Nigerian capital market lost N1trn since May 29 – PDP

The opposition Peoples Democratic Party (PDP) has said the Nigerian capital market lost over N1 trillion in the last two months, attributing it to poor economic management and lack of policy direction by President Muhammadu Buhari-led government.

In the same token, the opposition party accused President Buhari of unilaterally planning to borrow $2.1 billion from the World Bank without following due process.

PDP national publicity secretary, Olisa Metuh said this at a press conference in Abuja on Sunday.

Metuh, who faulted the absence of an economic team in the president’s recent visit to the United States, wondered why he included APC governors and former governors ‘with questionable performance’ as part of his entourage.

“The business community in Nigeria and indeed across the world noted with utter dismay the disgraceful treatment meted out on some Nigerian bankers and captains of industries by President Buhari during his US visit.

“Whereas the president has the right to decide who makes his entourage on such an important official visit, which visibly excluded National Assembly leaders, economic experts and had no woman, the manner with which he shamed and walked out Nigerians businessmen sends very wrong signal to international investors and poses great threats to inflow of direct foreign investment into our country. “These Nigerian businessmen were rejected by their president only for them to be valued by other presidents of African nations who led them into a meeting with President Barrack Obama in their own countries on account of their investments in those nations,” he said.

He disclosed that unlike Buhari’s visit to the US, President Obama travelled with ‘a formidable team of experts and key federal officials’ on his recent trip to Kenya.

According to him, absence of ministers to coordinate government affairs have left the nation’s economy sour.

Recall that the president had revealed in his visit to the US that he would announce his cabinet in September this year.

But for the PDP, the president is reneging on his earlier promise to unfold his cabinet two weeks after his inauguration on May 29.

“Nigerians should brace up for more economic losses ahead, a development which spells doom for the gains earlier achieved by the PDP administration,” Metuh said.