Presidency revises 2016 budget, reduces allocation for exotic cars by N7billion

The Presidency has drastically cut its N8.09 billion provision in the 2016 budget for the purchase of various brands of vehicles for State House operations during the year, checks by PREMIUM TIMES have shown.

The President of the Senate, Bukola Saraki, had on Thursday accused the presidency of substituting the original copy of the budget presented by President Muhammadu Buhari to the National Assembly on December 22, 2015 with a new version.

Mr Saraki’s claim was the climax of days of suspense following claims and counterclaims that the document was missing.

A review of the fresh copy of the budget uploaded to the website of the Budget Office of the Federation on Friday showed a massive cut by about 83.5 per cent in the total allocation for the vehicles.

The government will now spend only N1.34 billion to buy only five BMW saloon cars and jeeps as well as buses for use by the Presidency during the year.

Apart from the reduction in the provision for vehicles, there were other adjustments in the previous allocations to various departments and units in the Presidency contained in the original budget.

A total of N7.52 billion was provided previously for the purchase of various exotic vehicles, including BMW saloon cars, in addition to another N566 million for the procurement of vehicles, including 16-seater Toyota Hiace coaster buses for the State House.

Despite the adjustments to the allocations to the various departments and units, the total appropriation of N39.13 billion for the Presidency remained unchanged in both the previous and current budget versions.

Details of the different adjustments showed that State House headquarters, which got total allocation of N11.91 billion in the original budget has now been cut by N100 million, same as allocations for its recurrent costs, overheads, honorarium & sitting allowance as well as miscellaneous expenses.

Equally, the purchase of fixed assets, which received N4.57 billion previously, has drastically been reduced to about N1.2 billion, while preservation of the environment and wild life conservation, which got a total of N978.3 million, has now been reduced to N347.4 million.

The Office of the Chief of Staff to the President had its initial allocation of N2.3 million raised to N22.3 million, while allocation to the office of the Chief Security Adviser to the President has also been raised from N3.18 million to N28.18 million.

Details of the provision for the two offices include allocation of N25 million each for overhead costs, recurrent and miscellaneous expenditures. Another N25 million has been budgeted for honorarium & sitting allowance for the office of the Chief of Staff.

The State House Medical Centre has been allocated N100 million for total overheads and recurrent costs.

The State House, Lagos Liaison Office, which had its allocation increased from N126.7 million to N151.7 million, would get in addition N25 million each for recurrent, overhead and miscellaneous costs.

About N2.3 billion provided earlier for the construction and general provision of fixed assets as well as recreational facilities for the State House has now been removed, while rehabilitation and repairs of fixed assets previously allocated N4.48 billion was increased to N13.2 billion.

Rehabilitation/repairs of residential buildings and electricity facilities previously allocated N388 million and N1.7 billion respectively have now been raised to N642.6 million and N1.8 billion respectively.

Another provision of N3.9 billion has been made for the rehabilitation of office building, while renovation of eight blocks of 16 two-bedroom flats at State House Security quarter, Asokoro, would take about N254.6 million.

About N3.9 billion has been set aside for the annual routine maintenance of Villa facilities by Julius Berger, in addition to N764.7million provided for the construction/provision of recreational facilities.

