I’ll inherit huge debt profile, empty treasury – Buhari …Promises Nigerians of better days

I’ll inherit huge debt profile, empty treasury – Buhari …Promises Nigerians of better days

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The presidential candidate of the All Progressives Congress, APC,
has said that he would inherit a huge debt profile and empty
treasury if elected president, expressing confidence that
his wealth of experience would assist in turning the situation
around.

He also stated that his party’s economic policies are conceived to be
people-centred, adding that the country would for the first time in over
three decades experience a truly pro-people Federal Government if
elected.
Buhari said this in a statement by the Director of Media and Publicity
of the APC Presidential Campaign Organisation, APCPCO, Malam
Garba Shehu.
His words: “It is crystal clear that our revenues are dwindling by the
day and if we must survive, we cannot continue on this path of near
absence of accountability, mismanagement, outright waste and
jamboree that has characterised the management of public resources
under the Jonathan-led PDP government.
“We can assure the mass of Nigerian people that help is on the way.
We know that an APC controlled Federal Government will obviously
inherit a huge debt profile and an empty treasury from this PDP
Federal Government. We are confident of turning the situation around.
“It is apparent that the Federal Government has suddenly found itself
in a bind with plummeting crude oil prices in the international market,
but typical of a team that lacks capacity for anticipatory actions, the
Federal Government has been running from pillar to post in a vain bid
to stabilize the economy.
“Unfortunately, all conceived palliatives applied to save the nation’s
declining economic indicators have merely scrapped the surface of the
problems leaving the mass of Nigerians desperate, confused and
hungrier.
“With external debt standing at more than $10 billion and our internal
debts at more than $50 billion, it is without doubt that President
Jonathan is driving Nigeria into economic wilderness. This should be a
cause for concern for all well-meaning Nigerians, more so when the
Federal Government responses to these rising economic challenges
have, at best, been casual.
“Emblematic of this casual, non profound approach to the management
of the national economy is the Central Bank of Nigeria’s devaluation of
the national currency in November 2014 while retaining the Retail
Dutch Auction System (RDAS).\
“Dramatically, just under three months after that devaluation, the CBN,
obviously buffeted by unanticipated dynamics in the foreign exchange
market, announced the closure of the RDAS and the Wholesale Dutch
Auction System (WDAS). This shows clearly an uncoordinated template
in the management of the national economy.”