million hectares of arable land Nigeria was ranked 110 out of 125 countries coming behind countries like Sudan, Zimbabwe, DR Congo and Guinea.”

He said Nigeria is a leading oil producer in the world and endowed with several natural resources capable of putting the country among the richest in the world with the citizens benefiting from her wealth.

“The Manufacturing Association of Nigeria (MAN) has reported a concerning trend within the industry, revealing that about 767 manufacturing companies shut down operations while 335 experienced distress in 2023.

“This development is attributed to various economic difficulties, including exchange rate volatility, rising inflation, and a general worsening of the investment climate.”