Mid-term Assessment: How Buhari administration (mis)handled Nigerian economy

Nigerian economy improved slightly in 2016, but remains in recession -- NBS [Photo Credit: naija247news.com]
Nigerian economy improved slightly in 2016, but remains in recession -- NBS [Photo Credit: naija247news.com]

President Muhammadu Buhari’s two years in office are, perhaps, the most difficult in the country’s economic history.

It was the period the country’s economy slumped into recession for the first time in more than a decade.

After two quarters of consecutive negative growth, the National Bureau of Statistics, NBS, confirmed in March 2016 that the country was in a recession. The Minister of Finance, Kemi Adeosun, described it as the country’s “worst possible time”.

She attributed the situation to a “cost-pull inflation”, exacerbated by continued decline in oil revenue earnings and foreign reserves, weakening balance of payments, rising public debt, weak capital market, rising inflation, increasing infrastructure and housing deficits as well as rising unemployment.

From an average price of $38 per barrel in December 2015, Organisation of Petroleum Exporting Countries, OPEC, reference basket of crude oils fell to an all-time low of just above $22 per barrel in mid-January 2016.

Sustained attacks on oil facilities in the Niger Delta coordinated by the Niger Delta Avengers, NDA, significantly cut the country’s oil production from 2.2 million barrels per day at the beginning of 2016, to about 1.6 million barrels per day.

The NBS said headline inflation rate was in double digits, at about 12.92 percent, with unemployment rate at about 12.1 percent.

Commodity exports dipped by 34.6 per cent, while imports declined by 7.8 per cent during the period.

The overall business environment had plunged to its bottom.

The World Bank Doing Business Report 2016 said it was more difficult doing business in Nigeria during the year than in the previous years. The bank described Nigeria as one of the poorest business destinations in the world.

Out of 189 countries surveyed in the report, Nigeria improved marginally by just one step, from 170th position in 2015 to 169.

To address the situation, the government targeted the structural causes of the inflation by releasing over N770 billion in the 2016 fiscal appropriation for capital projects in key sectors of the economy.

These included power, works and housing, interior, transport and agriculture.

Another amount of over N400 billion was also released for social intervention programmes designed to impact the lives of the vulnerable segment of the population.

The social intervention programmes the payment of N5, 000 stipend to the most vulnerable people in the society and funding the schools feeding programme, designed to generate a lot of economic activity in local government areas.

Although now rocked by a few allegations of alleged default in payment, the programme originally also covered payment of salaries, stipends or allowances to graduates who enlisted as primary schools teaching assistants under the N-Power programme.

A presidential commission headed by Vice President Yemi Osinbajo was also inaugurated to proffer solutions that would help improve the ease of doing business in the country. Beyond that, Minister of Budget & National Planning, Udoma Udoma, said the 2016 Budget was deliberately packaged to pursue macroeconomic policies and growth strategies to reflate the economy.

Apart from the adoption of a novel Zero Base Budgeting system to complement the aspiration, Mr. Udoma said the thrust of government policies was investing in infrastructure and social development.

He said the ZBB system, which was new to the country’s budgeting process, required ministries, departments and agencies, MDAs, to carry out fresh evaluation of all projects/programmes before allocation of fund based on the priorities of government.

Did the budget realise its objectives? The answers to the questions were mixed.

While some economic analysts said the government realised its target, many others were doubtful.

The lead director, Centre for Social Justice, and budget monitoring expert, Eze Onyekpere, said the budget failed to meet several of its targets. Although the government had projected inflation rate to grow at about 12.92 percent, Mr. Onyekpere said the opposite was the case during the year, as spiraling trend continued to about 18.72 per cent in January 2017.

He blamed the situation, which culminated in the country’s economic recession on the Buhari administration’s policy inconsistencies.

“The government is not working in harmony to promote a coherent policy position with clear timelines, targets, indicators of success and measurable goals,” he said.

One area Mr. Onyekpere pointed at was the non-alignment of fiscal policies of the government with the monetary policy. He noted more attention appears to have been given to monetary policy than fiscal.

