16 Ways President Buhari Ruined Nigeria In One Year, By @AdeyanjuDeji
Political activist, Deji Adeyanju gives his one-year appraisal of the Nigerian government and concludes that the President Muhammadu Buhari ruined Nigeria in one year. Below are 16 points on why he believes that Buhari is bad news for Nigeria.The Buhari administration has been an abysmal failure in its one year in office. Having inherited the largest economy in Africa, along with the number 1 destination for foreign investment on the continent, the administration has proceeded to run a number of policies that have crippled business and cost millions of jobs.
In addition, President Buhari has taken the most divisive socio-political posturing since the return of democracy to Nigeria. His positions have exacerbated the crises in the Niger Delta as well as the agitation for the declaration of a sovereign state of Biafra.
“The economy has gone out of Buhari’s control.” – Lai Mohammed, May 29th, 2016 on ChannelsTV
1. Inflation is at 13.70% as at May 2016, up from 9.20% when
President Buhari took over in May 2015. This is the worst rate of
inflation in over 5 years
2. Gross Domestic Product (GDP) growth rate is down to -0.36% from
3.96% in 2015. At the time President Buhari took over in May 2016,
Nigeria was projected amongst the top 5 growing economies in the world.
However, the recently released International Monetary Fund (IMF) World
Economic Outlook for 2016 did not put Nigeria amongst the Top 15
economies in Africa for 2016 by projected GDP growth. At a projected
2.3%, Nigeria is expected to see its poorest GDP growth since the return
of Democracy in 1999.
3. At the inception of the Buhari administration, the prevailing
exchange rate was $1-N197 and $1-N216 at Central Bank of Nigeria’s
official rate & parallel market rates respectively. The
implementation of incoherent policies have seen the parallel market
rates fall to as low as $1-N384 (at the time of writing this report).
During the last one year, Nigeria has suffered its worst exchange rates
in history with the Naira falling to as low as $1-N395 at a point.
4. Just before this report was completed, S & P
Global Platts reported being informed by an unnamed NNPC official that
Nigeria’s daily oil output had dropped to 1.1million barrels per day
down from 1.65million barrels per day as at May 2015. This is in stark
contrast to the projected 2.2million barrels per day upon which the 2016
budget was based. Policies of the Buhari administration’s making which
have led to increased militancy in the Niger Delta and incoherent
policies that discourage investments in new oil fields are responsible
for this drop in production.
5. Nigeria’s foreign reserves have dropped to $27.1billion in May 2016
from $29.6billion at the same time last year. While the drop in oil
earnings, which account for Nigeria’s largest source of foreign
exchange, are a significant factor it is also germane to note that the
total value of Nigeria’s exports dropped from N16,304.0billion in 2014
to N9,728.8 billion in 2015, a decline of 40.3%. This is a significant
factor, precipitated on policies that affect the manufacturing sector
causing the loss of millions of jobs, that hamper Nigeria’s ability to
export products and earn forex.
6. Foreign investment in Nigeria stood at $710.97million in Q1 2016
representing a 54.34% drop from Q4 2015 and a 73.79% drop from the
corresponding period in 2015. This drop in foreign investment is due to
the exclusion of Nigeria from the JP Morgan Bond Indexes and the
disjointed foreign exchange regime of the current administration.
7. At the inception of President Buhari’s administrati
on in May 2015 market capitalisation of the Nigerian Stock
Exchange stood at N11.42 trillion. However, the incoherent policies of
this administration have seen an over 23% decline in value of the stock
market leaving it at N8.70 trillion at the time of writing this report.
In simpler terms, the stock market has lost more than N2.7 trillion in
value since the inception of the Buhari administration. Similarly, the
all shares index of the NSE has dropped by 21.9% to 26,575.8 from
34,023.86 in this period.