 Previous BudgetCurrent BudgetDeductionAddition
State House HeadquartersN11,909,567,097N11,809,567,097N100,000,000
Other recurrent costsN2,063,951,770N1,963,951,770N100,000,000
Overhead costN1,964,893,444N1,864,893,446N100,000,000
Honorarium & Sitting AllowanceN169,396,805N69,396,805N100,000,000
Fixed Asset PurchasedN4,570,066,328N1,196,066,328N3,374,000,000
Purchase of Motor VehiclesN3,889,015,000N599,015,000N3,290,000,000
Purchase of busesN362,000,000N278,000,000N84,000,000
Construction & ProvisionN764,671,015N764,671,015
Construction & Provision of Fixed Assets (General)N764,671,015N764,671,015
Construction & Provision of Recreational of facilitiesN764,671,015N764,671,015
Rehabilitation and RepairsN2,238,761,647N6,587,688,462N4,348,926,815
Rehabilitation and Repairs of Fixed Assets (General)N2,238,761,647N6,587,688,462N4,348,926,815
Rehabilitation/Repairs of Residential BuildingN387,980,200N642,568,122N254,587,922
Rehabilitation/Repairs- ElectricityN1,652,416,807N1,832,558,638N180,141,831
Rehabilitation of Office buildingN3,914,197,062N3,914,197,062
Preservation of the EnvironmentN326,084,876N115,829,076N210,255,800
Preservation of the Environment (General)N326,084,876N115,829,076N210,255,800
Wild life conservationN326,084,876N115,829,076N100,000,000
Total OverheadN2,063,951,770N1,963,951,770N100,000,000
Total RecurrentN3,640,645,629
Renovation work on 8 blocks of 16 two bedroom flats at State House Security quarter, Asokoro NewN254,587,922N254,587,922
Annual Routine Maintenance of Villa Facilities by Julius BergerN3,914,197,062
Construction/ provision of Recreational FacilitiesN764,671,015N3,290,000,000N764,671,015
Purchase of BMW saloon cars and Jeeps (5 Nos)N3,630,000,000N340,000,000N84,000,000N20,000,000
Purchase of 16 seater Hiace coaster buses and utility pick-up N204,000,000N120,000,000N25,000,000
Office of the Chief of Staff (expenditure)N2,258,000N22,258,000N25,000,000
Overhead cost0N25,000,000N25,000,000
Honorarium/Sitting AllowanceN25,000,000N25,000,000
Office of the Chief Security Adviser to the President (Total Expenditure)N3,177,380N28,177,380N25,000,000
Other Recurrent CostsN25,000,000N25,000,000
State House medical Centre (Other recurrent costs)N25,000,000N25,000,000
Total overheads0N25,000,000N25,000,000
Total Recurrent0N25,000,000N25,000,000
Other recurrent costs0N25,000,000N25,000,000
State House Lagos Liaison Office (Expenditure)N126,727,005N151,727,005N25,000,000
Total Recurrent costs0N25,000,000N25,000,000
Overhead cost0N25,000,000N25,000,000


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  • eclub

    Why loot if you can simply budget it?

  • timbee

    hahaha! trying to find a way to loot our money. you are all the same. the only change in the budget was reducing some areas and adding to others. it’s the same budget, just trying to stop Nigerians from talking. #budgetofyams lol

  • dan

    Rehabilitation and repairs everywhere taking billions upon billions, what are they rehabilitating and repairing? Buhari, diaris Goduoo

  • Omooba Adekunle Orafidiya

    I thought the apes in APC were denying any adjustments to what senile, illiterate certificate forger and perjurer (MuhamMADu (alias Customs and Exercise, French Franc and Deutch Mark) Buhari earlier submitted to the Senate?

    • queen



    • excel

      why life is so hard on you…

      • Omooba Adekunle Orafidiya

        What are you toidi (read from back to front) trying to say?

  • Höly Wähala

    Bottom line question remains, what is the total budget figure of the 2016 Budget (As Amended) ?? The old budget was N6.08trn as we remember, by how much is that budget reduced to now reflect the reality of declining earnings from our oil export upon which all these permutations are based… and what’s the “amended breakdown” of attendant borrowings to finance this year’s budget. Lastly, by how much have our greedy legislators reduced our recurrent expenditure which gulps a whopping 70% of each year’s budget? These are the real questions any dilligent analyst wants answers to… Shikena!

