PRP faults World Bank, IMF, asks Tinubu to embrace homegrown policies

The Peoples Redemption Party (PRP) has urged President Bola Tinubu to jettison economic policies recommended by the World Bank and the International Monetary Fund.

PRP stressed the need for the president to embrace homegrown measures that reflect the realities of Nigerians.

The party described the twin policies of currency devaluation and removal of subsidies as externally imposed and anti-people measures that have precipitated significant hardships for the Nigerian population.

The party, in a statement, on Tuesday by its National Chairman, Falalu Bello, lamented that despite the anti-people policies, the present administration has persisted in a flawed narrative devoid of practical alternatives.

Bello maintained that the statement credited to Vice President Kashim Shettima that there are no alternatives to the policies stands in stark contradiction to the basic tenets of economics, which he said clearly advocate for the exploration of alternatives in addressing socio-economic challenges.

He said such statement coming from a key figure in the present administration are not only misleading but also indicative of a severe disconnect from the realities faced by ordinary Nigerians today.

“The substantial revenue garnered from the removal of subsidies and currency devaluation have not translated into the promised provision of social amenities.

“Instead, all we hear are claims of slight reductions in budget deficits, which do nothing to address the issue of wasteful spending and ostentatious consumption among those in leadership.

“In the last 18 months, the misery index has significantly worsened, pushing more people into poverty as unpopular economic policies take their toll. It is disheartening to hear representatives from the World Bank commend these harmful policies, insisting that they should be sustained for at least fifteen years. Such recommendations are unbecoming of any institution that claims to prioritize the welfare of the people.

“We in the PRP firmly believe that there are viable and humane alternatives that can steer our nation towards sustainable economic recovery.”

The party urged President Tinubu to recalibrate his approach, implement a governance framework that prioritizes the welfare of citizens, and “embrace homegrown policies that reflect the realities of our people rather than succumbing to externally imposed, anti-people measures that stifle progress”

It advised the government to substantially reduce borrowing rates from the current 38 per cent per annum to no more than 20 per cent, echoing levels seen prior to the current administration.

“It is imperative that we act swiftly. Our nation is at a critical juncture, with time running out for meaningful intervention. Mr. President, it is time to act decisively for the sake of the nation’s future. Let us rescue our people from the grip of despair so that you may indeed dance before the music comes to an end.”