Morenike Babington-Ashaye, the President, International Centre for Tax Research and Development (ICTRD) has alleged that imperialist institutions, IMF and World Bank have been behind the downfall of Nigeria, that they and their allies are responsible for the hard time Nigerians are facing at the moment.
“Britain has been a parasite on Nigeria for too long. The IMF and World Bank should exit Nigeria. They both have facilitated a high level of corruption in the country by aiding and abetting corrupt governments. If you know a government is corrupt, why lend to such a government?
She said that the recent advice by the IMF and World Bank that Nigeria should devalue its currency in anticipation of foreign investment clearly shows that they do not mean well for Nigeria.
“The recent devaluation is absurd and has impacted badly on Nigerians. The IMF and World Bank should have brought in the foreign investments first. I will suggest that this last devaluation be reversed. As a matter of fact all devaluation based on anticipated foreign investments should be reversed. How much of these foreign investments have Nigeria retained? She queried.
Speaking at an interview, Babington-Ashaye, a Former Chairman, Ogun State Internal Revenue Service said that the only viable solution is to ascertain the true value of the naira that the nation must cease to patronise nations that refuse to accept the Nigeria currency.
“It is illogical that Nigeria seeks foreign currency when purchasing from other countries, while these nations conveniently pay us in their own currency. Why can’t this arrangement be reciprocal? At present, the Central Bank is failing in its duty by succumbing to the pressures of the IMF and World Bank to devalue the Naira, and by indirectly supporting black market operators.
“It is reprehensible for the Central Bank to devalue the Naira in hopes of attracting foreign investments. Should our people suffer while awaiting foreign funds? It is not prudent to discard the water in the bucket on the mere assumption that rain might fall.
“The Central Bank should engage individuals well-versed in foreign exchange matters who understand the complexities of the industry. Recent revelations of corruption within the banking sector and the sudden enrichment of some insiders underscore the need for caution.
Babington-Ashaye further advised the nation to discontinue following economic strategies and advice from the IMF and World Bank, that Nigeria should develop its own economic theories tailored to its unique circumstances. Independent
