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Buhari accuses World Bank, IMF of churning out false data on Nigeria’s economy

Buhari accuses World Bank, IMF of churning out false data on Nigeria’s economy

President Muhammadu Buhari has accused the World Bank and the International Monetary Fund (IMF) of publishing falsehood about Nigeria’s economy.

Buhari made this known during his inaugural meeting with members of the reconstituted Economic Advisory Council where he said most of the foreign statistics about the Nigerian economy are wild estinates that do not relate with the realities on ground.

The President warned Nigerians to be wary of some statistics from world bodies and harped on the need to domesticate our policies to reflect our local realities

He insisted that local institutions are suitable in the collation of records than foreign agencies advising the new council to prioritise a framework on data collection that would make national planning and policymaking more feasible.

 “Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF and other foreign bodies. Some of these statistics are wild estimates that bear little relation to the facts on the ground.

“We can only plan realistically when we have reliable data. As a government, we are taking very serious steps to improve the quality of data available for policymaking, and today I charged the Presidential Economic Advisory Council to prioritise the collection of primary data.

“We must domesticate our policies to reflect our local realities. While we very much welcome the cooperation and support we are getting from our friends abroad, it is important to make it clear that Nigeria can only truly move forward with homegrown solutions” he added,” he tweeted.

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