Nigeria’s Economy In Deeper Trouble Than APC-led Govt Is Willing To Admit – Atiku Insists
…Says, we need to bake a bigger cake and not bigger debts
Former Vice President and presidential Candidate of the Peoples Democratic Party (PDP0, Atiku Abubakar has said that the plain truth is that the Nigeria economy is in deeper trouble than the All Progressives Congress (APC)-led government is willing to admit.
Atiku specifically said that having run out of ideas, it appears that nation’s unprecedented level of indebtedness is whetting the APC-led government’s appetite for more debt, stressing that this is a recipe for macroeconomic instability.
He also noted that debt levels continue to rise while the fiscal capacity to service its debts is declining, stressing that all these are enough to erase the perceived gains from output growth.
The PDP presidential flag bearer also noted that the citizens’ level of misery hasn’t changed, saying that the reasons are obvious.
In his words; “Last week, the National Bureau of Statistics released the GDP figures for Q2 2022. The government has been unreasonably upbeat about the reported growth rate of 3.4%.
“First, the key sectors of the economy, notably agriculture, oil and gas (the country’s cash cow) and manufacturing (that contributes to jobs), are either growing slowly or declining.
“Second, unabated are rising commodity prices occasioned by high energy and transportation costs (and aggravated by the disorderliness in the forex market),” he said.
Atiku, who stated these in a statement he personally signed and made available to Forefront News, challenged the National Bureau of Statistics to share with the public their recent statistics on poverty, unemployment and commodity prices — the reality of which will leave no hope for the common man.
He further said; “Like I have said before, increasing debts will never be a solution to our indebtedness. “My government, if elected, will halt the rate of debt accumulation and instead focus on private-public partnerships in financing development.
“Also is the consideration of a government of national unity that will douse the temperature, unite Nigerians and pave the way for improved security,” he assured.
Atiku said that improved security allows for investments and, therefore, an improved economy in addition to targeted tax rebates to attract foreign and local investments, amongst other proactive measures to attract investments to grow the economy.