Buhari’s incompetence plunged Nigeria to recession says PDP

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President Muhammadu Buhari and the All Progressives Congress (APC) have been advised to hands off the management of the economy.

The Peoples Democratic Party (PDP), which gave the advice, believes they have failed.

In a statement on Sunday by its spokesman Kola Ologbondiyan, PDP said the National Bureau of Statistics (NBS) report that the economy has plunged into another recession within five years, confirmed its position that the APC-government lacked the competence to run a national economy.

The party accused the government of insincerity in its performance claims and rating.

The PDP claimed it handed over to the APC in 2015 an economy that was rated as one fastest growing in world.

The statement reads: “Indeed, President Buhari will be the first, in our history, to score a hat-trick, in plunging his nation into economic recession, both as military and civilian leader.”

It blamed the economy’s relapse into recession on alleged “restrictive and anti-trade policies, bizarre foreign exchange controls and monetary policies that impede growth.”

Besides, the PDP blamed the development on over-bloated public sector that encourages sharp practices.

“This has crippled domestic production and competiveness, eroded investors’ confidence and occasioned a dearth in foreign direct investment, leading to the economic contraction we have continued to witness under Buhari’s watch.”

According to the PDP, more than 60 million Nigerians have been rendered jobless, lamenting that the rising insecurity had forced millions of businesses to close shops and millions of farmers abandoning their farmlands.

The party lamented that the latest petrol price has impacted negatively on the disposable incomes of Nigerians.

The statement reads: “We however insist that poor management and not the high cost of crude oil in the international market is responsible for high costs of domestic price of fuel.”

It also condemned the border closure policy, urging the government to reflate the economy with funds allegedly stolen by public officials.