People’s Democratic Party (PDP has faulted President Muhammadu Buhari-led government’s policy on the regulation of domiciliary accounts in the country. According to the party, the president’s action is a clear agenda of trying to illegally impose a communist economic regime on Nigerians.
The PDP stressed that trade and import restrictions are archaic and outdated; adding that Nigeria is practising a proper democracy and not the dictatorship of the politburo under a communist regime.
“In the past, we had given examples of the devastating effect of lack of an economic team and a clear-cut fiscal policy by this administration as evidenced in the lull and painful decline in the stock market, spiral rate of inflation, the disastrous outing of the government team in bilateral talks during the recent visit to the United States of America and the shambolic state of our economy at present,” National Publicity Secretary, Olisa Metuh said in a statement.
“This confusion has been extended to operations and regulations of the foreign exchange transactions in Nigeria wherein the government is making it impossible for honest Nigerians to engage in free trade and regulate their personal activities as guaranteed by the constitution, and this is clearly an agenda to illegally impose a communist economic regime on Nigerians.
“In a desperate attempt to create a semblance of movement out of the clearly motionless and stoic state of affairs of this government, they have reeled out bans and complete clampdown on free trade. One begins to wonder therefore whether we are not heading back to the era of import duty licenses and regulation of commodity prices,” Metuh said.
The PDP also found very disturbing, the illegal and unlawful attempt to repeal provisions of the Foreign Exchange Monitoring and Miscellaneous Provisions Act, otherwise known as Decree No 17 of 1995 and replace it with unilateral imposition of new regulations.
“This Act remains the subsisting law regulating the operations of domiciliary accounts in Nigeria and by its provisions therefore, Nigerians are empowered to freely open and operate domiciliary accounts.
“As such, any enactment and or regulation inconsistent with the provisions of this Act are deemed void. Thus, the recent foreign exchange transaction restrictions by this government are illegal, unlawful and void. Besides the provisions of the law, the PDP declares this administration’s archaic communist economic agenda as unworkable and unsustainable,” Metuh said.