Buhari (image courtesy Presidency)

The Peoples Democratic Party, on Monday, accused President Muhammadu Buhari’s administration of causing 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.

In a statement signed by its National Publicity Secretary, Kola Ologbondiyan, the PDP also said that with the withdrawal of GE and 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.

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

It stated 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

The statement added that the alleged 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

According to him, “This is evident in the capital importation 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.”

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 urged 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.”