Former Kaduna Senator and APC chieftain, Shehu Sani, has strongly criticized the World Bank and International Monetary Fund (IMF) over their recent reports highlighting Nigeria’s deepening poverty crisis, accusing them of promoting harmful economic prescriptions disguised as reforms.
According to the World Bank’s latest Poverty & Equity Brief, Nigeria’s poverty rate has surged dramatically, with about 45 million more Nigerians falling into poverty since 2018/19. The report projects a poverty rate of 47 percent by 2024, while rural poverty remains alarming at 75.5 percent. Among children aged 0–14, the rate is an astonishing 72.5 percent.
The IMF also revealed that Nigeria’s real per capita GDP declined by 0.7 percent annually between 2014 and 2023, estimating the nation’s 2023 poverty rate at 42 percent.
Reacting to these findings, Shehu Sani took to social media to condemn both global institutions, describing them as “the witches and wizards” of economic reform.
“They tell you to remove subsidies and float your currency in the ocean, promising prosperity. When poverty follows, they blame you for taking the wrong dosage,” he wrote.
Sani accused the IMF and World Bank of imposing one-size-fits-all policies, such as subsidy removal and currency liberalization, without considering Nigeria’s socio-economic realities.
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