PRP Urges President Tinubu to Reject IMF Economic Policies

The Peoples Redemption Party (PRP) has called on President Bola Tinubu to abandon economic policies prescribed by the International Monetary Fund (IMF), warning that adherence to such policies could lead to economic collapse.

In a statement issued on Thursday by its National Chairman, Falalu Bello, the PRP criticized the government’s continued implementation of IMF-induced policies, which it claimed have led to widespread poverty, unemployment, and inflation in Nigeria.

The party pointed to the removal of fuel subsidies, the devaluation of the Naira, and increases in interest rates as examples of IMF-prescribed policies that have exacerbated the suffering of Nigerians.

The PRP accused the government of prioritizing the interests of international creditors over the welfare of its citizens.

“If the government fails to reverse these policies, the country risks sliding into economic collapse with dire consequences for the masses,” the statement warned.

The PRP urged President Tinubu to rethink his economic strategy and adopt home-grown policies that prioritize the needs of Nigerians over those of the IMF and other foreign interests.

“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 state of affairs of our nation, particularly the challenges of the teeming masses, is avoidable,” the statement read.

The PRP highlighted the detrimental effects of removing subsidies on fuel and electricity, devaluing the currency, and increasing interest rates.

“These IMF and World Bank 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 levels are exacerbating, unemployment and underemployment levels are increasing due to low capacity utilization and factory closures.

Taxes are being increased notwithstanding these developments, so too are interest rates!” the PRP stated.

The party also criticized the government’s handling of the National Minimum Wage issue, calling the government’s position “laughable and a huge joke.”

It noted that while salaries for other arms of government workers have seen significant increases, such as a 300% increase for judiciary staff, the same attention has not been given to the minimum wage for ordinary workers.

“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,” the PRP concluded.