How Buhari Ruined Our Economy, Bankrupted 34 States Despite Fuel Price Hike

By Deji Adeyanju

In about one year of Muhammadu Buhari’s misrule, Nigeria dropped from being the largest economy in Africa to who-knows-where, as well as the number one investment destination in Africa to number 13. What a difference one year can make.

Inflation rate that was below 9% when former President Goodluck Jonathan handed over to General Buhari on May 29, 2015 is now at 15.6% under Buhari. In one year, Buhari has taken our inflation rate from single digit to double digits.

*Buhari 

Our GDP growth rate was at 6.95% under Jonathan, now it is -0.36%, the worst in Nigeria’s history. Officially, our GDP is in ‘recession’. If this is not a sign that President Buhari has ruined the economy completely in just one year, what is?

In 2013/14, Nigeria was the 3rd fastest growing economy in the world, now we are 29th in the world. With the country’s current negative GDP of -0.36, Nigeria is set to be kicked out of the top 50 economies of the world in no time.

It is important to note that there are only 4 countries with negative GDP growth in Africa in the last quarter and Nigeria is now one of them.

The notion that President Buhari met an empty treasury when he took over is false because President Jonathan handed over $30 billion in Foreign Reserves, $5 billion in accrued Liquefied Natural Gas dividends, $3 billion in the Excess Crude Account, and around $2.4 billion in the Sovereign Wealth Fund.

Buhari was handed over a budget of about N4.5 trillion passed by Jonathan, few weeks before handover. Around N5.3 trillion was received as oil income in 2015, how was this money squandered by Buhari?

With the landing cost of petrol to the country at N89 per litre given the drop in price of crude oil, the Buhari’s federal government still increased fuel price to N145 per litre. Effectively Buhari is making a profit of N56 per litre of petrol bought by Nigerian. So, why does Buhari keep giving the impression the country is broke?

With this increased revenue from a new income stream, why hasn’t the Buhari government this new income? Why can’t states get more money from the federation account? Why can’t states pay salaries?

There are those blaming governors for their inability to pay salaries after spending one year under Buhari. They are simply naive or uneducated.

The federal government of Nigeria – Abuja – is a quasi colonialist that controls everything from the states, yet it starves the states of their own money. When people say governors go to Abuja to beg for funds, I laugh.

What does Abuja generate? Absolutely NOTHING.