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Nigeria Economy Worst in Country’s History

Nigeria Economy Worst in Country’s History Nigeria Economy Worst in Country’s History

The Peoples Democratic Party has said Nigeria’s status as the largest economy in Africa has declined since President Muhammadu Buhari-led All Progressives Congress assumed office in the last three months.

The party added that the shambolic state of the nation’s economy within the period, which represents the worst in the nation’s contemporary history, is a direct fallout of uncertainty created by the inability of the Buhari-led government to chart a clear-cut economic policy, which is worsened by abuse of regulations, and flagrant violation of constitutional provisions, Yahoo reported.

PDP National Publicity Secretary, Chief Olisa Metuh, in a statement on Saturday, added that instead of gains, official reports showed that the last three months under the APC-led government had witnessed a sudden decline in the nation’s gross domestic product, with losses and hardship to the citizens.

The party added that the ‘shambolic’ state of the nation’s economy within the period, which represents the worst in the nation’s contemporary history, is a direct fallout of uncertainty created by the inability of the Buhari-led government to chart a clear-cut economic policy, which is worsened by abuse of regulations, and flagrant violation of constitutional provisions.

 “Whereas the APC led government is busy with its propaganda of imaginary achievements, official reports from the national bureau of statistics show that that the economy is being grounded with Nigeria’s real gross domestic product plunging with about 2.35%, while job creation has dropped by 69%.

“This is in addition to the halt in infrastructure development projects in most parts of the country with associated massive job loss, closure of auxiliary small scale businesses, low purchasing power of citizens, among other negatives that have bedeviled the economy since the coming of this government, despite the much APC celebrated promissory notes from the president’s diplomatic shuttles, especially his recent visit to the United States.

“Nigerians would recall that we recently raised alarm on the negative consequences of the recent foreign exchange transaction restrictions, wherein this government is making it impossible for honest Nigerians to engage in free trade and regulate their personal activities as guaranteed by the constitution”, the statement said.

“We also warned about the consequences of foisting a communist economic regime with bans and clampdowns on free trade and the freedom of Nigerians to freely open and operate domiciliary accounts as provided by the Foreign Exchange Monitoring and Miscellaneous Provisions Act, otherwise known as Decree No. 17 of 1995 and wondered whether the nation was not heading back to the era of import duty licenses and regulation of commodity prices”.

Financialtribune.com