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IMF’s advice to FG on electricity subsidy removal heartless, insensitive: PRP

The PRP urged the FG to disregard and reject the IMF recommendation.

• February 13, 2024
Peoples Redemption Party (PRP)

The Peoples Redemption Party has described the International Monetary Fund’s advice that the Federal Government should completely remove electricity and fuel subsidy as heartless and insensitive to the hardship Nigerians are facing.

In a statement on Tuesday, the party’s Acting National Publicity Secretary, Muhammed Ishaq, urged the Bola Tinubu administration to reject the IMF’s recommendation.

The opposition party urged the Federal Government to prioritise enacting policies that would promote the wellbeing of Nigerians without distractions from the IMF and World Bank.

It also urged the Federal Government to tackle corruption, promote transparency, and invest in infrastructure to address the inefficiency and corruption in both sectors.

The statement read, “The Peoples Redemption Party vehemently urges the Federal Government of Nigeria to disregard and reject the International Monetary Fund’s recommendation to phase out fuel and electricity subsidies completely. This recommendation, in our view, is insensitive and inconsiderate, particularly at a time when Nigerians are grappling with worst economic hardship since the Nigerian State came into being as a direct consequence of last year’s fuel subsidy removal and massive devaluation of the national currency.

“As a sovereign nation, Nigeria should be able to decide on policies that are guaranteed to promote the overall wellbeing of its citizens without any dictations from neo-liberal and neo-colonial organisations such as the IMF and World Bank who mostly are out to service the profit motives of multinational corporations and the Western powers at the expense of our long-suffering people.

“The Federal Government must prioritise the welfare of Nigerians and consider the socio-economic implications of removing these subsidies. The sudden removal of fuel subsidies and massive devaluation of the national currency last year by the Bola Tinubu administration on the day he came to power, led to a spike in the cost of living, causing undue hardship for millions of citizens who are already struggling to make ends meet. Phasing out electricity subsidies will only exacerbate this situation further.

“Instead of removing these essential subsidies, we propose that the Federal Government focuses on addressing the root causes of inefficiency in the fuel and power sectors. This includes tackling massive corruption in the two sectors, promoting transparency, and investing in infrastructure to improve the delivery of these services to the citizens.

“We, in the PRP, call on the Federal Government to stand firm in its responsibility to protect the interests of its citizens. We urge them to explore alternative measures that can address the nation’s financial challenges without subjecting Nigerians to further economic suffering.

“In conclusion, we would like to warn the IMF and the legion of its surrogates and parrots on the corridors of power in Nigeria to be aware that the good people of this country are carefully monitoring their nefarious antics and may be forced to respond appropriately should these surrogates now temporarily in power, go ahead with any of these anti-people policies and programmes.’’

The party urged the Federal Government of Nigeria to listen to the outcry of the Nigerian citizens rather than the voices of any or both of the Bretton Woods sisters of the IMF and World Bank whose advice had for decades pauperised the masses.

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