Introduce polices to revamp Nigeria’s economy, PDP tells CBN

The Peoples Democratic Party (PDP) has advised the Central Bank of Nigeria (CBN) to come up with programmes and polices that would urgently revamp Nigeria’s productive sector, reposition its economy and provide jobs for the youth.

The PDP National Publicity Secretary, Mr Kola Ologbondiyan, gave the advice at a news conference in Abuja on Tuesday.

Ologbondiyan said that what was expected of the apex bank were programmes that would create employment and gainful economic participation for millions of Nigerian youth, instead of engaging in freezing accounts of some Nigerians on alleged connection with #EndSARS protests.

He said that the PDP found it shocking that the CBN abandoned its statutory roles to engage in clampdown on accounts of private businessmen and had refused to lift such clampdown in spite of the ruling of court of competent jurisdiction in that regard.

He expressed concern that the CBN was also engaging in freezing of bank accounts of Nigerians for participating in peaceful EndSARS protests at a time it should be galvanizing efforts for solutions to the myriads of economic challenges facing the nation.

He said that such “partisan action” by the CBN was already threatening the stability of the banking sector.

“Nigerians, in their objection to the action of the CBN, are already poising to close their accounts and boycott financial transactions with some of commercial banks over the matter.

“The PDP stresses that our nation cannot afford another round of restiveness, particularly relating to our banking and finance sector, as such will not augur well with our struggling national economy at this time.”

Ologbondiyan advised the CBN to be interested in offering urgent strategies that would buoy up the value of our naira.

He also advised the apex bank to rather be thinking of ways to improve on Nigeria’s Gross Domestic Produce (GDP), curb rising inflation, check the depletion of the country’s foreign reserves and end borrowing.

“In fact, under this CBN, with the projected N5.2 trillion borrowing already proposed in the 2021 budget, our nation’s debt will hit N36.2 trillion.

“Needless to say that this will plunge our nation into a bottomless pit of economic depression.”

Ologbondiyan, however, said that after extensive review of the state of the Nigerian economy in the last five years, the PDP asked the governor of the CBN, Godwin Emefiele, to step aside in the management of the apex bank affairs.

He said that the PDP was constrained in making the demand, but had to in order to rescue the nation’s economy.

“It is frightening that under this CBN management, our nation is going insolvent with the Federal Government now unable to fulfill some of its major statutory obligations that enhance smooth running of governance.”

On the reports that the Governor of Ebonyi, Chief Dave Umahi, was defecting from PDP to the ruling All Progressives Congress (APC), Ologbondiyan said that the party had not been communicated.

He also disclosed that the PDP would be holding its National Executive Committee (NEC) meeting on Thursday.