Shocking!!! Ex president Olusegun Obasanjo, Yar'Adua, Jonathan are the major reasons why Nigeria is in economic crisis-APC

The ruling party in Nigeria-The All
Progressives Congress APC has today defended itself from attacks on it's government by the leading opposition party in Nigeria-The Peoples
Democratic Party PDP,
accusing the party and
Nigeria’s past presidents
produced under its platform
of bringing the current
economic recession upon the
nation.
It described the 16 year rule
of the PDP as the main reason why the country is faced with the current economic
recession. PDP’s 16 years
in office produced ex-
presidents Olusegun
Obasanjo, Umar Musa
Yar’Adua and Goodluck
Jonathan.
It countered the statement made by the
Peoples Democratic Party
(PDP) on Wednesday saying “it is the
latest in the party’s
insensitive plot to deflect
attention from the voodoo
economics and reckless fiscal
policies the country was
subjected to during its 16-
year rule.
“The warning signs were
glaring to the immediate-past
administration but it choose
the path of economic 
sabotage by looking the
other way and squandering
the country’s commonwealth
– a reckless decision that
has brought the country to
its knees”, APC had said.
The party in the statement
signed by
Mai Mala Buni was formally
reacting to attacks by the
PDP on the President
Muhammadu Buhari’s lack of
capacity to steer the
economy.
Following the statistics produced by the National
Bureau of Statistics NBS which showed that
Nigeria’s economy was in a
recession, the PDP had taken
APC to the cleaners, saying
the ruling party is confused
as to how best to manage
the economy and reverse its
dwindling fortunes.
Recently, statements by former governors of the
Central Bank of Nigeria, Prof.
Kano, Muhammad Sanusi II
had recently taken swipes
at the economic trajectory of
the APC-led administration,
describing it as archaic,
indefinite and rudderless.
‘President Buhari Committed
To Resuscitating Economy’
However, the APC assured
Nigerians that the President
Muhammadu Buhari APC-led
administration remains solidly
committed to resuscitating
the economy in the quickest
possible time and in the best
interest of the people.
APC listed several
achievements of the Buhari
administration, saying the
nation was well on the path
to quick economic recovery.
It added; “Happily, the
President Muhammadu Buhari
administration has embarked
on well- thought economic
agendas, policy actions,
appropriate fiscal,
governance, and socio-
political reforms to revamp
the economy and tackle the
nation’s current challenges
in the short to long term.
“Under the new flexible
foreign exchange policy
introduced by the Central
Bank of Nigeria (CBN) in June
2016, we now have a single
market-determined exchange
rate which enables suppliers
of foreign currencies to bring
in their money and take the
same out at market-
determined rates. The new
foreign exchange policy
being implemented will ensure
our economy recovers in the
medium to long term.
“As contained in the
assented 2016 National
Budget, the administration of
President Muhammadu Buhari
is aggressively formulating
and implementing policies
aimed at diversifying
Nigeria’s economy from oil to
other sectors such as
agriculture, mining and
manufacturing.
“The administration is also
proactively tackling
increased attacks on oil
facilities in the Niger Delta
region which has led to
disruptions in crude
production.
“The President’s shuttle
diplomacy has yielded
positive effects on the
country’s economic policies.
As a result, several
agreements concluded during
the visits are positively
impacting on key sectors of
the Nigerian economy
including power, solid
minerals, agriculture,
housing and rail
transportation.
“The fight against corruption
remains a top priority for the
President Muhammadu Buhari APC-led
administration.
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