The Peoples Democratic Party (PDP), on Wednesday, took a swipe at the President Muhammadu Buhari-led Federal government, over the statistics released by the National Bureau of Statistics (NBS), which shows a negative growth in the first two quarters of the year. PDP in a statement signed by its Director, New Media, Deji Adeyanju and made availble to pressmen stated that nothing better showcases the incompetence of the Buhari administration than the GDP, Inflation & Unemployment figures released by NBS.

“PRESS STATEMENT – PRESIDENT MUHAMMADU BUHARI IS COMPLETELY DESTROYING NIGERIA


1. Nothing better showcases the absolute ineptitude & incompetence of the Muhammadu Buhari administration than the GDP, Inflation & Unemployment figures released by Nigerian Bureau of Statistics today.

2. These figures reveal what we have repeatedly said over the last 15 months – the Nigerian President is destroying the Nigeria economy. For the avoidance of doubt, some of these figures include:

GDP contracted by -2.06% in Q2 2016. In contrast, the economy grew by 2.35% in Q2 2015. Q2 was worse than the -0.36% shrinking of the economy in Q1 2016. Headline Inflation for July 2016 stands at 17.1%. It was from 16.5% in June 2016. Food inflation was 15.58% for July 2016 from 15.3% in June 2016.

Portfolio investment declined to an estimated $245.3m in Q2 2016. This represents a 9.5% from $271.0m in Q1 2016 & is a far cry from $2.81bn in Q2 2015. FDI declined from $211.1m in Q2 2015 and $174.4m in Q1 2016 to an estimated $133.0m in Q2 2016.

Total value of capital imported in Q2 2016 is estimated at mere $647.1m. This is the lowest quarterly figure since Nigeria started keeping records of capital importation. It is a decline from $710.9 m in Q1 2016 & a far cry from $2.67bn in Q2 2015. A total of 4,580,602 people have lost their jobs since May 29, 2015. The number of persons in full time employment decreased by 351,350 in Q2 2016 compared to Q1 2016.

3. The result of these indices is that Nigeria is in its worst economic state for 29 years – dating back to 1987 when the nation had to take harsh steps to recover from President Buhari’s policies of 1984-85.

4. As with 1984-85, companies are fleeing our shores in droves. Manufacturers Association of Nigeria (MAN) recently stated that 272 companies have shut down in the past 1 year.

5. Furthermore, like we suffered in 1984-85, we are suffering a brain drain where our best & brightest talents are leaving the country in search of a better life elsewhere.

6. It is disheartening that the Buhari administration is destroying the Nigerian economy & our collective future by the implementation of his archaic & incoherent economic policies which failed in 1984-85 & are failing spectacularly now.

7. Our dismay is worsened by the fact that every sphere of the Nigerian socio-political space (ranging from the conduct of elections, human rights, respect for the rule of law, security, technology, health etc) is negatively affected by the Buhari administration.

8. We join all well meaning Nigerians to call on @MBuhari to resign if he is unable to reverse the disastrous economic decline he has brought on Nigerians.

9. May God bless Nigeria, especially in these very difficult times.

Signed: Deji Adeyanju Director, New Media

http://www.vanguardngr.com/2016/08/economic-recession-pdp-calls-buharis-resignation/

Ok

I Concur!

I never knew someone could be so tenacious without purpose. The way Buhari fought and fought to be president, one would have thought he knows what to do to right the wrongs when he enter. Apparently one can be running sooo hard but in the wrong decision.

How i wish he just resign, so people don't have to suffer still 2019.

Let the criticism begins, i have missed what apc use to pdp when they were in power

Are u guys for real??

PDP we are still recovering from ur mistakes let us hears word abeg

Sorry, which faction of PDP that released this statement if i may ask, formal pdp or informal pdp? which one be original self?

The destroyers are at it again,
You can eat your heart out oh PDP for he is not going to resign, and there is nothing you can do about it.
Please sort out your leadership/followership crisis so you can present a decent opposition to this government.

When we receive your apology for bringing the country to this condition, which Buhari is battling hard to fix, then we may consider you guys sensible.

I need more PDP let the criticism be on weekly basis

The Senate should impeach this Basterdd Dullard before Nigerians die of hunger. this Buhari and his Uselesss greedy apc govt doesn't have any good economy plans to offer Nigeria. Who knows how Nigerians will survive from now till 2019

The Senate and house of assembly should impeach this Basterdd Dullard before Nigerians die of hunger. this Buhari and his Uselesss greedy apc govt doesn't have any good economy plans to offer Nigerians. Who knows how Nigerians will survive from now till 2019

Jesters!

Like the way GEJ who destroyed Nigeria resigned?

Useless morrons aplenty in PDP. If not for democracy, the actors from the Poverty Development Party such as Dasuki, Akpobolokemi, FFK, Bafarawa, Nenadi Usman, Mettuh and other goats who ate what could have been our savings for the rainy days of today, should have been locked up and shot at close range. But alas, the shameless, useless, ultra corrupt party has no shame.

All things equal, a party that earned so much, did so little, and stole all "stealables" should not be allowed to participate in our political discussion.

PDP destroyed Nigeria.

THERE IS NOTHING HAPPENING NOW THAT WAS NOT FORSAW OR PREDICTED BY THE SEASONED ECONOMISTS LONG AGO.

Sanusi raised his voice to warn us.
Pat Utomi warned us.
Bismark Rewane predicted it.
The kpof kpof minister of finance, albeit very late, also said that "Nigerians should prepare for tough times" when the idiots were already borrowing to pay salaries despite earning so much.

When the Pdp's were busying looting our resources,they didn't talk

Yeye thief D thiefs

recession is just a word - kemi adeosun

adeyak83:
Sorry, which faction of PDP that released this statement if i may ask, formal pdp or informal pdp? which one be original self?

Does it matter which faction is releasing the statement.