The Peoples Redemption Party (PRP) has expressed deep concern and discontent regarding recent comments from key figures within President Bola Ahmed Tinubu’s administration and members of the Bretton Woods Institutions (the IMF and World Bank) about the twin policies of currency devaluation and subsidy removal, which have negatively impacted Nigerians.
The Tinubu administration recently announced the removal of subsidies, raising the price of fuel from under N200 last May to N1,060, as announced on Tuesday.
The PRP criticized statements from leading government figures asserting there are no alternatives to these harmful policies, instead urging Nigerians to endure more hardship while those in power display opulent and profligate lifestyles.
Calling on President Tinubu to reconsider his approach and implement a governance framework that prioritizes citizens’ welfare, the PRP, in a statement signed by its national chairman, Falalu Bello, and made available to Nigeria Today online, urged the President to consider viable and humane alternatives that can steer the nation toward sustainable economic recovery.
Among other recommendations, the PRP advised the government to conduct a thorough investigation into fraud related to the petroleum subsidy scheme, investigate and retrieve funds from those using $1 million or more engaged in currency manipulation, address systemic corruption, including bribery, patronage, graft, embezzlement, and particularly the padding of budgets and overpricing of government contracts—and reduce borrowing rates from the current 38% per annum to no more than 20%.
The statement, titled “President Tinubu, Please Rethink, Your Policies Are Killing Nigeria,” reads, in part: “The Peoples Redemption Party (PRP) expresses deep concern and discontent regarding recent comments from key figures within President Tinubu’s administration and members of the Bretton Woods Institutions, the IMF and World Bank.
“The twin policies of currency devaluation and subsidy removal have caused significant hardships for Nigerians, yet the administration continues to promote a flawed narrative without exploring practical alternatives.
“Vice President Shettima’s assertion that there are no alternatives to these harmful policies stands in stark contradiction to basic economic principles, which advocate for exploring options when addressing socio-economic challenges.
Such statements, especially from someone of his standing in the administration, are not only misleading but also show 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 ahead. However, there is no tangible evidence of this assurance in the actions of President Tinubu, his cabinet, or the government apparatus at large.
Instead, we see continued profligate lifestyles, excessive spending, and the dissemination of dubious economic statistics that do little to alleviate the suffering of the Nigerian people.
“Revenue generated from subsidy removal and currency devaluation has not translated into promised social amenities. Instead, we hear claims of minor reductions in budget deficits, which do nothing to address 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 World Bank representatives commend these harmful policies, insisting they be sustained for at least fifteen years. Such recommendations are unbecoming of any institution claiming to prioritize people’s welfare.
“It is imperative that we act swiftly. Our nation is at a critical juncture, and time is running out for meaningful intervention. Mr. President, it is time to act decisively for the sake of the nation’s future.”