    • mukaro

      “Despite the adjustments to the allocations to the various departments and units, the total appropriation of N39.13 billion for the Presidency remained unchanged in both the previous and current budget versions”. In other words, they simply spread the food across different dishes while still retaining the real meat. This is deceptive and ungodly. Besides, the truth that is now clear to Nigerians is that the APC government indeed tried to smuggle a doctored budget into the National Assembly. Too bad!!!! Anti-kworuptian my foot

  • bigbang

    Premium times should be clear. The vehicles is for the state house to host foreign delegations and etc. It is not for Buhari personal use.

    Why are we not buying locally made cars?

    • REDEEM

      Monkey what about the vehicles that Jonathan bought for such purposes–were they stolen by Dasuki-? Mumu the issue here is about the contracts that would be awarded at inflated price——why did Yorubas and Fulanis move against–the former Aviation Minister—and her bullet proof cars–for visitng VIPs?—————The price–animals

  • FactsandFigures

    In other words, nothing really changed. Same old “crap”, just different sizes! Prof Osibanjo assured us that this time around they are going to utilize “zero based budgeting” so that any and all “dough” will be effectively accounted for…..I have not seen any evidence of that diligence so far. The budgets needs to be totally overhauled given the ongoing oil crisis. Anything else is mere window dressing.

    • Cleartruth

      If you are still taking assurance from “prof osibande “, you are wasting your time. He is not the one calling the shots. He is seen as a mere commissioner.

      • share Idea


    • share Idea

      Thanks for being among the few that remember the high sounding word used by VP to deceive the gullible. I said it then that Nigeria is not ripe for zero budgeting and so many people called me names, now reality is starling everyone on the face.

  • barawo buhari

    *Buhari slashes N16billion Off Lagos-Ibadan Expressway budget,
    But Increased His Feeding Cost From N513M to N1.7Billion.

    Will this mean that the two contractors handling the project, Julius Berger Plc and Reynolds Construction Company (Nigeria) Limited will reduce the quality of Materials they will be using on the road?

    Payments to contractors was stopped immediately President Buhari assumed office and the contractors in turn stopped work on the project and laid off thousands of workers to save cost.

    President Buhari should please remove N1billion from his feeding cost and add it to the completion cost of the Lagos-Ibadan Expressway to ensure that the quality of the road is not compromised.

    • Arabakpura

      Don’t you want him to grow fatter? The brain needs some energy to be able to run this economy you know!

    • excel

      you need serious help, before frustration destroyed you.

      • IZON Redeemer

        truth about the state of the Nation is no frustration–perhaps u as an Ibo man does nt even know the meaning of frustration———Frustrated that Jonathan is not president when I know Nigeria has belonged to the fulanis– yorubas and Ibos since 1914

  • Intrepid

    This is becoming a child’s play. Waiting for the third review by April. Yeye!

  • FreeNigeria

    Where are we getting the money to finance this budget with oil price free falling and the creek miscreants blowing up pipeline in the creeks.

  • Ashibogu

    Someone i know built a block of 8 Nos 2 bedroom flats for a military establishment in Abuja for 60m. Yet, evil servants want to use N256M to renovate 16 Nos 2 Bedroom flats. What is the scope of the work? Who prepared the Bill of Quantities? Now i know that our evil servants are wickedly unrepentant about stealing government funds. Wait a minute, where are they going to get money to finance the budget?

  • Cleartruth

    So what has changed if the total remains the same as reported here? These yoruba e-rats who are killing themselves in blind support of dictator buhari should open their eyes to see that nigeria has just moved from frying pan to fire. Every succeeding government becomes worse than the previous one. In an economic downturn, instead of reducing the expenses in aso rock , they are increasing it more than gej time. The same buhari would be pointing accusing fingers at the NASS when he has not removed the wood in his eyes. By the time buhari finishes we would see gej as Saint. And by the time another person does his own after, we would see buhari as saints. That’s nigeria for you. I weep for this country.

