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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

economic chaos.
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.

The post RECESSION: APC Blames Obasanjo, Yar’Adua, Jonathan appeared first on Pointblank News .

It is better to be alone than to be in the mist of wrong people
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