" ITREALMS: Nigeria is degenerating under Buhari presidency - Fasheun

Tuesday, May 17, 2016

Nigeria is degenerating under Buhari presidency - Fasheun

The founder and President of the Oodua People’s Congress (OPC) and National Chairman of the Unity Party Of Nigeria (UPN), Dr Frederick Fasehun has said that since the coming of the new administration of President Muhammadu Buhari, Nigeria has degenerated, reports ITRealms.

He made this known at a press conference in Lagos, saying that the state of the nation has left him rethink the direction of the All Progressive Congress (APC) change agenda as Nigeria’s domestic issues has been amplified and magnified negatively.

“If truth be told, the last one year of the regime of President Muhammadu Buhari and APC, has witnessed unprecedented change, in line with the CHANGE mantra of the current ruling party. Unfortunately, the change so far has headed downhill, with Nigeria having her domestic issues amplified and magnified negatively. The Naira is at its all-time low. Inflation has spiraled to an all-time high. When Buhari took over last year, a sachet of pure water went for N5, but now it sells for between N10 and N15.

The Nigerian Naira, he said, has diminished among world currencies stressing that when Buhari took over on May 29, 2015, the Naira exchanged for  ₦205 in the parallel market, “but today, Naira exchanges for N385 against $1, and N505 against £1.”

Importers, Fasheun said, are starved of foreign exchange, hence Nigeria has never had it this bad. “Worse still is that the petroleum industry/commodity which supplies the available foreign exchange is on the official counter being starved of foreign exchange to import products for local consumption,” he lamented.

Okoli Vincent/GEE

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