He cited the example of the intervention by the Central Bank of Nigeria, CBN, which negatively affected the value of the Naira.

Mrs. Adeosun appeared to agree with Mr. Onyekpere when she said the government needed to undertake adjustments in monetary policies to support key job creation sectors, particularly manufacturing.

“We are funding the rehabilitation of abandoned airport projects. Significant funding is going into agriculture, because of the time sensitivity of the sector.

“Government had to intervene to ensure food production was restored to bring down rising food prices. Funding was equally directed to defence, to rebuild and retool the capabilities of the army to fight the war against insurgency in the North East part of the country.

“This helped government in realising one of its cardinal agenda of restoring security not only in the North East, but also in other regions across the country,” Mrs. Adeosun said.

CBN’s introduction of the flexible foreign exchange policy, which opened interbank trading window that was purely market-driven had removed controls on the Naira exchange rate.

With the introduction of the policy, the official exchange rate band, which CBN kept at between N197 and N198 to the dollar, gave way, while the rate at the parallel market took an upward swing.

Following the new policy, Naira began a free fall, initially exchanging for about N343 to the dollar, till it hit the bottom at over N510 to the dollar in the first quarter of 2017.

The impact of the policy shot inflation rate through the roof, as cost of living squeezed the people.

Yet, CBN governor, Godwin Emefiele, was unfazed. He remained optimistic the policy was capable of further deepening and stabilising the foreign exchange market.

Despite claims by the Manufacturers Association of Nigeria, MAN, Mr. Emefiele said there was no going back on the bank’s policy of not allocating foreign exchange for the importation of 41 items classified as “Not Valid for Foreign Exchange”.

The affected items were those the CBN said Nigerians have sufficient capacity to produce in-country, to conserve foreign exchange for use in supporting local industries.

OIL SECTOR

To redress the crisis in the oil sector, the government stepped up its policy on reforms, redirecting the Nigerian National Petroleum Corporation, NNPC, operations on the path of profitability. The national oil corporation, which has not been publishing monthly reports of its activities and financial status has been doing so regularly every month.

Besides, the fuel supply and distribution system in the last two years have largely been sanitized, with the introduction of the downstream liberalization regime.

The Minister of State for Petroleum Resources, Ibe Kachikwu, said the government took steps to reduce upstream contracting period to an average of six months, from initial average of two years.

He listed other achievements to include prompt remittance of oil proceeds to the Federation Accounts; review of the old models of contracts like crude oil swap, which he said saved the NNPC about $1billion annually.

Recently, the NNPC said it was in the final stage of signing deals worth $6 billion to exchange more than 300,000 barrels per day of crude oil for imported petrol and diesel. The deals are part of government’s efforts towards increased reliance on NNPC for fuel supply, to put a permanent end to fuel importation by 2019.

The government, which took a bold step at its inception to remove subsidy from the fuel pricing template, has assured consumers that despite the myriad of challenges it was facing in the downstream sector of the oil industry, it would ensure retail pump price of petrol, was maintained at N145 per litre.

During the year, Mr. Kachikwu said the government successfully secured a $80 billion memorandum of understanding with several Chinese investors interested in coming to help develop various infrastructures in the country’s oil and gas industry.

In December 2016, Nigeria was one of three members of OPEC granted exemption from oil production output cuts initiated by the group to stabilise the oil market and boost global crude oil prices.

The exemption took off with an initial period of six months, beginning from January this year.

OPEC delegates said the cuts were likely to be shared again by a dozen non-members led by top oil producer Russia, which reduced output in tandem with OPEC from January.

OPEC’s cuts have helped to push oil back above $50 a barrel this year, giving a fiscal boost to producers, many of whom rely heavily on energy revenues.

The exemption, which followed diplomatic moves by the government to gain a reprieve to compensate for the massive loss of production capacity as a result of years of attacks by Niger Delta militants on oil facilities in the region, has so far yielded huge benefits.

