PRP Warns Tinubu: Reject IMF Policies or Face Economic Collapse

The Peoples Redemption Party (PRP) has urged President Bola Tinubu to reject economic policies recommended by the International Monetary Fund (IMF).

In a statement issued on Thursday by National Chairman Falalu Bello, the PRP warned that adherence to these policies could lead to economic collapse. The party criticized the government’s ongoing implementation of IMF-driven policies, which it claims have resulted in widespread poverty, unemployment, and inflation.

The PRP pointed to the removal of fuel subsidies, the devaluation of the naira, and increased interest rates as IMF-prescribed measures that have worsened the hardships faced by Nigerians. The party also accused the government of prioritizing international creditors’ interests over the welfare of its citizens.

The PRP cautioned that if these policies are not reversed, the country risks economic collapse, with severe consequences for the masses. It called on President Tinubu to reconsider his economic strategy and adopt home-grown policies that prioritize the needs of Nigerians rather than those of the IMF and other foreign interests.

“We have watched with utter dismay the inclination of President Bola Tinubu’s government towards the continuous use of Bretton Woods Institutions’ economic policy prescriptions despite their monumental failures in the past,” the statement said. “The removal of subsidies on fuel, electricity, etc., devaluation of our currency, increases in interest rates—all IMF and World Bank policies—have combined to push the nation’s misery index to an unprecedented level. Headline inflation is nearing 40%, poverty levels are rising, unemployment and underemployment are increasing due to low capacity utilization and factory closures, and taxes and interest rates are being increased despite these developments.”

The PRP emphasized that a democratically elected government should care for its electorate, noting, “We see none of these in our leadership today. Economics, being a science of alternatives, offers other options for possible implementation. A one-sided policy that clearly is anti-masses must be revisited quickly and urgently.”

Regarding the national minimum wage, the PRP called the government’s position “laughable and a huge joke.” The party pointed out the disparity between the modest wage increases for the general workforce and the substantial raises for other government sectors, such as the 300% salary increase for judiciary staff and similar hikes for parliamentary representatives.