Poor Economic Situation, Naira Depreciation Consequences of Past Mismanagement, Massive Looting – FG

Poor Economic Situation, Naira Depreciation Consequences of Past Mismanagement, Massive Looting – FG
Chris Steven,  Abuja

The Federal Government has said the poor state of the country’s
economy, especially the depreciation in the
Naira exchange rate, is the direct consequence of the incomprehensible
mismanagement of the economy and
the mindless looting of the national treasury under the immediate past
Administration, rather than any so-called
mismanagement by the Buhari Administration

Minister of Information and Culture, Alhaji
Lai Mohammed, said this  in a statement on Sunday.
”If there was still any honour left among thieves, there is no way
the leaders of a party under whose watch the
nation’s economy suffered a monumental mismanagement and the Central
Bank was turned to the ATM or piggy
bank of a few people will have the temerity to insult a government
that is working hard to turn things around or the
citizens who are bearing the brunt of such mismanagement,”  he said 

”It is now clear to all Nigerians that if the PDP had won the last
general elections, Nigeria’s economy would not have
survived one more month, considering the battering it received under
the immediate past Administration. It is therefore
unconscionable that those who should show contrition and hunker down
to avoid public opprobrium are the same ones
pointing an accusing finger at the Buhari Administration,” the Minister added .

Alhaji Mohammed described the comments credited to Deputy Senate
President Ike Ekweremadu, that businesses may
collapse in the next six months because the Buhari Administration has
mismanaged the economy, as the clearest indication
yet that the PDP and its leaders are still in denial about the massive
body blows they inflicted on the Nigerian economy.

”Senator Ekweremadu complained about the depreciation of the Naira
without telling Nigerians who ‘dollarized’ the Nigerian
economy by bribing many individuals and groups with dollars during the
last elections, thus inflicting a knock-out punch on the
local currency. He also failed to tell Nigerians which government
presided over the frenzied mop-up of dollars, either for ‘armsgate’
or for slush fund purposes, from the CBN to a point where it almost
ran out of the hard currency,” he said

The Minister said even though the Buhari Administration met an economy
that was in coma, it had refused to use that as
an excuse for inaction, hence has been working hard on measures that
will turn the economy around and greatly offer relief
to Nigerians by lifting millions, not thousands, of people out of
poverty through a massive social intervention policy.

”The outcome of the months of hard work will manifest soon in the
2016 national budget that will give succour to millions of
Nigerians who are reeling from fallout of the solecism of the
immediate past Administration that turned the country into a
cash bazaar,” the Minister said

He advised the leaders of the PDP and members of the immediate past
Administration who are involved in the emerging cases
of looting binge to urgently return, to government coffers, the funds
they have squirreled out of the commonwealth.

”They are lucky that Nigerians are not as incautious as they are,
otherwise they would not be able to walk around freely,
not to talk of having the effrontery to fire darts at the government
that inherited their rot or the people who are suffering the

”They looted the billions of Naira that were allocated for the fight
against insurgency, causing many innocent and patriotic
soldiers to die needlessly, yet they are not remorseful. They looted
the treasury to influence the last elections, doling out
money as if it was going out of fashion, yet they continue to grandstand.

”In the latest revelation, a Minister under the immediate past
dispensation admitted to sharing 600 million Naira to six Chairmen
of the Contact and Mobilization Committee of the PDP for the last
general elections, 300 million Naira to an account given by a
former PDP chairman, 200 million Naira to a PDP governorship candidate
and 100 million Naira to a former PDP governor. This
is just one case out of many, yet these revelations are but a tip of
the iceberg of what Nigerians will hear in the days ahead,” Alhaji
Mohammed said.

The Minister assured that despite the mind-boggling revelations about
looting and the mismanagement by self-styled economic wizards,
the economy will bounce back under the watch of President Muhammadu
Buhari, who is bringing probity and transparency back into