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Nigeria: Economy Worse Under Buhari – PDP

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SAN FRANCISCO, August 29, (THEWILL) – Opposition party, the Peoples Democratic Party (PDP) has said the nation's economy has nose-dived since President Muhammadu Buhari of the All Progressives Congress (APC) took office on May 29, 2015, having defeated then incumbent President, Goodluck Jonathan of the PDP.

In a statement Saturday in Abuja by the PDP's National Publicity Secretary, Chief Olisa Metuh, the party said Buhari and the APC scammed Nigerians with promises of better days ahead before the election, but so far has foisted hardship on citizens, while embarking on propaganda of non-existent achievements.

“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,” the PDP said.

“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,” the PDP added.