Economic Growth, Feeble And Insufficient – PDP

The Peoples Democratic Party, PDP, is not impressed by the news of Nigeria finally exiting its worst recession in 29 years.

The leading opposition party, Wednesday, said the 0.55 percent growth recorded in Nigeria’s Gross Domestic Product, GDP, fell very short of the 6.54 percent recorded in 2014 and 3.96 percent recorded just before it left office in 2015.

“According to the report, the Nigerian Economy grew by 0.55 percent in Q2 2017, a marginal improvement compared to -0.91 percent(revised) in Q1 2017 and -1.49 percent in Q2 2016. This growth falls way short of the 6.54 percent GDP growth in the corresponding quarter of 2014, which was our last full year in office. It also falls significantly below the 3.96 percent growth in Q1 2015, which was our last full quarter in office” The PDP said.

The party noted that the growth in GDP, when compared with high inflation figure of 16.05 percent, population increase of 2.67 percent a year, the economic recovery, is “weak, feeble and insufficient” hence dismissing the celebration by the leading All Progressives Congress, APC.

“At this point, it is necessary to sound a note of caution!

“It is imperative to reiterate the warning of the last Monetary Policy Committee, MPC, meeting to the effect that the nation is at risk of falling into a more protracted recession if strong and bold monetary and fiscal policies are not activated immediately to sustain our exit from recession”.

“This warning is very necessary in the light of the incompetence, lack of economic direction and incoherent economic policies of the Buhari administration which led us into, and then prolonged recession in the first place.

“It is clear that a continuation of the administration’s incoherent economic policies and its penchant for governance by propaganda will only lead us down a dangerous path.

“We are of the firm belief that there is nothing to celebrate until so called economic growth improves the harsh living conditions imposed on millions of ordinary Nigerians by the Buhari administration’s incoherent economic policies and is reflected in a reduction of the high cost of goods, services and staple foods necessary for everything” the PDP said.

With this statement, the PDP only echoes the remarks of President Muhammadu Buhari who said, Tuesday that “I’m glad we’re starting to see the fruit of our work. But there’s still a lot to be done; we will not rest until all Nigerians feel the impact”.

This paper reported that experts have warned against premature celebrations highlighting areas that require concerted efforts, for the growth to be sustained.