Its worthy to note here that disappointed Buharists and Apc loyalists are driving the narrative that the current economic woes is down to one factor GEJ didn’t save for rainy days. Every good thing that happens to Nigeria from 2015 till date has been the working power of Buhari and Apc while every bad omen is credited to Goodluck Jonathan and PDP’s 16 years in power. When will these blame game stop
There’s more to economic indices than just savings but let’s crack the figures
- Foreign Reserves as at May 1999 was $5 Billion when PDP took over.
As at May 2015 it was $30 Billion when Jonathan handed over to Buhari led APC - As at May 1999, the price of crude oil in the international market was $15.4 per barrel
Buhari met oil at about $40 per barrel. - Buhari met Excess Crude Account at $2.5 Billion with Sovereign Wealth Fund at $1.5 Billion. None of the above existed before 1999.
- Buhari met a relatively diversified buoyant economy with GDP of $550 Billion (biggest in Africa, 26th in the world) GDP was at $200 Billion in 1999 when PDP took over.
- GEJ handed over an economy that has averaged year on year growth rate in excess of 6.5% over a decade GDP growth rate at 1999 was 2%.
- Transparency International had scored Nigeria 2.7 and ranked her 136/175 in 2014 Nigeria was ranked 98/99 in 1999.
- As at 1999 when PDP took over external debt was $30 Billion, as at May 29th, 2015 when PDP handed over to APC external debt was $6 Billion. Must Buhari negotiate with International Monetary Fund & World Bank?.
- Unemployment rate in 1999 was 20% as at May 29th, 2015 it was 7.5% fast forward to 2017 it has doubled.
- Capitalization of Nigerian Stock Exchange as at May 29th, 2015 was N12 Trillion Buhari and and APC the capital market is near to crash.
- Buhari met an economy with a stronger banking system and reformed contributory pension scheme running into Trillions of Naira unlike Obasanjo
- Buhari met an economy that is being rated by Fitch, Standard and Poor’s but he crashed it by running the economy on body language.
- Buhari met an economy that was becoming Africa’s number one destination for foreign investors
N1. 5 Trillion as FDI in q1 2014. What do we have today? - Buhari met a rebased economy which has been opened up to the global business community. But his voodoo monetary policy crashed it.
- There’s was an increase in non-oil export before change happened. Nigeria was also reintegrated into the international e-commerce community.
- The economy handed over to Buhari has a revived automotive industry and remodeled airports Why are investors fleeing over Buhari’s Paleolithic policies.
- Buhari met an economy with transformed Agricultural sector. Food imports had reduced by over 40% but today, food insecurity looming.
- The last admin built 9 Universities and 100 Almajiri Schools but Buhari scrapped post UTME Tests and reduced Cut off marks for Unity schools.
- The last admin introduced cashless policy, TSA, IPPIS and reforms in public finance management. What has Buhari done exactly #50 stamp post?
19.Even with the fall in oil prices, Buhari started on a more stronger footing than Obasanjo in 1999
the economy went into recessionas soon as Buhari took over.
- It took a leader whose country’s major export is oil 6 months to form a cabinet in a period of dwindling oil revenue.
- Till date, Buhari doesn’t have a sound economic team despite the fact that his Finance Minister doesn’t know jack about the economy.
- Till date, Buhari’s economic blueprint is known only to him. His monetary policy is as old as Methuselah may be Cutting of trees, banning of foreign music videos and grass importation can help
- Buhari’s has traveled to 27 countries within about 14 months Without any foreign investors attracted
24. Buhari has made things worse, tax payers money wasting in London with no known ailment.
