‘Mr. President, You Are Wrong On The Regulation Of Domiciliary Accounts In Nigeria’- PDP

Press Statement

‘Mr. President, You Are Wrong On The Regulation Of Domiciliary Accounts
In Nigeria’- PDP

The Peoples Democratic Party (PDP) wishes to bring to the notice of
President Muhammadu Buhari that the apparent absence of an economic team
in the third month of his administration is leading the country into
economic quagmire and doldrums.

In the past, we had given examples of the devastating effect of lack of
an economic team and a clear-cut fiscal policy by this administration as
evidenced in the lull and painful decline in the stock market, spiral
rate of inflation, the disastrous outing of the government team in
bilateral talks during the recent visit to the United States of America
and the shambolic state of our economy at present.

This confusion has been extended to operations and regulations of the
foreign exchange transactions in Nigeria wherein the government is
making it impossible for honest Nigerians to engage in free trade and
regulate their personal activities as guaranteed by the constitution,
and this is clearly an agenda to illegally impose a communist economic
regime on Nigerians.

In a desperate attempt to create a semblance of movement out of the
clearly motionless and stoic state of affairs of this government, they
have reeled out bans and complete clampdown on free trade. One begins to
wonder therefore whether we are not heading back to the era of import
duty licenses and regulation of commodity prices.

The most disturbing aspect of this communist economic agenda is the
illegal and unlawful attempt to repeal the provisions of the Foreign
Exchange Monitoring And Miscellaneous Provisions Act, otherwise known as
Decree No 17 of 1995 and replace it with unilateral imposition of new
regulations.

This Act remains the subsisting law regulating the operations of
domiciliary accounts in Nigeria and by its provisions therefore,
Nigerians are empowered to freely open and operate domiciliary accounts.
As such, any enactment and or regulation inconsistent with the
provisions of this Act are deemed void. Thus, the recent foreign
exchange transaction restrictions by this government are illegal,
unlawful and void. Besides the provisions of the law, the PDP declares
this administration’s archaic communist economic agenda as unworkable
and unsustainable.

Finally, we wish to remind Mr. President that this is 2015 and not 1984;
we remind him that trade and import restrictions are archaic and
outdated; and we remind him that we are practicing a proper democracy
and not the dictatorship of the politburo under a communist regime.

Signed;

Chief Olisa Metuh
National Publicity Secretary