The Peoples Redemption Party, PRP, has warned President Bola Tinubu against embracing International Monetary Fund, IMF-induced economic policies. This is even as the opposition party contended that Nigerian economy risks collapsing if the President stick to the IMF advice.
This was contained in a statement by the National Chairman of PRP, Falalu Bello on Thursday.
The warning was coming on the heels of what Bello described as Government’s continued implementation of IMF-induced policies. According to him, IMF policies have caused widespread poverty, unemployment, and inflation in the country.
“The removal of fuel subsidy, devaluation of the Naira and increase in interest rates are examples of IMF prescribed policies. These policies have exacerbated the suffering of Nigerians,” Bello said.
He, therefore, accused the Government of prioritizing the interests of international creditors over the welfare of its citizens.
The National Chairman of the party warned that if the Government fails to reverse the policies, the country risks sliding into economic collapse. This is with dire consequences for the masses.
Bello, therefore, urged Tinubu to rethink his economic strategies. He urged him to adopt home-grown policies that prioritize the needs of Nigerians. And not those of the IMF and other foreign interests.
He said, “We have watched with utter dismay the inclination of the government of President Bola Tinubu towards the continuous use of Bretton Woods Institutions’ economic policy prescriptions. This is despite their monumental failures in the past.
“The state of affairs of our nation, particularly the challenges of the teeming masses, is avoidable.
“The removal of subsidies on fuel, electricity, etc., devaluation of our currency, increases in interest rates, etc. All International Monetary Fund (IMF) and World Bank (WB) economic policies have combined to push the nation’s MISERY INDEX to an unprecedented level.
“Headline inflation is inching up to 40% and rising. Poverty level is exacerbating. Unemployment and underemployment levels are increasing because of low-capacity utilization and factory closures. Taxes are being increased notwithstanding these developments. So, also are interest rates!
“A democratically elected Government should have a sense of duty, honour, and care for the electorate that brought it to power.
“We see none of these in our leadership today. Economics, being a science of alternatives, has other options that are available for possible implementation. A one-sided policy that clearly is anti-masses must be revisited quickly and urgently.
“On the issue of the National Minimum Wage, our great party finds the position of government laughable and a huge joke. Indeed, to worsen the situation, other arms of government workers’ pay are being increased at a geometric progression. Judiciary staff salaries have been increased by 300% and ditto parliamentary representatives’ salaries,” the statement said.
source: Daily Post
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