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Thu, Mar

Buhari Questions Reliability Of IMF, World Bank Statistics, Says Most Of Them Are 'Wild'

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President Muhammadu Buhari on Wednesday questioned the reliability of most statistics released by the International Monetary Fund, IMF and the World Bank especially on the state of the nation's economy, adding that some of the statistics are wild and unreliable.

He stated this while inaugurating the Presidential Economic Advisory Council, PEAC at the State House. He explained that most statistics about Nigeria by the World Bank and IMF bear little relations on the facts on the ground.

 

President Buhari told members of the PEAC to avoid recklessly and not well thought out policies and be free to co-opt and consult knowledgeable persons that can add value to their assignment.

 

The President who administered oaths of office on members of the Council at the Presidential Villa, Abuja, also set an agenda of what they should accomplish in the shortest possible time.

 

While describing their task as a most important assignment, the president charged them to focus on developing reliable data that will properly reflect what is happening in the country.

 

According to him, ‘‘As you develop your baseline study, I would like you to focus on primary data collection. Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF and other foreign bodies. Some of the statistics we get relating to Nigeria are wild estimates and bear little relation to the facts on the ground.

 

‘‘This is disturbing as it implies we are not fully aware of what is happening in our own country. ‘We can only plan realistically when we have reliable data. As you are aware, as a government, we prioritised agriculture as a critical sector to create jobs and bring prosperity to our rural communities.

 

‘‘Our programs covered the entire agricultural value chain from seed to fertiliser to grains and ultimately, our dishes. ‘As you travel in some rural communities, you can clearly see the impact. However, the absence of reliable data is hindering our ability to upgrade these programmes and assure their sustainability.”

 

Speaking on the Social Investment Programmes (SIPs), the President told members that his administration was working to measure the impact of the programme targeted at improving the well-being of millions of poor and vulnerable citizens. As such, he said he had directed the new Minister for Humanitarian Affairs to commence a comprehensive data-gathering exercise in all Internally Displaced Persons (IDP) camps in the North East.

 

He said, ‘‘Today, we hear international organisations claiming to spend hundreds of millions of dollars on IDPs in the North East. But when you visit the camps, you rarely see the impact. ‘In 2017, when the National Emergency Management Agency took over the feeding of some IDPs in Borno, Yobe and Adamawa, the amount we spent was significantly lower than the claims made by these international organisations.

 

‘‘Therefore, actionable data is critical to implement effective strategies to address pressing problems such as these humanitarian issues. I, therefore, look forward to receiving your baseline study as this will help us shape ideas for a sustainable and prosperous future.”

 

On his expectations from the council, the President in a statement by his Special Adviser on Media and Publicity, Chief Femi Adesina, urged them to proffer solutions on how to move the country and economy forward.

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