Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has raised concerns over what he described as the growing influence of the International Monetary Fund (IMF) and the World Bank on Nigeria’s economic policies.
Falana made the remarks during an interview on Channels Television on Monday, August 31, 2026, while discussing the country’s economic situation and the policies being implemented by the Federal Government.
According to the legal practitioner, Nigeria has gradually lost control over major decisions concerning the management of its economy, with international financial institutions allegedly playing a significant role in determining the direction of government policies.
He argued that decisions affecting millions of Nigerians should primarily be based on the needs and welfare of the people rather than prescriptions from external institutions.
Falana stated emphatically, “Right now we are not in charge of our economy, the IMF and World Bank are in charge.” He explained that, in his view, the influence of these institutions could be seen in several major economic decisions taken by successive Nigerian governments.
The senior lawyer specifically mentioned the removal of fuel subsidies and changes in electricity tariffs as examples of policies he believes have been heavily influenced by the IMF and World Bank. According to him, Nigerians have continued to bear the consequences of these policies through increased living costs and economic hardship.
He said, “They tell us when to remove fuel subsidy, when to remove electricity tariff or when to increase electricity tariff.” Falana’s comments echo his earlier criticism of the influence of the Bretton Woods institutions on Nigeria’s economic policies.
COURTESY: Olacious
