Buhari will save Nigerian economy- APC
Buhari will save Nigerian economy- APC
The presidential candidate of the All
Progressives Congress, Muhammadu
Buhari, has assured Nigerians of
succour from the effects of the
nation’s current economic troubles.
In a statement signed by the Director
of Media and Publicity of the APC
Presidential Campaign Organisation
(APCPCO), Garba Shehu, the
APC observed the “panicky and
uncoordinated management of the
national economy by President
Goodluck Jonathan and his economic
team”.
“It is apparent that the Federal
Government has suddenly found itself
in a bind with plummeting crude oil
prices in the international market, but
typical of a team that lacks capacity
for anticipatory actions, the Federal
Government has been running from
pillar to post in a vain bid to stabilize
the economy. Unfortunately, all
conceived palliatives applied to save
the nation’s declining economic
indicators have merely scrapped the
surface of the problems leaving the
mass of Nigerians desperate,
confused and hungrier.”
The team said the nation’s debt
profile under the current Federal
Government grew exponentially even
while the country recorded the
highest revenue accrued from
impressive crude oil prices over a
five-year period before the downward
spiral of international oil prices.
“With external debt standing at more
than $10 billion and our internal debts
at more than $5 0billion, it is without
doubt that President Jonathan is
driving Nigeria into economic
wilderness. This should be a cause
for concern for all well-meaning
Nigerians, more so when the Federal
Government responses to these rising
economic challenges have, at best,
been casual.
“Emblematic of this casual, non-
profound approach to the
management of the national economy
is the Central Bank of Nigeria’s
devaluation of the national currency
in November 2014 while retaining the
Retail Dutch Auction System
(RDAS). Dramatically, just under
three months after that devaluation,
the CBN, obviously buffeted by
unanticipated dynamics in the foreign
exchange market, announced the closure of the
RDAS and the Wholesale Dutch Auction System
(WDAS). This shows clearly an uncoordinated
template in the management of the national
economy,” the statement by Mr. Shehu said.
He added that the mismanagement of the economy
by the Federal Government is turning Nigerians
into economic derelicts, a people incapable of
living up to required standards of existence, but
help is on the way.
“Though we are conscious of the dire economic
strait the Federal Government has pushed
Nigerians into, we can assure the mass of Nigerian
people that help is on the way. We know that an
APC controlled Federal Government will
obviously inherit a huge debt profile and an empty
treasury from this PDP Federal Government. We
are confident of turning the situation around.
“For our presidential candidate, General
Muhammadu Buhari, it is a walk back through
history. Recall that the Nigerian economy at this
time shares characteristics with the Nigerian
economy of 1983 when he took charge of the reign
of government on a rescue mission. The Naira was
weak, crude oil prices were plummeting just as the
national treasury – coupled with a heavy debt
profile. Hopefully, APC will turn the nation’s
economy around.
“Our party’s economic policies are consciously
conceived to be people-centred. For the first time
in over three decades, Nigeria will experience a
truly pro-people Federal Government. This is our
commitment to the mass of our people, help is on
the way, they should not despair,” the statement
said.
APC campaign restated Mr. Buhari’s commitment
to end profligacy, mismanagement of the nation’s
revenue which is dwindling by the day and block
leakages with a view to saving needed funds to
drive an APC-led government’s economic and
infrastructure development.
“It is crystal clear that our revenues are dwindling
by the day and if we must survive, we cannot
continue on this path of near absence of
accountability, mismanagement, outright waste
and jamboree that has characterised the
management of public resources under the
Jonathan-led PDP government. General Buhari by
his antecedents will run a lean government that
will free resources to be deployed to his envisaged
government’s interventions in critical infrastructure and economic development
