Continuation Of IMF/World Bank’s 10 Prescriptions After 2027 Election: Nigerians Will Pay The Price

By Abbati Bako, Political Scientist and Political Strategy and Communications Consultant

For the Attention of Bola Ahmed Tinubu, Atiku Abubakar and other stakeholders in Nigeria

Hence, Nigerians Must Wake up. Otherwise, Nigeria must learn from other economic emerging nations (Southern Hemisphere Nations). Especially China, India, Mexico, Brazil, Indonesia, Ghana and Saudi Arabia.

Introduction:

What you are suffering today is not reform. It is Prescription 1 to 5 of the IMF/World Bank bitter pill. The remaining Prescription 6 to 10 is waiting after the 2027 election, if we make the mistake of voting for continuity of this pain.

Let me decode it for you.
The First 5 Prescriptions You Have Already Swallowed (2023-2026):

1. Remove fuel subsidy by fiat Done. From
   N197 to N1,500. Result? Transport tripled, food doubled. And the economic reforms are biting both the have and the have not.
2. Float the Naira without a reserve buffer Done. From N460/$ to N1,324/$. Result? All imported goods, even toothpicks, became gold to every class of citizens.
3. Increase electricity tariff under Band A, B, C fraud Done. From N68 to N225 per kwh. Result? Darkness with an expensive bill.
4. Increase interest rates to kill small businesses. MPR from 18.5% to 27.5%. Result? No trader can borrow, factories closed and unemployment rate increases.
5. Devalue your life more taxes, less palliative VAT, excise, stamp duty up. Result? Government richer, citizens poorer.

IMF clapped. The World Bank gave a pass mark. Nigerians are loudly and terribly crying.

Now, The Next 5 Prescriptions Coming After 2027 If We Continue The Same Path:

If PBAT returns, the IMF will demand full implementation. If Atiku Abubakar wins it will be a new page. Here is their hidden checklist:

Prescription 6: TOTAL REMOVAL OF ALL REMAINING SUBSIDIES

They will remove electricity subsidy completely, education subsidy, fertilizer subsidy, even Hajj subsidy. Everything will be “market price.” University fees will be N2 million per year.

Prescription 7: FULL PRIVATIZATION OF NNPC AND YOUR SOVEREIGN ASSETS

They will sell NNPC, refineries, airports, seaports to their cronies under “private sector-led growth.” Just like NITEL. The Nigerian nation will own nothing.

Prescription 8: MASS RETRENCHMENT IN CIVIL SERVICE

The IMF will say “Nigeria’s wage bill is too high. “They will sack 50% of federal workers, cut pensions, cut NYSC allowance. Unemployment from 33% to 50%. Turkey and other Global Southern Hemisphere countries are an excellent example. Therefore, the next government in 2027 must study either Brazil, Mexico, China or India how they did it and succeeded in tackling WB/IMF’s Prescriptions. This is because of the fact that the nature of the 10 prescriptions are too bitter to swallow.

Prescription 9: DEVALUATION TO N3,000 PER DOLLAR

They will say “Naira is still overvalued.” CBN will be forced to float to N3,000. A bag of rice will be N250,000. Minimum wage N70,000 will buy 1/3 bag.

Prescription 10: LAND TAX, DEATH TAX, AND STATE OF EMERGENCY ON DEBT

When debt service hits 100% of revenue, they will impose property tax on your village house in Gusau, tax on your borehole, and take your gold reserves in London as collateral.

My people and our leaders this is not reform, this is economic colonization without an army or using modern weapons.

LESSON FROM HISTORY:

Mahathir Mohammad of Malaysia rejected the IMF in 1998 during the Asian crisis. Malaysia survived. Indonesia accepted the IMF and collapsed for 10 years. Ghana accepted the IMF in 2022 and cedis died. Why is Nigeria accepting every bitter pill without negotiation?

CONCLUSION:

In 2027, the election is not about APC vs PDP vs ADC or NDC It is about Nigeria vs IMF.

Do we want a President who will say NO to the IMF and renegotiate; like Atiku Abubakar (he is known to everyone that is not a coward and fearless leader and has huge private sector experience and can say ” please let us sequence reforms with human face”?

Or do we want continuity of 10 prescriptions that will make Nigerians pay the price with insecurity, blood, hunger, melting economy, precarity/stagnation and generally stagflation?

Nigerians must choose. The price is already too high and next generations will blame the past and current leadership.

Abbati Bako, psc, bsis, Alumnus University of Kent UK’s European University. He is a political scientist and analyst of Global Political Economy abbatibako@gmail.com GSM: +2349077889959