The presidential candidate of the Peoples Democratic Party,
Atiku Abubakar, has said that Nigeria is broke under the All Progressives
Congress.
Atiku said Nigeria had been running on budget deficits since
the APC came to power in 2015.
Atiku said these at the Lagos Chamber of Commerce &
Industry on Tuesday as he was rolling out his economic agenda for the country
if he eventually won the 2023 elections.
He said, “Nigeria is broke. Nigeria under the APC-led
government has consistently run on budget deficits since it came to power in
2015. These budget deficits are often above the 3% threshold permissible under
the Fiscal Responsibility Law.”
“For the first time in Nigeria’s history, the FGN paid more
in debt service than it earned! By spending more than 100% of its revenue for
debt service, Nigeria is breaching one of the applicable debt-sustainability
thresholds.
”The failure of leadership by the APC-led government is
staring every Nigerian in the face as the country’s economic, social, political
and security challenges persist and assume frightening dimensions.
Atiku said Nigeria had the potential to double its Gross
Domestic Product by 2030 and achieve a per capita income of approximately
US$5,000, adding that “Our economic growth and development agenda seeks
primarily to stimulate the growth of the economy. It envisions an economy that
is modern, dynamic, and competitive, capable of taking its rightful place among
the top 20 economies of the world.”
“We anticipate growth
from our policies that seek to revitalize the real sectors including
agriculture, manufacturing and MSMEs.
“Re-building infrastructure and reducing infrastructure
deficit will enhance the carrying capacity of the economy and unleash growth
and wealth creation.
“We will elevate production for export to a top policy
priority and long-term investment priority and promote export of manufactured
goods. ”
Atiku said he would deliver on these goals by, “First, a
warm handshake with the private sector. We will support the private sector to
drive growth. We will establish strong partnership in investing in
infrastructure, creating jobs, income and in the fight against poverty.
“We will listen to the private sector more. Understanding
the private sector and securing their buy-in when policies are designed will
determine the success of our economic growth and development agenda.”
“Through regular dialogue with the private sector, we will
build consensus, improve trust between us and make new reform initiatives
easier to implement and sustainable. There will be more clarity, coherence, and
consistency (the 3Cs) in policy. Nothing could be more threatening to
investment flows than an environment that is full of policy flip-flops,” he
said among other things, noting that he would reduce poverty.
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