APC in a state of confusion over the Economy

By Amako Nneji January 21, 2016 16:25

APC in a state of confusion over the Economy

The National Chairman of the All Progressives Congress, APC, Odigie Oyegun has described Nigeria’s present economic downturn under President Muhammadu Buhari’s led government as “an act of God.”

Oyegun stated this on Thursday January 21, 2016 when a 15 member delegation of an APC support group, Change Agents Foundation, CAF, led by its Director General, Felix Felix, visited the party’s National Secretariat in Abuja.

This came against the backdrop of Buhari’s 7 month leadership that has failed to provide economic direction for Nigeria as alleged in many quarters.

Recently, the National Bureau of Statistics, NBS, announced that the inflation rate has accelerated to a 3 year high in December as food prices continue to rise despite global food price decline under Buhari’s watch.

Nigerians for the month of December averagely spent N119.61 to buy Premium Motor Spirit, PMS, per litre while consumers in Yobe State bought the product for N123.73 per litre; Taraba, N153.33; Niger, N112.25; Nasarawa, N128.07; Lagos, N89.80; Jigawa, N117.20; and Imo, N136.36.

In Zamfara, Nigerians bought the product at N109 per litre, N154 in Bayelsa; N126.33 in Abia; and N114.78 in Abuja, among others.

Financial experts have predicted that the Naira in 2016 would alternate to as low as N600 to the dollar.

On the 2016 budget, Buhari had pegged the oil price at $38 dollar. This according to some Senators have been described as “dead on arrival.”

See: Food prices rise up, despite global food price decline.

While speaking, Oyegun said: “I think God has a hand in the current economic predicament of the country. Imagine the sudden fall in the price of crude oil, the mainstay of the Nigerian economy, from its heights in 2014, averaging $112 per barrel down to the current price of $28 per barrel, lower than the $38 per barrel which the proposed 2016 budget is predicated on.

“It is an object lesson for us. It tells us that we must embrace radical change in our economic model.”

According to him, the fall in oil price has taken its toll on the revenue and expenditure of the Federal Government and as a result is having a severe effect on the economy.

“The concept of change is a difficult one. Nigeria must be ready to adapt to new ways of doing things. As a party, we know and understand it calls for tremendous sacrifice, there is no other way.

“Yes the economy is in a bad shape, but maybe that is the kick we need to be innovative and find ways to drive the economy out of the woods.

“The luck we have is that we have as president, a man committed to personal probity and sincerity of purpose to the project of developing Nigeria. Today, we must think and be innovative in ways of fashioning out new economic models which diversifies from the present over reliance on oil.

“We are in the process of organising a three-day dialogue which will bring the party, government and stakeholders for an exposition on the realities facing the country, particular the economy. It will provide an opportunity to exchange ideas so that we go home with a clear direction on how to go forward.”