Tinubu asks World Bank, IMF to suspend debt repayments
APC, Gbajabiamila Celebrate Tinubu At 68
To lessen the negative economic impact of Coronavirus on poor and developing nations, the National leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu has said international financial institutions, such as the International Monetary Fund (IMF) and World Bank must be cooperative and forward leaning, by suspending debt repayments for poor and developing nations and begin to fashion a plan for partial debt forgiveness.
In a message to mark his birthday, titled, ‘A Message On The Coronavirus: A Time For Unity, A Time For Thought, A Time For Action,’ Tinubu said these institutions must discard their mainstream orthodoxy of fiscal austerity, which will straitjacket and injure nations like Nigeria. “They must encourage nations to engage in economic stimulus,” he said.
Specifically, he asked Nigerian government to announce a tax credit or partial tax reduction for firms. He added that Value Added Tax (VAT) should be suspended for the next two to four months, as this would help lower import costs and protect against shortages.
Tinubu suggested that the Central Bank of Nigeria (CBN) should lower interest rates to spur borrowing and private sector activity. He said: “CBN and other financial regulators should be alert to signs of fragility in the financial markets and banking sector. The Central Bank should be prepared to enact extraordinary measures, should the financial sector exhibit stress.
“The CBN should be prepared to give banks liberal access to its loan discount window to ensure adequate liquidity within the banking sector. The Cash Reserve Requirement for banks should be revised downward.”
Tinubu further said government must be ready to increase stipends to the poor, noting that by widening the net, it would have substantially increased the number of recipients of anti-poverty stipends…
“We all must do better, lest we all fail and suffer the grave consequences of collective failure. We pray that this terrible cloud will pass from us. However, we must prepare for the possibility that it may linger to rain hard upon us,” he said.
Meanwhile, the Speaker of the House of Representatives, Mr. Femi Gbajabiamila has paid glowing tributes to Tinubu on his 68th birthday.
APC, while also extolling Tinubu, described him as an outstanding politician and statesman, whose contributions to the enthronement and sustenance of democracy in the country have been phenomenal and widely acknowledged.
Gbajabiamila, who said Tinubu has been serving humanity diligently and tirelessly in the last 68 years, noted that having the former Lagos State governor in the country is a tremendous blessing.
In a birthday message he signed, the Speaker said Tinubu’s belief in democratic tenets is unparalleled, and his democratic credentials unprecedented and unrivalled.
APC, in a statement by its National publicity secretary, Malam Lanre Issa-Onilu, said in the last 30 years, Tinubu had dedicated his life to the tenets and ethos of progressive politics with unwavering commitment, focus and dedication.