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Buhari’s Legacy Of Recessions By Fredrick Nwabufo - Politics - Nairaland

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Buhari’s Legacy Of Recessions By Fredrick Nwabufo by dre11(m): 7:46am On Nov 22, 2020
‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet, that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a conspiracy by economic and political factors, to what do we attribute that of his first coming as a civilian president — and now in his second coming? Why does pestilence scourge the land, hunger ravage the population and lives lost malevolently when Buhari presides over the country? Why always Buhari?



Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no president has obtrusively shown a more nepotistic aspect than Buhari. It is unarguable that the president arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria. Yes, a recession cabinet.

Here is a cabinet constituting of figures stuck in a time when the world only saw pictures in black and white — characters from Pinocchio who see social media as a threat and troglodytes who think farming with hoe and cutlass is progress.

Buhari’s agriculture minister, Sabo Nanono, once said there is no hunger in Nigeria and that food is cheap in the country. Wait! Before you tag this as fake news read his exact words and be flummoxed.

“I think we are producing enough to feed ourselves. I think there is no hunger in Nigeria; there could be inconveniences. When people talk about hunger in this government, I just laugh. In this country, it is fairly cheap to buy food,’’ the minister said at a press briefing to mark the 2019 World Food Day in Abuja on October 15, 2019.

This is one among the foundering protagonists of the Buhari administration. When native complexion and loyalty are prioritised above competence and performance, leadership suffers. I strongly believe even if Nigeria’s constitution allows a third term and Buhari returns in 2023, recession will hit the country again. It appears anything he touches atrophies.

Buhari is the type of boss every bungling brownnoser would like to work with. He rewards failure in the currency of loyalty. As long as you keep him sated with praises, you can keep your job. Why have the service chiefs who have failed in their duty of keeping the country safe not been sacked? Why are they still in office long after their retirement is due?

The recession of 2016 was largely due to the incompetence of the Buhari government. Here is how Nairametrics, Nigeria’s Bloomberg, puts it: “In a nutshell, what caused the last recession (of 2016) was not entirely the fall in oil prices. Rather, the lack of sound economic policies to diversify away from the volatility of crude oil prices, whilst boosting the nation’s non-oil exports, was also a major cause.”

I concede, the recent recession (2020) is a corollary of the global economic meltdown compelled by the COVID-19 pandemic. There is a steep drop in oil prices and Diaspora remittances, and the stock market is prostrate. But there were warnings of this impending doom before its fruition. What could Buhari’s recession team have done different?

The World Bank in its June 25, 2020 report had projected that Nigeria would slip into a severe economic recession, the worst since the 1980s. Shubham Chaudhuri, World Bank country director for Nigeria, recommended: “While the long-term economic impact of the global pandemic is uncertain, the effectiveness of the government’s response is important to determine the speed, quality, and sustainability of Nigeria’s economic recovery. Besides immediate efforts to contain the spread of COVID-19 and stimulate the economy, it will be even more urgent to address bottlenecks that hinder the productivity of the economy and job creation.’’

Even if the 2020 recession was inevitable, the Buhari administration hastened its climax and ossified the severity by its harebrained economic policies. Before the COVID-19 pandemic, the Buhari government whimsically closed the land borders, taking food out of the table of many Nigerians.

The World Bank in the same report entitled, ‘Nigeria in Times of COVID-19: Laying Foundations for Strong Economic Recovery’, impliedly said the land border closure of 2019 made the 2020 doomsday inexorable. Talk about heating the furnace.

It said: “Analysis of the impact of the 2019 border closure found that it contributed to higher inflation—especially true for food, despite the relatively little impact on agricultural output. Because of the rises in food prices, Nigerian consumers now need to pay 2 percent more for the same basket of goods, with negative effects on their consumption.”



Why always Buhari?

I think, with the latest recession, Buhari is the only Nigerian president that has presided over the country under multiple recessions.


What a legacy!




THE CABLE



Lalasticlala

1 Like

Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Nobody: 7:49am On Nov 22, 2020
General Buhari has always proven to be a specialist in failure... Nothing to celebrate as a country anytime he forces himself into power.


Let's take a look at some of GEJ Economic Management Team that made us to top the ever flourishing and vibrant economy of South Africa.



-Dr. Ngozi Okonjo-Iweala, Minister of Finance

-Central Bank of Nigeria Governor, Mallam Sanusi Lamido Sanusi

-Minister of Trade and Investment, Dr. Olusegun Aganga

-Minister of Power, Prof. Bart Nnaji

-Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke

-Minister of Agriculture, Dr. Adesina Akinwunmi

-Minister of Works, Chief Mike Onolememen

-Minister of Education, Prof. Ruqayyatu Rufai.

