The presidential candidate of the Peoples Democratic Party Atiku Abubakar has said the ruling All Progressive Congress is killing the country’s with its failure to keep the economy in shape.
The former Vice President who is attending the Lagos Chamber of Commerce and Industry (LCCI) 2022 edition of Private Sector Economic Forum for the 2023 presidential election, is examining all key areas of the economy and social life of Nigeria.
“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 stated
Lamenting the present economic predicament of the country, the PDP candidate said Nigeria is broke while the country has under the APC-led government, 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,” he said
The former vice-president further stressed that Nigeria had the potential to double its Gross Domestic Product by 2030 and achieve a per capita income of approximately US$5,000.
“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 what he called “First, a warm handshake with the private sector.”
He stated further, “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.”
The opposition candidate went on by assuring Nigerians that if elected next year, he would take tough and difficult decisions on security matters without fear or favour adding that investment is a coward animal and is fearful of conflicts and insecurity.
On infrastructure, Atiku promised to break the jinx in infrastructure financing by establishing an “Infrastructure Development Unit” [IDU] in the Presidency, with a coordinating function and a specific mandate of working with the MDAs to fast track and drive the process of infrastructure development in the country.
“As a short-term measure to ensure enhanced supply within the first year of the new administration, I shall initiate and implement an emergency power programme (EPPs) that can deliver additional capacity in certain key areas.
“Over the medium term, I will then go on to propose legislation for the removal of the entire electricity value chain from the exclusive list and give states the power to generate, transmit and distribute electricity for themselves.
“We shall incentivize private investors to invest in the development of multiple green-field mini-grid transmission systems to be looped into the super-grid in the medium to long term while allowing the FG focus on policy, regulation, and standardization.”
He promised to reduce poverty that has ravaged the country by making poverty reduction as a centrepiece of his economic development agenda noting that economic performance shall henceforth be measured by the number of jobs created and the number of people lifted out of poverty.
“Within the first 100 days in office, I will create an Economic Stimulus Fund with an initial investment capacity of approximately US$10 billion to prioritize support to MSMEs across all the economic sectors.
Waziri of Adamawa urged Nigerians to vote out APC led government in the country and embrace him through his party, the People’s Democratic Party, PDP promising that he’s well prepared for the task ahead
“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.
“Finally, in economic reforms and economic management matters, I am not a novice. I have a history.”