President Buhari
President Buhari

 

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Buhari Cannot Lead Nigeria to Prosperity

Historical economic data on Nigeria are truly educative. A good student of history can use the knowledge of the past to make an informed decision during the forthcoming 2019 general election. We examine historical economic data under three leaders, Obasanjo, Yar’Adua/Jonathan and Buhari.

Obasanjo’s Leadership

As Head of State (1976-1979), Obasanjo’s policies led to industrial expansion (vehicle assembly, local production of soap and detergents, soft drinks, pharmaceuticals, beer, paint, and building materials). He equally partnered with the Soviet Union to build a steel mill in Ajaokuta, workers equally enjoyed a rise in per capita income, especially in 1976 and 1979. He guided the nation to experience three years of consistent growth in Gross Domestic Product (GDP) in 1976, 1978 and 1979

Obasanjo
Sources: World Bank, CEIC and Macrotrends

Obasanjo initiated several pro-business policies as civilian President (1999-2006), such policies led to a return in foreign investments, re-opening of shuttered companies and revival of the moribund communication sector. During his watch, GDP and GDP per capital growth rose a whopping 33.7% and 30% respectively (before adjustment for inflation)!

National growth was holistic, indeed none-oil sector workers experienced exponential increase in their monthly pay checks, some earned over a million Naira per month for the very first time in the history of Nigeria. This sudden wealth created a thriving middle class, many of whom sent their kids to universities overseas.

Yar’Adua and Jonathan’s Leadership

Both Yar’Adua and Jonathan largely maintained the economic policies introduced by Obasanjo. Hence Nigerian workers and the middle class maintained their wealth from 2007 until 2014. Interestingly, both leaders posted impressive GDP and GDP per capital growth in 2009 and 2010.

Credit should equally be given to Yar-Adua for securing peace in the Niger Delta. He spent heavily on developing Niger Delta youths by sending them overseas for training and by infrastructural development of the region. This led to lasting peace and development of the region and the nation.

Obasanjo
Sources: World Bank, CEIC and Macrotrends

After the demise of Yar-Adua, Jonathan demonstrated astute leadership on two occasions, the first occasion was in 2010, during the global economic meltdown and the attendant stock market crash. He wisely partnered with legislators and established AMCON. The AMCON Act of 2010 saddled AMCON with the responsibility of buying non-performing loan assets of banks in Nigeria. This made AMCON to purchase over ₦5.4 trillion in non-performing loans from banks that almost collapsed as a result of the global meltdown. This action prevented companies and banks from laying off millions of workers.

A second incident which demonstrated Jonathan’s leadership skills was his prompt and decisive response to the Ebola virus outbreak in Nigeria. He spent heavily and successfully checkmated the spread of the deadly virus with minimal loss of lives.

Unfortunately, most Nigerians failed to remember the massive amounts spent by Jonathan administration to cushion the harmful effect of the global recession and the spread of ebola virus. Many believed Jonathan wasted our national resources, hence APC was able to lie with impunity that Jonathan wasted our national resources and that only Buhari can restore confidence.

Buhari’s Leadership

Unfortunately, Buhari’s policies as Head of State (1983-1985) limited importation of goods and machineries, leading to job losses and closure of businesses. His policies equally contributed to high inflation and a rise in food prices, USD equally appreciated against the Naira, while GDP contracted by -5.04% and workers suffered salary reduction as a result of the whopping contraction by -7.42% in GDP per capital growth!

Surprisingly, GDP jumped to 8.3% while per capital growth inched up to 5.5% immediately Babangida removed Buhari from office! This implies investors had zero confidence in Buhari and his wrongheaded economic policies, Babangida's action restored investors confidence in Nigeria.

Obasanjo
Sources: World Bank, CEIC and Macrotrends

Buhari's second coming as a civilian President saw a direct reenactment of his 1983-1985 policies. Therefore, he succeeded in increasing the prices of foodstuffs and the pump price of petrol. He policies equally led to a contraction in salaries in his first, second and third years. Unfortunately, his handlers are lying that he is rebuilding Nigeria. This is a lie and a very deadly one (pensioners are dying without collecting their pensions) – Buhari can NEVER change, he cannot help Nigeria.

We believe Nigeria will bounce back to prosperity if Buhari is removed from office. His policies are not helpful, Babangida did Nigeria a favour by ousting Buhari from office in 1985, Nigerians should equally send Buhari into retirement next month, why? Because Buhari doesn’t have what it takes to lead a nation to prosperity – his economic numbers are all negatives. He doesn’t have a positive score in the past, he cannot have one in the present, nor in the future, no matter how hard he tries, no matter how hard his handlers lies.

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