Monday, October 2, 2023

PDP left $550 billion economy but APC turned it to world’s poverty capital: PDP Govs

The opposition governors said the APC government was a “massive failure” when compared to the PDP.

• January 17, 2022
PDP Governors
PDP Governors

The Peoples Democratic Party (PDP) Governors Forum says President Muhammadu Buhari turned Nigeria to poverty capital of the world despite handing over a $550 billion economy to the ruling All Progressives Congress (APC) in 2015.

“The PDP handed over a $550 billion economy (the largest in Africa), but under APC, Nigeria is the Poverty Capital of the world,” the opposition governors said.

In a communique issued on Monday in Port Harcourt by the chairman of the PDP Governors Forum, Aminu Tambuwal, who doubles as governor of Sokoto, the governors said the APC government was a “massive failure” when compared to the PDP.

According to them, Nigeria was the largest economy in Africa before the PDP handed over the country’s leadership to the APC in 2015.

Deliberating on the current economic challenges under the Buhari regime and its effect on Nigerians, the governors boasted that the exchange rate under PDP was N198 to a dollar in 2015 and was almost N500 to a dollar under the APC administration.

“Unemployment rate was 7.3% under PDP, it is now 33%, one of the highest in the world under APC. In 2015, the pump price of petroleum was N87 per litre, it is now N165 per litre and climbing under APC. Debt servicing now under APC takes over 98% of the federal budget. The tales of woe are endless,” the communique read.

The PDP governors said Nigerians had become numb and “accustomed to bad economic news as exemplified by the inconsistent and differential exchange rate regime, high interest rates, unsustainable unemployment figures and borrowing spree some of which have not been applied to important projects, and other bad economic indicators.”

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