PDP asks Buhari to resign for ‘destroying’ the economy "272 companies have shut down in the past one year"
PDP new media director, Deji Adeyanju REVELEAD in a statement “Nothing better showcases the absolute ineptitude and incompetence of the Muhammadu Buhari administration than the GDP, inflation and unemployment figures released by Nigerian Bureau of Statistics,” he said.
“These figures reveal what we have repeatedly said over the last 15 months – the Nigerian president is destroying the Nigeria economy.
“For the avoidance of doubt, some of these figures include 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 and FDI declined from $211.1m in Q2 2015 and $174.4m in Q1 2016 to an estimated $133.0m in Q2 2016.”
Adeyanju said that the implication of these indices was “that Nigeria is in its worst economic state in 29 years – dating back to 1987 when the nation had to take harsh steps to recover from President Buhari’s policies of 1984-85.”
“As with 1984-85, companies are fleeing our shores in droves. Manufacturers Association of Nigeria (MAN) recently stated that 272 companies have shut down in the past one year,” he said.