Your policies killing Nigerians, PRP tells Tinubu

.Wants President to rethink playing IMF, World Bank script on fuel subsidy, currency devaluation

By Tunde Opalana

The Peoples Redemption Party (PRP) said policies of the current administration of President Bola Tinubu is killing Nigerians and prayed the president to have a rethink on twin policies of currency devaluation and fuel subsidy removal.

The party expressed deep concern and discontent regarding the recent comments from key figures within President Tinubu’s government and members of the Bretton Woods Institutions—the IMF and World Bank.

National Chairman of PRP, Dr. Falalu Bello said the twin policies of currency devaluation and removal of subsidies have precipitated significant hardships for the Nigerian population, yet it appears that the administration persists in a flawed narrative devoid of practical alternatives.

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In a personally signed statement which was made available to the Daily Times on Wednesday, the PRP National Chairman recalled with dismay recent assertion by Vice President Kashim Shetima that there are no alternatives to these harmful policies.

He said such assertion stands in stark contradiction to the basic tenets of economics, which clearly advocate for the exploration of alternatives in addressing socio-economic challenges.

“Such statements, especially from someone of his status in the current administration, are not only misleading but also indicative of a severe disconnect from the realities faced by ordinary Nigerians today.

“The population has been urged to endure these difficult times with the promise of relief on the horizon. However, we see no tangible evidence of this assurance in the actions of President Tinubu, his cabinet, or the broader government apparatus. Instead, we witness a continuation of profligate lifestyles, excessive spending, and the dissemination of dubious economic statistics that do little to alleviate the suffering of the Nigerian populace.

“The substantial revenue garnered from the removal of subsidies and currency devaluation have not translated into the promised provision of social amenities. Instead, all we hear are claims of slight reductions in budget deficits, which do nothing to address the issue of wasteful spending and ostentatious consumption among those in leadership.

“In the last 18 months, the misery index has significantly worsened, pushing more people into poverty as unpopular economic policies take their toll. It is disheartening to hear representatives from the World Bank commend these harmful policies, insisting that they should be sustained for at least fifteen years. Such recommendations are unbecoming of any institution that claims to prioritize the welfare of the people,” said Bello.

He said the PRP firmly believed that there are viable and humane alternatives that can steer the nation towards sustainable economic recovery.

Bello further said recent reports from the Bretton Woods Institutions even indicate an increase in poverty levels, underscoring the detrimental impact of poorly advised policies.

According to him, the PRP strongly urged President Tinubu “to recalibrate his approach, implement a governance framework that prioritizes the welfare of citizens, and embrace homegrown policies that reflect the realities of our people rather than succumbing to externally imposed, anti-people measures that stifle progress.”

To this end, the party recommended that President Bola Tinubu should “examine Electricity Tariffs: Reassess the current electricity tariff regime to ensure a fair system that protects the poor and preserves the middle class from further economic disintegration.

“On CNG Initiative: Move beyond mere rhetoric in advancing the Compressed Natural Gas initiative to offer a sustainable energy solution.

“Reduce Borrowing Costs: Substantially reduce borrowing rates from the current 38% per annum to no more than 20%, echoing levels seen prior to the current administration.”

Asking President Tinubu to act swiftly, the PRP chairman said: “Our nation is at a critical juncture, with time running out for meaningful intervention. Mr. President, it is time to act decisively for the sake of the nation’s future. Let us rescue our people from the grip of despair so that you may indeed dance before the music comes to an end.”