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Misrepresentation of Facts; Deji Adeyanju Counters VP Osinbajo

by on August 12, 2016

1.      The “facts” stated by @ProfOsinbajo are confirmation of the negative effects of the failed & incoherent policies of the @MBuhari admin since inception.

2.      For the avoidance of doubt, we will repeat some of them.
a.      Foreign Investment fell by 56% from $395m in Q1 2015 to $175m in Q1 2016.
b.      Foreign Investment in the Stock market stood at a mere $90.3m in Q1 2016 down from $621m in Q1 2015
c.      Inflation has risen to 16.5% in 2016. It stood at 9.6% in 2015 & 8.6% in 2014.
d.      GDP growth has fallen from 6.3% in 2014 to 2.3% in 2015 & -1.8% in 2016.
e.      It is difficult to verify his claim that FIRS has achieved 73.17% because the FIRS has blatantly refused to publish quarterly reports for 2016.

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3.      @ProfOsinbajo also states that CAPEX spending of the FG this year has been N332b & promises a release of N100b in the coming days.

4.      While we appreciate this expenditure, it is a meagre 18.4% of the N1.8t proposed by #Budget2016 & as such is insufficient to provide any meaningful effect on the economy. Releasing only 18.4% of CAPEX expenditure as at August 2016 has stalled infrastructure devt & has killed 1000s of jobs.

5.      The sum total of these figures shows that @MBuhari admin has badly mismanaged the Nigerian economy.

6.      Even worse, the @MBuhari admin has no clue as to how to reposition Nigeria to beat the recession they have forced us into.

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7.      Many agencies are violating the FOI Act & refusing to divulge data because such data would reveal the extent of damage this admin has caused.

8.      We hope that having finally appointed a Special Adviser on Economic Matters the @MBuhari admin will come up with better policies than the “try your luck” approach adopted in the past 15 months.

9.      God bless Nigeria

Deji Adeyanju
Director, New Media

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