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
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