APC Inherited $550billion Economy from us- PDP

September 1, 2023 Joshua Samuel

According to the Peoples Democratic Party (PDP), in 2015, its administration handed over more than $550 billion in economic resources to the All Progressive Congress, which is currently in power.

On its official X account on Thursday, the PDP accused the APC of recklessly accruing N85 trillion in foreign debt in just eight years, effectively mortgaging Nigeria’s future.

“The Statement reads: Today, the PDP celebrates the tenacity of Nigerians in the democratic process and majorly the founding leaders and teeming members of the PDP for their sacrificial roles in returning, nurturing, and sustaining democracy in our country,” the party stated in a statement celebrating its accomplishment.

“It is known that the PDP administration, through shrewd economic management, achieved $18 billion in debt relief from the Paris and London Clubs, consolidated the banking sector, revolutionized the telecommunication sector, revamped the oil and gas, manufacturing, aviation, agriculture, real estate, and other critical sectors to turn the inherited moribund economy into one of the fastest growing in the world and handed over a $550 billion which is the largest in Africa and 26th largest in the world.

Our Foreign Direct Investment (FDI) increased to over $8 billion under the result-driven leadership of the PDP, and our Foreign Exchange Reserves increased from $2 billion in 1999 to over $40 billion in 2014. Our FDI has plunged to $-0.19 billion in 2022 under the current inept and corrupt APC leadership. When JP Morgan reported that Nigeria’s foreign exchange reserves had decreased to $3.7 billion as of December 2022, the APC administration kept mute.

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“Unfortunately, all of the PDP’s accomplishments have been undone by the APC, which in just eight years has destroyed our economy, made our country the world’s poorest with a horrifying 35% unemployment rate, and left our people suffering from hunger, starvation, strange diseases, and untimely deaths.

“With the careless accumulation of N85 trillion in foreign debt and no matching development project to show for it, the dishonest APC administration has succeeded in mortgaging the future of our country.

Major international corporations are leaving Nigeria under the violent, corrupt, and inept APC’s rule; the Naira has plummeted from N197 to US$1 under the PDP to an appalling over N900 to US$1; and gasoline, which sold for N87 per liter by 2015, currently sells for over N600 per liter. In addition, the APC administration has levied numerous onerous levies, taxes, and tariffs on the people.

Nigerians are increasingly turning to suicide and overseas slave labor as solutions because life there is so terrible under the APC.

While urging Nigerians not to give in to hopelessness in light of the country’s depressing circumstances, the PDP advised the populace to maintain faith that their democratic mandate will finally prevail.

Author

Joshua Samuel

A conscientious writer with a knack and passion for story telling which spans across different sectors and segments. I love telling stories in writing and bringing quality, authentic and timely information to everyone everywhere.

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