On May 25, the OPEC output reduction deal was extended for another nine months to March 2018 to further battle a global glut of crude.

The country’s oil production capacity, which plunged below 1.6 million barrels per day, has, in the last three months moved closer to completely returning to about 2.2 million barrels prior to the attacks.
Again, the Nigerian Delta region is witnessing several months of peace, as the Niger Delta militants have since ceased fire and moved out of the creeks, thanks to the consultation initiated by the government with leaders and youth in the area on the need to embrace dialogue and give peace a chance.

Consequently, oil revenues are gradually building up again, fueling optimism among Nigerians that the economy has brighter prospects of healing from recession.

INFLATION: Business environment

The NBS reported in its consumer price index for April that the country’s inflation rate slowed at 17.2 percent although it remained at almost double the upper limit of the CBN’s 6 to 9 percent target.

In January, inflation rate had risen to about 18.72 per cent, before dropping for the first time to 17.78 per cent in February and 17.26 per cent in March, and 17.24 in April.

The intervention of government to improve the business environment and encourage fresh investors appears to be yielding good fruits.

The President’s Business Council announced recently that registration of new businesses can now commence and be completed online within a maximum of 48 hours.

The council said issues concerning new business registration, access to loans, certification of products, issuance of visas and import inspection for prospective small and medium-scale entrepreneurs have been addressed under the new reform regime it initiated.

But there are complaints among Nigerian entrepreneurs, particularly the youth, on the harsh conditions of the business environment.

A PREMIUM TIMES’ report revealed that poor access to loan facilities, poor infrastructure and other impediments stifle the growth of Nigerian startups, as many small business owners interviewed said the government’s rhetoric on easing the business environment has largely not been matched with concrete actions.

AGRIC SECTOR

In spite of challenges in other areas of food production, Nigeria is making a silent but fast-paced, revolutionary march towards self-reliance in rice production, the most popular staple food in the country.

In an official statement that followed the launch of the Anchors Borrowers Programme, ABP, in November 2015, the Central Bank of Nigeria, which coordinates the programme, “set aside N40 billion from the N220 billion Micro, Small and Medium Enterprises Development Fund for farmers at a single-digit interest rate of 9 per cent.”

The ABP mainly targets small-holder subsistence farmers with a view to helping them scale their businesses to commercial level. It also targets millers with the aim of increasing their capacity utilisation.
At the launch, Mr. Buhari disclosed that Nigeria was spending not less than one trillion naira on the importation of food items that could have been produced locally, a situation the CBN said was contributing “greatly to the depletion of the nation’s foreign reserves, especially in the face of low oil revenue resulting from falling oil prices.”

In Kebbi state, for instance, almost all farmers interviewed in a PREMIUM TIMES’ special report said ABP helped them significantly improve their livelihoods – though they had complaints.

With the bumper harvest recorded last year, millers and rice merchants, including those based outside Kebbi, have seen a veritable market in the state. The demand for rice is rising, thus pushing more people to the farm to satisfy the demand.

There was no worry about sale, farmers said. They have multiple options: sell to millers, directly to consumers, merchants or the state government which in turn sell to millers.

However, farmers alleged the list of beneficiaries was padded, with state government officials adding names of friends, family members and political cronies who diverted the loans for other purposes.
“I submitted 1,700 names, but at the end of the day 3,200 were given,” said a farmer, adding that, “They are neither farmers nor intending farmers. We even protested.”

The government, however, denied the allegations.

MIXED REACTIONS TRAIL PERFORMANCE

Niyi Adekunle, Executive Director, Grandlotto, explained that the government must move beyond the rhetoric of urging the youth demography to embrace agriculture, describing it as ‘simplistic’.

According to him, government would need to provide adequate training for the youth and bring in experts to develop Nigerian agricultural and research institutes, before the nation would experience development in agriculture.

Okoeguale Eugene, said there is nothing to celebrate, adding that Mr. Buhari’s presidency has only shown that it is not too different from past administrations.

