PRP Warns Tinubu: Reject IMF-Induced Policies to Avoid Economic Collapse

 

Nigeria President, Bola Tinubu

PRP Urges President Tinubu to Abandon IMF Policies

The Peoples Redemption Party (PRP) has strongly urged President Bola Tinubu to reject the economic policies recommended by the International Monetary Fund (IMF), warning that adherence to these policies could lead to an economic collapse in Nigeria. The call was made in a statement issued on Thursday by the party's National Chairman, Falalu Bello.

Criticism of IMF Policies

The PRP criticized the government's ongoing implementation of IMF-induced policies, which they claim have exacerbated widespread poverty, unemployment, and inflation. They highlighted several policies such as the removal of fuel subsidies, the devaluation of the Naira, and increased interest rates as key factors worsening the economic plight of Nigerians.

Prioritizing International Creditors Over Citizens

The PRP accused the government of prioritizing the interests of international creditors over the welfare of its own citizens. The party warned that continuing with these policies could push the country towards economic collapse, with severe consequences for the masses.

Call for Home-Grown Economic Strategies

The PRP called on President Tinubu to reconsider his economic strategy and adopt home-grown policies that prioritize the needs of Nigerians. They emphasized that a shift away from IMF and other foreign interests is crucial for the country's economic stability.

PRP Statement Highlights

"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 despite their monumental failures in the past," the PRP stated.

They pointed out the adverse effects of these policies, noting that headline inflation is approaching 40%, poverty levels are worsening, and unemployment is rising due to low capacity utilization and factory closures. Despite these challenges, the government has continued to increase taxes and interest rates.

Urgent Need for Policy Reversal

The PRP stressed that a democratically elected government should prioritize the welfare of its electorate. They criticized the current leadership for lacking a sense of duty, honor, and care for the citizens who brought them to power. The party called for a quick and urgent reassessment of the economic policies being implemented.

National Minimum Wage Issue

Addressing the national minimum wage, the PRP described the government's stance as laughable and a huge joke. They pointed out the disparity in salary increases between different arms of government, noting that judiciary staff salaries have been increased by 300%, while parliamentary representatives have also seen significant raises.

Conclusion

The PRP's statement underscores the urgent need for President Tinubu to abandon IMF-induced policies and adopt strategies that prioritize the economic welfare of Nigerians.