  • Factsay

    I billion just for cars? The ones bought last year dey where?
    Nigerians never chop well oo

  • Dr Pat Kolawole Awosan

    Every public civil servant working in the national assembly and presidency,Federal and state ministries are eligible for vehicle loans and there are vans provided for national assembly and ministries hence,the cut for exotic cars allocation worth over N8 billion naira is a good correction made by the presidency as oil price now descend to S29 dollars per barrel.Nigeria must cut salaries and allowances of senators and house of representatives as well.

  • B. Messi

    Despite PT refusing to inform the e-rats that buhari has finally decided to do things the right/civilised way by formally writing to withdraw the symbolic document,The corollary is; we now know who stole the ‘Budget'(appropriation bill).!
    Liars and pretenders! clowns, zombies and thieves!
    I day laff oooo! !

    • yukkmouff

      My brother I join in your laughter jare’. The level of hypocrisy in this nation of ours is unmatched anywhere on God’s Green Earth; Saraki, the so called demon has been vindicated. Truly, a house built on lies shall never stand the test of time. Shame on the presidency!!!


    Is this why the dictator and his goons organised the breaking,entry,stealing and duplication of the budget ? The whole budget is a fraud because the price of oil is projected at below $20/barrel by modest forecasts. The bench-mark deployed by the dictator’s economic team remains a joke.

  • Lanre S. Shittu

    But they swore they were not going to withdraw the shameful budget? And called well meaning Nigerians all sorts of names for pointing out the whole thing was a sham?
    So it took an old Oyibo woman to knock some senses into their skulls??

    • PolyGon2013

      It did not take an oyinbo woman. It took cognizance of the current oil price. Besides, who says you cannot change your budget. They did the wise thing. You should be saying Sai Buhari.


    President Buhari and his APC cheerleaders have finally succeeded in their efforts to turn Nigeria into a Banana Republic in record time.
    1. Under Buhari’s rule, we have gone from being the largest economy in Africa to being an also poorly ran economy.
    2. Nigeria was once the fastest growing economy in Africa. Just 8 months ago. Nigeria is no longer in the top 10.
    3. The Naira has lost more than 40% of its value in the 8 months that Buhari has ruled Nigeria. 40%!!!
    4. President Buhari himself announced that he would not respect court judgements that goes against his beliefs. We are officially lawless.
    5. President Jonathan set up a public healthcare architecture that turned Ebola into the epidemic that never happened in Nigeria, of course with the heroic efforts of the late Dr. Ameyo Adadevoh and her colleagues, and we lost only 3 Nigerians to Ebola. Lassa Fever has killed over 40 Nigerians so far documented within the last 2 weeks, and Buhari’s government has not made any significant effort to tackle this deadly epidemic.
    6. For the first time in the history of Nigeria, and perhaps the world, the National Assembly has been presented with two ridiculous budgets, both emanating from the Presidency, and neither of which has been denied, this after the disgraceful drama of the missing budget.
    7. Buhari appointed his relations as Chairman of INEC, and the result has been their disgraceful conduct of elections in Kogi and Bayelsa states, and the entrance into common Nigerian lexicon of the word “inconclusive”.
    8. Buhari’s record on security, despite his pedigree as a retired General, has been abysmal, to be frank. The Chibok girls have not been found, and Buhari has absolved himself of responsibility by telling their parents that their abduction did not happen on his watch.
    One abduction that did happen on his watch, the kidnapping of 170 girls from the village of Bam, has enjoyed a conspiracy of silence by both the local and the international media and Buhari’s government
    9. Tie all these in with the unbelievable actions of some of Buhari’s ministers and appointees, and you get a sinking feeling in your stomach.
    Nigeria is officially a Banana Republic, run on rumour, innuendo and the whims and caprices of its aged Emperor and his powerful minions.
    May God save Nigerians.

  • Lere

    What manner of Change is this?


      From frying pan to fire !!


    Is the breaking,illegal entry, stealing and duplication of the budget not a criminal offence in Nigeria ?,is it not an impeachable offence which borders on criminality ? Why is the Dictator Buhari and his goons not being held accountable ? THIS IS EXACTLY WHY MOST PEOPLE NOW CONSIDER NIGERIA A ZOO…..EVERYTHING IS POSSIBLE !!

