The Nigerian government has slammed a caveat on the prophecy by the global banking giant HSBC which predicted that the second term of President Muhammadu Buhari would stunt the economy.

Dismissing the bank’s bleak scenario for Nigeria post 2019, government said on the contrary, what killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, actively supported by HSBC.

Government recalled how the bank soiled its hands with ‘‘millions of US dollars yet-to-be-recovered Abacha loot’’, and continued until a few months ago to shield the stolen funds of one of the leaders of the Nigerian Senate,

It wondered how a bank with such a reputation could wield the moral right whatsoever to project that a “second term for Mr. Buhari raises the risk of limited economic progress and further fiscal deterioration.”

“Rather, we ask them to heed President Buhari’s constant refrain: return our stolen assets, then see how well we will do”, said Malam Garba Shehu, senior special assistant on the media, who issued a statement on behalf of the Presidential Villa.

“From the facts available to our investigation agencies, HSBC’s put down on President Buhari is no more than an expression of frustration over the administration’s measures put in place which has abolished grand corruption, the type which this bank thrives on in many countries.

“They may also
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