The Peoples Democratic Party (PDP) has advised President Muhammadu Buhari to permit a free market economy that will allow Nigerians actively participate in the economic area to boost productive sectors.
Mr Kola Ologbondiyan, PDP’s National Publicity Secretary, in a statement in Abuja on Sunday said this would bring Nigeria’s economy back from recession.
Ologbondiyan urged the authorities to bring in more competent, transparent and honest hands to effectively manage the country’s economy, saying, this was the only way to save the market.
READ ALSO: Assets Declaration: Why I won’t honour your invitation, Magu tells CCB
The spokesperson attributed the economic downturn to restrictive trade policies, foreign exchange controls and financial policies that impeded growth.
According to him, these policies have led to an over-bloated public sector which encourages corruption and waste, looting and insecurity, which has destroyed economic activities in most parts of the country.
In addition, he recorded lack of access to incentives, high taxes and levies as a number of the factors that influenced domestic production and competiveness, investors’ confidence and foreign direct investment, leading to the economic contraction.
He said presently, no fewer than 60 million hard working Nigerians was affected by economic policies, including protocols and high taxes.
He noted that insecurity had also led to closure of businesses, with millions of farmers abandoning their farmlands, while commercial activities on Nigeria’s trade corridors were destroyed.
“Besides, our party had cautioned against the rise in fuel price, which has impacted negatively on the disposable incomes of Nigerians.
“We however, insist that poor management rather than the high price of crude oil in the worldwide market is responsible for high prices of domestic price of fuel,” he said.
Ologbondiyan also said the negative impact of the closure of Nigeria boundaries, without encouraging local manufacturing, and its impact on food production was a contributing factor.
He urged the government to lift its restrictive policies, reduce taxes, state imposed costs and get more competent hands to handle insecurity.
