The eight years of the Buhari administration have served up a useful lesson in elementary economics. As a people, we bear primary witness to the government’s failed struggle with the relationship between its spending and rising domestic prices. We saw key state functionaries flail away as they sought to balance the demands from government’s spending […]
The eight years of the Buhari administration have served up a useful lesson in elementary economics. As a people, we bear primary witness to the government’s failed struggle with the relationship between its spending and rising domestic prices. We saw key state functionaries flail away as they sought to balance the demands from government’s spending needs with that from a sovereign debt profile that rose inexorably.
In consequence we are at the receiving end, in terms of the health of the domestic economy, of the admixture of these many trends. Unfortunately, the the economy’s operating environment, whether it was the pandemic, or immediately after it, the war Russia felt it had to wage against Ukraine, has not been helpful to how well the government has managed the economy. Understandably, therefore, many of us looked to the next election cycle in search of a solution to the current crisis.
From the APC acknowledging that “The recent dip in our exchange rate is primarily due to global supply and production shortfalls caused by global factors well beyond the scope of our control”, we stumble on the first hurdle. Did the lowering of interest rates by the central bank not push money away from fixed deposits, treasury bills, etc.
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