“I give up on Nigeria, they (government and the ruling party, APC) have nothing to offer other than pain and suffering,” he said.

“My advice to Nigerians is just be the better version of you and enjoy what is left of Nigeria; the government don’t care about you so stop caring about them.”

Mohammed Adamu, reacting to the administration’s performance thus far, said, “Although, there are some weaknesses, at least, things like security, fight against corruption, N-power programme, deserve to be celebrated.”

Abiodun Atobatele, a social commentator, talking about the general way out, said, “While we spend billions trying to provide electricity by importing power plants, China, Germany, India, USA all produce generation equipment locally. It cost their economy nothing!

“Think! The sustainable solution lies only in education. A healthy well educated population will perform magic,” he said.

Commenting on a statement credited to an APC stalwart, Tony Momoh, which urged Nigerians to “Stone us (APC members) if we fail after two years”, Adeyeye Femi, a student unionist, said the party may likely not be praised.

Tomorrow makes it two years (that Mr. Buhari took over power).
I don’t know what would happen tomorrow; Democracy Day or Stoning Day?” he asked rhetorically.

Rojaye Aiyenioo, another Nigerian said, “Of course there is nothing to celebrate. My vote was wasted; APC are liars.

In two years, everything is in shambles…Buhari would for now remain the worst president ever. There is no point talking about the loopholes now because they are just too many; instead of Nigerians counting our blessings, what we are talking about is sickness, hunger and all sorts.”

Abdullah Mustapha said, “For me, we ought to celebrate war against corruption and gradual restoration of security across the nation.

“Buhari has won war against corruption and Boko Haram insurgency in the north east,” he added.

Sani Haruna, on his part, said, “I think Maiduguri people have a lot to celebrate,” adding that the city has been delivered from the stranglehold of Boko Haram and its local economy is gradually picking up.

Speaking to PREMIUM TIMES, Okhai James, a Lagos-based finance expert, urged the government to adjust its economic policies, especially as it concerns multiple foreign exchange rates.

For Charles Onuoha, a Lagos-based entrepreneur, the government must fix electricity as it is central to the productivity of Nigerians, especially the youth.

“Fix electricity and half of Nigeria’s developmental problems will be solved,” he said.


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  • GEJ FOREVER

    BUHARI & OSINBAJO & APC …… & ….. PAYMENT OF N50.00 MONTHLY FEE FOR EACH NAIRA BANK DEBIT/ATM CARD

    Osinbajo is free to talk rubbish …. after all he does not feel the pain.

    Nigerians are suffering and Buhari/APC remain very insensitive to the sufferings of Nigerians since they illegally and unconstitutionally forced their way into Aso Rock in 2015

    Before Buhari & Osinbajo came … ordinary Nigerians were not subjected to pay N50.00 monthly for common
    Bank Naira Debit/ATM Card.

    Today under the failed presidency of Buhari, Osinbajo & APC …. poor Nigerians are now levied N50.00 monthly for Debit Cards in addition to paying N1,050.00 in some Banks or payment of N2,100.00 in others banks at the time of issuance of the Card.

    These unbearable charges were approved by Buhari/Osinbajo/APC controlled CBN for Banks that are already making
    Billions of Naira profit from FX and other scams supported by the APC presidency.

    Poor Nigerians have never had it so bad.

    They are paying fuel tax of over N50.00 on each litre of fuel they buy. They are paying Stamp Duty charge of N50.00 on every credit that comes into their Current Account ……. meanwhile they reduced the online Bank transfer charge down to N50.00. It is only the rich that actively do online transfer … the poor are not involved in online transfer.

    FACTS clearly show that Buhari, Osinbajo & APC are not for the poor suffering Nigerians …. they are strictly for the rich and their Banks !

    This is just a tiny pointer to the wicked and reckless mindset of the illegal and unconstitutional Buhari/Osinbajo Presidency

    “Change” indeed !

