The Peoples Redemption Party (PRP) has urged President Bola Tinubu to reject IMF-recommended economic policies.
The party made the appeal on Thursday in a statement issued by its National Chairman, Falalu Bello, warning that failing to do so will result in economic catastrophe.
The PRP opposed the government’s ongoing execution of IMF-imposed policies, which it claimed had resulted in widespread poverty, unemployment, and inflation in the country.
According to the party, IMF-prescribed policies including as fuel subsidy reduction, Naira devaluation, and interest rate increases have aggravated Nigerians’ misery.
PRP also accused the government of putting international creditors’ interests ahead of the welfare of its population.
It warned that if the government fails to alter the policies, the country will plunge into economic collapse, with disastrous consequences for the people.
The party encouraged Tinubu to reconsider his economic policy and implement domestic policies that prioritize Nigerians’ demands 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 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.
