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Group Condemns Buhari’s Economic Policies

Posted: Mar 31, 2016 at 7:59 pm   /   by   /   comments (0)

otimi Akinwumi ABUJA

President Muhammadu Buhari has been accused of engaging in unrealistic economic projections that are killing the nation’s economy rather than bringing the much needed improvement to the purchasing power of the nation’s currency, the naira.

The allegation was raised by a Civil Society group, Policy and Legal Advocacy Centre, (PLAC)  on Thursday, where it lambasted the government for outright failure to adopt any economic policy that could save the nation’s currency from further slide against the major international currencies.

The subdued vote of no confidence in the economic policy of the President was raised by the Executive Director of PLAC,  Mr. Clement Nwankwo, at a one – day workshop organised for journalists covering the activities of the National Assembly, in collaboration with the British Department For International Development (DFID).

Before the comments of the PLAC Chief Executive, the President had severally being criticised by some Nigerians who believed that the present administration lacks a clear cut economic agenda with which it planned to govern the nation and make make prosperous.

Nwakwo at the event urged the parliament not to abandon the fate of the nation into the hands of the executive, but to be alive to their responsibilities of checking the executive through proper oversight.

In his assessment of the current economic policy of the government especially as it affects the low purchasing power of the naira, he said  the failure of the president to devalue the naira is a serious economic blunder that will further make the nation’s currency weak against the major foreign currency.

His words:  “President Muhammadu Buhari, said he was not going to devalue the naira but everybody in this country, everybody in the World has devalued the naira. If you go to a supermarket,  it is not the value of naira that you buy a particular product four or five weeks ago that you will buy it today,  the price would have changed.