    • PolyGon2013

      And you can easily relocate to Biafra. Stop worrying about the Zoo. Worry about Biafra.


        Answer the question of criminality,Biafra was not mentioned in the above comment . IS THE DICTATOR ALLOWED TO COMMIT CRIME ?

        • PolyGon2013

          Which dictator are you talking about.


            Put a finger up your backside,then bring it out and a loud voice will tell who the dictator is.

      • Otile

        You too can relocate to Togo where your ancestors came from. Palava no dey.

        • yukkmouff

          Hahahahahah………good one!

    • REDEEM

      same as Buhari forged his certificate—only a man who stole the national budget with a view to changing the figures will ever be able to forge his certificat at night–and that person is Buhari

    • favourtalk

      Learn to speak in a better way, your reasoning and personal sentiment is affecting your judgment. Nigeria is a great nation and it will continue to be.


        There is no great nation with a mediocre democracy run by a dictator who cannot obey the rule of law.

  • Dr Pat Kolawole Awosan

    It was quite a prudent action on the part of the executive led by president Muhammdu Buhari,s to reduce whatever could be classify as waste in the 2016 annual budget as world price of oil per barrel slides to S29 dollars per barrel and might drop down further even to S15 dollars eventually.We need to face the reality staring Nigeria at this present time.This is a trying difficult time for Nigeria.

    • share Idea

      Did you read the article or the headline only, the presidency allocation remained unchanged but some sub-head were manipulated to deceive the gullible – APC is a party of thieves and lies

    • MC

      Is this sycophancy of yours a pat on the back to Buhari for stealing the budget from National assembly?

  • ukoette ibekwe

    Just a few weeks ago Buhari railed at Jonathan for abusing the trust Nigerians reposed in him, but is breaking and entering the NASS not a worse case of abusing the trust Nigerians reposed in him? Worst still the last time I checked burglary was a felony.
    Is that crime not subject to prosecution?
    Well I think Nigerians would accept this crime and behave as if nothing happened because our Messiah is involved.

    • dareolu1

      laught at yourself and the Senate, stolen Budget…hahahahahahhaha………………moronic

  • MC

    Hahahaha! Nigeria is finished under Buhari. No be the budget wey grow wings fly be this again with reduction? This na corruption too oo!
    ” About N3.9 billion has been set aside for the annual routine maintenance of Villa facilities by Julius Berger, in addition to N764.7million provided for the construction/provision of recreational facilities.”

    N3.9 billion to ” for maintenance Villa facilities by Julius Berger”!?

    • favourtalk

      You Re the one that is finished not Nigeria, you can place any battle on your head but we all believe in the leadership of PMB and he will surely surprise you soon

  • 车前草和花生

    It’s disgusting when the Nigerian media use “exotic cars.” Often they are talking about common cars like Camry, rather than Maserati or Ferrari. Just use simple words, those vehicles are not exotic. Use the dictionary please. Journalists have to use the dictionary.

    • Maverick

      They’re all exotic my dear. Each of them is bulletproof. Each of them has run-flat tyres. Very rare on Nigerian roads. Up to 99.9 percent of cars in Nigeria don’t have these features.

    • Braun

      No, they’re jalopies.

