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APC continues to shift blame on PDP, says Voodoo Economics Responsible For Recession

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The All Progressives Congress (APC) has accused the People’s Democratic Party (PDP) of being responsible for the current economic woes plaguing Nigeria.

The ruling party said the previous government subjected Nigeria to voodoo economics and reckless fiscal policies during its 16- year rule. National Secretary of the APC, Hon. Mai Mala Buni, made this assertion while responding to the accusation the PDP levelled against the ruling party in the wake of the latest report released by the National Bureau of Statistics (NBS) which confirmed  that Nigeria was in recession. The PDP, Bunu said, lacked the moral basis and credibility to comment or condemn the APC-led government on the economy after “the mess” it left behind.

According to the party’s scribe, the PDP should rather apologise to Nigerians for the deplorable state of the national economy. “The warning signs were glaring to the immediate past administration but it chose the path of economic sabotage by looking the other way and squandering the country’s commonwealth – a reckless decision that has brought the country to its knees.

“Nigerians will recall that even the immediate past Finance Minister and Coordinating Minister of the Economy, Dr. Ngozi Okonjo- Iweala, confessed that the zero political will to save under the immediatepast administration is responsible for the challenges facing the country,” he said.

Bunu, however, assured Nigerians that the Muhammadu Buhari-led administration would remain solidly committed to resuscitating the economy in the quickest possible time and in the best interest of the people.

The current administration, he said, has embarked on a well-thought economic agenda, policy actions, appropriate fiscal, governance, and socio-political reforms to revamp the economy and tackle the nation’s current challenges in the short to long term.

“Under the new flexible foreign exchange policy introduced by the Central Bank of Nigeria (CBN) in June 2016, we now have a single market-determined exchange rate which enables suppliers of foreign currencies to bring in their money and take the same out at market-determined rates. The new foreign exchange policy being implemented will ensure our economy recovers in the medium to long term.

“As contained in the assented 2016 National Budget, the administration of President Muhammadu Buhari is aggressively formulating and implementing policies aimed at diversifying Nigeria’s economy from oil to other sectors such as agriculture, mining and manufacturing. The administration is also proactively tackling increased attacks on oil facilities in the Niger Delta which has led to disruptions in crude production.

“The president’s shuttle diplomacy has yielded positive effects on the country’s economic policies. As a result, several agreements concluded during the visits are positively impacting on key sectors of the Nigerian economy including power, solid minerals, agriculture, housing and rail transportation,” he said.

Bunu also said that in spite of the attempts by some persons to discredit the anti-corruption efforts of the Bihari administration, the war against corruption has remained a top priority that has been well-received and supported across the country.

– New Telegraph

UBA Bank
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