Economy: Orji Kalu Hails Tinubu for Ignoring IMF, W’Bank Recommendations

Sunday Aborisade in Abuja

The Chairman, Senate Committee on Privatisation, Orji Uzor Kalu, has commended President Bola Tinubu for ignoring policy prescriptions of the World Bank and the International Monetary Fund (IMF).

He gave the commendation following the Tinubu government’s decision to over-haul the Port Harcourt and Warri refineries.

The Abia North Senator also cited the stability of the exchange rate as a deviation from the World Bank and IMF prescription.

He said Nigeria’ wouldn’t have recorded its current level of progress if the President had accepted the monetary and economic packages of the two global financial institutions.

Kalu, according to a statement by his media office, stated this yesterday, at the Arochukwu Local Government country home of Chief Sunday Ugwa, who hosted him.

He explained that Tinubu’s economic reforms such as the petrol subsidy removal, the liberalisation of the foreign exchange system, the deregulation of the country’s petroleum downstream sector, the tax reform bills and other policies, were the best for the nation.

Kalu said  Nigeria’s economic problems stemmed from indigenous factors which required homegrown macro-fiscal reforms which the President had already deployed to stimulate the economic growth and development which the nation is beginning to witness.

He said, “President Tinubu removed subsidy on oil which former President Olusegun Obasanjo refused to do and he merged the exchange rate. We need to redefine governance models in Africa and some third world countries.

“We must not accept all the recommendations of the world bank and IMF, most of them are wrong. We must use home grown policies to solve our economic problems, because the majority of our problems are caused by local issues.

“The kind of decisions Tinubu has been taking are the ones no president in the history of this country dared to implement, but we all know deep within ourselves that those decisions are inevitable if we truly want to prosper as a Nation, ” Kalu noted.

To buttress his position, Kalu cited the downward trend in the prices of petrol describing it as a sign that the President’s reforms were beginning to yield results.

Kalu expressed optimism that there would be reduction in prices of other goods and services, saying “I know times are hard but let us be optimistic. Can you remember how much the price of fuel and diesel were months ago and compare it to what the price is today?

“All other inflated prices will come down. I am telling you the Truth. Today the Warri Refinery that has not worked for over 20 years has started working.”

Kalu further cited an instance of how the Asian tigers (Korea, Taiwan, Singapore, and Hong Kong) ignored the IMF, World Bank economic packages but yet have continued record progress in their economies.

The lawmaker urged youths not to shy away from the democratic process to the election of charlatans into elective offices.

He said, “The Asian Tigers jettisoned the IMF and world bank but today we can see how they have progressed. Politicians must work very hard to sustain democracy because democracy is good for everyone but we must participate in democracy.

“I challenge young people to stand up for democracy,  if you don’t participate you’ll allow idiots to be elected then it will no longer be interesting.”

He reinstated his stance for a shift in Nigeria’s economic strategy via regional competition as a key driver for growth using China as an example.

Kalu called for a commitment on both the government and the people.

He said, “We cannot be successful and develop without putting in the work on both the side of the government and the people, as Nigeria is today.

“We cannot develop unless we engage in competition. China is said not to value human rights but they have been growing annually at 10 percent for the last 35 years.”