February 20, 2024

Nigeria broke, still feels like we’re in recession — Atiku

Atiku Abubakar, presidential candidate of the Peoples Democratic Party, PDP, stated yesterday that Nigeria is currently dressed in borrowed robes, adding that he would improve Nigeria’s economy with a “warm handshake” for the private sector.

Remember that Nigeria’s current debt, both domestic and foreign, totals N41 trillion, with the country devoting a larger portion of its revenue to debt service.

According to Abubakar, the All Progressives Congress-led government has distorted the economy since 2015, and basic commodities are now out of reach for ordinary Nigerians.


“Nigeria is being dressed in borrowed robes,” the PDP standard bearer said at the presidential economic agenda forum of the Lagos Chamber of Commerce and Industry, LCCI.

“APC has consistently run a budget deficit above the three percent permissible threshold under FRA since 2015… and more if you include CBN and AMCON debt in ways and means.”

On his economic plans, Abubakar stated that he will pursue a “warm handshake policy for the private sector.”

“We will ensure that we give the private sector a warm handshake,” he said. They are critical to the success of any industry or economy.” I like making people wealthy. When I create opportunities for others, I feel fulfilled.”

According to Abubakar, the country’s economy is “bleak, and our challenges are daunting; no one should underestimate the magnitude of the tasks ahead.”

“In fact, I cannot think of a more daunting challenge than restoring faith in Nigeria’s future as a dynamic economy and stable democracy.” I understand the problems that Nigeria is facing. I understand the underlying causes of our issues.

I know that many of these issues are self-inflicted and can be reversed if we work hard enough. “I will not come unprepared,” we are adamant. Being caught off guard is not in my nature as a businessman or as a public official. My policy document contains the appropriate policies that will be delivered on time.”

According to Atiku, Nigeria is “broken” and the economy is “crawling rather than growing.”

“Per capita income, a measure of citizens’ well-being, has progressively fallen since 2015 due to declining output and a rapidly growing population,” he said. Nigerians are in worse shape now than they were in 2015.”

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Since 2014, the oil and gas sector, which is the lifeblood of the economy, has declined in 19 of 30 quarters. Many economic sectors, as well as ordinary citizens, continue to experience the effects of a recession.

Our people are not working under the current administration. Over 23 million people are unemployed. Between 2015 and 2020, the number of people who are fully employed fell by 54%, from 68 million to 31 million.

“The number of unemployed people exceeds the combined population of Lagos State, the Federal Capital Territory (FCT), Abia, Bayelsa, Cross River, Ebonyi, Kwara, and Nasarawa states.”

Worryingly, the majority of the unemployed are young men and women who lack not only the means to survive but also hope for the future. From four million in 2015 to thirteen million in 2020, the number of unemployed youths increased by nine million.

“Nigeria is bankrupt. Nigeria’s APC-led government has consistently run budget deficits since taking office in 2015. These budget deficits are frequently greater than the 3% limit set by the Fiscal Responsibility Act.”

Atiku went on to say that Nigeria had violated “one of the applicable debt-sustainability thresholds” by spending more on debt servicing than the country’s revenue.


Nigeria broke, still feels like we’re in recession — Atiku

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