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How Buhari Caused the Present Recession

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By Samuel George

Under the present administration 4.8 million Nigerians lost
their jobs, prices of commodities soared and the Naira has trembled to over
N420 to the dollar.

Many factors are to be blamed for the recent collapse of the
economy; dipping oil prices, 2016 budget delay, CBN monetary policy, and of
course Buhari’s lack of knowledge on economics.

CBN I creating the current monetary policy were so focused
on tighting the supply of foreign currency that it sent the Naira to a free
fall.

Prof. Akpan Ekpo specking on this policy said

“Rather than implementing qualitative easing, the CBN was
interested in tighten monetary policy”

He also added;

“The oil source of foreign exchange for the economy is crude
oil export, hence unrealistic assumption under a competitive market.”

The correct value of a commodity cannot be determined when
it is in short supply. The FG took the Naira and converted it into monopoly
money when it decided to subsidize the currency. Emir Sanusi in a recent
statement said;

“I sit in my garden and make a few calls and get $10 million
at N197 per dollar and sell at N300 to the dollar, I will make a profit of
N1.03B… You don’t need to be an economist to know that any system that allows
you sit in your garden and with a telephone call make N1B without investing a
kobo is wrong”.

To get out of this recession government need to learn from
countries like Ethiopia Ghana, and South Africa.

Talking about late Ethiopia Prime minister, Meles Zenawi the
Emir said;

“So he tells Dangote, come and build a cement manufacturing
plant here. I’m going to give you electricity at 3 cent per kilowatt. For a
cement manufacturer that is all the incentive he needed”.

The FG needs to put in place policies that will attract
investors not drive them away. Why do pilgrims get the dollar at N197 and an
investor doesn’t? Why will someone sit in his garden and get the dollar at N197
and an investor be looking for the dollar at N300?

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Published on September 7, 2016.

Categories: Music

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