How Buhari ruined Nigeria in just 1year – Deji Adeyanju

Editors note:It’s one year of the President Muhammadu
Buhari led government. Several persons have access the
government with mix feelings. While some praised the
President, others bashed him for the nation’s economic
woes which the president has consistently said was caused
by his predecessor, Goodluck Jonathan.
Deji Adeyanju in this article expresses his disappointment
in administration of President Buhari . The author further
questions the kind of advice the president receives in Aso
Rock.

President Muhammadu Buhari
“The economy has gone out of Buhari’s control.” -Lai
Mohammed, May 29th, 2016 on ChannelsTV
The Buhari administration has been an abysmal failure in
its one year in office. Having inherited the largest economy
in Africa, along with the number 1 destination for foreign
investment on the continent, the administration has
proceeded to run a number of policies that have crippled
business and cost millions of jobs.
In addition, President Buhari has taken the most divisive
socio-political posturing since the return of democracy to
Nigeria. His positions have exacerbated the crises in the
Niger Delta as well as the agitation for the declaration of a
sovereign state of Biafra.
ECONOMY
1. Inflation is at 13.70% as at May 2016, up from9.20%
when President Buhari took over in May 2015. This is the
worst rate of inflation in over 5 years
READ ALSO: Mr. President, very many Nigerians live in fear
– letter
2. Gross Domestic Product (GDP) growth rate is down to
-0.36% from 3.96% in 2015. At the time
President Buhari took over in May 2016, Nigeria was
projected amongst the top 5 growing economies in the
world. However, therecently released International
Monetary Fund (IMF) World Economic Outlook for 2016 did
not put Nigeria amongst the Top 15 economies in Africa for
2016 by projected GDP growth. At a projected 2.3%, Nigeria
is expected to see its poorest GDP growth since the return
of Democracy in 1999.
3. At the inception of the Buhari administration, the
prevailing exchange rate was $1-N197 and $1-N216 at
Central Bank of Nigeria’s official rate & parallel market
rates respectively. The implementation
of incoherent policies have seen the parallel market rates
fall to as low as $1-N384 (at the time of writing this report).
During the last one year, Nigeria has suffered its worst
exchange rates in history with the Naira falling to as low as
$1-N395 at a point.
4. Just before this report was completed, S & P
Global Platts reported being informed by an unnamed
NNPC official that Nigeria’s daily oil output had dropped to
1.1million barrels per day down from 1.65million barrels
per day as at May 2015. This is in stark contrast to the
projected 2.2million barrels per day upon which the 2016
budget was based. Policies of the Buhariadministration’s
making which have led to increased militancy in the Niger
Delta and incoherent policies that discourage investments
in new oil fields are responsible for this drop in production.
5. Nigeria’s foreign reserves have dropped to $27.1billion in
May 2016 from $29.6billion at the same time last year.
While the drop in oil earnings, which account for Nigeria’s
largest source of foreign exchange, are a significant factor it
is also germane to note that the total value of Nigeria’s
exports dropped from N16,304.0billion in 2014 to N9,728.8
billion in 2015, a decline of 40.3%. This is a significant
factor, precipitated on policies that affect the manufacturing
sector causing the loss of millions of jobs, that hamper
Nigeria’s ability to export products and earn forex.
6. Foreign investment in Nigeria stood at $710.97million in
Q1 2016 representing a 54.34% drop from Q4 2015 and a
73.79% drop from the corresponding period in 2015. This
drop in foreign investment is due to the exclusion of
Nigeria from the JP Morgan Bond Indexes and the
disjointed foreign exchange regime of the current
administration.
7. At the inception of President Buhari’sadministration in
May 2015 market capitalisation of the Nigerian Stock
Exchange stood at N11.42trillion. However, the incoherent
policies of this administration have seen an over 23%
decline in value of the stock market leaving it at
N8.70trillion at the time of writing this report. In simpler
terms, the stock market has lost more than N2.7trillion in
value since the inception of the Buhari administration.
Similarly, the all shares index of the NSE has dropped by
21.9% to 26,575.8 from 34,023.86 in this period.
READ ALSO: Coward-in-chief – Nigerians react to Buhari’s
absence in Ogoni
SECURITY
1. There has been a commendable improvement in the
fight against the international terrorist group –
boko haram. It is worthy to note that weapons purchased
by the Goodluck Jonathan administration have played a
huge role pushing boko haram backwards. We refuse to
engage in negative politics with the Buhari administration in
the manner his party did as opposition. We realise who our
enemies are and support President Buhari in his efforts in
leading the fight against boko haram.
