Nigeria not yet out of economic recession, says PDP

The Peoples Democratic Party (PDP) has said that Nigeria is not yet out of the woods economically despite claims by the Federal government that the country has exited economic recession.

The opposition party said the Nigerian economy is still very weak, feeble and insufficient to herald the sort of celebration and backslapping being displayed by officials of the All Progressives Congress (APC)-led administration.

The Chairman of the National Caretaker Committee, Senator Ahmed Makarfi, said the party would not hesitate to sanction erring members.

Speaking during the inauguration of the state caretaker committees for Adamawa and Osun States at the party’s National Secretariat, Makarfi said getting out of recession can be because of one or two indices which might not even have direct bearing on ordinary citizens.

He said looking at the figures collectively and holistically, it would seem as if one is already out of a problem but “you are not really out of a problem.

“You will be out of a problem when people are able to eat well, people are secured, people find jobs, infrastructures are in good condition, students will not find it difficult to pay common tuition fees, because all these issues are there and then we say we are out of recession and we are clapping?,” he said.

Makarfi said what PDP intends to do is correct things when it comes back to power but that in the interim, it would pressure those in power to make sure that the conditions of every Nigerians is better.

Also, in a statement issued Wednesday by its spokesman Dayo Adeyeye, the PDP said the figures released by the Nigeria Bureau of Statistics is a marginal improvement compared to -0.91 per cent (revised) in Q1 2017 & -1.49 per cent in Q2 2016.

It said that such a growth is insufficient and insignificant to engender national prosperity.

The NBS on Tuesday released its second quarter Gross Domestic Product (GDP) report which showed a growth of the economy for the first time in six consecutive quarters.

PDP said the import of this is that Nigeria had exited its longest recession in almost three decades.

According to the report, the Nigerian Economy grew by 0.55 per cent in Q2 2017, a marginal improvement compared to -0.91 per cent (revised) in Q1 2017and -1.49 per cent in Q2 2016.

But the PDP observed that the growth falls way short of the 6.54per cent GDP growth in the corresponding quarter of 2014, which was its last full year in office.

It said the figure falls significantly below the 3.96 per cent growth in the first quarter in 2015, which was our last full quarter in office.

Comparatively, the PDP said the economy recorded growth of 6.54per cent, in first quarter of 2014, 3.96 per cent in second quarter of 2015 and 0.55 per cent for the same period in 2017.

“When these figures are considered along with inflation rate of 16.05 per cent and an annual population growth rate of approximately 2.67 per cent per annum, it is impossible to escape the conclusion that the recovery of the Nigerian Economy is weak, feeble and insufficient to herald the sort of celebration and backslapping being displayed by officials of this APC led-administration,” he said.

PDP’s spokesman said from its analysis, there is little or no justification to celebrate since harsh living condition in the country persists.

“We are of the firm belief that there is nothing to celebrate until the so called economic growth improves the harsh living conditions imposed on millions of ordinary Nigerians by the Buhari administration’s incoherent economic policies and is reflected in a reduction of the high cost of goods, services and staple foods necessary for everyday living.

“At this point, it is necessary to sound a note of caution! It is imperative to reiterate the warning of the last Monetary Policy Committee (PMC) Meeting to the effect that the Nation is at risk of falling into a more protracted recession if strong and bold monetary and fiscal policies are not activated immediately to sustain our exit from recession.

“This warning is very necessary in the light of the incompetence, lack of economic direction and incoherent economic policies of the Buhari administration which led us into, and then prolonged recession in the first place. It is clear that a continuation of the administration’s incoherent economic policies and its penchant for governance by propaganda will only lead us down a more dangerous path…”

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