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Exit From Recession: There Is Nothing To Celebrate, Says PDP

The People Democratic Party has launched an attack on the All Progressives Congress-led Federal Government in reaction to news that the country has exited recession. … Continue reading Exit From Recession: There Is Nothing To Celebrate, Says PDP


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The People Democratic Party has launched an attack on the All Progressives Congress-led Federal Government in reaction to news that the country has exited recession.

Specifically, the PDP criticised Federal Government officials of for celebrating the news when there are several reasons why it should be concerned.

In a statement by its National Publicity Secretary, Dayo Adeyeye, on Wednesday the PDP said, “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 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.”

Data released by the National Bureau of Statistics on Tuesday showed that Nigeria had exited recession after returning to growth in the second quarter of 2017 by posting a 0.55 percent GDP growth.

But the PDP believes that the economic recovery in South Africa, which has also exited recession, offered evidence of the kind of growth that is worth celebrating.

“Conversely, it is important to note that the South African Economy grew by a more impressive 2.5 percent after contracting by 0.3 percent and 0.6 percent in Q4 2016 and Q1 2017, respectively,” the statement read in part.

For the opposition party, Nigerians will continue to suffer until the inflation rate is brought down and the economy is further strengthened.

“When these figures are considered along with inflation rate of 16.05% and an annual population growth rate of approximately 2.67% 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 back-slapping being displayed by officials of this APC-led administration,” it said.

Since the country slipped into recession, the PDP and APC have traded accusations over which of them is responsible for the country’s economic challenges and ultimately, the recession.

In its statement on Wednesday, the PDP once again pinned the blame on the Muhammadu Buhari administration insisting it handed over a strong economy.

It accused the administration of “incompetence, lack of economic direction and incoherent economic policies”, insisting it led the country into recession “and then prolonged recession in the first place”.

It warned 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”.

President Buhari had on Tuesday welcomed the news of the country’s exit from recession. He, however, said there was a lot of work to be done and that he would not rest until Nigerians feel the impact.

“I’m glad we’re starting to see the fruit of our work but there’s still a lot to be done. We will not rest until all Nigerians feel the impact,” he had said.
“The real change for Nigerians is an impact that is felt in their lives and their pockets. We are on the right path, and our work continues.”