The Transitional Monitoring Group, TMG, has revealed why the President Muhammadu Buhari’s APC Government is failing the country and its citizens.
TMG revealed this though its Chairman, Com. Ibrahim Zikirullahi while addressing newsmen on the state of the Nation.
The Chairman of the group noted that the All Progressive Congress, APC, led administration lacked the proper economic strategies and know-how to effectively address problems facing the nation.
The group further noted that the current economic mess the country is in at the moment is as a result of mismanagement and ill decisions made by the previous administration under Peoples Democratic Party, PDP.
Com. Ibrahim Zikirullahi said: “So far, it is clear that the All Progressives Congress (APC) government of change has no effective strategy to clear the economic mess that was created by the immediate past Peoples Democratic Party (PDP) led government.
“The reality of the absence of a well-articulated and coherent strategy to bring Nigeria out of its current economic doldrums would be seen in the excruciating crunch that is currently subjecting Nigerians to untold hardships.
“Rather than abate, the current economic realities have further accentuated the poverty, which millions of Nigerians in 2015 voted to keep at bay. Demeaning stories of Nigerians who are now forced to engage in theft of cooked food in desperate moves to deal with hunger, calls for urgent attention.
“TMG calls on the Federal Government to discard the endless experimentation based on pet economic theories, which do not reflect the realities of the Nigerian condition. Nowhere is this more apparent than in the current instability and chaos that have characterised the management of the foreign exchange market.
“With so much uncertainty and confusion, the Central Bank of Nigeria has shown very little acumen in being able to stabilise the system. Beyond knee jerk experimentation, the nation’s monetary policy is yet to get any nuanced intervention aimed at calming the market. “So with each new approach almost on a weekly basis, the Naira on the watch of the current monetary policy makers, slides further, with dire implications for the purchasing power of Nigerians”.
The group further faulted the political setting of the country adding that the setting and people n position of power are responsible for the continued economic problems experienced in the country. He noted that all policy implementation was still in the hands of those who are not wishing the government well.
“It is therefore not surprising that inflation is currently galloping out of control, putting basic goods and services beyond the reach of the ordinary Nigerian.
“It is pertinent to note however that there are political dimensions to the current failed attempt to put the economy on the path towards recovery.
“As far as we are concerned, as long as monetary policy remains in the hands of those who were silent and did nothing when the financial resources of the nation were being plundered during the immediate past administration, the solutions proffered would continually produce results that show vestiges of the disastrous past”.