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The All Progressives Congress (APC) on Thursday slammed the People Democratic Party (PDP) for asking President Muhamadu Buhari to “resign if he is unable to reverse the disastrous economic decline he has brought on Nigerians”.
The PDP in a statement on Wednesday said the latest report released by the National Bureau of Statistics (NBS), has exposed the incompetence of the President Muhammadu Buhari-led administration.
It said: “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.
“These figures reveal what we have repeatedly said over the last 15 months, the Nigerian President is destroying the Nigeria economy.
“We join all well meaning Nigerians to call on Buhari to resign if he is unable to reverse the disastrous economic decline he has brought on Nigerians.”
But in a reaction on Thursday, the APC said that rather than castigate the APC, PDP ought to apologise to Nigerians for its years of mis-rule which the APC administration led by President Muhammadu Buhari is struggling to fix.
The party in a statement signed by its National Secretary, Hon. Mai Mala Buni, accused PDP of running what it called “voodoo economics and reckless fiscal policies”.
APC said Buhari has however taken focused steps including introducing a new forex regime and the Treasury Single Account, to reflate the economy.
The statement said: “The statement by the Peoples Democratic Party (PDP) on Wednesday is the latest in the Party’s insensitive plot to deflect attention from the voodoo economics and reckless fiscal policies the country was subjected to during its 16-year rule.
“For the umpteenth time, the PDP lacks the moral basis and credibility to comment or condemn the government on the economy after the mess it left behind. Instead, the PDP must apologize to Nigerians.
Below are the statements of the two parties.
READ full statement by PDP:
“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.
“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% in July 2016 from 15.3% in June 2016. Buhari presides over FEC meeting in Statehouse 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.
“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. 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. 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.
“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.
“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.
“We join all well meaning Nigerians to call on Buhari to resign if he is unable to reverse the disastrous economic decline he has brought on Nigerians.”
READ full statement by APC:
“The All Progressives Congress (APC) assures Nigerians that the President Muhammadu Buhari APC-led administration remains solidly committed to resuscitating the economy in the quickest possible time and in the best interest of the people.
“The statement by the Peoples Democratic Party (PDP) on Wednesday is the latest in the Party’s insensitive plot to deflect attention from the voodoo economics and reckless fiscal policies the country was subjected to during its 16-year rule.
“For the umpteenth time, the PDP lacks the moral basis and credibility to comment or condemn the government on the economy after the mess it left behind. Instead, the PDP must apologize to Nigerians.
“The warning signs were glaring to the immediate-past administration but it choose the path of economic sabotage by looking the other way and squandering the country’s commonwealth – a reckless decision that has brought the country to its knees.
“Nigerians will recall that even the immediate-past finance minister and coordinating minister of the economy, confessed that the zero political will to save under the immediate-past administration is responsible for the challenges facing the country.
“Happily, the President Muhammadu Buhari administration has embarked on well-thought economic agendas, policy actions, appropriate fiscal, governance, and socio-political reforms to revamp the economy and tackle the nation’s current challenges in the short to long term.
“Under the new flexible foreign exchange policy introduced by the Central Bank of Nigeria (CBN) in June 2016, we now have a single market-determined exchange rate which enables suppliers of foreign currencies to bring in their money and take the same out at market-determined rates. The new foreign exchange policy being implemented will ensure our economy recovers in the medium to long term.
“As contained in the assented 2016 National Budget, the administration of President Muhammadu Buhari is aggressively formulating and implementing policies aimed at diversifying Nigeria’s economy from oil to other sectors such as agriculture, mining and manufacturing.
“The administration is also proactively tackling increased attacks on oil facilities in the Niger Delta region which has led to disruptions in crude production.
“The President’s shuttle diplomacy has yielded positive effects on the country’s economic policies. As a result, several agreements concluded during the visits are positively impacting on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation.
“The fight against corruption remains a top priority for the President Buhari APC-led administration. In spite of desperate attempts by some partisans to discredit anti-corruption efforts in some quarters, the war against corruption is being won and has been well-received and supported. The generality of Nigerians agree that the days of impunity are over.
“Through the full implementation of the Treasury Single Account (TSA) by the President Muhammadu Buhari APC-led administration, revenue leakages have been greatly plugged.
“The new petroleum products supply and pricing framework which eliminated corruption-tainted subsidy payments has among others greatly solved fuel scarcities by ensuring availability of products at all locations in the country; reduced hoarding, smuggling and diversion substantially and stabilise price at the actual product price; encouraged investments in both Refineries and Retails; provided Government more revenue to address social and infrastructural needs of the country.
“In line with the critical infrastructural focus of the President Muhammadu Buhari administration, an unprecedented 30 per cent of 2016 budgetary provision has been committed to capital projects.
“As the administration works assiduously to build a new solid foundation, credible image and pull the country out of the present hardships, the APC appeals for patience and cooperation from Nigerians”.