President Muhammadu Buhari. (Image courtesy: Presidency)

The Presidency has said that President Muhammadu Buhari remains the best person to prevent the Nigerian economy from collapsing, Concise News reports.

Presidential spokesman, Garba Shehu, was reacting to an accusation by the Peoples Democratic Party (PDP) that the country is collapsing under the Buhari-led government.

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In a statement issued on Thursday, Shehu argued that while there was less economic activity during the electoral cycle, current reports on the pages of newspapers show that there is improved business activity in the country.

He, however, said that the economy grew by 2.35 percent in the second quarter of 2015 and 3.96 percent in the first quarter of 2015, compared to 5.94 percent in the fourth quarter of 2014.

Shehu said: “While foreign direct investment can help, it is not the only source of investment in the economy. There is also domestic investment which is either undertaken by the government or by the private sector.

“It is also noteworthy that capital importation into Nigeria grew by 216 percent in the first quarter of 2019 as compared to the last quarter of 2018.

“A look at business pages in newspapers shows that there is a lot of business activity going on in the country.

“Two stories in today’s paper point to increasing economic activity.

“First is that the profit of UACN grew in the first half of this year by 61 percent.

“Second is that Business Day (pg1) states that cargo imports jumped by 21 percent in the first half of 2019. Increasing imports is a pointer to greater economic activity and the availability of foreign exchange with which to conduct business.”

Shehu said that in Buhari’s first four years, he improved relations with China, US, and Europe and had won their support for the administration’s development agenda.

He also said the President “channeled unprecedented sums of money” into infrastructure development, adding that capital spending had been kept at about 30 percent of annual budgets.

“Construction of roads, highways, public transport and airports have sharply increased. Government is spending heavily on power,” he said.

“This, combined with private sector investment has grown generation capacity to 13 megawatts.

“All said and done, President Buhari remains the best hope for the Nigerian economy. The country needs change and this remains the person with the will and determination to deliver.”