A $550 Billion Economy The PDP Left In 2015, Tumbles Into World’s Poverty Capital Under The APC
The Oasis Reporters
January 18, 2022
With Nigeria in the throes of its worst runaway inflation ever, opposition governors have said that the APC government was a “massive failure” when compared to the PDP.
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.
I joined other PDP Governors in Rivers State, today, for the first year 2022 PDP Governors’ Forum Meeting, as we continued to strategise on Operation Rescue Nigeria 2023. We discussed several issues of national importance including rising insecurity and the worsening economy. pic.twitter.com/OBbOOSR3TG
— Seyi Makinde (@seyiamakinde) January 17, 2022
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 state, 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 now.
“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.”
