The All Progressives Congress (APC) has faulted the Labour Party presidential candidate, Peter Obi’s critique of the Bola Ahmed Tinubu administration.
Obi had, in a post on his X handle, expressed concern over the state of the economy in the last nine years.
The former governor of Anambra State recalled that Nigeria in 1999, the country maintained an average Gross Domestic Product growth (GDP) of about 6.72% for 16 years from 1999-2014,” however pointed out that this growth was not sustained, with GDP growth collapsing to 2.79% in 2015 and the economy slipping into recession in 2016.
He said, “In 2014, just before the inception of a new administration a year later, Nigeria had the biggest economy in Africa with a Gross Domestic Product of $568.5 billion and a GDP Per Capita of about $3,200.”
In contrast, he noted that by 2023, Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375 billion and a per capita of $1700.
But the National Publicity Secretary of the APC, Barrister Felix Morka, in a statement, claimed that Obi’s appraisal of “the economy situation is an admixture of half-truths, blatant distortions and misinformation calculated to mobilize outrage against the All Progressives Congress (APC) government of President Bola Ahmed Tinubu. “
Morka claimed “The country’s economic decline began under the watch of the Peoples Democratic Party (PDP) with GDP growth plummeting from 7.98% in 2010 to 2.79% in 2015. And since 2015, the global oil price crash, geopolitical tensions, climate change, global COVID pandemic and rising population have all taken a toll on Nigeria’s economy that is almost entirely dependent on drastically reduced oil export earnings.
“The growth recorded during the PDP years was due entirely to high price of crude oil and increased government spending that it supported.”
While he accused the erstwhile ruling party of profligacy, Morka argued that the APC has been trying to clear the economic mess created by PDP misrule.
“Despite the huge revenues available to it, successive PDP administrations neglected to address underlying structural challenges and distortions in the economy leaving the country vulnerable to economic shocks and volatility. Had the PDP undertaken a sustained programme of economic reform as President Tinubu is currently engaged, Nigeria’s economic situation would be far better than it is today.
“But in his selfish political desperation, Obi will never acknowledge the complexity of the causation of our economic challenges but would rather attempt to scapegoat the APC administration for all of the country’s economic ills while turning a blind eye to the bold and thoughtful policy interventions of President Tinubu’s administration.
“The administration’s focused and determined efforts to tackle the country’s challenges through diversification, massive infrastructure development, social welfare, agricultural revolution and sustained improvements in national security are certain to accelerate Nigeria’s resurgence, create jobs and lift millions of our people out of poverty.
“Quite contrary to Obi’s jaundiced and gloomy analysis, in the last one year alone, the country has attracted over $20 billion into the economy, aside recording an all-time high N6.52 trillion trade surplus in the first quarter of 2024 marking a positive shift from a long history of trade deficits.
“Despite clearing the backlog of the foreign exchange debts owed foreign airlines and other economic actors by the Central Bank of Nigeria (CBN), the nation’s foreign reserves has continued to expand, hitting upwards of $34 billion, the highest in recent times. Capital inflow into the country increased by 66.27 percent this year alone.
“Notable financial experts and the Nigerian Bureau of Statistics (NBS) report that for the first time in our economic history, the All Share Index (ASI) of the Nigerian Stock Exchange (NSE) crossed the 100,000 benchmarks this year, making the Nigerian Stock Exchange currently about the most profitable capital market in the world with a return on investment (RoI) as high as 22.90 percent.
“The International Monetary Fund (IMF) projects that the nation’s economy will have a 3.1 percent Gross Domestic Product (GDP) growth in 2024, one of the highest projections for any African country.
“Initiatives such as the Credit Corps, Students Loan, the newly approved minimum wage, the construction of 700-kilometre Lagos-Calabar coastal highway, and many more are tailor-made by President Tinubu’s administration to combat poverty and expand economic opportunities for Nigerians.
“Mr Obi is a loquacious and disruptive backseat driver who has assigned himself an ignoble role of an embittered loser and spoiler. Economic challenges and hardship are a stark reality of most countries of the world today, both developed and developing. It is an existential condition that must be tackled and transformed. This is an arduous task that requires collective patriotic collaboration.
“Mr Obi must know that inflaming passion and mobilizing outrage through false and manipulative narratives is not a legitimate tool of opposition politics. Expecting President Tinubu to accomplish total transformation of Nigeria in one year, a feat he failed miserably to accomplish in eight years as Governor of Anambra state, is the height of disgraceful hypocrisy.
“President Tinubu remains focused and committed to building lasting blocks of economic prosperity for Nigeria.”
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