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Buhari Has Destroyed Economy, Says PDP by smsshola(m): 1:42am On Aug 30, 2015 |
The Peoples Democratic Party (PDP)
yesterday wrote off the economy, accusing the
Buhari administration of destroying it since
assuming office on May 29.
In a statement by its National Publicity
Secretary, Chief OlisaMetuh, the party said the
“shambolic state” of the economy within the
period represented the worst in the nation’s
contemporary history.
The situation, the party said, was a fallout of
uncertainty created by the government’s
inability to chart a clear-cut economic policy,
adding that the matter is worsened by abuse
of regulations, and flagrant violation of
constitutional provisions.
According to the PDP, official reports showed
that the last three months under the APC-led
government had brought a sudden decline in
the Gross Domestic Product (GDP), with
attendant losses and hardship to the citizens.
The government, it said, embarked on
propaganda of imaginary achievements, in
addition to attempts to foist harsh economic
regime to cover its ineptitude.
The statement reads: “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 bedevilled 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 fulfil. 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, dramatisation of routine
appointments, offering mundane excuses for
crass incompetence and orchestrating a
selective and witch-hunt of anti-corruption
crusade” 3 Likes |
Re: Buhari Has Destroyed Economy, Says PDP by roqrules04(m): 1:43am On Aug 30, 2015 |
Wait, lemme read dis write up first |
Re: Buhari Has Destroyed Economy, Says PDP by Newbieeee(m): 1:44am On Aug 30, 2015 |
Re: Buhari Has Destroyed Economy, Says PDP by koolpal(m): 2:06am On Aug 30, 2015 |
I laugh in igbon... hi... hi. 1 Like |
Re: Buhari Has Destroyed Economy, Says PDP by ZKOSOSO(m): 2:55am On Aug 30, 2015 |
Olisa Metu is always almost right. APC na Scam! Buhari na wayo wayo done by hausafulanis marketed by yorubas, Ameachi,oyeguns, OshiomOLE, rochas, ngige etc. Only to see unknown Northern faces reaping the REAL benefits of powerful appointment while the SS and SE traitors hide their faces in shame! Thank God I never Voted APC! 2 Likes |
Re: Buhari Has Destroyed Economy, Says PDP by likila: 3:08am On Aug 30, 2015 |
buhari is a bastard 1 Like |
Re: Buhari Has Destroyed Economy, Says PDP by mikolo80: 6:29am On Aug 30, 2015 |
likila:why |
Re: Buhari Has Destroyed Economy, Says PDP by kingdompropty: 6:37am On Aug 30, 2015 |
With a 2.3% sharp drop in economic growth, 69% unemployment in 90day distorted economic agenda, I don't know how his team Will defend this. 2 Likes |
Re: Buhari Has Destroyed Economy, Says PDP by PassingShot(m): 6:40am On Aug 30, 2015 |
kingdompropty:How did you arrive at this your figures? 69% drop in employment rate is not same as 69% unemployment rate. PDP virtually destroyed Nigeria and Buhari is on a mission to salvage what is left of our dear nation. GEJ completely wrecked our economy as can be seen in the attached. A man who met external reserves at N47bn in 2010, sold crude at an average of $100/barrel but still managed to empty the reserve to $29bn. The GDP he met at around 7% growth rate, he left at 5%. Wailing on the pages of newspaper and online will not return PDP to Aso Rock. 2 Likes
|
Re: Buhari Has Destroyed Economy, Says PDP by ba7man(m): 6:41am On Aug 30, 2015 |
There's now almost constant power supply, corruption is now stealing........ what's not to like about that. PDP should park their mouths........ it's the after effects of their looting of the Nation we're still facing at the moment. |
Re: Buhari Has Destroyed Economy, Says PDP by Nobody: 6:42am On Aug 30, 2015 |
And the most sophisticated slaves were chanting CHANGE |
Re: Buhari Has Destroyed Economy, Says PDP by kingdompropty: 6:59am On Aug 30, 2015 |
[color=#006600][/color] PassingShot: If you believe propaganda can reform the economy, I have no problem with that. Organizations are already laying even as of Friday night. Banks are empty, for reasons of bad economic decisions. You may keep campaigning after election, Nigerians are beginning to see through APC. 1 Like |
Re: Buhari Has Destroyed Economy, Says PDP by Jman06(m): 7:24am On Aug 30, 2015 |
likila:I concur with you! Nigeria is heading towards anarchy while naive buhari supporters are here giving themselves hope. 1 Like |
Re: Buhari Has Destroyed Economy, Says PDP by Truth234(m): 9:50am On Aug 30, 2015 |
kingdompropty: The 69.9% drop in new job creation, is not the same as total unemployment. The economy grew by 2.35% in second quarter, not drop oga, which is a reasonable growth rate and better than first quarter when the then administration had better exports without this much drop in global oil prices. Even U.S with all their economic policies rose 3.7% while U.K 0.7%. 1 Like |
Re: Buhari Has Destroyed Economy, Says PDP by chernest2002: 10:46am On Aug 30, 2015 |
Suffer don block nija heads |
Re: Buhari Has Destroyed Economy, Says PDP by erunz(m): 11:08am On Aug 30, 2015 |
Can somebody remind me why buhari is Nigerians president, he told us some of these thing during elections, now he's the president and still complaining. APC should get to work and telling us abt PDP. |
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