▪ Nigeria’s economy is bleeding!!!
By all standards and in all ramifications, the rulling All Progressives Congress, APC has lost the moral right to contest the Presidency. The reasons for this assertion are obvious.
Nigerians voted for President Buhari in 2015 based on three basic promises. One of them was to rejuvenate the economy. The APC promised to create employment for youths, increase the exchange rate of the Naira, reduce the pump price of petrol to N40.00, and embark on a massive infrastructural development. For the past 42 months, the APC, administration has put the economy on reverse gear.
The pump price of PMS which was N86.50k is now N145.00 and billion of Naira are spent on subsidy -the same subsidy the APC campaigned against. Our external debt profile was N8trillion. Today, the Buhari administration takes loans from China and other international money lenders like people buying pure water. The external indebtedness now stands at N24 trillion.
The management of NNPC leaves so much to be desired. For the past 26 months, there has been a growing conflict between what NNPC sells and what is remitted to the national coffers. Last month, it was revealed that N91trillion is missing in NNPC and Buhari who doubles as President and Petroleum Minister cannot initiate a probe and the National Assembly is watching helplessly.
The so called “Abacha” looks are being looted under the guise of giving money to poor traders and a Senior Advocate like Osinbajo could find himself in that huge fraud called ” tradermoni” He is a big man in the Church. Truth is that the Buhari “junta” is cleverly looting the so called Abacha loots to buy votes and all the security and genies in 2019.
The worst we saw of the Jonathan administration was that about N 180. 00 exchanged for a dollar. Now the exchange rate is N 370.00 to a dollar -more that 100% increase, which indicates that the Naira has been devalued more than 100 times over.
For more than 15 years, the inflation rate in Nigeria has quadrupled but the minimum wage has remained N 18, 000.00. Now labour is demanding a paltry N30,000.00 but the APC Administration is playing politics with the minimum wage of Nigerian Workers. ASUU is on strike because of the insincerity of government.
In three short years, Nigeria has lost 11.4 million jobs due to lack of infrastructure and difficulty in doing business. Most companies that were operating in Nigeria have relocated to Ghana, Angola or South Africa because of the punitive and dizzying policy environment. The poor governance culture in APC is a disincentive to investors. For the first time since 1999, Nigeria’s investment profile is at its nadir.
This administration has wrecked the economy of Nigeria and does not deserve to be elected into office in 2019. The administration has reversed the gains of the past 16 years. The Buhari administration has failed woefully in the economy and APC’s moral rights to contest the Presidency has been lacerated. Indeed, APC does not deserve re-election.
