• Asks govt to review relationship with Bretton Wood, IMF
In lieu of the hardship facing Nigerians as a result of economic crises, the Conference of Nigerian Political Parties (CNPP) has called on President Ahmed Tinubu to review the country’s relationship with the Bretton Wood Institutions.
CNPP also told the President to trim the number of his ministers and other aides and save Nigeria unnecessary expenditure on governance.
In a statement, it urged Tinubu “to struggle through the hard path by rethinking Nigeria’s relationship with the Bretton Woods Institutions” and also “realistically assessing the performance of his appointees and sacking those constituting a cog in the wheel of the progress of his administration through their clear unproductivity and sabotage.”
The CNPP statement was signed by its Deputy National Publicity Secretary, James Ezema, just as the Conference reacted to the call by International Monetary Fund (IMF) on the Federal Government to completely phase out petrol and electricity subsidies in the country in its ‘Post Financing Assessment (PFA)’ report.
CNPP said: “Restoring macroeconomic stability in Nigeria should come from homegrown policies and programmes, as IMF solutions have never aided Nigeria’s economic recovery, rather our economic woes worsened every time Bretton Woods Institutions’ advisories were implemented in Africa.
“While removal of subsidy, due to the attendant corruption that bedevilled its payment, was desirable, it was akin to shooting down Nigeria’s economy by implementing subsidy removal policy without functional refineries for local production of petroleum products.
“The call by IMF for the complete phase out of petrol and electricity subsidies in the country is a suggestion to the Bola Tinubu administration to inflict more hardship on already suffering masses of Nigeria.”
It urged Tinubu to focus on homegrown solutions to Nigeria’s economic crisis and jettison policy advisories from the IMF and other Bretton Woods Institutions.
“We equally call on Mr President to sack all unproductive appointees and identify those who are engaging in economic sabotage, especially as regards revenue generation in the oil and gas sector, and relieve them of their duties to increase foreign exchange earnings”, the CNPP added.
