Speaker of the House of Assembly and the recent debate on Nigeria's national economy

[Emmanuel Udogu]

Opinion

 I find the Speaker of Nigeria’s House of Assembly–The Honourable Tajudeen Abbas–stated speech, on the national economy, at a recent conference quite revealing against the backdrop of my current project. I listened with keen interest to the warning from the Speaker on the issue of borrowing, and borrowing, from international financial organizations bearing in mind the famous idiom: “HE WHO PAYS THE PIPER NAMES THE TUNE.”

Please find below a cited quote, relevant to this matter, from my project.

“African nations are, today, practically under the hegemonic control of the World Bank, the International Monetary Fund (IMF), donors, and other International financial institutions. In most African countries, national budgets and development plans are made known to and discussed with officials of the World Bank and the IMF [on a quid pro quo basis] before they are made known to nationals. Education policies, social programs, foreign trade and all international economic transactions are determined, conditioned and in many instances, dictated by officials of the Fund and the World Bank… If nothing can be said about their role in the consolidation and reproduction of Africa’s marginalization in global divisions of labour and its chronic underdevelopment, we can state with certainty that Africa’s pitiable conditions today attest to the limited relevance of IMF and the World Bank programs, prescriptions and meddling in African Affairs. Their so-called experts, planning missions, export reports, and development models have failed woefully in addressing the specifics of Africa’s underdevelopment, and have, in fact, deepened contradictions, conflicts, and crisis in African social formations”

Julius O. Ihonvbere, “Banking on Poverty and Crisis: The Impact of World Bank and IMF on Sub-Saharan Africa,” The African Review: A Journal of African Politics, Development and International Affairs, Vol. 24, No. 1 /2 (1997): 157-158.  

Ike Udogu

[Cornelius Hamelberg]

Would Ike Udogo care to comment on  what President Tinubu has been saying here :about " No Borrowing"  : 

https://www.google.com/search?q=Tinubu%3A+No+Borrowing&sca

[Emmanuel Udogu]

Sir,

You might find the discourse on borrowing by the leadership in Naija, among other exciting and provocative discussions, in this video from Arise News interesting. My Brother who spoke, on behalf of the Speaker of the House of Assembly, is the Leader of the House (APC). He is Professor Julius O. Ihonvbere (a Political Scientist).

  https://www.youtube.com/watch?v=Q484VFs3iT4

Ike Udogu

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