  • UOU

    They are all the same, heartless and evil infested group. From danjuma to obasanjo to ibb to abdulsalam to jonathan to buhari etc, its very clear now that, no messiah is among nor in any of them, so the people/masses must take their destiny in their hands, it is violent revolutions or nothing, that would solve these issues, even the budget, just a simple economic plan is also a fraud, so controversial and very likely, even so called the dasukigate is also a hoax, just to divert attentions while the stealing goes on. All those who have held positions in government must pay with their head and or be banned forthwith, right from ordinary Councillor to the president, they are all millionaires within just few weeks of taking office. De ja vu

    • favourtalk

      Nothing like PMB is evil.. You will soon see the good plans he has for the common man in Nigeria

      • UOU

        Good plans indeed and common man, where? Did you see the budget and allocations for foods and animals rearing in villa? Sorry for some people, no doubt the military regime left a big scare on the psyche of alot of people and we are back to square one or even zero..buhari knew nothing about the plans, its in other people’s hand, even a single contribution or the least input buhari would not make, they would only explain to him what he want to hear, just like the budget which tells everything

  • Abidilagungun

    The impression I had when it was announced that Buhari was editing the budget proposal was that the government was adjusting the estimates to reflect the low oil prices and protests over the huge recurrent expenditure. This is disappointing because it shows clearly that the government listens only to itself

  • Darlynstar

    Is GEJ still the president?

    • quincyj

      “Shocking details emerged from the recently presented 2016 budget that the executive arm of government
      will spend the lion share of N5.87 trillion or about 96.5 per cent of the total N6.1 trillion. Then, about N205
      billion (or 3.5 per cent) goes to the other arms of government. The Legislature and the Judiciary will get N115
      billion and N90 billion respectively, Vanguard revealed. The breakdown of the budget also indicates that the
      federal government intends to spend N39 billion in running the Office of the President with major allocations
      going to car purchase at N3.9 billion; and, another N189 million to change tyres for specified vehicles
      in the Presidency.”


      • Darlynstar

        Yes I knew it…it is GEJ fault… He stole the budget from the national assembly and manipulated all the original figures…

        • favourtalk

          If not GEJ, we won’t even be in this mess in the first place.

  • In my opinion, this looks disappointing as it reflects in no way the reality common Nigerians experience daily. Billions to be spent on renovation. No reduction in what’s allocated to the presidency, only changes in figures in different places, with additions and subtractions here and there. Add to this the falling oil price and the prospect of further fall, and one is tempted to regret ever drumming support for this government.
    I truly hope, for the benefit of us all, that the President and his team know what they’re doing. I mean, it’ll be really regrettable and unfortunate if these people we’ve so trusted to be the change we need, now turn around and take us for a ride.
    I hope it’s not as bad as it appears. Since I don’t have all the facts, I withhold conclusion for when I do. It doesn’t look promising though.

    • ConScience

      Very well said as we will not follow blindly. Our loyalty is to the Nigerian populace and not the political elite or otherwise. I do trust Buhari’s intentions but we reserve the right to question certain motives and if Nigerians are told to tighten their belts (due to falling revenues and a potential Global recession) then we expect the FG who function at the expense and pleasure of the taxpayers to also adhere to same.


  • Man_Enough

    The yam and the knife still remain with the assemblymen. Let them cut and disect as they wish. At the end of the dsy,nigerians will know who loves this country more.


    Buhari Will Not Congratulate Dickson – Lai Mohammed.

    If Seriake Dickson the Governor of Bayelsa State is expecting a congratulatory message from President Muhammadu Buhari over his recent re-election for a second term of office, he had better forget it.
    Lai Mohammed, Nigeria’s minister of information and culture told journalists in Abuja on Monday that the President would not follow the habit of his predecessor who was of the habit of sending congratulatory messages to winners of elections regardless of party affiliation immediately after announcement of results.

    Governor Dickson of Peoples Democratic Party was recently re-elected for a second term in an election that was marred by violence. He defeated Timipre Slyva of All Progressives Congress, APC, the party of President Buhari.

    There have been calls, especially from Senator Ben Bruce, a Bayelsa State PDP Senator and other members of the party that President Buhari should toe the path of former president, Goodluck Jonathan who issued statements to congratulate members of the opposition party who won governorship election during his tenure.

