Nigeria accepted IMF loan out of greed, says DVC
The Acting Deputy Vice-Chancellor, Lagos State University of Education, Dr Nosiru Onibon, has disclosed Nigeria accepted the International Monetary Fund (IMF) loan years back out of greed.
Onibon stated that the IMF is one of the major challenges bedeviling the economic growth in the country.
According to him, nations that borrow money from IMF have a greater rate of poverty, unemployment and inflation.
The Associate Professor made these assertions during the Anwar-ul Islam Movement of Nigeria Ramadan lecture in Agege, Lagos.
He said despite the palliatives doled out to people, poverty’s advance and onslaught against the populace is unceasing.
Onibon said that government should institutionalised charity rather than giving out palliative.
He said: “From 1999 till today, the numbers of intervention programmes the politicians and philanthropists have embarked upon are enough to alleviate poverty, yet the number of poor people continues to increase.
“In 2019 the National Bureau of Statistics (NBS) reported that four out of 10 Nigerians were poor meaning 40 percent of Nigerians are poor. In 2022, report says 6.3 out of 10 Nigerians were multi-dimensionally poor, meaning 63 percent of over 200 million Nigerians are poor. Today, the number of beggars is increasing, whereas the palliative is supposed to reduce poverty.”
“When I was in Malaysia, the president of our university told us that he was in the cabinet of the government for about 17 years. We asked what the secret of Malaysia’s development and he said, firstly we don’t collect IMF loans. All the countries that collected IMF loans are crawling except the stubborn ones. The year they came to sell IMF to Nigeria, it is not as if we don’t have enough but we accepted it out of greed,” he said.
He explained that to revamp Nigeria’s economy, the cost of governance must be reduced, adding “Malaysia refused to take an IMF loan and they go prudent with what they have. There is a need for us to cut the cost of governance and the money realised should be used for the development of the country.”
Dr Onibon urged President Bola Ahmed Tinubu and all political holders to renew their intentions to rebuild the country as this will put a smile on the face of the masses.
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“The citizen should also renew their intentions. The success of this country depends on our intentions. All decisions and policies that are taken out of sincere intention will always end in a good way. Let the leaders and followers renew their intentions and be disciplined. What is the essence of a constitution or a law that is not implemented? It is as good as it doesn’t exist. The government should summon the courage to punish criminals. The kidnappers and those who embezzle our money must not go unpunished. Our insatiable greed led us to this insanity.”
He urged Nigerians to be kind to one another as this will bring prosperity to the country.
National President of the movement, Alhaji Mubashir Ojelade, commended members of the movement for steadfastness despite the economic crisis.
“A group founded in 1960 and still in existence and the members are still committed despite the situation in the country. We all deserved commendation. I thank Almighty Allah on your behalf. May we not witness calamity in Nigeria.
“If Almighty Allah blesses you with good health, food and adequate security in this economy, you must be thankful. Don’t allow your wants and taste to be bigger than what you earn. It makes people steal.”
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