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Tag: IMF Elections

  • Snub IMF recommendations to withdraw fuel, electricity subsidies, PRP tells FG

    Snub IMF recommendations to withdraw fuel, electricity subsidies, PRP tells FG

    … insists the recommendation is insensitive, inconsiderate

    The Peoples Redemption Party (PRP) has advised the Federal Government of Nigeria to snub and reject the International Monetary Fund’s (IMF) recommendation to phase out fuel and electricity subsidies completely.

    TheNewsGuru.com, (TNG) reports this was contained in a statement signed by the Acting National Publicity Secretary of PRP, Muhammed Ishaq on Tuesday declaring that:

    “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 prioritize 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 Ahmed 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.

    ” We urge the Federal Government of Nigeria to listen to outcry of the Nigerian citizens that are already crying rather than the voices of any or both of the Bretton Woods sisters of the IMF and World Bank whose advices have for decades now put the Nigerian masses in hardships.

  • 2023 elections: Photos Senator Sani shared that have Nigerians talking about voting “stingy” leaders

    As Nigeria prepare for general elections in 2023, Nigerians on twitter are reacting to photos of two top Nigerian politicians taken at the departure lounge of the Nnamdi Azikiwe International Airport Abuja on Saturday June 11.

    Former senator representing Kaduna Central and President of the Civil Rights Congress of Nigeria Shehu Sani, posted photos taken with former Governor of Anambra State and 2023 presidential aspirant under the Labour Party Peter Obi, with a caption describing himself as “poor”.

    “My friend Peter joining poor people like me on the masses side of the Airport,” Sani wrote, in what some people consider to be a campaign stunt.

    Reacting, a twitter user @joeljacob202 said: “Nope, the caption should be, your friend Peter Obi joining stingy people like you on the masses side of the airport. Peter Obi throughout his tenure as governor of Anambra State was known to be very stingy, these was attest to by even his closest friends and relatives”.

    The user added: “For a senator whose only achievement was sharing transistor radio, you can see the relationship”.

    L-R: Senator Shehu Sani and Former Governor of Anambra state Peter Obi.

    These comments sparked a debate on the platform, with many Nigerians saying they would choose a “stingy” leader over a generous one, if it meant being prudent with public funds.

    “We prefer a stingy man than the philanthropists who only enrich their circle of friends and allow the rest of us to suffer. The government house is not for father Christmas! It is to build capacity and deliver good governance. It is to serve you and I, not to do us a favor,” said a user named Victor.

    In the same vein, Eddie Onyibor wrote: “We need stingy people in government. Stingy people would ensure that government businesses are done right. Stingy people would not overblow their cabinet with unneeded portfolios. Stingy people will take our economy from consumption to production. Stingy people thrives in public and private”.

    Meanwhile, the International Monetary Fund (IMF) has warned that debt servicing may gulp 100 per cent of Nigeria’s revenue by 2026, if the government fails to implement adequate measures to improve revenue generation.

    “The biggest critical aspect for Nigeria is that we have done a macro-fiscal stress test, and… almost 100 per cent is projected by 2026 to be taken by debt service.

    “So, the fiscal space or the amount of revenues that will be needed and this without considering any shock is that most of the revenues of the federal government are now, in fact, 89 per cent and it will continue if nothing is done, to be taken by debt service,” IMF’s Resident Representative for Nigeria, Ari Aisen revealed.

    Earlier this year, it was disclosed that the Nigerian Government spent N4.2trillion on debt servicing between January and November 2021, which represents 76.2 per cent of the N5.51trillion revenue generated during the period.

    Nigeria is projected to spend N3.61trillion on servicing Nigeria’s debt burden in the 2022 fiscal year, which represents about 34 per cent of the 2022 anticipated revenue of the country.

    Nigeria’s debt stock, which was about N39.56tn as of December 2021, is likely to reach N45.95trillion following plans by the Debt Management Office to borrow an additional N6.39trillion to finance the 2022 budget deficit.