Senator Mohammed Ali Ndume, a Nigerian Politician who has been representing Borno South Senatorial District since 2011, has spoken on several economic policies critically.
A few weeks back, the Senator criticized President Bola Ahmed Tinubu’s existing desire to implement the Tax Reform Bill.
The Tax Reform Bill which consists of the Nigerian Revenue Service Establishment Bill, the Joint Revenue Board Establishment Bill, the Nigerian Tax Bill 2024, and the Tax administration Bill, aims to cause an increment of the Valued Added Tax (V.A.T) from 7.5% to 10%, and subsequent increment to 12.5% from (2026-2029), and 15% from the year 2030 and upward.
On this, Ndume said the Bill is dead on arrival, stressing that Nigerians must be financially capable before the Tax Bill can see the light of the day.
After these criticisms, the Borno born Politician this week spoke and highlighted various reasons which he vehemently believe are stumbling blocks to the progress of the Nation Nigeria.
Ndume raised objections about how foreign influence in Nigerian economic policy is eventually eating up Nigeria with surrounding day to day happenings, particularly prescriptions from institutions like the International Monetary Fund (IMF) and the World Bank.
He suggested that Nigeria’s economic solutions should come from within, guided by renowned local experts such as Dr. Ngozi Okonjo-Iweala and Dr. Oby Ezekwesili, who have extensive knowledge of the country’s unique economic challenges.
“The president should, as a matter of urgency, organize a National Economic Summit. We don’t need any foreigners for that.”
He criticized previous economic gatherings where foreign advisors, such as IMF officials, delivered advice that, he believes, does not suit Nigeria’s realities.
He further emphasized on the IMF’s recommendation to remove fuel subsidies, which would supposedly yield results in 15 years:
“If a doctor tells me I will recover in 15 years, I’ll tell him to leave. That’s what the IMF is doing, giving us a prescription for decades when we need immediate solutions.”—- Sen. Ndume.
Senator Ndume emphasized that Nigeria has local experts who understand the country’s context and can offer actionable recommendations without the heavy-handed austerity often advised by foreign institutions.
“We have Nigerian economists who understand our challenges. Dr. Okonjo-Iweala, for example, has spoken at Nigerian forums and is ready to contribute to fixing our problems,” he noted, adding that Nigerian experts would provide “less harsh and more workable” solutions.
When asked on Nigerian experts’ previous affiliations with global institutions, Ndume remarked that local professionals would better tailor their advice to Nigeria’s specific needs.
He compared it to the way Nigerians and Europeans respond differently to malaria, emphasizing that local experts understand Nigerian realities in a way foreign advisors cannot. “The prescription that Okonjo-Iweala and others would give would be more suited to our economy because they know the Nigerian situation,” he asserted.
Reflecting on Nigeria’s political challenges, Ndume argued that much of the country’s economic hardship is self-inflicted.
He pointed to a very good example using Venezuela as foreign investors; saying,
“I fear they are deliberately driving us towards Venezuela. Despite its vast oil reserves, Venezuela’s economy has collapsed.”
As a recommendation, Ndume suggests that Nigeria must take control of its economic path, prioritizing indigenous expertise over foreign interventions.
