Peoples Democratic Party (PDP) has called on President
Muhammadu Buhari to resign, following the new
statistics released Wednesday by the National Bureau of Statistics,
which officially declared economic recession in Nigeria. They called for the
resignation of the president in statement released on September 1.
"Nothing better showcases the absolute ineptitude and
incompetence of the Muhammadu Buhari administration than the GDP, Inflation and
unemployment figures released by the Nigerian Bureau of Statistics today.
These figures reveal what we have repeatedly said over the
last 15 months , President Buhari is destroying the Nigerian 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. This was worse than -0.36% in Q1 2016. Headline Inflation for July
2016 stands at 17.1%. It was 16.5% in June 2016. Food inflation was 15.58% for
July 2016 from 15.3% in June 2016. Portfolio investment declined to $245.3m in
Q2 2016. This is 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 more than 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 made worse 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 Buhari's government.
We join all well meaning Nigerians to call on Buhari to
resign if he is unable to reverse the economic decline he has brought on us.
May God bless Nigeria, especially in these very difficult times".
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