Peoples Redemption Party (PRP) has voiced serious concerns over the direction of economic policies under President Bola Ahmed Tinubu’s administration, particularly those affecting currency valuation and subsidy removal.
The party’s frustration follows recent comments from senior government officials and Bretton Woods Institutions like the IMF and World Bank, who have supported these controversial changes despite their significant toll on Nigerian citizens.
Since May, fuel prices have surged from under N200 to N1,060, following the government’s subsidy removal.
The PRP sharply criticized statements from top officials suggesting that Nigerians must bear these harsh policies as there is “no alternative,” while leaders continue to live in luxury.
In a statement released by PRP’s National Chairman, Falalu Bello, the party urged President Tinubu to rethink his approach and adopt policies that prioritize the well-being of Nigerians.
PRP stressed the need for humane, sustainable solutions to the nation’s economic troubles, urging the government to pursue reforms that offer true relief for citizens.
The PRP advised the administration to initiate a comprehensive probe into alleged fraud in the petroleum subsidy system, target individuals engaging in currency manipulation with over $1 million in foreign reserves, and tackle systemic corruption like bribery, budget padding, and overpricing in government contracts.
The party also recommended reducing borrowing rates from the current 38% to 20% per year.
In its statement titled, “President Tinubu, Please Rethink, Your Policies Are Killing Nigeria,” the PRP declared: “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 PRP expressed frustration over the government’s lack of visible action to improve lives, noting the absence of promised relief measures. Instead, they see ongoing lavish government spending and economic data that fails to reflect everyday realities for Nigerians.
“The revenue generated from subsidy removal and currency devaluation has not translated into promised social amenities,” the statement reads. “Instead, we hear claims of minor reductions in budget deficits, which do nothing to address wasteful spending and ostentatious consumption among those in leadership.”
PRP highlighted that over the last 18 months, the economic burden has only worsened, pushing more citizens into poverty.
It voiced concern over recent praise from World Bank officials for these policies, noting that such endorsements seem to ignore the immediate needs of Nigerians and suggest an extended period of hardship for the next fifteen years.
“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,” the statement concluded.
ROAMAN NEWS