  • Eko ti baje ju

    DEAR EDITOR,

    Buhari government is dead to reason for bad ethics

    For example, Buhari’s Energy Minister, Raji Fashola, is stuck in all sorts of financial mess till today,
    besides the ₦800 billion that’s still missing from Lagos state accounts he submitted for the first time
    in eight [8] years, on May 25th, 2015, at his handover to the successor governor, Akin Ambode.

    in the year 2012, the theft-addicted Lagos state government under Raji Fashola floated a bond
    for ₦87.5billion in November to be borrowed at 14.5% interest rate and got public investors to
    subscribe for repayment with interest, but once the bond was fully subscribed, Raji Fashola
    took 40% of the money, about 35 billion Naira, and handed it over in cash to Bola Tinubu,
    via bogus corporate fronts, namely: (a) Lekki Concession Company, (b) ARM company,
    and, (c) Hitech company;
    in a fraudulent “buy-back deal” of a supposed concession
    right on the 15-kilometre Lekki Expressway.

    • Eko ti baje ju@aol.com

      ……..(2) Buhari government is dead to reason for bad ethics

      This patently corrupt deal was disguisedly ‘to buy back’ Lagos state ‘concession rights’ on that Lekki tolled
      Expressway, according to the usually corrupt Raji Fashola, but what the dull and dishonest Raji Fashola didn’t
      say is that the Lekki land at issue belongs to Lagos state and was not sold to Bola Tinubu’s companies at all
      or even in the first place, or, did Bola Tinubu’s company invest any 35 billion Naira expanding that road.

      In other words, by sheer fraud, Raji Fashola paid Bola Tinubu 25 years’ profit upfront in cash; without further work.
      A lien was then imposed on Lagos state allocation of federal revenue for the next three years to pay for this 87.5 billion Naira bond debt by all Lagos residents through taxes and levies. That debt remains unpaid till today.

      A Buhari government which dragged the principal actors of this fraud into the APC cabinet cannot be taken
      seriously, because a leopard can’t change its skin. Nigerians groan there’s no money but 400 billion Naira
      has so far since October 2015 been delivered to Raji Fashola by the Buhari government. Alas, Nigerians
      only have more darkness from zero megawatts electricity to show for it today.

      • Facts & Figures

        COST OF LIVING IN NIGERIA TODAY:- FACTS AND FIGURES

        • Minimum wage in Nigeria………………………………………….₦18,000 per month.
        • A bottle of Coca Cola soft drink…………………………………₦80.00k per bottle.
        • Smallest can of Baygon insecticide………………………..₦1,200 per tin.
        • A tin of TITUS sardines……………………………………………₦270.00 per tin.
        • Rent of three bedroom apartment…………………………₦450,000 per annum.
        • A packet of St.Louis Sugar………………………………………₦550.00 per packet.
        • A 25kg bag of garri as staple food………………………..₦14,000 per bag.
        • Petrol for six hours of private electricity…………………..₦60,000 a month.
        • Cost of preparing soup for family of six…………………..₦6,000 every two days.
        • Ceeway drinking water ………………………………………₦550 per gallon.
        • School fees for a child in private school………………….₦2 million per session.
        • Cost of two (2) newspapers a day for information……….₦15,000 per month.
        • One packet of Solpadeine headache tablets……………..₦5,400 per packet.
        • Cost of filling up a salon car with petrol……………………..₦10,700 to fill up a car.
        • Private sector graduate starting salary………………………₦80,000 per month.

  • VIVA

    @gejforever:disqus , Nowadays,
    the masses in northern Nigeria are stoning APC politicians on sight and
    wounding a few in brewing revolutionary anger. As poverty deepens under the
    Buhari daft government more emergency wards will be needed for injured politicians.

    A revolution is brewing in Nigeria where wealth now has a bad odour – as the proof of theft,
    and of insane treasury looting. Now, stealing is the problem with Nigeria, where the country’s
    government officials are wholly smelly thieves and utter criminals, for the most part, and now,
    foreign analysts project there’ll be highly targeted assassinations of these rogue politicians
    and their families in Nigeria; in short order.

