PRP scribe laments, says Tinubu prioritizes IMF, World Bank interests over Nigerians

The acting National publicity Secretary of the Peoples Redemption Party (PRP) Muhammed Ishaq, has raised grave concerns regarding the perceived prioritization of World Bank and International Monetary Fund (IMF) interests over the well-being of the Nigerian populace.

Ishaq in an open letter dated Saturday, April 6, 2024, highlighted what he described as the dire consequences of recent policy decisions, particularly the removal of fuel and electricity subsidies, which have inflicted immense hardships on millions of Nigerians.

Ishaq accused the President Bola Ahmed Tinubu administration of seemingly aligning with the directives of these global financial institutions, resulting in economic instability, poverty, and avoidable deaths among the citizenry.

Of particular concern is the timing of the removal of fuel subsidies, which coincided with President Tinubu’s inauguration—a move unprecedented in Nigeria’s political history. The subsequent call by the IMF to phase out electricity subsidies has only compounded the situation, with the Nigerian Electricity Regulatory Commission (NERC) raising electricity rates, further burdening the populace.

The letter questions the allocation of funds redirected from subsidies, suggesting a possible diversion towards the “extravagant luxuries enjoyed by those in power.”

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He called for transparency regarding the agreements between the Nigerian government and the IMF and World Bank, urging President Tinubu to explain why the interests of these institutions appear to supersede those of the Nigerian people.

“Sir, it is pertinent to realise that the economic policies advocated by the IMF and World Bank, which your administration is adopting, have historically led to the deterioration of economies in numerous underdeveloped and developing nations. These policies involve reducing or eliminating government spending on vital sectors such as education, energy, healthcare, environment and price subsidies on basic necessities. Additionally, they promote devaluing national currency, increasing exports by exploiting natural resources, lowering real wages, and subsidizing export-oriented foreign investments. Furthermore, they encourage liberalizing financial markets to attract short-term portfolio investments, leading to financial instability and foreign liabilities. Also, they advocate eliminating tariffs and import controls, resulting in increased import dependency, undermining local industries, and exacerbating external indebtedness.

“Your campaign slogan promised a “Renewed Hope,” but it seems that the hope you are renewing belongs to the World Bank and IMF at the expense of the hopes and aspirations of Nigerians. Nigeria, as a sovereign nation, holds an inherent dignity and autonomy that must be preserved unwaveringly, regardless of the individual or collective interests at play.

“As a leader, it is significant to steer clear of perpetuating a vicious cycle of deprivation and despair, which may potentially culminate in anarchy. Your role encompasses safeguarding the welfare of your people, and it is imperative not to overlook this responsibility while making decisions that impact the lives of millions,” the letter reads.

In conclusion, Comrade Ishaq implores President Tinubu to reconsider policies that do not disregard the struggles of ordinary citizens and to demonstrate leadership that reflects the best interests of the nation.

The letter underscores the urgency of addressing the concerns raised, signaling a growing challenge to the Tinubu administration’s economic policies and alignment with international financial institutions.

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