We Need to Bake a Bigger Cake and Not Bigger Debts, Says Atiku

We Need to Bake a Bigger Cake and Not Bigger Debts, Says Atiku

  • Last week the National Bureau of Statistics released the Gross Domestic Product figures for Quarter 2 of 2022
  • The APC-led government has been upbeat about the reported growth rate of 3.4% by the bureau but Atiku says it is unreasonable
  • The PDP presidential candidate stated that the data released is not in tune with Nigeria's economic realities

Kano - Atiku Abubakar, the Peoples Democratic Party (PDP) presidential candidate, says the Nigerian economy is in deeper trouble than the All Progressives Congress (APC)-led government is willing to admit.

Atiku made the declaration in a statement he personally signed and sent to Legit.ng on Tuesday, August 30 from Kano.

Atiku says if is elected, he will halt the excessive borrowing by the Buhari-led administration. Photo credit: Atiku Media Group
Source: Facebook

He said:

“The citizens' level of misery hasn't changed, and the reasons are obvious: first, the key sectors of the economy, notably agriculture, oil and gas (the country's cash cow) and manufacturing (that contributes to jobs), are either growing slowly or declining.

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“Second, unabated are rising commodity prices occasioned by high energy and transportation costs (and aggravated by the disorderliness in the forex market).
“Also, debt levels continue to rise while the fiscal capacity to service its debts is declining. All these are enough to erase the perceived gains from output growth.
“Having run out of ideas, it appears that our unprecedented level of indebtedness is whetting the government’s appetite for more debt. This is a recipe for macroeconomic instability.”

He said the GDP figures released by the National Bureau of Statistics (NBS) last week has made the APC upbeat about the reported growth rate of 3.4%, but noted that the data released by the NBS is not in tune with Nigeria's economic realities.

His words:

“We challenge the National Bureau of Statistics to share with the public their recent statistics on poverty, unemployment and commodity prices — the reality of which will leave no hope for the common man.

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“Like I have said before, increasing debts will never be a solution to our indebtedness. My government, if elected, will halt the rate of debt accumulation and instead focus on private-public partnerships in financing development.
“Also is the consideration of a government of national unity that will douse the temperature, unite Nigerians and pave the way for improved security. Improved security allows for investments and, therefore, an improved economy.
“Also targeted tax rebates to attract foreign and local investments, amongst other proactive measures to attract investments to grow the economy.”

Nigerians lament as Kerosene hits N800 per litre

Meanwhile, the price of kerosene used by several low-income homes in Nigeria has jumped to N800 and above per litre nationwide.

The situation has triggered lamentations by ordinary Nigerians who depend on kerosene for various activities.

Critics say it is pathetic that an oil producing country like Nigeria that does not refine crude for local consumption.

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Households in southeast groan as prices of kerosene hit the roof

Legit.ng had earlier reported that the astronomical rise in the cost of cooking gas and kerosene in the country subjected homes, particularly in the southeast region to more financial stress.

The situation has forced many families to resort to alternatives such as firewood and charcoal.

A housewife in Awka, Anambra state, Mrs. Eucharia Ezeamaka lamented that the high cost of product saying it is causing tension in some families.

Source: Legit.ng

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