The National Publicity Secretary of the Senator Ahmed Makarfi’s led Peoples Democratic Party (PDP), Dayo Adeyeye, has painted a gory image of how Nigeria’s economy plummeted within the past two years.
In a comparative analysis of the economy under the All Progressives Congress (APC) –led federal government and the previous PDP administrations, Adeyeye stated that incompetence and President Muhammadu Buhari’s de-marketing of Nigeria while globetrotting prompted foreigners to withdraw their funds from the country’s economy which then resulted in economic inactivity and consequent depression of the citizens.
He also noted that apart from the drop in Foreign Direct Investments (FDI) in the country, the withdrawal of fuel subsidy and the consequent increase in pump price of petrol was another economic failure of the APC administration in the past two years.
According to him, Nigerians should rise and demand for the proceeds of fuel subsidy removal since it was executed without any palliative measures in place.
The PDP Spokesman added that the erosion of the value of the Naira to the Dollar within the past two years was another economic misadventure of the federal government that led to the loss of more than 4.5 million jobs across the country.
Adeyeye said that Nigerians had never been as hungry in their entire lives as they are today except during the Civil War.
He stated that: “record show that Nigeria became the favoured investors’ destination in Africa with the highest investment of $8.4 billion USD; and it attracted $20 billion USD worth of foreign investments in 3 years.
“But two years into the APC’s governance, as a result of incompetence and President Buhari’s de-marketing of Nigeria while globetrotting; investors (both local & foreign) have withdrawn their monies from the System thereby creating economic inactivity and consequent depression that we are being faced with alarming rate of suicide.
“No doubt, economic activities and an enabling environment is the basic response to recession but experience and requisite skills are alien to the APC in this regard.
“Petrol Subsidy Removal – It is on record that the APC wailed against subsidy removal and due to PDP’s Government sensitivity to the people, Petrol Pump Price was then reduced to N87 which the APC under few months of assumption of office jacked to N145.
“It is high time Nigerians demanded for the proceeds of this insensitive action with no palliative measures.
“Let us again remind the APC that the US Dollar under the PDP Government was 190 Naira to 1 US Dollar but today, the difference is there for everyone to see.
“The 18,000 Naira Minimum Wage could buy 2 bags of Rice then with a balance in the PDP led government but today, price of food items and other commodities increased by more than 100% with static income; and instead of $1 to equal N1 as promised, it’s changing for almost N400.
“Every other promise made is equally not fulfilled. For instance, the Retail Price of Cement was N1,750 before but in the two years of APC led Administration, it equally skyrocketed to N2,700. Nigerians have never been this hungry in their entire lives as seen in the last two years except during the Civil War.
“The Federal Government under the PDP created 500,000 jobs per annum for our teeming unemployed youths. Since the APC led administration took over, more than 4.5 million people have lost their jobs instead.”
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