The Peoples Democratic Party has alleged that President Muhammadu Buhari’s poor understanding of current global economic dynamics and humongous corruption in his Presidency have completely wrecked Nigeria.
It said the limit of the economic knowledge of the President and the APC was also directly responsible for the accumulated N22tn national debt burden on the country.
The party said had President Buhari heeded wise counsel from it (the PDP) to allow competent hands to manage the nation’s economy and had he not continued to provide official cover for corruption in his Presidency, the nation would not have been in this current embarrassing economic situation.
The National Publicity Secretary of the party, Mr Kola Ologbondiyan, said in a statement in Abuja on Wednesday, that since President Buhari assumed office and took control of what he called “our once robust economy”, his administration had allegedly not been able to articulate any germane policy to sustain, let alone, grow the economy”.
Instead, Ologbondiyan said Buhari’s administration resorted to borrowing, while allegedly allowing his cronies and APC leaders to fritter away trillions of naira earned by the nation in the last three years.
He said, “Why would the Buhari administration not accumulate debts when it has continued to cover up corrupt practices under its watch, including the alleged stealing of N9tn, through underhand oil contracts in the NNPC and Ministry of Petroleum Resources as well as the alleged illegal lifting of crude oil worth N1.1tn by 18 unregistered companies to service APC’s interests, among others.
“Moreover, the Buhari Presidency has refused to explain the whereabouts of trillions of naira unremitted oil revenue, resulting in the deadlock at the Federal Accounts Allocation Committee.
“If the money was properly accounted for and utilised, Nigeria will not be in this dire economic situation which has brought hunger and starvation on Nigerians and rendered millions of compatriots jobless, while President Buhari and his officials live in affluence.
“The PDP recalls various red flags by international agencies, including Transparency International and the World Bank on the poor management of our economy. Besides, the Presidency has been concealing the fact that the petroleum sector under President Buhari has been inducted into the FOI Hall of Shame by the Media Rights Agenda following government’s relentless secrecy and violation of rules in the sector.”