APC dressing Nigeria’s economy in borrowed robes – Atiku

I'M OFF TO SUPREME COURT - Atiku

The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar has lamented that the ruling All Progressives Congress (APC) government of President Muhammadu Buhari has destroyed the nation’s economy but keep on deceiving Nigerians by dressing the economy in borrowed robes.

 

Atiku on Monday at the Nigeria Economic Summit Group Presidential Dialogue on the Economy, at the Summit House, Ikoyi, Lagos, categorically stated that Nigeria is broke.

 

He said Nigeria under the APC-led government has consistently run budget deficits often above the 3% threshold permissible under the Fiscal Responsibility Law since it came to power in 2015.

 

Atiku expressed pains that for the first time in Nigeria’s history, the Federal Government paid more in debt service than it earned, stressing that by spending more than 100% of its revenue for debt service, the government is breaching one of the applicable debt-sustainability thresholds.

 

He said: “Capital has taken a flight. Policy incoherence and flip-flops combined with internal insecurity continue to pose a significant risk to investment and thus output growth. We have lost our esteemed position as Africa’s preferred investment destination to less endowed nations.

 

“The failure of leadership by the APC-led government is staring every Nigerian in the face as the country’s economic, social, political and security challenges persist and assume frightening dimensions.

 

“Nigeria has the potential to double its GDP by 2030 and achieve a per capita income of approximately US$5,000.

 

“The Nigerian economy is barely growing. Per capita income, a measure of citizens’ well-being, has progressively fallen since 2015 because of declining output and a fast-growing population. Our people are worse-off today than they were in 2015.

 

“The oil and gas sector, which is the country’s main foreign exchange earner has declined for most of the period since 2014. For many economic sectors and for the ordinary citizens it still feels like we are in a recession.

 

“Under the current administration our people are not working. More than 23 million people are out of jobs. In just 5 years between 2015 and 2020, the number of fully employed people dropped by 54%, from 68 million to 31 million people. This is frightening in a country of 200 million people.

 

“And the majority of the unemployed are young men and women, who lack not only the means to survive but any hope for the future. The number of unemployed youths increased by 9 million from 4 million in 2015 to 13 million in 2020.

 

“High youth unemployment and limited employment opportunities pose serious economic and security challenges. It is, therefore, an urgent matter to ensure that there are enough jobs for Nigeria’s youth.

 

“More Nigerians are poorer and more miserable today than in 2015.

 

“Basic commodities are now beyond the reach of the average Nigerian. A price of a loaf of bread has risen by more 100% since 2020. Farmers now pay more than 200% more for a bag of fertilizer – if they see it – than they did in 2020.

 

“Figures from the National Bureau of Statistics show that the public sector accounts for less than 8% and the private sector nearly 79 percent of national consumption expenditure. Indeed, 85% of the investments in the Medium-Term National Development Plan 2021-2025 are envisaged to be funded by the private sector.

 

“Also the Nigeria Infrastructure Master Plan shows that Nigeria has an infrastructure financing deficit of approximately $3 trillion over the next 30 years. This means a financing requirement of approximately $100 billion per annum which, we know, cannot be met by the public sector alone.”

 

Atiku promised to bring his wealth of experience as a long standing private business man and a public servant at the highest level of decision-making and implementation to bear in governance if elected president by rallying the support of captains of industry and public sector economists and practitioners.

 

He said a warm handshake with the private sector is therefore needed for any economic policy or programme to succeed, adding that “indeed, private sector leadership in driving growth is the first of the three key principles of my economic growth and development agenda.”

 

“Our country is in transition as the APC leaves the stage and, with your support and goodwill, the PDP takes over in May this year. Therefore, you have a responsibility to take stock of the assets (if there are any) and liabilities (which will be massive) of the APC administration,” he told his audience.

 

Reeling out his economic blueprint, Atiku said he has carefully outlined five priority areas to focus on in order to rescue and reposition the country for sustained economic growth, improved welfare, peace and security for the people.

 

The five key areas; Unify the country; revive the Economy, improve Security, improve Infrastructure, and develop Human Capital, are connected to one another and cannot be treated in isolation.

 

“My economic growth and development agenda is aimed primarily at stimulating the growth of the economy. It envisions an economy that is modern, dynamic, and competitive, capable of joining the top 20 economies of the world.

 

“We anticipate growth from our policies that seek to revitalize the real sectors including agriculture, manufacturing and Micro, Small and Medium Enterprises (MSMEs).

 

“We will re-build our infrastructure and reduce infrastructure deficit in order to enhance the carrying capacity of the economy and unleash growth and wealth creation.

 

“Production for export and the promotion export of manufactured goods will be a top policy and long-term investment priority of my administration.

 

“In order to deliver on these lofty goals we will have a warm handshake with the private sector. We will support the private sector to drive growth. We will establish strong partnership with the private sector in investing in infrastructure, creating jobs, income and in the fight against poverty.

 

“My government will create a suitable investment environment for the private sector to thrive. Thus, we will listen to the private sector more, understand its needs and challenges and secure it buy-in when policies are designed. Through regular dialogue with the private sector, we will build consensus, improve trust between us and make new reform initiatives easier to implement and sustain.

 

“My government will tackle the deficit in infrastructure financing head-on. We will establish an “Infrastructure Development Unit” in the Presidency, with a coordinating function and a specific mandate of working with the MDAs to fast track and drive the process of infrastructure development in the country.

 

“As a short-term measure to ensure enhanced power supply I shall, within the first year of the new administration, initiate and implement an emergency power programme (EPPs) that can deliver additional capacity in certain key areas.

 

“Over the medium term, I will propose legislation for the removal of the entire electricity value chain from the exclusive list and give states the power to generate, transmit and distribute electricity for themselves.”

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