PDP, APC differ on Buhari’s government economy performance
How I’ll change Nigeria’s economic direction – Atiku
…Buhari has supported Lagos, others to be economically viable – BMO
By Tunde Opalana
The opposition Peoples Democratic Party (PDP) and supporters of the All Progressives Congress (APC) on Monday held divers views over performance of the Buhari’s administration in the economic sector.
While registering dismay at the performance of the administration, the Presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar promised to give the nation’s economy a better direction if he becomes the next president.
Atiku expressed dissatisfaction with current international ratings of Nigeria’s economy which he blamed on bad economic and financial policies of the incumbent Buhari- led All Progressives Congress (APC) administration.
He described as a very significant downgrade, last week downgrade of the Nigerian Government’s Credit Rating from B3 to Caa1 by Moody’s Investors Service (The Moody’s).
According to Atiku, the rating is “sad, but not unexpectedly”.
In a personally signed statement on Monday which was made available to the media, the PDP presidential candidate said “Moody’s notes the FGN’s deteriorating fiscal and debt position and its lack of capacity to respond to same; it notes the ‘exacerbating policy trading-off’ between debt servicing and the financing of critical sectors, including education, health, and other social programmes; it also notes the government’s inability to curtail its addiction to deficit financing and its appetite for more funds from the Central Bank’s Ways and Means.
“All three observations are a direct indictment of the country’s political leadership for its failures in the management of our fiscal resources. The APC-led government lacks the critical competencies to initiate and implement innovative solutions to our problems and deliver on their mandate with the desired impact.”
Assuring Nigerians of his blueprint to reverse the ugly trend, Atiku said “If given the opportunity to lead the country, I will act differently and change the economic direction of Nigeria for the better. I will undertake far-reaching fiscal restructuring to improve liquidity and the management of our fiscal resources.
“Among others, I will undertake an immediate review of government spending with a view to eliminating all leakages arising from subsidy payments.
“Second, I will stop all fiscal support to ailing and under-performing State-Owned enterprises.
“Third, I will take steps to improve spending efficiency by gradual reduction of government recurrent expenditures.
“Fourth, I will undertake a review of government procurement processes to ensure value-for-money and eliminate all leakages.
“Finally, I will focus on non-debt financing by promoting a private sector-led Infrastructure Development Fund for the financing and delivery of key infrastructure projects.”
However, the Buhari Media Organisation (BMO) while commending the president and the APC administration said the Muhammadu Buhari-led federal government has done more to make states economically viable than any previous administration, according to the
in a statement on Monday, signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, the group said that this was obvious from the role played by the federal government in the realization of recently commissioned projects in Lagos State.
“It is no longer news that President Buhari was in Lagos to commission at least three major projects in the State, but what many people may not know is the role played by the federal government in bringing the projects to fruition.
“We know that the State Governor Babajide Sanwo-olu alluded to this in his speech at the commissioning, but what he spoke about does not cover what the Buhari administration did on the Lekki Deep Sea Port and other infrastructural projects in Lagos.
“In the President’s words, driven by his vision to bequeath a legacy of poverty elimination through job creating infrastructure, he placed all matters relating to the Deep Sea Port on top priority by giving unalloyed backing to the Nigerian Ports Authority and its supervising ministry, the Federal Ministry of Transportation.
“This, according to Transport Minister Muazu Sambo, is what paved way for the speedy approval of federal government’s equity contribution which gave the project the necessary statutory cover and financial guarantee.
“In addition, the President also allocated the ‘right of way’ of the Lagos-Ibadan Standard Gauge Railway Line, for use by the Lagos Mass Rail Transit’s Red Line which is to be inaugurated in July this year”, the statement added.
BMO noted that the support Lagos State Government has received from the Buhari administration in the last seven years is not restricted to the two recently commissioned projects.
“Unlike what happened during the 16 years of the Peoples Democratic Party PDP, we invite Nigerians to note that the Buhari administration approved important fiscal waivers on Custom Duties to enable Governor Sanwoolu deliver on key infrastructure projects such as BRT buses, LAG-RIDE vehicles, as well as rolling stock for the Blue and Red Rail Lines.
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“We also want to place it on record that Lagos was one of the pioneer beneficiaries of the Road Infrastructure Tax Credit Scheme, which transformed the Apapa-Oshodi-Oworonshoki Expressway, and will deliver a brand-new access road to the new Lekki Deep Sea Port.
“Also, Lagos has benefited from the Sukuk Bond projects, like many other States.
“Let us add here that all 36 States have enjoyed federal government’s interventions running into N6.5 trillion naira in the last seven years and these include budget support facilities packaged like soft loans to be repaid over 30 years and the recent 13% derivation refund to oil producing States”.
