Buhari Mismanaged $550bn Economy Handed to him by Jonathan – PDP Governors

By Kabir Abdulsalam

Governors of the Peoples Democratic Party (PDP) have slammed President Muhammadu Buhari over his poor handling of the nation and the alleged mismanagement of the robust economy he inherited in 2015.

The PDP Governors said President Buhari inherited a $550 billion economy which was the largest in Africa but has now turned the country to the headquarters of poverty in the world.

The governors, who met in Port Harcourt, Rivers State on Monday, said this via a 9-point communique issued to journalists after their meeting.

“In particular, it is clear that the APC Government is a massive failure when compared with the records of PDP in government. The PDP handed over a $550 billion economy (the largest in Africa), but under APC, Nigeria is the Poverty Capital of the world,” the communique read in part.

The PDP Governors criticized the All Progressives Congress (APC) led Federal Government on the numerous economic challenges confronting the country.

They also viewed the “deplorable and inconsistent exchange rate” as a symptom of the lack of understanding of how the monetary economy works, on the part of President Buhari.

The governors said the “Nigerian Economy has continued to deteriorate and Nigerians have become numb and accustomed to bad economic news as exemplified by the inconsistent and differential exchange rate regime, high interest rates, unsustainable unemployment figures and borrowing spree some of which have not been applied to important projects, and other bad economic indicators.”

According to the governors, under the PDP government in 2015, the exchange rate was N198 per Dollar, it is now almost N500 to a Dollar under APC In 2022.

The governors also expressed regret on high rate of unemployment, knocking the Federal Government for the increasing number of unemployed Nigerians.

According to them, the unemployment rate was 7.3% under PDP, adding that it is now 33%, one of the highest in the world under APC.

“In 2015, the pump price of Petroleum was N87 per litre, it is now N165 per litre and climbing under APC. Debt Servicing now under APC takes over 98% of the Federal budget,” the communique added.

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