Governors under the platform of the Peoples Democratic Party (PDP), have accused President Muhammadu Buhari of mismanagement of the country’s oil and gas resources which it claimed has remained confusing and non-transparent.
The PDP Governors made this known in a communique issued at the end of its regular forum’s meeting on Monday, January, 17, 2022, at the Rivers State Government House, Port Harcourt.
The Forum also noted that the transition of Nigerian National Petroleum Corporation ( NNPC) to NNPC Ltd under the Petroleum Industry Act(PIA) has not been properly streamlined to ensure that the interests of all the tiers of Government are protected, consistent with the 1999 Constitution.
The opposition Governors said, ” The management of our Oil and Gas resources, the administration of Federation Account remittances have remained opaque, confusing and non – transparent.
“The Nigerian Economy has continued to deteriorate and Nigerians have become numb and accustomed to bad economic news as exemplified by the inconsistent and differential exchange rate regime, high interest rates, unsustainable unemployment figures and borrowing spree some of which have not been applied to important projects, and other bad economic indicators.
“In particular, it is clear that the APC Government is a massive failure when compared with the records of PDP in government. The PDP handed over a $550 billion economy (the largest in Africa), but under APC, Nigeria is the Poverty Capital of the world. In 2015, under PDP, the exchange rate was N198 per Dollar, it is now under APC almost N500 to a Dollar; In 2015, unemployment rate was 7.3% under PDP, it is now 33%, one of the highest in the world under APC; In 2015, the Pump price of Petroleum was N87 per litre, it is now N165 per litre and climbing under APC. Debt Servicing now under APC takes over 98% of the Federal budget. The tales of woe is endless,” the communiqué noted.
The Forum however claimed the party is hitting the ground running with respect to repositioning the itself into a credible vehicle for rescueing and rebuilding Nigeria battered by bad economy, insecurity, unemployment and other social ills by the APC administration.