1. There has been a commendable improvement in the fight against the
international terrorist group – boko haram. It is worthy to note that
weapons purchased by the Goodluck Jonathan administration have played a
huge role pushing boko haram backwards. We refuse to engage in negative
politics with the Buhari administration in the manner his party did as
opposition. We realise who our enemies are and support
President Buhari in his efforts in leading the fight against boko haram.
We strongly urge the government to stop all forms of premature claims aimed at scoring political points as such claims will put Nigerians in the line of fire.
2. There has been an upsurge in militant activities in the Niger Delta
region of the country with the militant group – Niger Delta Avengers –
being able to hit oil installations at will and without any sort of
response from Nigerian security agencies.
3. Armed herdsmen have created a crisis in the North Central region of
the country resulting in the deaths of around 1000 people in 2016 alone.
President Buhari has been slow in responding to these challenges with
have seen wide scale massacres in Agatu and Buruku LGAs of Benue State
and Ukpabi-Nimbo in Enugu State amongst other locations.
1. In December 2015, men and officers of the Nigerian attacked the
residence of Sheik El Zakzaky in Zaria, Kaduna State and killed 347
members of the Islammiya Sect, although reports suggest that this number
was higher than 1000. The dead were hurriedly buried in what can only
be described as an attempt to hide evidence in mass graves. This attack
occurred after itinerant members of the sect obstructed the convoy of
the chief of army staff, Major General Tukur Buratai as he sought to
attend a function. No attempt has been made to bring any officers to
book for the massacre.
2. Shiek El Zakzaky and his wife have been detained since December 2015
without trial. There is no indication of what they have done wrong. Both
of them are reported to have been badly injured during the attack on
their residence in Zaria. Sheik ElzakZaky was shot in one of his eyes
and is reported partially blind.
3. Several members of the pro-Biafra group IPOB have been
extra-judicially executed during protests in support of their cause by
Nigerian security forces. While we do not, and will never, support any
calls for secession we are opposed to the extra-judicial execution of
Nigerian citizens.
4. Sambo Dasuki has been detained for months against valid court
orders asking for him to be released. The numbers of political prisoners
are on the increase daily. Femi Fani Kayode, one of the greatest
critics of the government has been held by the EFCC without charge or
trial for 3weeks. The case of Olisa Metuh also comes to mind. 400
companies were alleged to have received funds from the Office of the
National Security Adviser, Colonel Sambo Dasuki, out of these 400
companies, only Olisa Metuh a former opposition spokesperson was
prosecuted in a way which many believe was to silent the voice of the
opposition. He was handcuffed on several occasions to court in a media
trial.
1. Despite promises to the contrary, the Buhari administration has
increased the cost of the pump price of petrol by N58 from N87 to N145
in the midst of high inflation. In implementing what can be politely
described as an incoherent policy, the Vice President asserts that this
move is not a removal on subsidy of the product. Furthermore the policy
includes the implementation of multiple exchange rates further creating
confusion and opportunities for shady foreign exchange dealings.
2. There has been a sharp rise in the cost of staple food products
owing to the crises in the north central region of the country and other
policies of this administration. These include, but are not restricted
to,
a. 1 kilo of chicken N650 (May 2015) to N1000 (May 2016)
b. 1 kilo of turkey N750 (May 2015) to N1200 (May 2016)
c. 1 bag of rice N8500 to N9000 (May 2015) to N17000 (May 2016)
d. 1 basket of tomatoes N3000 (May 2015) to N45000 (May 2016). It is
important to note that the price of tomatoes is as a result of the
destruction of crops by the disease – tutaabsoluta. However, the lack of
a coherent strategy to curb the effects of the disease on the part of
this administration has contributed to the extensive nature of its
effect.
3. In addition, there has been an increase in the cost of practically every item in markets and shops.
Deji Adeyanju is director of Social Media of the People’s Democratic Party. He is also a former aide at the Presidency. He tweets from @adeyanjudeji.
The opinions expressed in this article are solely those of the author.
The post appeared first on The Trent.
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