The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has told the Nigeria Economic Summit Group, that the ruling party, All Progressives Congress (APC), has left the condition of Nigerians worse off than it was in 2015.
Honoring and invitation by the group in Lagos on Monday to speak on his plans for the country if elected as president, he observed that citizens’ well-being has fallen progressively since the ruling party assumed power.
The former vice president said: “The Nigerian economy is barely growing. Per capita income, a measure of citizens’ well-being, has progressively fallen since 2015 because of declining output and a fast-growing population. Our people are worse-off today than they were in 2015.
“The oil and gas sector, which is the country’s main foreign exchange earner has declined for most of the period since 2014. For many economic sectors and for the ordinary citizens it still feels like we are in a recession.
“Under the current administration our people are not working. More than 23 million people are out of jobs. In just 5 years between 2015 and 2020, the number of fully employed people dropped by 54%, from 68 million to 31 million people. This is frightening in a country of 200 million people.
“And the majority of the unemployed are young men and women, who lack not only the means to survive but any hope for the future. The number of unemployed youths increased by 9 million from 4 million in 2015 to 13 million in 2020.
“High youth unemployment and limited employment opportunities pose serious economic and security challenges. It is, therefore, an urgent matter to ensure that there are enough jobs for Nigeria’s youth.
“More Nigerians are poorer and more miserable today than in 2015.
“Basic commodities are now beyond the reach of the average Nigerian. A price of a loaf of bread has risen by more 100% since 2020. Farmers now pay more than 200% more for a bag of fertilizer – if they see it – than they did in 2020.
“Figures from the National Bureau of Statistics show that the public sector accounts for less than 8% and the private sector nearly 79 percent of national consumption expenditure. Indeed, 85% of the investments in the Medium-Term National Development Plan 2021-2025 are envisaged to be funded by the private sector.”
The PDP flag bearer accused the APC-led government of dressing Nigeria in borrowed robes, comparing it to a doctor who had administered poison on their patients and still seeking to provide solution.
Atiku stated: “A household that is borrowing money in order to feed would be considered broke. In that sense Nigeria is broke. Nigeria under the APC-led government has consistently run budget deficits since it came to power in 2015. These budget deficits are often above the 3% threshold permissible under the Fiscal Responsibility Law.
“For the first time in Nigeria’s history, the FGN paid more in debt service than it earned. By spending more than 100% of its revenue for debt service, the government is breaching one of the applicable debt-sustainability thresholds.
“Capital has taken a flight. Policy incoherence and flip-flops combined with internal insecurity continue to pose a significant risk to investment and thus output growth. We have lost our esteemed position as Africa’s preferred investment destination to less endowed nations.
“The failure of leadership by the APC-led government is staring every Nigerian in the face as the country’s economic, social, political and security challenges persist and assume frightening dimensions.”
He added: “Many of the challenges facing our dear country are connected to poor economic performance and its consequences for our people. It is critical, therefore, that we get the economy right.
“I have been a private business man for a long time and have also been a public servant at the highest level of decision-making and implementation. Thus, I feel comfortable among captains of industry and public sector economists and practitioners. And I am uniquely positioned to understand the economic challenges facing the country and what we must do to get our economy growing, provide jobs, incomes and wealth for our people and thereby reducing hunger, unemployment and related social problems, including insecurity.
“When we create economic opportunities for our people it will have significant positive impact on social cohesion and national security.
“Increased jobs and income opportunities will reduce the likelihood of our youth being involved in crime, violence and conflict motivated by the manipulation of religious or ethnic differences.
“Our country is in transition as the APC leaves the stage and, with your support and goodwill, the PDP takes over in May this year. Therefore, you have a responsibility to take stock of the assets (if there are any) and liabilities (which will be massive) of the APC administration.
“You also have a solemn responsibility to interrogate those who aspire to govern this country. You must assess their understanding of the environment, their policy priorities, and their strategies for dealing with a plethora of local and national issues.
“We can only proffer accurate and workable solutions if we start with proper diagnosis. Elegant slogans, social media insults and misleading statistics are not a substitute for sober diagnosis and analysis of where we are, how we got here and what we must do to get our country back on its feet and take our rightful place in the comity of nations.
“This is election season. So, you will see and hear from snake-oil salespeople, false prophets and purveyors of false hope and misleading statistics. There is, therefore, need for caution.
“We must also remember that we cannot trust the doctor that poisoned and continues to poison the patient to be the one who provides the curative treatment. The stakes are too high, so we must get it right. This may well be our last chance to do so.”
He pointed out that the Nigeria Infrastructure Master Plan shows that Nigeria has an infrastructure financing deficit of approximately $3 trillion over the next 30 years.
“This means a financing requirement of approximately $100 billion per annum which, we know, cannot be met by the public sector alone,” he said.
Atiku stressed the need for government-private sector collaboration, saying: “A warm handshake with the private sector is therefore needed for any economic policy or programme to succeed.
“Indeed, private sector leadership in driving growth is the first of the three key principles of my economic growth and development agenda.
“Nigeria has the potential to double its GDP by 2030 and achieve a per capita income of approximately US$5,000.”
The main opposition party candidate outlined his solutions for the nation’s numerous malaise.
