Former Vice President of Nigeria and Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar says the economy is in serious jeopardy.
The former vice president branded the country’s growing debts as a “recipe for macroeconomic instability” in a series of tweets on Tuesday.
Atiku chastised the federal administration for being overly optimistic about the recent GDP growth rate, despite the hardships that citizens face.
“Last week the National Bureau of Statistics released the GDP figures for Q2 2022. The government has been unreasonably upbeat about the reported growth rate of 3.4 percent,” he tweeted said.
“The plain truth is that the economy is in deeper trouble than the APC-led government is willing to admit.
“The citizens’ level of misery hasn’t changed, and the reasons are obvious: first, the key sectors of the economy, notably agriculture, oil and gas (the country’s cash cow), and manufacturing (that contributes to jobs), are either growing slowly or declining.
“Second, unabated are rising commodity prices occasioned by high energy and transportation costs (and aggravated by the disorderliness in the forex market).
“Also, debt levels continue to rise while the fiscal capacity to service its debts is declining. All these are enough to erase the perceived gains from output growth.
“Having run out of ideas, it appears that our unprecedented level of indebtedness is whetting the government’s appetite for more debt. This is a recipe for macroeconomic instability.”