PDP Responds to High Inflation Rate, Blames President Tinubu’s Administration

PDP’s Response to High Inflation Rate

The Peoples Democratic Party (PDP) has issued a response to the report by the National Bureau of Statistics (NBS), which revealed that inflation stood at 26.72 percent in September.

NBS Report on Inflation Causes

The NBS had attributed the inflation surge to the increase in prices of various essential items, including oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables, and milk, cheese, and eggs.

PDP’s Critique of Tinubu’s Administration

In light of the NBS report, the PDP took the opportunity to critique President Bola Tinubu’s administration, stating that it confirmed the unpreparedness of the current government for the challenges of governance.

PDP’s National Publicity Secretary’s Remarks

Debo Ologunagba, the National Publicity Secretary of the PDP, expressed the party’s lack of surprise regarding the report.

He emphasized that the rising prices of essential goods and the resulting high inflation rate reinforced what the PDP had consistently communicated to Nigerians about the current government.

Rising Poverty and Economic Management

Ologunagba highlighted the increase in the number of Nigerians living in extreme poverty, which had exceeded 133 million during the Buhari regime and had now risen further under President Tinubu’s leadership.

This, according to the PDP, indicated a deterioration of living conditions for many Nigerians.

Comparisons to Previous Administrations

The PDP drew comparisons between its time in power and the current situation, stating that the economy was better managed when the PDP was in office.

Inflation remained within single digits, and the exchange rate of the Naira to the Dollar was more favorable. However, the party lamented the present state of the Naira, which has become one of the worst-performing currencies globally.

Impact on Essential Commodities

The PDP also pointed out the significant rise in the prices of essential commodities such as rice.

They noted that under successive PDP governments, a 50 kg bag of rice was priced at no more than N8,000.

In contrast, obtaining the same bag now costs approximately N50,000, despite the national minimum wage being just N30,000 per month.

PDP’s Message of Hope

Despite the challenging economic situation, the PDP urged Nigerians not to lose hope.

The party expressed confidence in the Supreme Court as the last resort for justice, suggesting that they expect the return of what they believe is their stolen mandate.

The PDP’s ultimate goal is to lead the nation back to the path of growth and prosperity.

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