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PDP blames Buhari for Nigeria’s economic woes

The Peoples Democratic Party, PDP, has blamed the administration of President Muhammadu Buhari for the poor state of the economy. The PDP, in a statement…

The Peoples Democratic Party, PDP, has blamed the administration of President Muhammadu Buhari for the poor state of the economy.

The PDP, in a statement by its Director of New Media, Deji Adeyanju, said 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.

Adeyanju said that “nothing better showcases the poor state of the economy than the GDP, inflation and unemployment figures released by Nigerian Bureau of Statistics on Wednesday. These figures reveal what we have repeatedly said over the last 15 months – the government is destroying the Nigeria economy,”

“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. Total value of capital imported in Q2 2016 is estimated at mere $647.1m. This is the lowest quarterly figure since Nigeria started keeping records of capital importation. It is a decline from $710.9 m in Q1 2016 & a far cry from $2.67bn in Q2 2015. A total of 4,580,602 people have lost their jobs since May 29, 2015. The number of persons in full time employment decreased by 351,350 in Q2 2016 compared to Q1 2016”.

 The statement urged President Buhari to review his economic policies in order to reverse the economic decline in the country

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