Nigeria’s Economy Going very bad under APC~ PDP

Firstclass newsline gathered that the Peoples Democratic Party (PDP)
has described as alarming, the damage so far done on the nation's
economy by the President Muhammadu Buhari-led All Progressives
Congress (APC) since it took office at the centre, 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. It cited alleged a decline in Nigeria's
real Gross Domestic Product (GDP) with about 2.35 per cent, while at
the same time claiming that job creation has dropped by 69 per cent.
The PDP National Publicity Secretary, Chief Olisa Metuh, in a
statement yesterday 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 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.
"Whereas the APC led government is busy with its propaganda of
imaginary achievements, official reports from the National Bureau of
Statistics show that the economy is being grounded with Nigeria's real
GDP plunging with about 2.35 per cent, while job creation has dropped
by 69 per cent.
"In the last three months under an 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.
"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
licences 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 has 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.
"Finally, we state categorically that Nigerians are becoming tired and
weary of the diversions and propaganda of creating imaginary
achievements, dramatisation of routine appointments, offering mundane
excuses for crass incompetence and orchestrating a selective and
witch-hunt of anti-corruption crusade", the statement added.
Meanwhile, the presidency has advised the PDP to stop its pathetic
efforts to play down President Buhari's achievements in his first 100
days in office and bury its head in shame for subjecting Nigeria to
the worst economic plunder through corruption in its recent history.
Reacting to the PDP statement issued by its National Publicity
Secretary, Olisa Metuh, that the economy was going down under the APC
administration, the Senior Special Assistant to the President on Media
and Publicity, Malam Garba Shehu, said the economy of Nigeria was
gasping for breath under "the egregiously corrupt PDP administration",
and that the country was witnessing an acceleration of poverty which
united Nigerians for change. According to him, the excruciating
hardship experienced by Nigerians under the PDP misrule was
unprecedented.
He said: "It is ridiculous for any sane government to artificially
rebase the economy and claim to transform Nigeria into the largest
economy in Africa as the PDP administration did."
He explained that the defeated former ruling party was artificially
manipulating statistics to create the illusion of impressive economic
performance record.
The Presidential Media Aide said one falsehood built on another could
not stand, adding that if the PDP claim of economic successes in terms
of GDP, employment generation, poverty alleviation and others were
genuine, Nigerians wouldn't have voted the party out of power.
He wondered which contented electorate would have voted a performing
party out of office. He explained that if the former ruling party was
doing so well, the opposition parties would have found it difficult to
defeat a popular ruling party.
Shehu said the PDP assumed performance was nothing more than window
dressing, and a detachment from reality. The presidential spokesman
said no economy could grow with corruption, an area in which the PDP
administration demonstrated more competence.The presidency said
criticism for its own sake was not the hallmark of credible
opposition.
According to him, Nigerians no longer face exploitation at filling
stations because the government is taking punitive measures against
marketers that punish poor Nigerians.He noted that queues had
disappeared at the filling stations, adding that the naira was also
enjoying favourable exchange rate.
Shehu said the Buhari administration had successfully blocked leakages
and other avenues for corruption, practices which he said the previous
PDP administration lacked the will to stop.
As a result of the measures to block leakages, he said the Buhari
administration had frustrated the efforts by corrupt elements to
divert public funds to private pockets.
Shehu explained that once the formal trial for corruption begins
formally, the PDP might no longer have the moral legs to stand on, let
alone talk down on Nigerians with fake claims of economic miracles
under its most incompetent and grossly purposeless and sleazy
administration.
Firstclassnewsline.net