…our economy not in trouble – Buhari insists
The Peoples Democratic Party (PDP) has said the escalating insecurity, rising political uncertainties, biting economic hardship as well as prevailing tension in the country, were indications that the nation was collapsing under President Muhammadu Buhari and his party, the All Progressives Congress (APC).
The PDP, in a statement on Wednesday by its National Publicity Secretary, Kola Ologbondiyan, said it was deeply worried that the nation, which was a prosperity hub and a reference point for democracy, personal freedom and good governance, now has all the trappings of a failed state.
The party said many compatriots are being taken in as political prisoners under the present government all in a bid to foist a siege mentality and suppress public opinion.
“The national leadership of the party rose from a crucial meeting on Wednesday noting that the red flag has become urgent following the manifest total loss of faith by Nigerians, across the board, in the ability of the Buhari Presidency to provide a democratic leadership that can engender a peaceful and secure nation.
“It is clear that the APC and the Buhari Presidency have held Nigerians hostage. Nigerians are now being treated like a conquered people. They can no longer freely exercise their constitutionally guaranteed rights; Executive high-handedness have become a state policy just as the APC Government, burdened by challenges of illegitimacy, has lost direction and only thriving in vindictiveness.
“The PDP notes that due to the prevailing anti-democratic proclivities of the Buhari Presidency, our once cohesive and economically thriving nation has come under distress on all fronts; never in the history of our nation has our fault lines become so visible; uncertainty now envelopes our nation; citizens are nervous and agitated as ominous hopelessness sets in.
“Our party has also noticed that since the defence of the APC and President Buhari collapsed at the Presidential Election Petition Tribunal, the APC and its government have taken to harassment and repression of Nigerians by surreptitiously suspending constitutional provisions of freedom of speech and association in our country.
“On the economic front, President Buhari has ruined our economy and led our nation to become the world’s capital of poverty, while condoning the humongous corruption that has become the hallmark of his failed administration.
“Sadly, President Buhari’s anti-development policies, the corruption in his government as well as its failure to provide security have scared away foreign investors from our nation.
“Only recently, the United Nations declared that 43 percent of our nation’s Foreign Direct Investment (FDI) has taken flight to other countries. Unemployment has gone out of proportion and there is no hope in sight.
“Our worry is that the prevailing situation of hopelessness under President Buhari and the APC is threatening our national cohesion and corporate existence as a nation,” the PDP said.
However, the presidential spokesman, Malam Garba Shehu, has described as untrue the PDP claim that the Nigerian economy is in trouble.
Shehu in a statement in Abuja on Wednesday, educated the PDP on Buhari administration’s economic score card.
Shehu noted that in keeping with historical trends, there was less economic activity during the electoral cycle.
He, however, said that the economy grew by 2.35 per cent in second quarter of 2015 and 3.96 per cent in first quarter of 2015 as compared to 5.94 per cent in fourth quarter of 2014.
”While foreign direct investment can help, it is not the only source of investment in the economy. There is also domestic investment which is either undertaken by the government or by the private sector.
”It is also noteworthy that capital importation into Nigeria grew by 216 per cent in the first quarter of 2019 as compared to the last quarter of 2018.”
He further noted that the foreign portfolio investment, which is still foreign investment, was 7.14 billion dollars in the first quarter of the year.
”A look at business pages in newspapers shows that there is a lot of business activity going on in the country.
”Two stories in today’s paper point to increasing economic activity.
”First is that the profit of UACN grew in the first half of this year by 61 per cent.
”Second is that Business Day (pg1) states that cargo imports jumped by 21 per cent in the first half of 2019. Increasing imports is a pointer to greater economic activity and the availability of foreign exchange with which to conduct business.
The presidential aide observed that a major constraint to business was the Apapa gridlock which a number of companies had listed as the major impediment to doing business.
He, however, noted that this situation had been improved tremendously.
Shehu revealed that, in his first four years, Buhari improved relations with China, the U.S. and Europe and had won their support for the administration’s development agenda.
He also disclosed that the President had channeled unprecedented sums of money into infrastructure development, saying that capital spending had been kept at about 30 per cent of annual budgets.
”Construction of roads, highways, public transport and airports have sharply increased. Government is spending heavily on power.
”This, combined with private sector investment has grown generation capacity to 13 megawatts.
”All said and done, President Buhari remains the best hope for the Nigerian economy. The country needs change and this remains the person with the will and determination to deliver,” he added.