-Chief Economic Adviser, Prof. Nwanze Okidegbe

-Special Adviser on Performance, Monitoring and Evaluation, Prof. Sylvester Monye


-Director-General of Budget Office, Dr. Bright Okogu

-Director-General of Debt Management Office, Dr. Abraham Nwankwo

-Director-General of Bureau of Public Procurement (BPP), Mr. Emeka Eze

-Director-General of Bureau of Public Enterprises (BPE), Ms Bola Onagoruwa

-Director-General of Infrastructure Concessioning Regulatory Commission (ICRC), Mr. Ahmed Mansur

-Honorary Adviser on Finance, Mr. Peter Obi.


Our economy under General Buhari needs Ijaw massage.

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Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Zendinho(m): 7:50am On Nov 22, 2020
I think another name for him in the nation's political discuss should be Mr Recession
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Charleys: 7:56am On Nov 22, 2020
Don't blame Buhari for this recession.
Blame osibanjo. He has been the chairman of the economic recovery ever since.

1 Like 1 Share

Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Racoon(m): 8:01am On Nov 22, 2020
Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no president has obtrusively shown a more nepotistic aspect than Buhari.

It is unarguable that the president arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria.Yes,a recession cabinet.

Buhari is the only Nigerian president that has presided over the country under multiple recessions. As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari.
-"Buhari does not know economy." -OBJ.
-"I dont know how to make money.." -Buhari

3 Likes

Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Maxymilliano(m): 8:01am On Nov 22, 2020
Sleepy Bubu is synonymous with failure ...

1 Like

Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by PopeToyeeb: 8:01am On Nov 22, 2020
Haha
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Nobody: 8:17am On Nov 22, 2020
Including his deputy Pastor Professor Osinbajo

Two loads of corrupt people occupying the highest offices in the land.

1 Like

Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Gandollaar(f): 8:28am On Nov 22, 2020
Charleys:
on't blame Buhari for this recession.
Blame osibanjo. He has been the chairman of the economic recovery ever since.
But theraregem1 thinks he's the best thing that happened to Nigeria since Chief Oduduwa took that epic fall from the sky grin.

2 Likes

Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by slimfit1(m): 8:56am On Nov 22, 2020
Yaros running the ship into the sea bed.
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by misano(m): 9:04am On Nov 22, 2020
The vegetable & his followers are trying to destroy Nigeria. Thunder fire Ashia Buhari's left nyash.

1 Like

Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by helinues: 9:08am On Nov 22, 2020
Which one are we going to believe?

That Nigeria is already in another recession or Nigerian Economy Picks Up As Rate Of Negative Growth Reduces Sharply ??
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Tochi3(m): 9:34am On Nov 22, 2020
Buhari ?? ??

Most people don't know Buhari. His one and only priority is to set the Hausa,- Fulani hegemony above Nigeria's interest.

Nothing more, nothing less.

Recession, Depression can occur a million times, that genetic tribalist don't care, don't give a 4k

As long as he is dominating every other region of Nigeria, every other thing can burn in hell.

It will get worst. Just brace yourselves, most importantly defend your ancestral lands.

But how will you defend it, with a hungry stomach ?? Just brace up people.
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Liposure: 10:00am On Nov 22, 2020
It is now very clear to me that this govt never learn anything from the last recession
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by LibertyRep: 10:05am On Nov 22, 2020
Nigeria has entered recession three times under the leadership of Pa Buhari. This is more than a mere coincidence.

Clearly, you can't give what you don't have.
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by HeadShot: 10:10am On Nov 22, 2020
helinues:
Which one are we going to believe?


Believe that Buhari knows nothing about the economy... Buhari is a failure
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by helinues: 10:12am On Nov 22, 2020
HeadShot:


Believe that Buhari knows nothing about the economy... Buhari is a failure

And you are who to believe you? undecided embarassed
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by tartar9(m): 10:21am On Nov 22, 2020
You agree the recessions are due to oil price and covid-19. What then are you blaming Buhari for

"In a nutshell, what caused the last recession (of 2016) was not entirely the fall in oil prices. Rather, the lack of sound economic policies to diversify away from the volatility of crude oil prices, whilst boosting the nation’s non-oil exports, was also a major cause.”

Oga,this is clearly in reference to the decades of Nigeria's inability to diversify from oil proceeds but yet you are stupidly saying it's about Buhari who just assumed office when that recession happened.
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by ProT: 10:23am On Nov 22, 2020
helinues:
Which one are we going to believe?

The two (recession) posts u cited are saying the same thing, just that one is mischievously sugar-coating Buhari's recessionary failure.

Look at it this way:
If "below 40%" is an "F," would you say a student who scored 5% is better than another student who scored 2%, especially, when both will be assigned an "F"?
-6.0 and -3.0 are both signs of failure!
Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by Whois(m): 11:30am On Nov 22, 2020
I am tired, why is it that all news about buhari is liable to cause depression. Please always add warning sign in your introduction. News that can make one to feel depressed no dey tiya you

Re: Buhari’s Legacy Of Recessions By Fredrick Nwabufo by crochetspur: 11:33am On Nov 22, 2020
Jubril of sudan

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