PRP berates Tinubu’s economic policies

The Peoples Redemption Party (PRP) has called on President Bola Tinubu to ditch his anti-people policies which have impoverished more Nigerians in the last one year and embrace pro-people policies that will change the lives of the citizens for the better.

The national chairman of the PRP, Alhaji Falalu Bello (OFR) in a statement he personally signed and titled “President Tinubu, let Nigerians breathe”, carpeted the President for sticking to unpopular economic policies despite outcry from Nigerians.

Bello cited the removal of subsidies on fuel, electricity, devaluation of naira currency, increases in interest rates, and others as anti-people programs that have pushed more Nigerians below the poverty line and gasping for economic survival.

The PRP leader called on President Tinubu to listen to the cry of Nigerians and reverse his economic policies which have taken inflation to about 40%, raised poverty level, led to job losses, increased tax regime, and closures of factories and companies in the country.

“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 teaming masses, is avoidable!

“President Tinubu, as a leader of the ruling party, the APC under President Buhari was part of the Buhari regime which unfortunately ruined the Nigerian economy. However, except for terminal illness, most sicknesses are curable. The challenges posed or faced could have been addressed or better managed using unconventional and orthodox policies and certainly not the Bretton Wood Sisters’ 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.

“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! 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 either is 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 for 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.

“From 1975 till date, from Latin America to Africa and beyond, no nation prospered or progressed using IMF or World Bank economic prescriptions. Nigeria did witness the monumental failures of these policies in the 80s, and 90s. The cycle appears to be repeated, albeit as if we are either not students of history or we are on a mission to destroy our nation.

“One may wonder about the rationale of tax and interest rate increases under the current atmosphere. The Manufacturers Association of Nigeria, MAN has reported closure of over 300 companies on account of unreasonable increases in electricity tariff and these include multinationals! More are folding up, and yet there appears to be no rethink from the economic management team. This is certainly not what Nigerians bargained for!

“PRP believes that 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. All actions thus far have inflicted more suffering on the common man, and the leaders continue to ask for patience, understanding, and tolerance in the face of hunger, malnutrition, diseases, etc., without making any efforts to also make adjustments. To say the least, this is most unfortunate, unfair, unjust, and unethical.

“On the issue of the National Minimum Wage, our great party finds the position of government laughable and a huge joke. The government’s revenues have increased, and instead of reviewing workers’ pay commensurate to the increase in cost of living, the government is foot-dragging. President Tinubu boasts of courage in inflicting untold hardship on the armless, harmless, and defenseless people who elected him. What an irony. 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. Can this be said to be fair? A 100% increase in the minimum wage has been on the discussion table for months before a courageous president!

“One would have thought that with enhanced revenue base from devaluation, tax increases, subsidies removal, etc., government’s debts should have been reduced, democracy dividends provided, and improvement in health, education, and other social services noticed. What we see sadly is increases in debts, reduction in staff welfare, and worsening standard of living for the masses. Clearly, this government appears to be clueless, tactless, and mission-visionless.

“The national economic management team should have considered a massive reduction in the cost of governance, reduction in waste, etc. We urge this team as a matter of urgency to develop and put in place realistic and people-oriented agricultural and manufacturing policies. In the area of agriculture, we need to make agriculture an economically profitable activity as done before the IMF/World Bank visited this nation with their no subsidy to agriculture mantra whilst the developed economies they come from massively subsidize their agriculture.

“On the manufacturing area, the import substitution policy the nation embarked upon in the ’70s was doing very well before the same IMF/World Bank made us open our economy for dumping that had made us an almost totally import-dependent economy. We must work on these alternatives to the Bretton Wood institutions’ anti-people and anti-development policies.

“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.”

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