{"id":121924,"date":"2024-06-21T11:08:03","date_gmt":"2024-06-21T10:08:03","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/let-nigerians-breath-prp-tells-tinubu-to-halt-implementation-of-imf-world-bank-failed-economic-policies"},"modified":"2024-06-21T13:17:26","modified_gmt":"2024-06-21T12:17:26","slug":"let-nigerians-breath-prp-tells-tinubu-to-halt-implementation-of-imf-world-bank-failed-economic-policies","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/let-nigerians-breath-prp-tells-tinubu-to-halt-implementation-of-imf-world-bank-failed-economic-policies","title":{"rendered":"\u2018Let Nigerians breath,\u2019 PRP tells Tinubu to halt implementation of IMF, World Bank \u2018failed\u2019 economic policies"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The People\u2019s Redemption Party (PRP), has called on President Bola Tinubu to imbibe the spirit of the slogan created by Senate President Godswill Akpabio and \u2018let Nigerians breath.\u2019<\/p>\n

Akpabio had become famous during a plenary last year when he coined the slogan and the PRP, in a statement on Thursday, urged Tinubu to let Nigerians breath in the face of the unbearable hardship and poverty in the country as a result of his policies.<\/p>\n

A statement issued on Thursday by the National Chairman of the PRP, Falalu Bello, said the current situation in the country calls for concerns as ordinary citizens were going through tough times.<\/p>\n

Bello noted that the unplanned removal of subsidies on fuel and electricity as well as the devaluation of the naira has truncated the economy and has made life difficult for Nigerians.<\/p>\n

The statement from the PRP Chairman reads:<\/p>\n

\u201cWe have watched with utter dismay the inclination of the government of President Bola Tinubu towards the continous use of Bretton Woods Institutions\u2019 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!<\/p>\n

\u201cPresident 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.<\/p>\n

\u201cHowever, except for terminal illness, most sicknesses are curable. The challenges posed or faced could have been addressed or better managed using unconventional and authodox polices and certainly not the Bretton Wood Sisters\u2019 economic policies.<\/p>\n

\u201cRemoval 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\u2019s MISERY INDEX to an unprecedented level.<\/p>\n

\u201cHead line inflation is inching up to 40% and rising, poverty level is exercerbating, unemployment and under employment levels are increasing because of low capacity utilization and factory closures, taxes are being increased not withstanding these developments so also are interest rates! How realistic, humane, and sensible are these actions by government?<\/p>\n

\u201cOur party, the Peoples Redemption Party (PRP) view these developments with contempt as it appears that our leadership either are aloof to the suffering of the common man or they are following someone\u2019s script to impoverish Nigerians.<\/p>\n

\u201cA 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.<\/p>\n

\u201cIndeed, even the Western world\u2019s institutions have come out recently to advise the Nigerian government that the policies being pursued and implemented wouldn\u2019t take us to Eldorado or out of our woods!<\/p>\n

\u201cYet President Tinubu, His Ministry of Finance, His Central Bank, and Economic team, are so fixated on the path of self-destruction of our economy using archaic IMF\/World Bank models and methodologies.<\/p>\n

\u201cFrom 1975 till date, from Latin America to Africa and beyond, no nation prospered or progressed using IMF or World Bank economic prescriptions.<\/p>\n

\u201cNigeria 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.<\/p>\n

\u201cOne may wonder the rationale of tax and interest rates increases under the current atmosphere. The Manufacturers Association of Nigeria, MAN has reported closure of over 300 companies on account of unreasonable increase in electricity tariff and these include multinationals!<\/p>\n

\u201cMore are folding up, and yet there appears to be no rethink from the economic management team. This is certainly not what Nigerians bargained for!<\/p>\n

\u201cPRP believes that economics, being a science of alternatives, has other options that are available for possible implementation.<\/p>\n

\u201cA one-sided policy that clearly is anti-masses must be revisited quickly and urgently. All actions thus far taken 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 them making any efforts to also make adjustments. To say the least, this is most unfortunate, unfair, unjust, and unethical.<\/p>\n

\u201cOn the issue of the National Minimum Wage, our great party finds the position of government laughable and a huge joke. The government\u2019s revenues have increased, and instead of reviewing workers\u2019 pay commensurate to the increase in cost of living, the government is foot dragging.<\/p>\n

\u201cPresident Tinubu boasts of courage in inflicting untold hardship to the armless, harmless, and defenseless people who elected him! What an irony!<\/p>\n

\u201cIndeed, to worsen the situation, other arms of government workers\u2019 pay are being increased at a geometric progression.<\/p>\n

\u201cJudiciary staff salaries have been increased by 300% and ditto parliamentary representatives salaries. Can this be said to be fair? A 100% increase in minimum wage has been on the discussion table for months before a courageous president!<\/p>\n

\u201cOne would have thought that with enhanced revenue base from devaluation, tax increases, subsidies removal, etc., government\u2019s debts should have been reduced, democracy dividends provided, improvement in health, education, and other social services noticed.<\/p>\n

\u201cWhat we see sadly is increases in debts, reduction in staff welfare, and worsening standard of living of the masses. Clearly, this government appears to be clueless, tactless, and mission visionless.<\/p>\n

\u201cThe national economic management team should have considered a massive reduction in the cost of governance, reduction in waste, etc.<\/p>\n

\u201cWe urge this team as a matter of urgency to develop and put in place a realistic and people oriented agricultural and manufacturing policies.<\/p>\n

\u201cIn 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 own agriculture.<\/p>\n

\u201cOn the manufacturing area, the import substitution policy the nation embarked upon in the 70\u2019s was doing very well before the same IMF\/World Bank made us to open our economy for dumping that had made us to be an almost totally import dependent economy.<\/p>\n

\u201cWe must work on these alternatives to the Bretton Wood institutions anti-people and anti-development policies.<\/p>\n

\u201cWe 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.<\/p>\n

\u201cLong live Federal Republic of Nigeria, Long Live Peoples Redemption Party and Short live Suffering of Nigerian Masses.\u201dBalanced, fearless journalism driven by data comes at huge financial costs.<\/p>\n

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.<\/p>\n

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.<\/p>\n

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The People\u2019s Redemption Party (PRP), has called on President Bola Tinubu to imbibe the spirit of the slogan created by Senate President Godswill Akpabio and \u2018let Nigerians breath.\u2019 Akpabio had become famous during a plenary last year when he coined the slogan and the PRP, in a statement on Thursday, urged Tinubu […]<\/p>\n","protected":false},"author":84,"featured_media":121922,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[566,254,6017,945,580],"class_list":["post-121924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-imf","tag-nigeria","tag-prp","tag-tinubu","tag-world-bank"],"yoast_head":"\n\u2018Let Nigerians breath,\u2019 PRP tells Tinubu to halt implementation of IMF, World Bank \u2018failed\u2019 economic policies - Nigeria<\/title>\n<meta name=\"description\" content=\"The 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