Opposition party calls for President Buhari’s resignation

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The Peoples Democratic Party (PDP), the opposition party has called for the resignation of President Buhari
following the new statistics released on Wednesday by the National Bureau
of Statistics, indicating that Nigeria is currently experiencing
economic recession. The party made the call in a statement released
today. The statement reads: 

‘Nothing better showcases the absolute ineptitude and incompetence of
the Muhammadu Buhari administration than the GDP, Inflation and
unemployment figures released by the Nigerian Bureau of Statistics
today. 

These figures reveal what we have repeatedly said over the last 15
months , President Buhari is destroying the Nigerian economy. 

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. This was worse than -0.36% in Q1 2016. Headline Inflation
for July 2016 stands at 17.1%. It was 16.5% in June 2016. Food inflation
was 15.58% for July 2016 from 15.3% in June 2016. Portfolio investment
declined to $245.3m in Q2 2016. This is 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. 

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 Buhari’s policies of 1984-85. As
with 1984-85, companies are fleeing our shores in droves. 

Manufacturers Association of Nigeria (MAN) recently stated that more
than 272 companies have shut down in the past 1 year. 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. 

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. Our dismay is made worse 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 Buhari’s
government. 

We join all well meaning Nigerians to call on Buhari to resign if he is
unable to reverse the economic decline he has brought on us. May God
bless Nigeria, especially in these very difficult times”. 

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