By Henry Umoru

Chairman Senate Committee on Finance, Senator Sani Musa, APC, Niger East, has said that there it has become very necessary and urgently required for the Bretton Woods institutions to recalibrate their support toward domestic-led, inclusive growth strategies, particularly in the face of mounting debt, global trade tensions, and rising insecurity.

Senator Musa, who noted that the economic fragility confronting many developing nations cannot be addressed through conventional austerity or external dependency, said, “We must look inward to build economic resilience. This means harnessing local industries, empowering youth through skills and innovation, and ensuring that domestic value chains are prioritized over raw exports.”

He spoke today during a high-level session of the Parliamentary Network on the World Bank and IMF (PN), the WBG, and IMF at the Spring Meetings of the International Monetary Fund, IMF and World Bank in Washington DC.

According to a statement from his Media Office, Senator Musa, who spoke before a panel of parliamentarians, global finance leaders, policymakers, and development partners, further outlined a practical roadmap for how the IMF and World Bank can strengthen their support, especially in a promising economy like that of Nigeria by shifting away from austerity to home-grown growth-based reforms, especially those that support job creation, local enterprise, infrastructure and agricultural transformation.

He urged the Bretton Woods institutions and other development partners to provide debt relief with investment-linked safeguards, enabling developing countries to reinvest in productive sectors and human capital. He also emphasized the need to enhance access to green and climate finance, creating jobs while addressing climate vulnerability. He reemphasized the need to Promote domestic resource mobilization through tax reform, anti-corruption support, and better fiscal governance.

Senator Musa further called for the involvement of national Parliaments and civil society to improve ownership, transparency, and policy alignment with local needs.

According to him, against the backdrop of ongoing global uncertainty, including geopolitical instability, trade tariffs, and inflationary pressure, international financial institutions must become partners in resilience, not just crisis managers. He added, “It is time for a development model that reflects national priorities, supports local innovation, and gives citizens a real stake in economic progress.”

The statement said, “The intervention was well-received and sparked discussions on rethinking the role of multilateral institutions in post-crisis recovery and inclusive development.”

Vanguard News