The Peoples Redemption Party (PRP) has strongly criticized Chief Bola Tinubu’s government, labeling it as “clueless, tactless, and mission visionless” due to its harsh economic policies. PRP National Chairman, Falalu Bello, expressed dismay over the government’s adherence to the economic recommendations of Bretton Woods institutions, which he believes have historically failed.
In a statement released on June 20, 2024, the PRP condemned the removal of subsidies on fuel and electricity, devaluation of the currency, and rising interest rates, attributing these actions to the International Monetary Fund (IMF) and World Bank policies. These measures, according to Bello, have pushed Nigeria’s misery index to unprecedented levels.
“Headline inflation is inching up to 40% and rising, poverty levels are exacerbating, and unemployment and underemployment are increasing due to low capacity utilization and factory closures,” Bello said. He added that despite these economic hardships, the government has continued to increase taxes and interest rates. “How realistic, humane, and sensible are these actions by the government?” he questioned.
Bello also pointed out that even Western institutions have recently advised Nigeria against its current economic path, suggesting that the government’s fixation on IMF and World Bank models is leading the country towards economic self-destruction. He noted that no nation has prospered using these economic prescriptions, citing failures in Latin America, Africa, and specifically Nigeria in the 1980s and 1990s.
The PRP criticized the government’s increase in electricity tariffs, which has led to the closure of over 300 companies, including multinationals. The Manufacturers Association of Nigeria (MAN) reported these closures, and Bello emphasized that more companies are likely to follow suit if there is no policy rethink. “This is certainly not what Nigerians bargained for,” he stated.
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Bello argued that there are alternative economic policies available that are not anti-masses. He called for a quick and urgent review of the current policies, which he described as causing more suffering for the common man. Bello criticized the government for asking for patience and understanding from the people while making no adjustments themselves. “This is most unfortunate, unfair, unjust, and unethical,” he remarked.
On the issue of the National Minimum Wage, Bello found the government’s stance “laughable and a huge joke.” Despite increased government revenues, Bello said there has been a lack of progress in reviewing workers’ pay in line with the rising cost of living. He highlighted the disparity between the salaries of other government workers, such as the judiciary and parliamentary representatives, which have seen significant increases. “Can this be said to be fair?” he asked.
Bello concluded by stating that with the enhanced revenue base from devaluation, tax increases, and subsidy removals, the government should have reduced debts and improved social services. Instead, he observed increasing debts, worsening standards of living, and reduced staff welfare.
The PRP urged Chief Tinubu’s government to develop realistic agricultural and manufacturing policies that are people-oriented. They criticized the IMF/World Bank’s stance against agricultural subsidies, pointing out that developed economies heavily subsidize their agriculture. Bello advocated for a return to import substitution policies to reduce Nigeria’s dependence on imports.
The statement ended with a call for the government to wake up to its responsibilities as Nigeria marks the 25th anniversary of civilian rule and the Eid-el-Kabir celebrations.
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