APC describes EIU, HSBC report as ‘doomsday prophesy’

Romanus Ugwu, Abuja

The All Progressives Congress (APC) has described as ‘doomsday prophesy’, the report from the Economist Intelligence Unit (EIU), the research unit of The Economist Magazine and HSBC, that a second term for President Muhammadu Buhari would greatly stunt the economic development of the country.

The ruling party in a statement signed by the Ag National Publicity Secretary, Yekini Nabena, quipped that the contents of the reports are nothing but tissues of lies, falsehood, deception, unreliable and tendentious.

According to the statement; “In similar reports, a multinational banking and financial services company, stated that a second term for President Muhammadu Buhari would greatly stunt the economic development of the country, among other doomsday prophesies on the Nigerian nation.

“The EIU report indicated that it expected the opposition Peoples Democratic Party (PDP) to win the forthcoming presidential election but that the next administration would flounder against the same problems.

“As earlier stated, the contents of these reports are nothing but the usual doomsday prophesies about the Nigerian nation, which has serially proved false, deceptive, unreliable and tendentious.

“The APC urge Nigerians to once again disregard these “expert analysis and prophesies” for what they are and dismiss them accordingly. We should remember similar prophesies and analysis about the political situation in Nigeria made some years back by similar Western institutions.

“It was prophesied that the Nigerian federation would collapse in 2015, resulting in some ethnic nationalities going their separate ways. Here we are, nearly four years after the doomsday prophesy but the Nigerian federation rather than collapse is waxing stronger, with the President Buhari administration striving to unite the country and consolidate positively on the strength of our diversity.

“We hasten to ask why it is only negative results and implications that The Economist, HSBC and similar institutions always analyze and prophesy about Nigeria. Are they blind to all the gains and positive impact the APC administration is making in relation to ongoing economic reforms, fight against corruption, infrastructure drive, counter-insurgency and the campaign to repair of our badly-eroded value system in the country?

“Compared to past administrations when public revenue was stolen, the quantum leap in terms of revenue accrual to the Nigerian treasury by institutions like Joint Admissions and Matriculation Board (JAMB), Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service mean nothing to these “experts”. All the cash and property recoveries from corrupt public officials of the immediate-past administration by the Economic and Financial Crimes Commission (EFCC) are equally of no significance to these “experts”.

“A former minister in the immediate-past administration who is resident in the United Kingdom is alleged to control enough corruptly-obtained assets which value if put to productive use could have employed thousands of Nigerians. How much of this loot has the United Kingdom, the base of these experts returned to Nigeria? Of course, these experts are conveniently oblivious of these and many similar cases. Rather than consider the plight of Nigerians and campaign for the return of the stolen funds, these institutions have chose to dissipate energy spewing doomsday prophesies on Nigeria.

“In any case, if the economy, security and social life of Nigerians will not improve in the so-called emerging post-Buhari administration in 2019, what is the import of this prophesy? Compared to past administrations which left the country in ruins, Nigerians are acutely aware of which administration is rebuilding and repositioning the country,” the statement read.

Urging those behind the expert analysis to heal themselves as physician first, the ruling party noted: “We advise these economic “experts” to focus on their pressing domestic issues and ponder for example on the important question of the role Britain will play in the world, post-Brexit. We advise the economic physicians to heal themselves first before looking out for other patients who have not come to them for consultation.”