Hundeyin blames World Bank for electricity subsidy removal, rising tariffs

Renowned investigative journalist David Hundeyin has strongly criticized the United States’ economic influence over Nigeria, accusing global financial institutions like the International Monetary Fund (IMF) and the World Bank of dictating domestic policies that negatively impact ordinary Nigerians.

Hundeyin specifically pointed to the removal of electricity subsidies, which has led to an astronomical increase in electricity tariffs, alleging that this decision was not made independently by the Nigerian government but was instead influenced by the World Bank, whose largest shareholder is the U.S. government.

According to Hundeyin, both the previous and current Nigerian governments have been pressured by international financial organizations to eliminate electricity subsidies, leading to skyrocketing power bills for consumers and businesses alike.

“Just in case people are not aware, the removal of electricity subsidies in Nigeria, which has caused the astronomical rise in electricity prices, was directly dictated by the World Bank to both the previous and the present Nigerian government,” Hundeyin stated.

He further argued that while the debate over whether electricity should be subsidized is valid, the bigger issue is the influence of unelected officials in Washington, D.C., who dictate key economic policies for Nigeria.

“What should worry you more than the removal alone is the fact that a small group of unelected, anonymous white men in Washington DC, acting on behalf of a foreign state interest (the US govt is the World Bank’s biggest shareholder), have the power to determine how much you should pay for your electricity in Nigeria.”

Hundeyin expressed deep frustration over the fact that Nigeria’s electricity generation, distribution, and transmission infrastructure are entirely based on local resources and labor, yet foreign entities are able to control pricing decisions.

READ ALSO: David Hundeyin accuses FG of plot to forcefully repatriate him  

“The electricity is generated in Nigeria, using Nigerian energy sources and Nigerian labour, and is distributed and transmitted using Nigerian infrastructure. But one group of oyibos you have never heard of, who are sitting on another continent, somehow have the power to instruct your government to raise your energy bills and complicate your life,” he said.

He also criticized the IMF and World Bank’s loan practices, arguing that they impose economic conditions that hurt local industries.

“They even offer your government loans that it doesn’t need and isn’t qualified for, then they make disbursement conditional on increasing your electricity bill by removing the same electricity subsidy that they have in their own country,” Hundeyin explained.

According to him, these international financial policies are deliberately designed to prevent Nigeria’s industrialization, ensuring that the country remains dependent on foreign economies for resources and labor.

Advertisement

“If Nigeria gains sustained and reliable access to cheap power, the only possible result is industrialization – which means no more free natural resources and cheap labour to support the existing unipolar economic order,” he added.

Hundeyin’s remarks highlight a broader concern about Africa’s economic sovereignty and the extent to which foreign powers, particularly the United States and its global financial institutions, shape policies in developing countries.

He warned that these geopolitical maneuvers directly impact ordinary Nigerians, drawing a connection between international economic policies and local realities such as the cost of electricity in Lagos.

“This is why geopolitics concerns you in Agege. It literally determines the price of your Ikeja Electric units,” he concluded.

Hundeyin’s criticism reflects a growing frustration among African economists, policymakers, and civil society leaders, who argue that institutions like the IMF and World Bank often enforce neoliberal economic policies that lead to worsening poverty, job losses, and economic instability in developing nations.

As electricity tariffs continue to soar, Nigerians are left questioning whether their economic future is truly in their own hands—or if it is still being dictated by powerful foreign interests.