Atiku Abubakar, the Peoples Democratic Party’s (PDP) presidential candidate, stated Wednesday, September 14, 2022 that Nigeria is now wearing borrowed robes and promised to boost the country’s economy by offering the private sector a “warm handshake.”
Remember that Nigeria has a total debt load of N41 trillion, both domestic and international, with the country devoting a larger portion of its income to debt servicing.
Since 2015, the All Progressives Congress-led administration, according to Abubakar, has warped the economy, and basic necessities are now out of reach for most Nigerians.
Nigeria is being dressed in borrowed garments, Abubakar stated during a speech at the Lagos Chamber of Commerce and Industry’s presidential economic agenda conference.
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Since 2015, the APC has continuously had a budget deficit that is higher than the three percent FRA-permitted threshold, and that deficit grows if you factor in CBN and AMCON debt.
Abubakar stated that he will follow a “warm handshake policy for the private sector” when asked about his economic plans. He added, “We will ensure we provide a warm handshake to the business sector. They are crucial to the success of any industry or economy.
“I enjoy making people rich. I feel fulfilled when I make opportunities for others.”
Abubakar said the country’s economy was “bleak and our challenges daunting; no one should downplay the enormity of the tasks ahead.
‘’Indeed, I cannot think of a more daunting challenge than restoring confidence in the future of Nigeria as a dynamic economy and stable democracy.
“I have a good grasp of the challenges bedevilling Nigeria. I know the root causes of our problems. I know that many of these problems are self-inflicted and can be reversed if we are determined. And we are determined.
“I will not come unprepared. It is not in my character as a businessman or as a public officer to be caught off guard. My policy document contains the right policies that will be timely delivered.”
Atiku claimed that Nigeria’s economy was “crawling rather than developing” and that the country was “broke.”
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“Per capita income, a gauge of citizens’ well-being, has steadily decreased since 2015 due to diminishing output and a rapidly expanding population,” he stated. Nigerians’ circumstances have deteriorated since 2015.
The economy’s backbone, the oil and gas industry, has experienced a drop in 19 of the last 30 quarters. Many economic sectors and regular people still perceive the economy as being in a recession.
“Under the present administration, our people are not working. More than 23 million people are out of jobs. In just five years, between 2015 and 2020, the number of fully employed people dropped by 54%, from 68 million to 31 million people.
“The number of unemployed people is more than the population of Lagos State or the inhabitants of the Federal Capital Territory (FCT), Abia, Bayelsa, Cross River, Ebonyi, Kwara and Nasarawa states combined.
“What is even more worrisome is that the majority of the unemployed are young men and women, who lack not only the means to survive but also any hope for the future.
“The number of unemployed youths increased by nine million from four million in 2015 to 13 million in 2020.
“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.”
