Shun IMF-induced policies or risk economic collapse – PRP warns Tinubu

The Peoples Redemption Party, PRP, has asked President Bola Tinubu to shun economic policies prescribed by the International Monetary Fund, IMF.

The party made the call on Thursday in a statement by it National Chairman, Falalu Bello, saying failure to do so would lead to economic collapse.

The PRP criticized what it described as the government’s continued implementation of IMF-induced policies, which it said have caused widespread poverty, unemployment, and inflation in the country.

According to the party, the removal of fuel subsidy, devaluation of the Naira and increase in interest rates are examples of IMF prescribed policies that have exacerbated the suffering of Nigerians.

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

It warned that if the government fails to reverse the policies, the country risks sliding into economic collapse with dire consequences for the masses.

The party urged Tinubu to rethink his economic strategy and adopt home-grown policies that prioritize the needs of Nigerians, not 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.