PRP to Tinubu: Relying on IMF, World Bank’s policies worsening Nigeria’s economy

The Peoples Redemption Party (PRP) says President Bola Tinubu’s reforms have pushed the nation’s “misery index to an unprecedented level”.

In a statement on Thursday, Falalu Bello, PRP national chairman, faulted the government’s continuous use of Bretton Woods institutions’ economic policy prescriptions despite their “monumental failures in the past”.

The Bretton Woods institutions are the World Bank and the International Monetary Fund (IMF).

Bello said the challenges faced by the country could have been addressed using unconventional and orthodox policies without resorting to Bretton Wood’s economic policies.

“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,” the statement reads.

“Headline inflation is inching up to 40% and rising, poverty levels are exacerbating, unemployment and underemployment levels are increasing because of low capacity utilization and factory closures, taxes are being increased, and notwithstanding these developments, so are interest rates! How realistic, humane, and sensible are these actions by the government?

“Our party, the Peoples Redemption Party (PRP), views these developments with contempt, as it appears that our leadership is either aloof to the suffering of the common man or they are following someone’s script to impoverish Nigerians.

“A democratically elected government should have a sense of duty, honour, and care of the electorate that brought it to power. We see none of these in our leadership today.

“Indeed, even the Western world’s institutions have come out recently to advise the Nigerian government that the policies being pursued and implemented wouldn’t take us to Eldorado or out of our woods!

“Yet President Tinubu, his ministry of finance, his Central Bank, and his economic team are so fixated on the path of self-destruction of our economy using archaic IMF/World Bank models and methodologies.”

Bello lamented that the government’s refusal to explore alternative economic policies has worsened the suffering of Nigerians.

“We urge the government of President Tinubu to wake up from its slumber on the occasion of the 25th anniversary of civilian rule in Nigeria as well as the Eid-el-Kabir celebrations,” he said.