Below is a press statement from the PDP
The Peoples Democratic Party (PDP) decries as
alarming, the damage so far done on the nation’s
economy by the President 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
