RECESSION: APC Blames Obasanjo, Yar'Adua, Jonathan
The ruling All Progressives Congress APC, has blamed former Presidents
Olusegun Obasanjo, Musa Yar’Adua and Goodluck Jonathan for poor economic
policies that has plunged Nigeria into recession.
APC in a response to the opposition Peoples Democratic Party, PDP, APC
said the 16 years misrule of the PDP plunged Nigeria into the current
PDP's 16years in power produced ex-presidents Olusegun Obasanjo, Umar Musa
Yar'Adua and Goodluck Jonathan.
It said, the statement by the Peoples Democratic Party (PDP) on Wednesday
“is the latest in the party's insensitive plot to deflect attention from
the voodoo economics and reckless fiscal policies the country was
subjected to during its 16-year rule.
“The warning signs were glaring to the immediate-past administration but
it choose the path of economic sabotage by looking the other way and
squandering the country's commonwealth – a reckless decision that has
brought the country to its knees”, APC stated.
The party in the statement signed by its national scribe, Mai Mala Buni
was formally reacting to attacks by the PDP on the President Muhammadu
Buhari's lack of capacity to steer the economy.
Following the official declaration by the National Bureau of Statistics
NBS that Nigeria's economy was in a recession, the PDP had taken APC to
the cleaners, saying the ruling party is confused as to how best to manage
the economy and reverse its dwindling fortunes.
Two former governors of the Central Bank of Nigeria, Prof. Charles Soludo
and Emir of Kano, Muhammad Sanusi II had recently taken a swipe at the
economic trajectory of the APC-led administration, describing it as
archaic, indefinite and rudderless.
However, the APC assured Nigerians that the President Muhammadu Buhari
APC-led administration remains solidly committed to resuscitating the
economy in the quickest possible time and in the best interest of the
“For the umpteenth time, the PDP lacks the moral basis and credibility to
comment or condemn the government on the economy after the mess it left
behind. Instead, the PDP must apologize to Nigerians.
“Nigerians will recall that even the immediate-past finance minister and
coordinating minister of the economy, confessed that the zero political
will to save under the immediate-past administration is responsible for
the challenges facing the country”.
APC listed several achievements of the Buhari administration, saying the
nation was well on the path to quick economic recovery.
It added; “Happily, the President Muhammadu Buhari administration has
embarked on well- thought economic agendas, policy actions, appropriate
fiscal, governance, and socio-political reforms to revamp the economy and
tackle the nation's current challenges in the short to long term.
“Under the new flexible foreign exchange policy introduced by the Central
Bank of Nigeria (CBN) in June 2016, we now have a single market-determined
exchange rate which enables suppliers of foreign currencies to bring in
their money and take the same out at market-determined rates. The new
foreign exchange policy being implemented will ensure our economy recovers
in the medium to long term.
“As contained in the assented 2016 National Budget, the administration of
President Muhammadu Buhari is aggressively formulating and implementing
policies aimed at diversifying Nigeria's economy from oil to other sectors
such as agriculture, mining and manufacturing.
“The administration is also proactively tackling increased attacks on oil
facilities in the Niger Delta region which has led to disruptions in crude
“The President's shuttle diplomacy has yielded positive effects on the
country's economic policies. As a result, several agreements concluded
during the visits are positively impacting on key sectors of the Nigerian
economy including power, solid minerals, agriculture, housing and rail
“The fight against corruption remains a top priority for the President
Buhari APC-led administration. In spite of desperate attempts by some
partisans to discredit anti-corruption efforts in some quarters, the war
against corruption is being won and has been well-received and supported.
The generality of Nigerians agree that the days of impunity are over.
“Through the full implementation of the Treasury Single Account (TSA) by
the President Muhammadu Buhari APC-led administration, revenue leakages
have been greatly plugged.
“The new petroleum products supply and pricing framework which eliminated
corruption-tainted subsidy payments has among others greatly solved fuel
scarcities by ensuring availability of products at all locations in the
country; reduced hoarding, smuggling and diversion substantially and
stabilise price at the actual product price; encouraged investments in
both Refineries and Retails; provided Government more revenue to address
social and infrastructural needs of the country.
“In line with the critical infrastructural focus of the President
Muhammadu Buhari administration, an unprecedented 30 per cent of 2016
budgetary provision has been committed to capital projects.
“As the administration works assiduously to build a new solid foundation,
credible image and pull the country out of the present hardships, the APC
appeals for patience and cooperation from Nigerians”, APC pleaded.
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