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Oxfam Slams IMF’s Austerity Measures For Nigeria
International charity organisation, Oxfam, has cautioned International Monetary Fund (IMF) against pushing developing countries into austerity measures.
It lamented that 87per cent of IMF COVID-19 loans require developing countries to adopt tough, new austerity measures, even as it accused the Fund of double standards.
In a statement, yesterday, in Abuja, Oxfam said: “New analysis finds that 13 out of the 15 IMF loan programmes negotiated during the second year of the pandemic require new austerity measures such as taxes on food and fuel or spending cuts that could put vital public services at risk. IMF is also encouraging six additional countries to adopt similar measures.
“Recently, IMF Chief, Kristalina Georgieva, urged Europe not to endanger its economic recovery with ‘the suffocating force of austerity’. Yet, over the past year, IMF has gone back to imposing austerity measures on lower-income countries.
“This epitomises IMF’s double standard: it is warning rich countries against austerity while forcing poorer ones into it. The pandemic is not over for most of the world. Rising energy bills and food prices are hurting poor countries most. They need help boosting access to basic services and social protection, not harsh conditions that kick people when they are down”.
Also, Country Director, Oxfam, Dr. Vincent Ahonsi, said: “Nigeria is a country of spectacular inequality and astounding level of poverty, which cannot afford the IMF’s austerity pill, as that could further worsen inequality and plunge more Nigerians deeper into poverty.”
He added: “IMF needs to stop selling its austerity ideas to Nigeria and facilitate an easier access to emergency financing for socio-economic infrastructure and human capacity development. The agency also needs to encourage the Nigeria government to lessen the burden on 99 per cent of the people who happen to be at the bottom of the pyramid, and tax the super-rich one per cent more appropriately through progressive tax regimen.”
This came as the United Nations disclosed that the coronavirus pandemic shock plunged 77million people into extreme poverty last year globally and, by the end of this year, many economies will have remained below pre-2019 levels.
In a report, Under Secretary-General, Liu Zhenmin, explained that the crippling cost of debt financing for many developing countries has restricted their recovery from the COVID-19 pandemic, forcing cutbacks in development, and their ability to respond to further shocks.
The report noted that rich countries were able to support their pandemic recovery with record sums borrowed at ultra-low interest rates, while the poorest spent billions servicing debt, preventing them from investing in sustainable development.
It estimated that one in five developing countries’ gross domestic product per capita would not return to 2019 levels by the end of 2023, even before absorbing impacts of the Ukraine war.
The ECOWAS Parliament has adopted a budget of 19,636,030 Units of Account (UA) (26 million dollars) for the 2026 fiscal year, and announced plans to commemorate its 25th anniversary in November.
The Speaker of the Parliament, Hadjia Memounatou Ibrahima, who announced this, said the development followed the recent conclusion of its 2025 Second Extraordinary Session in Port Harcourt, Nigeria.
She said the budget was adopted by the Parliament during plenary, stressing that, beyond being a mere accounting act, it was the engine of parliament’s commitment to West Africans.
”It will enable us to carry out our priority missions, including implementing the conclusions of the seminar on AI, while ensuring virtuous and transparent management of public funds entrusted to us.
”This budget represents a five per cent increase compared to the 2025 fiscal year budget, reflecting an upward adjustment of UA 939,233 from last year’s UA 18,996,897.
”Out of the budget of UA 19,636,030 for 2026, the sum of UA19, 368,394 representing 98.64 per cent is expected to be financed through the proceeds from the Community Levy, while UA257,636, equivalent to 1.36 per cent, will accrue from other sources,” Ibrahima said.
The News Agency of Nigeria (NAN) reports that the ECOWAS Community Levy is a mandatory 0.5 per cent tax imposed on goods imported into ECOWAS member states from non-ECOWAS countries.
Member states are under statutory obligation to pay the community levy, which is the main source of funding for ECOWAS institutions and their activities.
Ibrahima, however, expressed dismay that some members of the community were still defaulting on the payment of the levy, and warned that, going forward; such would be met with sanctions.
She also said that the commemoration of its 25th anniversary in November would highlight the ECOWAS Parliament’s achievements in deepening regional democracy, cooperation and growth, amid formidable challenges.
The Speaker described the forthcoming anniversary as “a chance to showcase resilience and chart a more innovative, youth-focused future for the community”.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
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