Loss Of $2.8bn GE Investment – PDP Blames Buhari

By admin On Nov 19, 2018

The Peoples Democratic Party said President Muhammadu Buhari’s administration has caused Nigeria another huge economic setback following the withdrawal of General Electric from a $2.8bn railway concession deal due to the alleged harsh economic policies of the administration.

The PDP National Publicity Secretary, Mr. Kola Ologbondiyan in a statement on Monday, also said that with the withdrawal of GE and according to him, the continued exiting, from Nigeria, of other huge foreign investors, allegedly due to unabated unfriendly polices, Buhari’s presidency had cost Nigerians the much needed commercial and employment opportunities and further frustrated the development of the nation.

The statement said the Buhari administration is the major economic challenge facing Nigeria as a nation.

It noted that Nigeria has continued to reel under the administration allegedly characterized by economic stagnation, high inflation, soaring unemployment and harsh regulatory regime that scare away
investors.

It alleged that the refusal of the Buhari administration to institute and drive economic direction and reforms; its alleged resort to heavy taxation, heavy sanctions and blame games had led the nation to a sorry state where investors keep exiting the economy

“This is evident in the capital imputation report of the National Bureau of Statistics for the second quarter of 2018, which showed a critical drop in capital importation in Q2 relative to Q1 2018 with no hope in sight under Buhari,”said the statement.

Ologbondiyan said, “From all indications, it is clear that there is no way our economy can survive if the incompetent Buhari administration is allowed to be on the saddle for another four years.”

He charged Nigerians to dismiss the ‘Next Level’ mantra introduced as Buhari’s 2019 slogan. He alleged that the President failed to deliver on his promises.

He said, “The next level Buhari administration can take Nigeria to can only be severe hunger and pains beyond what Nigerians have been experiencing in the last three and half years.”