APC fires back at Obi over “misleading” statement on Nigeria’s economy

APC fires back at Obi over “misleading” statement on Nigeria’s economy

JOEL OLADELE, Abuja

The All Progressives Congress (APC) has slammed the 2023 presidential candidate of the Labour Party, Mr. Peter Obi, for his recent statement on Nigeria’s economic situation, describing it as “an admixture of half truths, blatant distortions, and misinformation” designed to mislead the public.

In a statement signed on Tuesday by the APC National Publicity Secretary, Felix Morka, Esq., the party rejected Obi’s claim that the country’s economic crisis was caused by nine years of APC-led administration, stating that the facts tell a far more complex and different story.

Obi had earlier on Monday, expressed discontent over the current economic hardship in the country.

Former Anambra State governor, disclosed this on his verified X Platform.

Reacting to Obi’s claim, the APC through its National Publicity Secretary pointed out that Nigeria’s economic decline began under the watch of the Peoples Democratic Party (PDP), with GDP growth plummeting from 7.98% in 2010 to 2.79% in 2015. 

Morka also highlighted that the country’s economy was heavily dependent on oil exports and that the global oil price crash, geopolitical tensions, climate change, global COVID-19 pandemic, and rising population have all taken a toll on the economy.

“His (Obi’s) warped conclusion that Nigeria’s economic crisis was caused by nine years of APC-led administration is a highly revisionist, dishonest, distorted and deliberately misleading assessment of the country’s economic trajectory in the last decade. He opined, rather mischievously, that no efforts were being made by President Bola Ahmed Tinubu’s administration to tackle poverty and unemployment in the country.

“The facts tell a far more complex and different story. The country’s economic decline began under the watch of the Peoples Democratic Party (PDP) with GDP growth plummeting from 7.98% in 2010 to 2.79% in 2015. 

“The growth recorded during the PDP years was due entirely to high price of crude oil and increased government spending that it supported,” Morka reacted.

The APC further stated that between 2007-2014, Nigeria earned $531.2 billion under the PDP, compared to $287.8 billion under APC between 2015-2022, citing drastic reduction in export earnings under the APC administration due to population surge.

In contrast, the party pointed out that despite huge revenues available to it, successive PDP administrations neglected to address underlying structural challenges and distortions in the economy, leaving the country vulnerable to economic shocks and volatility.

The APC also countered Obi’s claims of no efforts being made by President Bola Ahmed Tinubu’s administration to tackle poverty and unemployment, highlighting numerous initiatives such as diversification, massive infrastructure development, social welfare, agricultural revolution, and sustained improvements in national security.

“In his selfish political desperation, Obi will never acknowledge the complexity of the causation of our economic challenges but would rather attempt to scapegoat the APC administration for all of the country’s economic ills while turning a blind eye to the bold and thoughtful policy interventions of President Tinubu’s administration. 

“The administration’s focused and determined efforts to tackle the country’s challenges through diversification, massive infrastructure development, social welfare, agricultural revolution and sustained improvements in national security are certain to accelerate Nigeria’s resurgence, create jobs and lift millions of our people out of poverty. 

“Quite contrary to Obi’s jaundiced and gloomy analysis, in the last one year alone, the country has attracted over $20 billion into the economy, aside recording an all-time high N6.52 trillion 

trade surplus in the first quarter of 2024 marking a positive shift from a long history of trade deficits. 

“Despite clearing the backlog of the foreign exchange debts owed foreign airlines and other economic actors by the Central Bank of Nigeria (CBN), the nation’s foreign reserves has continued to expand, hitting upwards of $34 billion, the highest in recent times. Capital inflow into the country increased by 66.27 percent this year alone,” Morka noted.

APC also stated that Obi is a “loquacious and disruptive back seat driver” who is playing an “ignoble role” as an embittered loser and spoiler. It urged him to focus on constructive engagement rather than spreading false narratives and misinformation.

The statement concluded: “President Tinubu remains focused and committed to building lasting blocks of economic prosperity for Nigeria.”