    • Alkali

      • ₦38.23billion developed legs and got missing in Central Bank under Sanusi Lamido Sanusi.
      • ₦160billion was taken by Sanusi Lamido at the Central Bank for self-determined spending.
      • ₦1.12billion was taken as spent by Sanusi Lamido on lunch for 12 CBN police guards
      in one year.
      • ₦1.12billion was taken in cash and entered in the account as paid to a non-operating airline
      for charter service.
      • ₦240billion was discretionally doled out at will as ‘donations’ by Sanusi Lamido.
      • ₦1.97billion was paid out in cash and entered on Central Bank accounts as “inexplicable
      expense” by Sanusi Lamido Sanusi.
      • ₦20billion was paid out in cash as Legal Fees by Sanusi Lamido to persons unknown.
      • ₦3.086billion was taken by Sanusi Lamido and written off as expense ostensibly to promote
      Central Bank image.

  • straight-to-the-point

    MUHAMADU BUHARI IS NOT SO MUCH A SICK PRESIDENT AS A FAILED PRESIDENT
    WHO INVITED NIGERIANS TO TRUST HIM TO DELIVER CHANGE FOR THE BETTER
    BUT WHO’S now ENDED UP MAKING NIGERIA FAR LOTS WORSE THAN HE MET IT.

  • George

    Buhari+Tinubu+Osinbaju=CALAMITY

  • Rollingdollar

    Muhammad Buhari is already a Past tense in the Nigerian equation. He was an ill-prepared, crude thinking, uneducated ethnic bigot, who got a job that was way over his pedigree. He came with hatred in his mind, and was eventually suffocated by his own evil designs. Whenever he wakes up, somebody should remind him that the people of South East and South South are still alive and prosperous(that will send him back to sleep) Next chapter jari

    • Dazmillion

      I dont know why people are still mentioning Buhari’s name at all and even talking about him running in 2019. Buhari is the last Dinosaur that will ever rule Nigeria

      • Econometrist

        @Dazmillion:disqus,

        Buhari recurs because Yemi Osinbajo stands for nothing. He’s not known for
        any principle he won’t bend as an individual. He has none. He’s not known as
        viscerally opposed to stealing and he can’t be expected to suddenly become
        anti-corruption stalwart at age 60. He’s not reputed for any political thought –
        and in fact, has none. He’s therefore bringing no known personal virtue into
        the rickety Buhari government or offsetting any deficit . His acting presidency
        is passing each day as colorless as it started – with scant policy initiative and
        with barely any new thinking.

        Nigeria, meantime, is in the worst economic straits in its entire history, following the
        Buhari government’s insane policy of simultaneous currency devaluation with petrol
        and electricity price increase last year. The deleterious economic effects had fed
        through the entire distribution chain and shrank the Nigerian economy with over
        five million workers retrenched in both formal and informal sectors; to further
        depress effective demand for goods and services in the ongoing economic
        recession in Nigeria against which Yemi Osinbajo just mopes clueless.

  • God Heal Nigeria Forsake Not N

    Paid APC e rat,your conscience had been configured to be averse to truth and stick to lies and falsehoods.
    All the jargon you are dancing around is to counter the truthful opinions of citizens who said it the way it is with this calamity of a failed government.
    You would have been pleased if they were lying against their conscience to improve buharis calamitous rating .
    Take a look around your house, environment, community and place of your worship (church or mosque), what do you see on the faces of your brethren and fellow citizens, you will see pain,sorrow, tears,anguish, hunger, death,written on the bodies and faces of your brethren.
    Even if you are an agent of Satan,don’t you have any feeling of concern for those brethren?, even if you have the heart of stone, don’t you feel their pain,even if you received overdose of your race lying spirit, don’t you empathise with this brethren.
    You heartlessly branded fellow citizens as disgrunted , who are dying as a result of buharis calamitous leadership and his mindless wicked acts .
    May God reward you for your heartlessness.
    May God do a quick work to deliver Nigeria from the torments of buharis calamitous leadership and painful afflictions.

