Buhari

The Peoples Democratic Party says it wants President Muhammadu Buhari to resign. Its call is based on the indices of the performance of the Nigerian economy by the National Bureau of Statistics, NBS.

Based on the NBS figures and analysis, the country’s economy has been officially confirmed to be in recession. Especially, many Nigerians are now questioning the capacity of the Buhari government to manage the crumbling economy.

Now, the PDP which is Nigeria’s major opposition party thinks Buhari should throw in the towel.

The following is the text of a press statement the party released on August 31.

 

“PRESIDENT MUHAMMADU BUHARI IS COMPLETELY DESTROYING NIGERIA.”

Nothing better showcases the absolute ineptitude & incompetence of the Muhammadu Buhari administration than the GDP, Inflation & Unemployment figures released by Nigerian Bureau of Statistics today.

“These figures reveal what we have repeatedly said over the last 15 months – the Nigerian President is destroying the Nigeria 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. Q2 was worse than the -0.36% shrinking of the economy in Q1 2016.

“Headline Inflation for July 2016 stands at 17.1%. It was from 16.5% in June 2016. Food inflation was 15.58% for July 2016 from 15.3% in June 2016.

“Portfolio investment declined to an estimated $245.3m in Q2 2016. This represents 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.

The PDP in their press release also claimed that Nigerians are suffering like they suffered between years 1984-1985:

“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 272 companies have shut down in the past 1 year.”