The Peoples Democratic Party Presidential Campaign Council has stated that the report justifies the need to elect its candidate, Atiku Abubakar, president of the country to address the many challenges facing the country in light of the recent grim economic forecast for Nigeria provided by the World Bank.
According to Alex Sienaert, the head economist for Nigeria at the World Bank, debt service costs will consume 123.4% of all national income in 2023.
This was said by Sienaert in a presentation for the month of November titled “Nigeria Public Finance Review: Fiscal Adjustment for Better and Sustainable Development Results.”
In his words, “borrowing more is not the answer: debt costs are rising quickly, squeezing non-interest spending,” and “debt servicing has skyrocketed over the past decade and is likely to continue climbing over the medium-term, crowding out productive investment.”
In response to the presentation, Senator Dino Melaye, spokesman for the campaign council, said: “Atiku Abubakar, who worked with a group that delivered enormous economic prosperity to Nigeria, is the solution to the years of the locusts under APC.
Although the APC presidential candidate is always keen to distance himself from Buhari, his DNA is filled with APC blood and water. What could he possibly alter? Additionally, he could have provided his failed party a new answer if he had one in order to clear the way for his own ascent. After “chilling” with the big boys, he wants to “chill” by himself.
“When Atiku/Okowa and the PDP bring back Nigeria to its winning ways, Nigerians should anticipate the end of the APC’s stalled growth. There is no need to reinforce failure, as President Obasanjo noted in his famous remark.
Nigerians must take the World Bank report’s economic recommendation seriously by abandoning the APC and joining the People’s Democratic Party on February 25, 2023.
The recent World Bank study, which confirmed the stagnant development under the APC administration since 2015, “has more than any other metrics, justified the need of stopping APC from doing additional harm to Nigeria’s economy and social advancement in 2023,” the statement reads.
“The APC into office in 2015 with a strong economy that was rated as the largest in Africa, ahead of South Africa, and barely a year after Nigeria’s economy was rebased. Buhari and the APC chose to engage in unparalleled economic amateurism that has made Nigeria one of the least performing economies in Africa rather than building on the successes made by the PDP administration. Nigeria is now in such a deep debt hole thanks to the APC that recovering lost ground will require years of innovative management.
“The APC, whose campaign’s central theme was change, has succeeded in moving Nigeria backward by more than ten years. While they formerly chastised their predecessors of corruption, they have since institutionalized it as a state policy, and the high corruption rate of the APC makes people feel deeply repulsed.
“Nigerians will not forget the great prosperity under the PDP governments,” the statement continued. They must also keep in mind how the APC’s turn of events reduced Nigeria from affluence to poverty, reducing Nigerians to a nation of 133 million destitute people.
If only Nigerians knew what the APC meant when it spoke of transformation! When measured with the APC, the wayward son performs better.
“Unfortunately, the APC’s dismal performance is not just related to the economy. The level of degeneration in insecurity has increased. The rate of unemployment is highest. The energy situation is still unsolvable and unattended to.
The Department of State Services is currently being used by the Buhari administration and APC to provide fuel to Nigerians. The APC heavily criticized subsidy program has not only been maintained but has evolved into an absurd and complicated policy where the ostensibly poor now pay more for fuel than the manifestly wealthy. While petrol costs roughly N180 in urban areas, it costs between N300 and N500 per litre in rural areas.
