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APC’s eight years eroded Nigeria’s gains — PDP

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The Peoples Democratic Party (PDP) on its 25th anniversary, on Thursday, alleged that eight years of the All Progressives Congress (APC) has eroded the gains made by the country under the main opposition’s 16 years of governance, noting that way the ruling party has gone about its business is a threat to the country’s democracy and corporate existence.

In a statement issued by its national spokesman, Debo Ologunagba, to mark the occasion the PDP noted that its era brought about “the Nigerian golden years,” when it anchored its actions on the belief that power resides with the people.

It said the party had a sustained focus on guaranteeing the rule of law, adherence to the principle of separation of powers, personal freedom of citizens, a free Press, credible electoral process, liberalization of the economy, vast infrastructural development, massive employment and business opportunities, among other initiatives.

Recalling the party’s achievements in office, the statement said: “It is on record that the PDP administration, through deft management of the economy, achieved $18bn debt relief from the Paris and London Clubs, consolidated the banking sector, revolutionized the telecommunication sector, revamped the oil and gas, manufacturing, aviation, agriculture, real estate and other critical sectors to turn the inherited moribund economy into one of the fastest growing in the world and handed over a $550 billion economy (largest in Africa and 26th globally) in 2015 to the APC.

“Under the PDP’s result-oriented leadership, our Foreign Direct Investment (FDI) grew to over $8b; our Foreign Exchange Reserves grew from $2bn in 1999 to over $40bn in 2014.

“Today, under the incompetent and corrupt APC administration our FDI plummeted to $0.19bn in 2022.

“The APC government had remained silent to reports by JP Morgan that Nigeria’s Foreign Exchange Reserves had fallen to $3.7bn as at the end of December 2022.

“The PDP administration guaranteed a stable economy that boosted domestic and international investors’ confidence in all sectors, grew the Nigeria Stock Exchange into one of the most profitable in the world, achieved food security through massive investment in agriculture with increased purchasing power of citizens which ranked Nigeria as a major development hub with Fitch BB rating under the PDP administration.

“Sadly, all the gains achieved by the PDP have been rolled back by the APC, which in a space of eight years, wrecked our economy and turned our nation into the poverty capital of the world with frightening 35% unemployment rate, where hunger, starvation, strange diseases and sudden deaths now ravage our citizens.

“Under the vicious, corrupt and incompetent APC’s watch, major multinational companies are exiting Nigeria; the Naira has fallen from N197 to US$1 under the PDP to abysmal over N900 to US$1; petrol which sold at N87 per litre by 2015 now sells for over N600 per litre.

“This is in addition to multiple harsh tariffs, taxes and levies imposed on citizens by the APC administration.

“Life in Nigeria under the APC has become very unbearable such that Nigerians are now resorting to suicide and slavery missions abroad as options.

“The fraudulent APC administration has succeeded in mortgaging the future of our nation with reckless accumulation of N85 trillion foreign debt with no corresponding development project to show for it.

“Typically, the APC has no answer to allegations that bulk of the borrowed funds were looted by APC leaders. It has also not provided answers to the alleged looting of over N20 trillion, including fuel subsidy funds by its leaders.

“While the PDP established the EFCC, and ICPC and fought corruption, the APC adopted corruption as a state policy where government Agencies have become Automated Teller Machines (ATM) of APC leaders and their cronies.

“This corroborates Transparency International (TI)’s rating of Nigeria as the most corrupt West African Nation and ranking 150 out of 180 in the World Corruption Perception Index under the APC.”

On security, the statement affirmed that it is evident that the PDP succeeded in containing terrorism to the fringes by 2015 “only for the APC to import terrorist elements and bandits into the country, as confessed by one of its leaders, to assist the APC to violently rig the 2019 general elections”

It added: “Nigerians can recall how APC leaders openly romanced and even paid money to the terrorists ravaging our country. Our nation now ranks as one of the highest in World Terrorism Index with more than 20,000 citizens reportedly killed under the APC watch since 2015.

“The APC came to power by the instrument of lies and propaganda and seeks to sustain its hold with violence, intimidation, manipulations and election rigging”

The PDP urged Nigerians not to lose confidence in the nation but remain hopeful as the party continues to lead the charge for a country where the will of the people prevails.

On the occasion of its Silver Jubilee, the PDP called on Nigerians not to succumb “to hopelessness under the prevailing despairing situation in the country but remain optimistic in the hope that their democratic mandate will ultimately triumph in the end.”

The party expressed appreciation for “the support, solidarity and love by Nigerians over the years” and assured of its continued commitment to the principles of democracy and positive engagement of citizens in the cause of nation-building.



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