Recession: PDP advises FG to allow free-market economy

Mr. Kola Ologbondiyan, PDP’s National Publicity Secretary, in a
statement in Abuja on Sunday said this would bring Nigeria’s economy
back from the recession.

Ologbondiyan urged the government to bring in more competent,
transparent, and honest hands to effectively manage the nation’s
economy, saying, this was the only way to save the economy.

The spokesperson attributed the economic recession to restrictive trade
policies, foreign exchange controls, and monetary policies that impeded
growth.

According to him, these policies have led to an over-bloated public
sector that encourages waste and corruption, looting and insecurity,
which has destroyed economic activities in most parts of the country.

He also listed lack of access to incentives, high taxes, and levies as
some of the factors that affected domestic production and
competitiveness, investors’ confidence, and foreign direct investment,
leading to the economic contraction.

He said presently, no fewer than 60 million hard-working Nigerians had
been affected by economic policies, including protocols and high taxes.

He noted that insecurity had also led to the closure of businesses, with
millions of farmers abandoning their farmlands, while commercial
activities on Nigeria’s trade corridors had been destroyed.

“Besides, our party had cautioned against the increase in fuel price,
which has impacted negatively on the disposable incomes of Nigerians.

“We, however, insist that poor management and not the high cost of crude
oil in the international market is responsible for high costs of the
domestic price of fuel,’’ he said.

Ologbondiyan also said the negative impact of the closure of Nigeria
borders, without encouraging local production, and its effect on food
production was a contributing factor.

He urged the government to lift its restrictive policies, reduce taxes,
state-imposed prices and get more competent hands to tackle insecurity.
(NAN)