Typically, the Executive Orders of his regime on the seaports, airports, and ease of doing business, are implemented in the breach.
AS he bids farewell to Nigerians on May 29, an overwhelming verdict of gross failure on the economic front pockmarks the two-term tenure of the President, Major General Muhammadu Buhari . This era witnessed a relentless upsurge in human misery, rising national debt, two recessions, record unemployment and inflation levels, and receding foreign direct investment. While so much had been expected of him, he delivered eight locust years.
Truly, he inherited a precarious economy. Averaging $111 per barrel in 2011 and 2012, oil prices had started nosediving by mid-2014, thus upturning Nigeria’s revenue and spending plans. By early 2016, oil had receded to $28pb. Although prices later recovered, Buhari never initiated the required ameliorating policies – drastically reducing the cost of governance, strengthening the tax system and divestment.
But the resurgent oil prices from 2017 could not mask Buhari’s shallow economics, headlined by a confused foreign exchange system, uncoordinated populist schemes, faltering sectoral programmes and a command economy that inhibits private investment. While the naira exchanged officially at N197.8 to $1 in June 2015, it was N460.97 to $1 by April 20. At the parallel market, where most buy, it is N747.
These figures are not surprising. On Buhari’s watch, the economy is rudderless. Unlike previous governments, he did not value an Economic Management Team, to plan and guide economic recovery.
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