……senator underscores IMF on Nigeria per capita income
The senator representing Ondo South in the Nigerian Senate challenged the IMF and the World Bank to present evidence contradicting the claim that Nigeria is currently the 42nd largest economy in the world. Ibrahim emphasised that President Tinubu’s administration has never stated that Nigeria faces no challenges. According to the senator, the debt, at 127% of GDP, is a significant concern facing the American economy.
Nigeria struggles to translate its large GDP into higher per capita income, a problem the government is addressing with the Hope Agenda. The executive order aims to tackle the complexities of America’s $34 trillion debt. Ibrahim mentioned that the IMF and World Bank often show data from only one standpoint on the balance sheet. He suggested these organisations should concentrate on their internal problem of increasing consultancy fees, highlighting that the IMF and World Bank are secondary epiphenomena without independent authority. Ibrahim also observed.
Ibrahim stated that the skill gap in the public sector hinders the effective execution of the government’s good intentions. He mentioned that the government aims to address this problem through a significant restructuring policy. Reforms are underway, and promoting the knowledge economy has become a top focus. Per capita income is projected to increase gradually over time.
Ibrahim reacted to the IMF/World Bank statement claiming Nigeria is the 12th poorest country with a specific per capita income. He criticised the IMF for overlooking the country’s total GDP, which primarily influences the per capita income. Ibrahim emphasised that eradicating or reducing poverty is a shared responsibility. Furthermore, he stated that Nigeria’s actual GDP is $363 billion, with a per capita income of $1,597, as opposed to the $808 mentioned by the IMF.
