PDP Urges Buhari to Adopt Free Market Economy to Boost Productive Sectors

The Peoples Democratic Party (PDP) has advised President Muhammadu Buhari to adopt a free market economy, which it believes will allow Nigerians to actively participate in the economic space and help boost productive sectors. According to the party's National Publicity Secretary, Kola Ologbondiyan, this would bring Nigeria's economy back from recession. Ologbondiyan attributed the economic recession to restrictive trade policies, foreign exchange controls, and monetary policies that impeded growth, leading to an overbloated public sector that encourages waste and corruption.

Key Takeaways:

• The PDP has advised President Buhari to permit a free market economy to boost productive sectors and bring the economy back from recession.
• Kola Ologbondiyan, PDP's National Publicity Secretary, attributed the economic recession to restrictive trade policies, foreign exchange controls, and monetary policies.
• The party listed lack of access to incentives, high taxes, and levies as factors affecting domestic production and competitiveness, investors' confidence, and foreign direct investment.
• At least 60 million hardworking Nigerians have been affected by economic policies, including protocols and high taxes.
• Insecurity has led to business closures, with millions of farmers abandoning their farmlands, and commercial activities on Nigeria's trade corridors have been destroyed.
• The PDP blames poor management for the high costs of domestic fuel prices, rather than the high cost of crude oil in the international market.
• The party also cited the negative impact of the closure of Nigeria's borders on local production and food production as a contributing factor.
• The PDP has urged the government to lift its restrictive policies, reduce taxes, state-imposed prices, and tackle insecurity with more competent hands.

Statistics:

• At least 60 million hardworking Nigerians have been affected by economic policies.
• Commissioner of Police has not specified the exact number of closed businesses.
• Possibly millions of farmers have abandoned their farmlands due to insecurity.
• There is no specific information on the number of commercial activities destroyed on Nigeria's trade corridors.

Sources:

• "We had cautioned against the increase in fuel price, which has impacted negatively on the disposable incomes of Nigerians" (PDP's National Publicity Secretary, Kola Ologbondiyan).
• "The present situation has affected millions of Nigerians, largely industrial workers, farmers, traders, businesses. And this is because of the mismanaging of the economy, which will only be effectively managed by competent hands" (PDP's National Publicity Secretary, Kola Ologbondiyan).
• Source: PDP National Publicity Secretary, Kola Ologbondiyan.