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Economic recovery: PDP, APC clash over marginal growth

Recession not over until Nigerians eat 3 times daily—Atiku

By Dirisu Yakubu & Omezia Ajayi

ABUJA— The Peoples Democratic Party, PDP, and All Progressives Congress, APC, were, yesterday, locked in a war of words over the prospects of the economy, following news of the country’s emergence from the recession it slipped into last year.

While the PDP said the 0.55 per cent increased Gross Domestic Product, GDP, for the second quarter of 2017 was miserly compared to the 3.96 per cent GDP growth rate for the second quarter of 2015 when the PDP was in power, the APC, however, affirmed that the exit from recession was another APC election promise fulfilled.

Meanwhile, APC chieftain and former Vice-President, Atiku Abubakar, expressed caution over the development, saying Nigerians would not truly be said to be out of recession until Nigerians can eat three square meals daily.

The PDP in a statement issued by its National Publicity Secretary, Prince Dayo Adeyeye, said: “Yesterday, the NBS released its Q2 GDP report which showed a growth of the economy for the first time in six consecutive quarters. The import of this is that Nigeria has exited its longest recession in almost three decades.

“According to the report, the Nigerian economy grew by 0.55% in Q2 2017, a marginal improvement compared to -0.91% (revised) in Q1 2017 & -1.49% in Q2 2016. This growth falls way short of the 6.54% GDP growth in the corresponding quarter of 2014, which was our last full year in office. It also falls significantly below the 3.96% growth in Q1 2015, which was our last full quarter in office,” the statement read in part.

According to Adeyeye, the figures the Muhammadu Buhari administration is flaunting as an indication of economic prosperity are weak.

The APC on its part, said the news was another promise fulfilled by the APC federal administration.

Party spokesman, Mallam Abdullahi Bolaji, in a statement said:  “Nigerians will recall that during the 2015 elections, the APC promised to curb corruption, restore the economy and ensure the security of the nation.”

Recession not over until Nigerians eat 3 times daily —Atiku

In a statement issued, yesterday, in Abuja by his Media Office, the Wazirin Adamawa said:  “As a Nigerian investor and employer of labour, the news of Nigeria’s official emergence from recession is a most welcome development.

“When all Nigerians can eat three square meals, that’s when the real recession ends. We have work to do.”


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