Bad Economic Policies Responsible For Weak Economy -ADP

The Action Democratic Party (ADP), has frowned at President Mohammadu Buhari and his administration over his borrowing plan that it says does not give hope to the present or unborn generation.

National Chairman, ADP, Engr. Yabagi Yusuf Sani, stated this in Abuja at the party’s national Secretariat when he addressed the press on the third anniversary of the party.

Engr. Sani while speaking said that, the bad economic policies of the Buhari government are responsible for the current economic downturn in the country.

“ADP also frowns at the recklessness and the insensitivity of the administration to the inimical consequences of unbridled spate of borrowing and pilling up debts thereby mortgaging the future of generations yet unborn.

“In particular ADP is disturbed by the untenable reasons advanced for the USD3.4 billion dollars loan from the IMF which may bring Nigeria under the control of the western powers if we fail to meet our obligations when due.

“ADP is worried that the advent of Buhari administration has only succeeded in further weakening the fundamentals of the Nigerian economy through lackluster policy formulation and incoherent economic program implementation resulting in financial leakages, abject poverty, unemployment, insecurity and increasing threat to the unity of the country.”

Speaking further he said, “,Nigeria is in distress and the COVID-19 has worsened the matter for the biggest economy in Africa. The figures of the economy are not kind to the nation following dwindling oil prices. The country had made some optimistic estimations of the 2020 budget of N10.59 trillion based on oil- benchmark of $57 per liter at 2.2 million daily production estimates, which has suffer serious setbacks as the COVID-19 pandemic continues to wreck havoc on the global economy.

“A crash in oil prices led the authorities to devalue the naira in March, and further adjustments are to come. The current account will remain in deficit as exports slump, and capital financing through portfolio flows is drying up, owing to global financial turmoil linked to the coronavirus pandemic. Inflation will surge, monetary conditions will be kept tight, and lockdown measures in major cities to slow the spread of the disease will push Nigeria into recession in 2020.”

In his words, “According to the accountant general of the Federation, Ahmed Idris Nigeria’s Excess Crude acouunt has depleted to $71 million.
According to the Debt Management Office (DMO) Nigeria’s Debt Profile stood at N25.7 trillion from early this year and if one factors in the proposed borrowing of another $22.7 billion approved for Buhari’s Government by the Senate, then the the debt profile of the country would have jumped to N33.07 trillion
Inflation as of April was 12. 30% and GDP growth rate remains at 2.2% for 2020 as estimated by World Bank. But this is below the average of 3% for Sub-Saharan Africa even as Nigeria’s population growth at 3.2% surpasses GDP growth rate. Unemployment as of February 2020 is 23.1% According to NBS. And that

“Nigeria’s Foreign Reserve as of 5th May 2020 reduced by $7.18 billion from $43.75 billion in December 2019 to 36.57 billion making the nation really vulnerable.”

As a result of this he added that there will be: “Lack of capital to fund major projects and the massive Corruption inherent in the system means Nigeria will continue to suffer from diseases such as malaria, infant mortality, poor access to clean water and so on.”

He used the opportunity to inform Nigerians that the party is going to actively participate in the fort coming Governorship elections in Edo and Ondo state and that their form is going to cost N8.7m.

“the ADP will be participating in the forthcoming Edo and Ondo Gubernatorial election. We have since commenced the sale of Expression of interest and Nomination forms for the election and at the moment, we have received a large number of decampees from other political parties who have come to join us in seeking the mandate of Nigerians.

He used the opportunity to inform the public of the party’s preparedness for the forthcoming Governorship election in Edo and Ondo states.

“Let me inform you that the ADP campaign machinery is already in place for the Edo and Ondo Governorship election. Many aspirants have intimated us of their intention to run under our platform, while some are still consulting.
We call on the people of Edo and Ondo States not to repeat the same mistake again and elect leaders who are not sensitive to their plights. Rather, they should consider the future of their unborn generation and resist the temptation of vote buying, intimidation and callousness. A vote for the ADP is a security for the future of Nigeria.”

ADP was registered as a political party in Nigeria by the Independent National Electoral Commission (INEC) on 7th June 2017. And currently has two legislative seats; viz: a member of the House of Representatives in person of Hon. Captain Jacob Adejumo, representing Ogbomosho North/South and Orire Federal Constitutuency, and Hon. Wunmi, a member of the Oyo State House of Assembly.

On the issue of insecurity he said, “ADP is worried by the situation whereby nobody is held accountable for the inexplicable wanton loss of lives in the hands of these so called bandits. We call on Mr. President to hold the Service Chiefs, The Governors of the respective states accountable for these heinous crimes against humanity been committed in their jurisdictions. ADP calls for a declaration of state of emergency in states like Katsina, Kaduna and Zamfara with immediate effect. This will not only give justice to the innocent villagers who are been killed like chickens but serve as a deterrent and save the country from unnecessary psychological pains and economic backwardness.”

He said, “ADP is disturbed by the lackluster manner the APC led government is handling the issue of insecurity which has institutionalized fear, economic backwardness and disunity in the country.”

As he commended the Nigerian armed forces for their great efforts in the fight against insurgency. “We wish to commend our gallant men and women in the battle front who have pledged allegiance and are sacrificing their lives to secure the territorial integrity of our nation.”

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