    But Mohammed told journalists that President Buhari sees such congratulatory messages as unnecessary interference in elections or their outcomes which he will not engage in.
    “This President is not in the business of interfering and intervening in elections,” the Minister said.
    He also noted that the President never sent any congratulatory message to the APC candidate who was also victorious in Kogi State gubernatorial election….

  • favourtalk

    This is all for the goods of Nigeria and the poor man on the street, nobody is going to steal your billions again like they did during GEJ regime. Our money and budget is now well presented and will be guided well for it to be fulfilled under the new regime. . All this careful consideration is for the benefit of the common Man on the street

    • REDEEM

      Take your crap away from here-mumu Ibo man—Nigeria is over 55 yrs old—-Jonathan was president for only 5 yeras…what about the remaining 50 years–who were in control–the fulanis –yorubas and Ibos

    • adeade

      Favour.. I pity you so much when you say its for a common man on the street .. Your APC leaders are already planning how to get their own share of the national cake…you are here saying for the poor.. Keep deceiving yourself oooo…

  • Burning spear

    TONY • 7 minutes ago


    So, OBJ too can be gagged, where is Wole Soyinka, Tam David West, Pastor Bakare, Adeboye, Revn Okonkwo, Tinubu, where are the Southern leaders, some of the Yorubas that brought us to this point?

    Why have they left when the ovation is loudest and left the fight for the younger generation?

    I believe this is what they are thinking, okay, we have finished the country and sold our conscience, we would soon depart and allow the younger ones to stew in their mess.

    Posterity can never be kind nor have a good word to say about you lot. History would hold all of you accountable.

    You all foisted a tyrant on us now, you too have gone deaf and dumb, this deafness and dumbness is not from senility but from fear of what the tyrant would do to shut them up.

    As in seriously Buhari can order for people to be picked and kept in prison at his leisure without any charge and we are looking on helplessly and some are clapping, hailing him still as the saviour and no one has the temerity nor can stand up to ask him why?

    Really disheartening.


    Intimidation, subjugation, harassment of perceived enemies is rife and has taken over our young democracy and destroyed all the institutions that were built.
    How did we get here? Why did we allow this?

    ‪#‎TyrantBuhariMustBeStopped‬. Before he stops us.

    I am a Niger Deltan and I ‪#‎StandWithNigerDelta‬.

    I can’t stop agitating.

    • alabi olubunmi

      “U support a coup”. Go and read d meaning of d word treason. U better be careful


    President Buhari Has No Capacity To Rule Nigeria. – Bloomberg UK.

    **Nigeria dangerous sliding, investments in all-time low, stock market rated world 3rd-worst & growth slow to 16-year.

    International financial and business news giant, Bloomberg, has expressed serious doubts on the ability of President Muhammad Buhari of Nigeria to turn around Africa’s largest economy and oil producer.

    In a scathing analysis of the over six months of Buhari in office, the news outlet concluded that the country was on a dangerous slide with investments at an all-time low, the stock market rated as the third-worst performing globally within the period, and growth projected to slow to a 16-year low of 3.3 percent.

    In an article, Buhari Bounce Becomes Bust As Nigeria Policies Annoy Investors, the group noted that stocks that soared as investors looked to the former military ruler to reverse decades of economic mismanagement and policy inertia, have all nosed dived and “Now hopes have fizzled in his ability to turn around Africa’s largest economy and oil producer.

    “Money that flowed into stocks and bonds in the West African nation, which McKinsey & Co. says could become one of the world’s 20 biggest economies by 2030, is now fleeing as growth prospects diminish along with oil prices. While Buhari, 72, has prioritized stamping out the graft that has plagued Nigeria since independence from Britain in 1960, policy-making appears as uncertain and haphazard as ever.”
    Quoting Ayodele Salami, who oversees about $500 million of African equities as chief investment officer of London-based Duet Asset Management Ltd., he said the initial euphoria has turned to disillusionment.

  • Patriotique

    Me thinks PMB has good plans for the country. He still has my support. But next time sha, he should not withdraw the budget through the window before telling us.