Politics
We handed over $550 billion economy to APC – PDP
The Peoples Democratic Party (PDP) has stated that its government left over $550 billion worth of economy to the ruling All Progressive Congress, APC, in 2015.
PDP in a statement issued on Thursday to celebrate its 25th anniversary on its official X, accused the APC-led administration of mortgaging the future of Nigeria with reckless accumulation of N85 trillion foreign debt within eight years.
Speaking about its achievement, the party said, “Today, the PDP celebrates the resilience of Nigerians in the democratic process and particularly the founding leaders and teeming members of our Party for their sacrificial roles in returning, nurturing and sustaining democracy in our country.
“It is on record that the PDP administration, through deft management of the economy, achieved $18bn debt relief from the Paris and London Clubs, consolidated the banking sector, revolutionised the telecommunication sector, revamped the oil and gas, manufacturing, aviation, agriculture, real estate and other critical sectors to turn the inherited moribund economy into one of the fastest growing in the world and handed over a $550 billion economy (largest in Africa and 26th globally) in 2015 to the APC.
“Under the PDP’s result-oriented leadership, our Foreign Direct Investment (FDI) grew to over $8b; our Foreign Exchange Reserves grew from $2bn in 1999 to over $40bn in 2014. Today, under the incompetent and corrupt APC administration our FDI plummeted to $-0.19bn in 2022. The APC government had remained silent to reports by JP Morgan that Nigeria’s Foreign Exchange Reserves had fallen to $3.7bn as at the end of December 2022.
“Sadly, all the gains achieved by the PDP have been rolled back by the APC, which in a space of eight years, wrecked our economy and turned our nation into the poverty capital of the world with frightening 35% unemployment rate, where hunger, starvation, strange diseases and sudden deaths now ravage our citizens.
“The fraudulent APC administration has succeeded in mortgaging the future of our nation with reckless accumulation of N85 trillion foreign debt with no corresponding development project to show for it.
“Under the vicious, corrupt and incompetent APC’s watch, major multinational companies are exiting Nigeria; the Naira has fallen from N197 to US$1 under the PDP to abysmal over N900 to US$1; petrol which sold at N87 per liter by 2015 now sells for over N600 per liter. This is in addition to multiple harsh tariffs, taxes and levies imposed on citizens by the APC administration.
“Life in Nigeria under the APC has become very unbearable such that Nigerians are now resorting to suicide and slavery mission abroad as options.”
While calling on Nigerians not to succumb to hopelessness under the prevailing despairing situation in the country, PDP urged the citizens to remain optimistic in the hope that their democratic mandate will ultimately triumph in the end.
Siminalayi Fubara, governor of Rivers, was on Wednesday prevented from accessing the Rivers house of assembly quarters in Port Harcourt to present the 2025 budget.
When Fubara and his entourage arrived at the entrance of the building, the gates were locked.
The assembly quarters serve as the chamber for the Martin Amaewhule-led faction of the Rivers assembly, which is loyal to Nyesom Wike, minister of the federal capital territory (FCT).
Fubara and Wike have been locked in a supremacy battle over control of the political structure of the state.
The rift led to the polarisation of the Rivers assembly.
In December 2024, the governor presented a 2025 budget proposal of N1.1 trillion to the Victor Oko-Jumbo-led state house of assembly which is loyal to him.
Speaking to journalists at the entrance of the locked assembly quarters, Fubara said he had come to the quarters in compliance with the supreme court judgment on the Rivers political crisis.
“I am here this morning with a few members of the state executive council to comply with the supreme court judgment,” the governor said.
“Before my arrival, I had made several attempts by phone calls to reach the speaker (Martin Amaewhule) and other members.
“I also wrote a letter personally, which was transmitted to the honourable speaker for this particular invitation.
“It is unfortunate that by the gate, you can see that the place is completely sealed and there is no sign that anything is going to happen today. The reason why we are doing this is the interest of our people — which is the most important thing.
“There is nothing to worry about. Maybe they are working on their letter. I expect to hear from them maybe after now.”
Operatives from the Corporate Headquarters of the Economic and Financial Crimes Commission, EFCC have arrested former Akwa Ibom State Governor Udom Emmanuel over an alleged N700 billion fraud.
It was gathered that Emmanuel was arrested after honouring an EFCC invitation on Tuesday to respond to charges of money laundering, diversion of funds, and theft, as alleged by the Network Against Corruption and Trafficking, NCAT.
He arrived at the EFCC office at around 12:30 pm.
Investigations by the commission have reportedly uncovered the withdrawal of N31 billion in cash from a single account named Office of the Governor. The money was allegedly withdrawn in cash progressively between 2019 and 2023.
The petitioner alleged that Emmanuel received N3 trillion from the Federation Account over eight years but left a debt profile of N500 billion and unpaid ongoing projects worth N300 billion. He is also accused of failing to account for N700 billion.
EFCC’s investigations are ongoing, with Emmanuel currently being interrogated by operatives.
The EFCC spokesperson, Dele Oyewale, was unavailable for comment when contacted.
An Abia State High Court sitting at Obehie, Ukwa West Local Government Area, has stopped the People’s Democratic Party (PDP) from enforcing the purported suspension of the former Senate President and the Chairman, Board of Trustees (BoT), of the Party, Senator Adolphus Wabara.
The court presided over by Justice LTC Eruba, in an order, restrained Abraham Amah, laying claims to the Abia State chairmanship of the PDP, from enforcing the said suspension.
Senator Wabara had dragged Amah to the court, seeking the order of court to restrain the defendant from enforcing the purported suspension.
Granting the prayers of the Claimant in a suit marked HUK/8/2025, the Court ordered that, “The defendant is restrained from enforcing the suspension of the Claimant/Applicant from the People’s Democratic Party, or in any way, affecting his position as the Chairman, Board of Trustees of the PDP till the motion on notice is determined.”
Amah, a former Vice Chairman of the PDP, Abia North, had penultimate week, in Umuahia, announced the purported suspension of Wabara, accusing the former Senate President of engaging in anti-party, in particular for praising Governor Alex Otti of doing a good work in Abia State.
Amah’s action was swiftly upturned by the National Working Committee (NWC), declaring the purported suspension as “null and void and of no effect”.
The NWC was of the view that the said suspension was a violation of the party’s constitution, and did not hold any water.
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