With dictated policies from the International Monetary Fund (IMF) and World Bank (WB), President Bola Tinubu is on the path of self-destruction of Nigeria’s economy.
The Peoples Redemption party (PRP), in a statement entitled “President Tinubu, let Nigerians breath’ and signed by its national Chairman, Falalu Bello, made the declaration on Thursday.
The statement said “President Tinubu, His Ministry of Finance, His Central Bank, and Economic team, are so fixated on the path of self-destruction of our economy using archaic IMF/World Bank models and methodologies.”
The party noted that despite the advise by western institutions to Nigeria not to heed to the dictations from the IMF and WB, it wondered why the country was still going ahead and implementing those policies the party described as archaic.
It said the removal of subsidies on fuel, electricity, etc., devaluation of our currency, increases in interest rates, etc. were dictated to Tinubu from the IMF and WB, adding that these policies “have combined to push the nation’s misery index to an unprecedented level.”
According to the statement: “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 teaming masses, is avoidable!”
The party accused Tinubu, as a leader of the ruling party, the APC, of being part of the Buhari regime which unfortunately ruined the Nigerian economy.
“The challenges posed or faced could have been addressed or better managed using unconventional and orthodox policies and certainly not the Bretton Wood Sisters’ economic policies.
“Head line inflation is inching up to 40 per cent and rising, poverty level is exacerbating, unemployment and under employment levels are increasing because of low capacity utilization and factory closures, taxes are being increased notwithstanding these developments and so also are interest rates! How realistic, humane, and sensible are these actions by the government?
“Our party, the Peoples Redemption Party (PRP) view these developments with contempt as it appears that our leadership either are aloof to the suffering of the common man or they are following someone’s script to impoverish Nigerians. A democratically elected government should have a sense of duty, honour, and care of the electorate that brought it to power. We see none of these in our leadership today,” the statement added.
