Economic recession: PDP calls for Buharis resignation

ON August 31, 2016

The Peoples Democratic Party (PDP), on Wednesday, took a swipe at the President
Muhammadu Buhari-led Federal government, over the statistics released by the National Bureau
of Statistics (NBS ), which shows a negative growth in the first two quarters of the year.
PDP in a statement signed by its Director, News Media, Deji Adeyanju and made availble to
pressmen stated that nothing better showcases the incompetence of the Buhari administration
than the GDP, Inflation & Unemployment figures released by NBS.
The statement in full, PRESS STATEMENT PRESIDENT MUHAMMADU BUHARI IS
COMPLETELY DESTROYING NIGERIA
1. Nothing better showcases the absolute ineptitude & incompetence of the Muhammadu Buhari
administration than the GDP, Inflation & Unemployment figures released by Nigerian Bureau of
Statistics today.
2.
3.
4. These figures reveal what we have repeatedly said over the last 15 months the Nigerian
President is destroying the Nigeria economy.
5. For the avoidance of doubt, some of these figures include:
GDP contracted by -2.06% in Q2 2016. In contrast, the economy grew by 2.35% in Q2 2015.
Q2 was worse than the -0.36% shrinking of the economy in Q1 2016.
Headline Inflation for July 2016 stands at 17.1%. It was from 16.5% in June 2016.
Food inflation was 15.58% for July 2016 from 15.3% in June 2016.
Portfolio investment declined to an estimated $245.3m in Q2 2016. This represents a 9.5%
from $271.0m in Q1 2016 & is a far cry from $2.81bn in Q2 2015.
FDI declined from $211.1m in Q2 2015 and $174.4m in Q1 2016 to an estimated $133.0m in
Q2 2016.
Total value of capital imported in Q2 2016 is estimated at mere $647.1m. This is the lowest
quarterly figure since Nigeria started keeping records of capital importation. It is a decline from
$710.9 m in Q1 2016 & a far cry from $2.67bn in Q2 2015.
A total of 4,580,602 people have lost their jobs since May 29, 2015
The number of persons in full time employment decreased by 351,350 in Q2 2016 compared to
Q1 2016.
4. The result of these indices is that Nigeria is in its worst economic state for 29 years dating
back to 1987 when the nation had to take harsh steps to recover from President Buharis policies
of 1984-85.
5. As with 1984-85, companies are fleeing our shores in droves. Manufacturers Association of
Nigeria (MAN) recently stated that 272 companies have shut down in the past 1 year.
6.
7. Furthermore, like we suffered in 1984-85, we are suffering a brain drain where our best &
brightest talents are leaving the country in search of a better life elsewhere.
8. It is disheartening that the Buhari administration is destroying the Nigerian economy & our
collective future by the implementation of his archaic & incoherent economic policies which failed
in 1984-85 & are failing spectacularly now.
9.
10. Our dismay is worsened by the fact that every sphere of the Nigerian socio-political space
(ranging from the conduct of elections, human rights, respect for the rule of law, security,
technology, health etc) is negatively affected by the Buhari administration.
11.
12. We join all well meaning Nigerians to call on @MBuhari to resign if he is unable to reverse
the disastrous economic decline he has brought on Nigerians.
13. May God bless Nigeria, especially in these very difficult times.
Signed:

Prince Deji Adeyanju

Director, News Media