The Peoples Democratic Party (PDP) on Monday, said the President Muhammadu Buhari-led administration lacked experts who can manage the economy.
The party stressed that the President could not proffer solutions to Nigeria’s dwindling foreign exchange reserves and other socio-economic and political challenges of the country.
Speaking to the media in Abuja, the PDP Deputy National Chairman, Mr Diran Odeyemi, said that Buhari had failed to surround himself with economic and financial experts.
This was in response to the reports from the Central Bank of Nigeria (CBN) that indicated that Nigeria’s foreign exchange reserves dipped to $38.684bn in December from $39.8bn in November of 2019.
The CBN Governor, Mr Godwin Emefiele, during a Monetary Policy Committee in Abuja had said the drop in the foreign reserves was not enough to create fear in the economy.
However, Odeyemi went ahead to compare the Buhari-led administration with those of former presidents, Goodluck Jonathan and Olusegun Obasanjo, all of the PDP, whom he said had appointed economic and financial experts, who made the economy grow during their administrations.
The Deputy National Chairman noted that Buhari had a penchant for borrowing, adding that the borrowings had not shown commensurate investment or infrastructural provision.
He also recalled that Buhari was part of the late General Sani Abacha’s most indebted regime.
Therefore, "What he understands about governance is to borrow and not to generate."
According to him, Abacha’s regime was not different from the one that Buhari is overseeing now.
He acknowledged that “The nation’s depleting foreign exchange is expected with the level of corruption in the war against Boko Haram, among others."
However, he reiterated that there cannot be a better day under this regime and this is not about being antagonistic.
Odeyemi said, “Nobody is expecting the President to be a financial expert because he did not claim to be one as a retired soldier. But as a President, he is expected to search for experts who could help him to move the country forward. This was what the former President Jonathan did and it is where Buhari has failed."
According to him, Buhari surrounded himself with ministers who, as former governors, incurred huge debts for their states.