Kalu lauds Tinubu for rejecting IMF , World Bank economic policies

ABIA, Nigeria- The Senator for Abia-North Senatorial District, Orji Uzor Kalu, has expressed that President Tinubu’s Administration made the right choice by rejecting the economic policy recommendations from the World Bank and the International Monetary Fund (IMF). 

Reflecting on the revamped Port Harcourt and Warri Refineries and the stability of the exchange rate, the former Governor of Abia emphasized that Nigeria would not have achieved its current level of progress had the President accepted the monetary and economic packages from the IMF and World Bank.

In a statement from his Media Office, Kalu made these remarks on Monday while speaking to guests at the Arochukwu LG Country Home of Chief Sunday Ugwa, who hosted him.

He educated the attendees on Tinubu’s economic reforms, including the removal of the petrol subsidy, the liberalization of the foreign exchange system, the deregulation of the petroleum downstream sector, and the Tax Reform Bills, among other initiatives.

Kalu pointed out that Nigeria’s economic challenges are rooted in local factors, necessitating homegrown macro-fiscal reforms that the President has already initiated to foster economic growth and development that the nation is beginning to experience.

“President Tinubu eliminated the subsidy that former President Obasanjo hesitated to remove and unified the exchange rate.

We need to redefine governance models in Africa and other developing nations. We should not blindly accept all the recommendations from the World Bank and IMF, as many of them are misguided. We must implement homegrown policies to address our economic issues since most of our challenges arise from local circumstances.”

“The decisions Tinubu has made are ones that no previous President in this country has dared to undertake, but we all recognize that these decisions are essential if we genuinely aspire to prosper as a nation,” Kalu remarked.

To support his argument, Senator Kalu referenced the declining prices of petrol, indicating that the President’s reforms are starting to produce positive outcomes.

He also predicted a decrease in the prices of other goods and services in the near future. 

“I understand that times are tough, but we should remain hopeful. Can you recall how high the prices of fuel and diesel were just a few months ago compared to today? All other inflated prices will eventually decrease. I assure you, the truth is that the Warri Refinery, which has been non-operational for over 20 years, is now functioning.”

Kalu further cited the example of the Asian Tigers (Korea, Taiwan, Singapore, and Hong Kong), who disregarded the IMF and World Bank economic packages yet have continued to make significant progress in their economies.

The Lawmaker also encouraged the youth to engage in the democratic process to prevent unqualified individuals from being elected to office.

“The Asian Tigers ignored the IMF and World Bank, and today we can see their progress. Politicians must work diligently to uphold democracy, as it benefits everyone, but we must actively participate in it.

“I urge young people to advocate for democracy; if you don’t get involved, you risk allowing incompetent individuals to be elected, which will make the situation less appealing.”

He reiterated his call for a shift in Nigeria’s economic strategy through regional competition as a vital growth driver, using China as a case study.

Kalu emphasized the need for commitment from both the Government and the populace: “We cannot achieve success and development without effort from both the Government and the people, as Nigeria stands today.

“We cannot progress unless we engage in competition. China may not prioritize human rights, but they have experienced annual growth of 10 percent for the past 35 years.”

Kalu’s host, Chief Sunday Ugwu, expressed his appreciation to the Senator for accepting his invitation and acknowledged the Lawmaker’s contributions to community development.

He stated, “I pray for God’s blessings upon you; what you have done for our people is commendable and noteworthy. The warm reception you received upon your arrival here reflects your level of acceptance and how much you are cherished.”