President Muhammadu Buhari has occupied the most powerful position in Nigeria twice. First as a Miltitary Head of state and now as a civilian president. However, everytime Mr. Buhari has been in power, one thing always happens – ‘Oil price fall’. Forces beyond his control always cause the same unfortunate incident while he’s at the helms. Economists have argued that President Buhari is making the same mistake with falling Naira value now as he did when he was the Military leader 30 years ago. Inspired by this peculiar trends to President Buhari, INFORMATIONG has put together three incidents that happened when Buhari was Head of state that is again happening now…
Between 1983 and 1985, when he was Nigeria’s military ruler, just before he took over, oil prices began a lengthy collapse; the country’s export earnings fell by more than half, same as what is happening now. Once again, oil prices have slumped, from $64 a barrel on the day he was sworn in to $32 eight months later.
Because of this, a lot of people are calling on Buhari to devalue the naira so as to reflect the country’s loss of purchasing power but Buhari’s government is trying to keep it aloft, the same thing he did when he was military head of state – he resisted what he called the “bitter pill” of devaluation.
Because he didn’t agree to devalue the naira, foreign currency ran short, so he rationed it and slashed imports by more than half. When Nigerians turned to the black market he sealed the country’s borders. When unemployment surged he expelled 700,000 migrants – Even now, many have turned to the black market to obtain dollars, and some others have resorted to smuggling in some of the goods that have been banned.
Nigeria’s economy when Buhari was military head went into a deep recession exactly what is happening now, do you think Buhari will do better this time???
Source : Gist Arena