PDP says APC’s lack of vision caused economic recession

The Peoples Democratic Party (PDP) has faulted Jigawa State governor, Abubakar Badaru over his comments that immediate past President, Dr Goodluck Jonathan was responsible for the present economic recession in the country.

The party, in a statement by its factional Publicity Secretary, Prince Dayo Adeyeye, accused Badaru, of the ruling APC of making pedestrian claims not backed by facts.

The PDP noted that it is lack of vision and poor handling of the economy by APC that has brought the country to its knees, economically.

The opposition party insisted that Jonathan’s administration grew the economy to become the largest in Africa, adding that the recent visit of Facebook founder, Mark Mark Zukerberg to the Co-Creation Hub in Lagos would not have happened if Jonathan had not set up two Information Communication Technology (ICT) incubation centres in Lagos and Calabar to boost youth entrepreneurship.

While restating that the current economic recession was not caused by PDP administration, the party said the present economic reality in the country is a direct consequence of the policies and statements of key actors in the President Muhammadu Buhari administration, which (has) dissuaded Nigerian and foreign businessmen from investing in the country.

“It is really disappointing that a notable personality as highly placed as a state governor could be drawn into making idle and pedestrian claims without the benefit of facts.In the first place, this blame is misplaced because our elementary understanding of economics teaches us that the major cause of recession is inflation and poor handling of the economy given that the higher the rate of inflation, the more impoverished people become, industrial production and GDP decline resulting in massive job losses.” 

PDP said it saw the present economic downturn coming in 2012, when the Jonathan administration attempted to "deregulate the sale of hydrocarbons. But, Badaru and his co-travellers who are now in the All Progressives Congress (APC) frustrated the effort.”

It said, similarly, the plan by the last PDP administration to encourage more savings in the Excess Crude Account (ECA) through the Sovereign Wealth Fund (SWF) which it set up was thwarted by some state governors, who are now top shots in the ruling APC.