    • Otile

      You describe the_idiot accurately, my brother. Let him continue fooling himself.

  • God Heal Nigeria Forsake Not N

    The undeniable fact is that buhari is a very very big calamity that befall Nigeria, buhari government is the worst performing government of Nigeria. Even abachas leprous government is by far better than this failure and calamitous ineptitude called buhari government.
    In security, buhari have only succeeded in his hanky panky with boko haram ,with heavy financial cost to Nigeria.
    Most of the arrested boko haram kingpins and field commanders have been released with financial rewards according to reports, thousands of their foot soldiers arrested and detained since 2011 have been released to the warm embrace of boko haram .the chibok girls whose release and their physical appearance after their release, have fueled the conspiracy theories that their was more to chibok girls kidnapp than Nigerians are made to see.
    Apart from the seemingly hanky panky with boko haram, buhari failed woefully on security, more Nigerians are killed within the last two years, by boko haram, Fulani herdsmen, kidnappers, armed robbers ,violent crimes and from the guns of national security apparatus than at any period in history of Nigeria after the civil war.

  • God Heal Nigeria Forsake Not N

    ar against corruption is fought only on media propaganda while corruption is more dynamic today than ever before.
    The forex market is in the worst corrupt state today,the customs are doing corruption today with brazen impunity, the police ,the national institutions etc.
    The economy under buhari is the worst since independence, naira is 400 to a dollar ,never contemplated by Nigerians before buhari arrived, food security is worst off,unemployment rate worst since independence, foreign investment flow ,worst since independence, Stock market lost 2trillion in 24 months of buhari government. Etc.power supply have never been zero megawatt until buhari failed presidency came to Nigeria.
    More Nigerians have committed suicide for buharis economic pains and hardships than at every other time in Nigeria. Buhari is a calamitous ineptitude of unimaginable pedigree.
    Only men and women whose conscience are dead ,will score buhari above 5% in every key indicators of governance.
    May God help Nigeria to exit buhari plaque without been completely destroyed.y

  • Daniel

    Mr Kay, seems you have repented from the pro- Buhari delusion.

    A ‘change’ that considers electricity a routine administrative matter, instead of a state of emergency in Nigeria, is truly a disaster.

    So nice the hypocrites who promised to make Nigeria an eldorado have exposed their incapacity in less than two years.

    And I must add Osibanjo has not the courage or imagination to effect a fundamental change .

    He is now called the COORDINATING STABILISER because he is cooperating well with the cabals not to upset the status quo.

    What a shameless government!

    • Otile

      The last state of one Nigerian has become worse than the first. This is tragic.

      • Daniel

        No doubt.

  • Otile

    Imam Mohamed Buhari is useless, man. How on earth did Fulani Yoruba voters bypass all the brilliant energetic young men in the North to select this dunce? No amount of sycophancy or praise singing can change the damage done by this bungling administration.

  • Frank Bassey

    He did not only mishandle the economy, he mishandled Security and Corruption. The man is a total failure.

  • Tommy Soto

    I see the gate house boys are running with this mumu article that fails to mention that the Buhari/Osinbajo started office with a completely looted and empty treasury. And that GEJ appointee Godwin Emefiele of the CBN was undercutting the economy until there were loud calls for his sacking recently!

  • Patriotism

    May God Almighty Grant PMB quick recovery, long life and ability to lead Nigeria effectively for 4 + 4 years. Our mandate is unshakeable by minor mischief makers. We know it is corruption fighting back, most Nigerians are solidly supporting with prayer and goodwill. You shall recover and continue by God’s grace.

    • Frank Bassey

      Keep deceiving yourself. For the first time, Nigeria is celebrating Democracy Day with the President in absentia. And your are praying to Allah. Go ahead….

  • Frank

    The only way to develop the Nigerian economy is to completely stop oil exploration and exportation. This will force Nigerians to develop other lucrative option that will be production based and not sharing of proceeds from crude sales