The Peoples Democratic Party (PDP) says President Muhammadu Buhari and the All Progressives Congress (APC) must admit their failures following the nation sliding into recession for the second time in five years.
The PDP said Buhari and the ruling APC must accept their failure and allow competent, transparent and honest hands to effectively manage the economy.
Statistics from the National Bureau of Statistics, NBS on Saturday revealed that Nigeria is in deep recession, the second since president Buhari assumed office in 2015.
The PDP, in a statement issued by its National Publicity Secretary, Kola Ologbondiyan, stated that the report by the National Bureau of Statistics (NBS) showed the failure of the Buhari led All Progressives Congress, government.
Ologbondiyan noted that the economy has plunged into another recession under the APC confirmed its stand that the Buhari Presidency and the APC lacked the competence and integrity to run a national economy.
“The report shows that the Buhari administration and the APC have been lying to Nigerians with false performance claims when they know that they have, in a space of five years, wrecked and plundered our economy, which was rated as one of the fastest growing economies of the world, when they took over from the PDP.
“Indeed, President Buhari will be the first President, in our history, to score a hat-trick, in plunging his nation into economic recession, both as military and civilian leader.
“The economic recession we face today is a fallout of President Buhari and APC’s restrictive, vindictive and anti-trade policies, bizarre foreign exchange controls and monetary policies that impede growth, an over-bloated public sector that encourages waste and incurable corruption, reckless treasury looting and failure to decisively deal with the escalated insecurity, which has destroyed economic activities in most parts of our country.
”While the Buhari Presidency pretends to be running a free market economy, it is in reality, running a corrupt exclusionist market economy tailored to service the interest of a selfish few while frustrating millions of hard working Nigerians with restrictive policies, lack of access to incentives and support as well as high taxes and levies,” the party said.
“The failure by the Buhari administration to heed to demands by Nigerians to rejig our security architecture has also worsened the level of insecurity in many parts of our country leading to the closure of millions of businesses, with over 30 million of our farmers abandoning their farmlands, while commercial activities on our trade corridors have been destroyed.
“Besides, our party had cautioned against the increase in fuel price, which has impacted negatively on the disposable incomes of Nigerians. We however insist that poor management and not the high cost of crude oil in the international market is responsible for high costs of domestic price of fuel.
“This is because, in its laziness, the Buhari administration failed to put structures in place to boost domestic competitiveness for favourable market forces-induced pricing before the so called deregulation of the oil sector.
“Also, we note the negative impact of the closure of our borders by the Buhari administration, without encouraging local production, just to create an impression of food sufficiency, when it knows that it has not achieved any improvement in food production,” it said.