Recession: Buhari committed to economic revival, says APC

The All Progressives Congress has reiterated the commitment of the President Muhammadu Buhari-led administration to resuscitating the economy within the quickest possible time.

The party said this in its first official reaction to the news that Nigeria’s economy was in a recession.

The National Secretary of the party, Mai Bala Buni, said this in a statement he signed in Abuja on Thursday.

He described Wednesday’s statement by the Peoples Democratic Party about the nation’s economic woes, as insensitive and part of a plot to deflect attention from “the voodoo economics and reckless fiscal policies” Nigeria was subjected to during its 16-year rule.

The PDP had in a statement signed by its Director, New Media, Deji Adeyanju, asked President Buhari to resign for failing to address the nation’s economic woes.

The opposition party accused the Buhari-led APC administration of “destroying” the economy.

In response, the APC said the PDP lacked the moral basis to comment or condemn the current administration on the economy after the mess it left behind.

It asked the PDP to instead, apologise to Nigerians.

According to the APC, the warning signs were glaring to the immediate-past administration but it chose the path of economic sabotage by looking the other way and squandering the country’s commonwealth – a reckless decision which it said had brought the country to its knees.

Buni said, “Nigerians will recall that even the immediate-past finance minister and coordinating minister of the economy, confessed that the zero political will to save under the immediate-past administration is responsible for the challenges facing the country.

“Happily, the President Muhammadu Buhari administration has embarked on well-thought-out economic agenda, policy actions, appropriate fiscal governance, and socio-political reforms to revamp the economy and tackle the nation’s current challenges in the short to long term.

“Under the new flexible foreign exchange policy introduced by the Central Bank of Nigeria in June 2016, we now have a single market-determined exchange rate which enables suppliers of foreign currencies to bring in their money and take the same out at market-determined rates. The new foreign exchange policy being implemented will ensure our economy recovers in the medium to long term.”

The party noted that as contained in the 2016 budget, the administration of President Buhari “is aggressively formulating and implementing policies aimed at diversifying Nigeria’s economy from oil to other sectors such as agriculture, mining and manufacturing.”

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