With the GDP, inflation and unemployment figures released by Nigerian
\nBureau of Statistics, Nigeria\u2019s opposition party, Peoples Democratic Party
\n(PDP) has urged all well-meaning Nigerians to call on President Muhammadu
\nBuhari to resign if he is unable to reverse the disastrous economic
\ndecline he has brought on Nigerians.<\/p>\n
The PDP said the figures is a showcase of the absolute ineptitude &
\nincompetence of the Muhammadu Buhari administration.<\/p>\n
PDP in a statement made available to our reporter said the figures reveal
\nwhat the party have repeatedly said over the last 15 months \u2013 the Nigerian
\nPresident is destroying the Nigeria economy.<\/p>\n
\u201cFor the avoidance of doubt, some of these figures include: GDP contracted
\nby -2.06% in Q2 2016. In contrast, the economy grew by 2.35% in Q2 2015.
\nQ2 was worse than the -0.36% shrinking of the economy in Q1 2016.<\/p>\n
\u201cHeadline Inflation for July 2016 stands at 17.1%. It was from 16.5% in
\nJune 2016. Food inflation was 15.58% for July 2016 from 15.3% in June
\n2016. Portfolio investment declined to an estimated $245.3m in Q2 2016.
\nThis represents a 9.5% from $271.0m in Q1 2016 & is a far cry from $2.81bn
\nin Q2 2015. FDI declined from $211.1m in Q2 2015 and $174.4m in Q1 2016 to
\nan estimated $133.0m in Q2 2016.<\/p>\n
Total value of capital imported in Q2 2016 is estimated at mere $647.1m.
\nThis is the lowest quarterly figure since Nigeria started keeping records
\nof capital importation. It is a decline from $710.9 m in Q1 2016 & a far
\ncry from $2.67bn in Q2 2015.<\/p>\n
A total of 4,580,602 people have lost their jobs since May 29, 2015. The
\nnumber of persons in full time employment decreased by 351,350 in Q2 2016
\ncompared to Q1 2016. PDP said the result of these indices is that Nigeria
\nis in its worst economic state for 29 years \u2013 dating back to 1987 when the
\nnation had to take harsh steps to recover from President Buhari\u2019s policies
\nof 1984-85.<\/p>\n
\u201cAs with 1984-85, companies are fleeing our shores in droves.
\nManufacturers Association of Nigeria (MAN) recently stated that 272
\ncompanies have shut down in the past 1 year.<\/p>\n
\u201cFurthermore, like we suffered in 1984-85, we are suffering a brain drain
\nwhere our best & brightest talents are leaving the country in search of a
\nbetter life elsewhere. \u201cIt is disheartening that the Buhari administration
\nis destroying the Nigerian economy & our collective future by the
\nimplementation of his archaic & incoherent economic policies which failed
\nin 1984-85 & are failing spectacularly now. \u201cOur dismay is worsened by the
\nfact that every sphere of the Nigerian socio-political space (ranging from
\nthe conduct of elections, human rights, respect for the rule of law,
\nsecurity, technology, health etc) is negatively affected by the Buhari
\nadministration.<\/p>\n","protected":false},"excerpt":{"rendered":"
With the GDP, inflation and unemployment figures released by Nigerian Bureau of Statistics, Nigeria\u2019s opposition party, Peoples Democratic Party (PDP) has urged all well-meaning Nigerians to call on President Muhammadu…<\/p>\n","protected":false},"author":1,"featured_media":51300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-52765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n