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Nigeria's recovery from recession is weak, feeble - PDP

Nigeria's recovery from recession is weak, feeble - PDP”

Ruling All Progressives Congress (APC) has reacted to the National Bureau of Statistics (NBS) and the Central Bank of Nigeria (CBN) reports to the effect that the country has exited recession after five consecutive quarters of contraction and the country's foreign reserve has hit $32 billion, the highest mark since January 2015.

Specifically, the PDP criticised Federal Government officials of for celebrating the news when there are several reasons why it should be concerned. "It is the culmination of months of hard work by the administration and fidelity to its well-articulated economic policies, especially the Strategic Implementation Economic Recovery (2016) and the Growth Plan that was launched on 5th April, 2017", he said. This growth falls way short of the 6.54% GDP growth in the corresponding quarter of 2014, which was our last full year in office.

"The non-oil sector grew by 0.45 per cent in Q2 2017, a second successive quarterly growth after growing 0.72 per cent in Q1 2017".

For the opposition party, Nigerians will continue to suffer until the inflation rate is brought down and the economy is further strengthened.

In a statement on Wednesday, Bolaji Abdullahi, spokesman of the APC, said the efforts of the Buhari administration to revive the economy has begun to "yield fruits".

Since the country slipped into recession, the PDP and APC have traded accusations over which of them is responsible for the country's economic challenges and ultimately, the recession.

It accused the administration of "incompetence, lack of economic direction and incoherent economic policies", insisting it led the country into recession "and then prolonged recession in the first place".

President Buhari had on Tuesday welcomed the news of the country's exit from recession.

"In this administration, I am the one that published that we are in recession, and I am also the one that is saying, we are now out of recession", he said.

He said the administration also made impacts through the National Home Grown School Feeding Programme, which feeds 3,065,000 pupils in 14 states and has employed 36,000 cooks across the country; the Conditional Cash Transfer that has seen about over 30,000 households benefit from the N5,000 monthly stipend; the Government Enterprise and Empowerment Programme under which about 120,000 people have benefited from the cooperative loans; and the N-power that has employed 200,000 people. Your outputs of goods and services in the economy are going down and the Gross Domestic Products (GDP) is an accumulation of 46 different economic activities in Nigeria and the overall number.

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