Tinubu’s economic policy is unrealistic – PRP

The Peoples Redemption Party (PRP) has criticized the economic policies implemented by President Bola Tinubu, describing them as unrealistic and harmful to the people of Nigeria.

The party has expressed dismay at what it sees as a disconnect between government policies and the difficulties faced by ordinary citizens.

In a statement signed by the National Chairman of the PRP, Dr. Falalu Bello, the country’s oldest opposition party said the current administration either seems oblivious to the plight of the common man or is clinging to external economic models that have failed to uplift the nation in the past.

The party cited examples from recent decades where similar policies supported by international financial institutions such as the IMF and the World Bank led to economic stagnation rather than progress in Africa and Latin America.

“The recent increases in taxes and interest rates as part of this policy defy logic, especially in the face of reports of widespread business closures, including large multinational companies,” PRP said.

The party condemned the adverse effects of the removal of fuel subsidies, devaluation of the naira, rising electricity tariffs and hyperinflation that have exacerbated the challenges facing Nigerian manufacturers.

The PRP maintained that there were viable alternatives in the economic field that could offer more equitable solutions. They called for an immediate reconsideration of policies seen as harmful to the masses, calling on the government to prioritize the well-being of its citizens.

Commenting on the issue of the national minimum wage, PRP ridiculed the government’s position, describing it as detached from reality.

He also criticized the delays in adjusting employee salaries despite the increase in budget revenues and pointed to discrepancies in salary adjustments in different branches of government.

“Significant increases in the salaries of parliamentarians and judges, ignoring the issue of the minimum wage, are unjustified,” said the PRP.

The party, therefore, urged President Tinubu to show empathy and integrity by addressing the pressing economic concerns of the Nigerian workforce and citizens.