Recession: PDP wants FG to Allow Free Market Economy

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The Peoples Democratic Party() has advised the to permit a free market that will allow actively participate in the economic space to boost productive sectors.
Mr Kola Ologbondiyan, ’s National Publicity Secretary in a statement in Abuja said this would bring Nigeria’s back from recession.
Ologbondiyan urged the government to bring in more competent, transparent and honest hands to effectively manage the nation’s , saying, this the only way to save the .

The spokesperson attributed the economic recession to restrictive trade policies, foreign exchange controls and monetary policies that impeded growth.
According to him, these policies have led to an -bloated sector that encourages waste and corruption, looting and insecurity, which has destroyed economic activities in most parts of the country.
He also listed lack of access to incentives, high taxes and levies as some of the factors that affected domestic production and competiveness, investors’ confidence and foreign direct investment, leading to the economic contraction.

He said presently, fewer than 60 hard working had been affected by economic policies, including protocols and high taxes.
He noted that insecurity had also led to closure of , with millions of farmers abandoning their farmlands, while commercial activities on Nigeria’s trade corridors had been destroyed.

“Besides, our party had cautioned against the increase in fuel price, which has impacted negatively on the disposable incomes of .
“We however, insist that poor management and the high cost of crude in the international market is responsible for high costs of domestic price of fuel,’’ he said.

Ologbondiyan also said the negative impact of the closure of Nigeria borders, without encouraging local production, and its effect on production a contributing factor.
He urged the government to lift its restrictive policies, reduce taxes, state imposed prices and get more competent hands to tackle insecurity.