The Peoples Democratic Party (PDP) has marked its 25th anniversary by claiming that it left an economy worth over $550 billion to the ruling All Progressives Congress (APC) government when it handed over power in 2015. The PDP issued a statement accusing the APC-led administration of recklessly accumulating N85 trillion ($204 billion) in foreign debt over eight years, which it said mortgaged Nigeria’s future.
The statement highlighted some of the achievements of the PDP during its time in office, including achieving $18 billion in debt relief from the Paris and London Clubs, consolidating the banking sector, revolutionizing various sectors such as telecommunications, oil and gas, manufacturing, aviation, agriculture, and real estate, and turning the inherited moribund economy into one of the fastest-growing in the world.
Under the PDP’s leadership, the statement claimed that Foreign Direct Investment (FDI) grew to over $8 billion, and Foreign Exchange Reserves increased from $2 billion in 1999 to over $40 billion in 2014. However, it argued that these gains have been rolled back by the APC, leading to Nigeria becoming the poverty capital of the world with a 35% unemployment rate, a weakened Naira, high fuel prices, and multiple tariffs, taxes, and levies imposed on citizens.
The PDP also criticized the APC government for allowing major multinational companies to exit Nigeria and for failing to address the deteriorating economic situation.
Despite the challenging circumstances, the PDP called on Nigerians not to succumb to hopelessness and urged them to remain optimistic that their democratic mandate would ultimately bring about positive change.
This statement reflects the ongoing political discourse in Nigeria, with opposition parties like the PDP holding the current government accountable for economic challenges while highlighting their own achievements during their time in power.
