Nigeria Economy Worse In 90 Days Of APC – PDP

Nigeria Economy Worse In 90 Days Of APC – PDP
…Says Nigerians Have Been Scammed With Empty Promises

The Peoples Democratic Party (PDP) decries as alarming, the damage so
far done on the nation’s economy by the President Muhammadu Buhari-led
All Progressives Congress (APC) since it took office at the center,
three months ago.

The party said the shambolic state of the nation’s economy within the
period, which represents the worst in the nation’s contemporary history,
is a direct fallout of uncertainty created by the inability of the
Buhari-led government to chart a clear-cut economic policy, worsened by
abuse of regulations, and flagrant violation of constitutional
provisions.

PDP National Publicity Secretary, Chief Olisa Metuh, in a statement on
Saturday said instead of gains, official reports show that the last
three months under the APC-led government have brought a sudden decline
in the nation’s Gross Domestic Product (GDP), with attendant losses and
hardship to the citizens, while the government embarks on propaganda of
imaginary achievements, in addition to attempts to foist harsh economic
regime to cover its ineptitude.

“If not for crass incompetence or a possible ulterior motive to
subjugate Nigerians for selfish reasons, what else explains the adamant
stance of this administration in running a government without the
statutory components of a full cabinet and precise fiscal policy
direction, even when the negative consequences of this strange
totalitarian approach are taking serious toll on the economy and the
polity in general?

“Whereas the APC led government is busy with its propaganda of imaginary
achievements, official reports from the National Bureau of Statistics
show that that the economy is being grounded with Nigeria’s real Gross
Domestic Product (GDP) plunging with about 2.35%, while job creation has
dropped by 69 percent.

“In the last three months under an inept and poorly coordinated APC-led
government, our nation’s economy, which before now, held the record as
the largest in Africa and one of the fastest growing in the world,
suddenly plummeted as officially evidenced in the lull in the capital
and money market sectors which have lost billions of naira; spiral rate
of inflation, and stagnation in domestic and foreign direct investments,
with investors scared away due to the uncertainty arising from lack of
economic direction and apparent confusion in the polity.

“This is in addition to the halt in infrastructure development projects
in most parts of the country with associated massive job loss, closure
of auxiliary small scale businesses, low purchasing power of citizens,
among other negatives that have bedeviled the economy since the coming
of this government, despite the much APC celebrated promissory notes
from the President’s diplomatic shuttles, especially his recent visit to
the United States.

“Nigerians would recall that we recently raised alarm on the negative
consequences of the recent foreign exchange transaction restrictions,
wherein this government is making it impossible for honest Nigerians to
engage in free trade and regulate their personal activities as
guaranteed by the constitution.

“We also warned about the consequences of foisting a communist economic
regime with bans and clampdowns on free trade and the freedom of
Nigerians to freely open and operate domiciliary accounts as provided by
the Foreign Exchange Monitoring And Miscellaneous Provisions Act,
otherwise known as Decree No. 17 of 1995 and wondered whether the nation
was not heading back to the era of import duty licenses and regulation
of commodity prices.

“Only recently, Fitch Rating, which, under the previous administration,
affirmed Nigeria's long-term foreign and local currency IDRs as well as
senior unsecured bond and Short-term foreign currency IDR ratings
respectively at 'BB”s, had now alerted that Nigerian banks and other
businesses in the sector would be adversely affected by the economic
slowdown occasioned by the incompetence of the President Buhari-led APC
government.

“This is more so as the absence of ministers have left the coordination
of important government policies in ministries, departments and agencies
in tatters, while creating loopholes for overzealous persons claiming
closeness to the President to invade the system for inflated
concessions, allocations, jobs and other financial sleazes, including
misleading the President for approvals outside his limits.

“We invite Nigerians to note that whereas the Presidency has gone ahead
to unilaterally deplete the funds inherited in the Excess Crude Account
(ECA) and other government savings, as well as reports of engaging in
discussions with the World Bank for loans without recourse to
appropriate statutory arms of government, no corresponding improvement
has been witnessed in the economy. Indeed, we are worried that the
damage already done in the last 90 days may linger with us for years to
come.

“Nigerians are no longer in doubt that they have been scammed with long
list of empty promises which the APC government has no intentions or
capacity to fulfill. The free meals for school children, allowances for
discharged Corps Members, N5,000 monthly allowance for indigent
Nigerians, free houses, bringing the dollar to the same value as the
naira and other bogus promises for which they were voted into power,
have become streams of mirage.

Instead, what we continue to witness is the outworn excuse of clearing
the so-called Augean Stable, loud propaganda and artful move to
appropriate the achievements made by the PDP-led administration; such as
the effort in ending polio, the improvement in power supply, the
reopening of the refineries, among others which are a dividend from
numerous investments by the previous administrations.

“Finally, we state categorically that Nigerians are becoming tired and
weary of the diversions and propaganda of creating imaginary
achievements, dramatization of routine appointments, offering mundane
excuses for crass incompetence and orchestrating a selective and
witch-hunt of anti-corruption crusade.

Signed:

Chief Olisa Metuh
National Publicity Secretary