- Nothing better showcases the absolute ineptitude and incompetence of the Muhammadu Buhari administration than the GDP, inflation and unemployment figures released by Nigerian Bureau of Statistics
Peoples Democratic Party, PDP, has asked President Muhammadu Buhari to resign for the recession indicators in the economy as revealed by the National Bureau of Statistics, NBS, on Wednesday.
PDP’s new media director, Deji Adeyanju said this in a statement yesterday.
The party’s position came just as a group, Civil Society Organisation, CSO, called for a declaration of state of emergency on the economy.
Reacting to the figures of unemployed Nigerians and that of the rate of inflation in the country released by NBS, Adeyanju accused the Buhari administration of incompetence and ineptitude.
“Nothing better showcases the absolute ineptitude and incompetence of the Muhammadu Buhari administration than the GDP, inflation and unemployment figures released by Nigerian Bureau of Statistics,” he said.
“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 percent in Q2 2016. In contrast, the economy grew by 2.35 percent in Q2 2015. Q2 was worse than the -0.36 percent shrinking of the economy in Q1 2016; headline Inflation for July 2016 stands at 17.1 percent. It was from 16.5 percent in June 2016; food inflation was 15.58 percent for July 2016 from 15.3 percent in June 2016; portfolio investment declined to an estimated $245.3m in Q2 2016. This represents a 9.5 percent from $271.0m in Q1 2016 & is a far cry from $2.81bn in Q2 2015 and FDI declined from $211.1m in Q2 2015 and $174.4m in Q1 2016 to an estimated $133.0m in Q2 2016,” he said.
Adeyanju added that the implication of these indices was “that Nigeria is in its worst economic state in 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 one year,” he said, noting that the country was suffering a brain drain “where our best and 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 and our collective future by the implementation of his archaic and incoherent economic policies which failed in 1984-85 and are failing spectacularly now,” Adeyanju said.
“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.”
Group calls for state of emergency on economy
Civil Society Organisation, CSO, has advised the federal government to declare a state of emergency on Nigeria’s economy.
The call followed a report from the National Bureau of Statistics, NBS, which shows that Nigeria’s Gross Domestic Product, GDP, has contracted by 2.06 percent in the second quarter of 2016.
Executive secretary of the Centre for Social Justice, Mr Eze Onyekpere made the recommendation on Wednesday while addressing journalists in Abuja, the Federal Capital Territory.
Mr Onyekpere noted that Nigerians were yet to feel the impact of the economic policies.
He advised the government to cut down on its spending and come up with a clear template on how it intends to build the economy.