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
