The Peoples Democratic Party (PDP) has described Steve Hanke’s report which rated Nigeria as the 6th miserable country in the world, as a vindication of its position that President Muhammadu Buhari has taken the nation into a deep mess.
The party said since Buhari assumed power in 2015 the country has continued to sink low.
An economist from John Hopkins University in Baltimore, US, Steve Hanke, on Sunday ranked Nigeria as the sixth most miserable country in the world.
The ranking is titled, Hanke’s Annual Misery Index 2018: The World’s Saddest (And Happiest) Countries.
Writing in the Forbes magazine, the economist notes that Misery Index is calculated using economic indices such as unemployment, inflation and the rates banks charge on loans.
“In the sphere of economics, misery tends to flow from high inflation, steep borrowing costs and unemployment,” Hanke warns.
The Index notes that the high rate of unemployment in Nigeria contributes largely to its unflattering rating on the Misery Index
The publication rated Nigeria 6th on the list of world’s most miserable countries, behind Venezuela, Argentina, Iran, Brazil and Turkey as the first to fifft, citing the high rate of unemployment in Africa’s biggest nation as the major contributor to her “misery. ”
In a reaction to the publication, the PDP, through its spokesman, Kola Ologbondiyan tasked the ruling All Progressives Congress (APC) to perish the thought of the planned increment in Value Added Tax, VAT, saying such would only make life more difficult for the “already traumatized Nigerians.”
The publicity scribe said: “That report is a vindication of the position of the Peoples Democratic Party, all this while. The economy has virtually collapsed under President Buhari and the man is even mooting the idea of piling more pressure on Nigerians.
“Nigerians have never suffered like they are suffering today because those charged with the responsibility of managing the economy have failed completely. They have no idea of what it takes to manage an economy like ours.
“As an opposition party, we call on the Presidency to take urgent steps to fine-tune the economy, create jobs for our teeming youths if only to justify that a government is in place
“In the interim, we advise them to stop their plan to increase VAT as that will only fetch millions of Nigerians additional pain and discomfort.”
While noting that democracy is essentially about the people, Ologbindiyan expressed worry that rather improving on the living conditions of Nigerians, “the APC-led administration of President Buhari appears to be deriving pleasure from inflicting pains and misery.”
He added: “Nigerians can now see that indeed, the PDP don’t just do criticisms for the fun of it. We are talking of a report that searchlighted economies of countries in different continents of the world. Our beloved country is in shambles but there is no doubt we will reclaim it for the people at the appointed time.”