However, it is important to discourage efforts at
propagating lies and propaganda by agents of the
government to deceive people that the war is over.
Between May 2015 and the time of writing this report, the
terrorist group has killed about 1000 Nigerians in various
locations in the North Eastern region of the country. Indeed
two separate events led to the upsurge in killings – a) the
dismantling of checkpoints in the North East in the early
months of this administration b) claims by the Minister of
Information – Alhaji Lai Mohammed –
that bokoharam had been “technically defeated” which led
to the terrorist organisation killing people to prove its
ability to hit sensitive targets at will.
We strongly urge the government to stop all forms of
premature claims aimed at scoring political points as such
claims will put Nigerians in the line of fire.
2. There has been an upsurge in militant activities in the
Niger Delta region of the country with the militant group –
Niger Delta Avengers – being able to hit oil installations at
will and without any sort of response from Nigerian security
agencies.
3. Armed herdsmen have created a crisis in the North
Central region of the country resulting in the deaths of
around 1000 people in 2016 alone. President Buhari has
been slow in responding to these challenges with have seen
wide scale massacres in Agatu and Buruku LGAs of Benue
State and Ukpabi-Nimbo in Enugu State amongst other
locations.
READ ALSO: Buhari’s cancelled Ogoni trip: Senator Sani,
others react
HUMAN RIGHTS VIOLATIONS
1. In December 2015, men and officers of the Nigerian
attacked the residence of Sheik ElZakZaky in Zaria, Kaduna
State and killed 347 members of the Islammiya Sect,
although reports suggest that this number was higher than
1000. The dead were hurriedly buried in what can only be
described as an attempt to hide evidence in mass graves.
This attack occurred after itinerant members of the sect
obstructed the convoy of the Chief of Army Staff, Major
General TukurBurutai as he sought to attend a function. No
attempt has been made to bring any officers to book for the
massacre.
2. Shiek ElzakZaky and his wife have been detained since
December 2015 without trial. There is no indication of what
they have done wrong. Both of them are reported to have
been badly injured during the attack on their residence in
Zaria. Sheik ElzakZaky was shot in one of his eyes and is
reported partially blind.
3. Several members of the pro-Biafra group IPOB have
been extra-judicially executed during protests in support of
their cause by Nigerian security forces. While we do not,
and will never, support any calls for secession we are
opposed to the extra judicial execution of Nigerian citizens.
4. Sambo Dasuki has been detained for months against
valid court orders asking for him to be released. The
numbers of political prisoners are on the increase daily.
Femi Fani Kayode, one of the greatest critics of the
government has been held by the EFCC without charge or
trial for 3weeks. The case of Olisa Metuh also comes to
mind. 400 companies were alleged to have received funds
from the Office of the National Security Adviser, Colonel
Sambo Dasuki, out of these 400 companies, only Olisa
Metuh a former opposition spokesperson was prosecuted
in a way which many believe was to silent the voice of the
opposition. He was handcuffed on several occasions to
court in a media trial.
READ ALSO: We can’t fold our arms: PDP makes
unbelievable declaration about Buhari’s govt
STANDARD OF LIVING
1. Despite promises to the contrary, the Buhari
administration has increased the cost of the pump price of
petrol by N58 from N87 to N145 in the midst of high
inflation. In implementing what can be politely described as
an incoherent policy, the Vice President asserts that this
move is not a removal on subsidy of the product.
Furthermore the policy includes the implementation of
multiple exchange rates further creating confusion and
opportunities for shady foreign exchange dealings.
2. There has been a sharp rise in the cost of staple food
products owing to the crises in the north central region of
the country and other policies of this administration. These
include, but are not restricted to,
1 kilo of chicken N650 (May 2015) to N1000 (May 2016)
1 kilo of turkey N750 (May 2015) to N1200 (May 2016)
1 bag of rice N8500 to N9000 (May 2015) to N17000 (May
2016)
1 basket of tomatoes N3000 (May 2015) to N45000 (May
2016). It is important to note that the price of tomatoes is
as a result of the destruction of crops by the disease –
tutaabsoluta. However, the lack of a coherent strategy to
curb the effects of the disease on the part of this
administration has contributed to the extensive nature of
its effect.
In addition, there has been an increase in the cost of
practically every item in markets and shops.
Deji Adeyanju writes from Abuja and is the Director
New Media PDP. Contact: @AdeyanjuDeji on Twitter .
This article expresses the author’s opinion only. The views
and opinions expressed here do not necessarily represent
those of Naij.com or its editors.
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