Jonathan says the recession that occurred after he left office was a self-inflicted injury caused by misplaced priorities of the current administration.
The ex-president states that the excuse by the ruling party that the collapse of world crude prices harmed the Nigerian economy does not hold water Ex-president, Goodluck Jonathan, has alleged that after he left office, the All Progressives Congress (APC) made Nigeria’s economy slip into recession through malicious propaganda that tore the country’s economy into shreds.
The former president made the allegation in his book entitled My Transition Hours, where he faulted the ruling party for embarking on a persecution spree rather than consolidating on what his government had achieved, The Cable reports.
“Recall that the opposition and their sympathisers and campaigners, both local and international, with their malicious propaganda, tore our economy to shreds, threatened our stability and existence as a nation and intimidated our citizens, all in the bid to take over power,” Jonathan wrote.
“Rather than forge a coalition and build on the momentum we had gathered when they eventually took office, they went on a persecution spree and vengeance mission. That the country slipped into recession soon after we left office was a self-inflicted injury caused by misplaced priorities.
The narrative of inheriting empty treasury is a blatant lie. Jonathan dismissed the narrative by the APC that it inherited an empty treasury as false. He said the excuse by the ruling party that the collapse of world crude prices harmed the Nigerian economy does not hold water.
“Also, the excuse of the collapse of world crude prices does not hold water. This is because the Fourth Republic took off in 1999 with crude oil selling for less than $20 per barrel and a Gross Domestic Product (GDP) growth at 0.58 per cent, according to National Bureau of Statistics (NBS) figures.
Yet, the economy maintained a steady growth from that year, peaking at 15.33 per cent in 2002 when the average crude oil price was about $25,” the former president narrated. “It is also instructive that the oil and gas sector constitute about 11 per cent of our GDP. There had to be a wider causative factor than just the fall in world crude prices.
“It also amounts to standing facts on their heads to continuously claim that recession was caused by so-called mindless looting. The truth is that the opposition, in a bid to undo our government, became its own undoing when it got to power, because of the burden of justifying deliberate misrepresentations.
“There is wisdom in the saying that if you win a prize and get the crown, don’t go around destroying the person who previously held that prize; it will lose its value.
“Even after winning the election and forming the government at the centre, the blame game continued. When two brothers fight to death, it is the neighbour that inherits their father’s wealth. And we have seen neigbouring nations like the Republic of Benin and Ghana reaping from the capital flight out of Nigeria.”