Mr Sanusi said the drawbacks of the policy “far outweigh its dubious benefits”, the Financial Times reports.

oduastates:
It does work . It did work in 1983 .
What has never worked in Nigeria is the devaluation.
Every devaluation in a Nigeria has always led to an increase in poverty

Emekamex:
The naira is already devalued, the CBN are still living in a fantasy world by thinking otherwise.

oduastates:
It does work . It did work in 1983 .
What has never worked in Nigeria is the devaluation.
Every devaluation in a Nigeria has always led to an increase in poverty

obasiken:


In 1983, people had to line up to buy a tin of milk. Go and ask your father. This policy is an ancient policy or you now know better than 2 former CBN governors sanusi and soludo who have come out to say the same thing.

rapistbuhari:
There will remain confusion, disunity and immense hardship all through Buhari’s regime.

Not my wish but what Nigerians will witness because Buhari has no good mission nor vision for the country

Ten months into his sleepwalking presidency,all that buhari is busy doing is attending parties outside and inside Nigeria and gate-crashing people's home like a confused burglar.

oduastates:

And not drinking milk will kill you.

Kenai:


Stop aimlessly digging, boy; you're in a hole already.
Your first post smacked of spine-chilling ignorance because it showed you know absolutely nothing about the issue you seek to discuss.
Your revisionism has already met a brickwall because we're not all fools here, and we weren't all born yesterday.
Should you, however, decide to limit your baseless revisionist babble to the other "Sai Baba" howlers, I will not begrudge you, for I never thought better of their reasoning capacity anyway.

In 1983, Buhari's myopic policies led to massive job cuts, particularly in the manufacturing sector due to the lack of raw materials as well as unfavorable business climate. Mind you, during this period, he was still busy chasing rats and jailing his opponents on trumped up charges - the Ambrose Allis, Sam Mbakwes, Tai Solarins, Alex Ekwuemes, Aper Akus, etc.

His ill-thought EssenCo had people queuing up to buy basic food, milk, sugar, toiletries, etc. like they were in Nazi Concentration camps, and you try to justify that nonsense.
Better ask the people who experienced that mess and stop trying to rationalize retrogression simply because of your partisan sentiments.

oduastates:
It does work . It did work in 1983 .

Kenai:


Stop aimlessly digging, boy; you're in a hole already.
Your first post smacked of spine-chilling ignorance because it showed you know absolutely nothing about the issue you seek to discuss.
Your revisionism has already met a brickwall because we're not all fools here, and we weren't all born yesterday.
Should you, however, decide to limit your baseless revisionist babble to the other "Sai Baba" howlers, I will not begrudge you, for I never thought better of their reasoning capacity anyway.

In 1983, Buhari's myopic policies led to massive job cuts, particularly in the manufacturing sector due to the lack of raw materials as well as unfavorable business climate. Mind you, during this period, he was still busy chasing rats and jailing his opponents on trumped up charges - the Ambrose Allis, Sam Mbakwes, Tai Solarins, Alex Ekwuemes, Aper Akus, etc.

His ill-thought EssenCo had people queuing up to buy basic food, milk, sugar, toiletries, etc. like they were in Nazi Concentration camps, and you try to justify that nonsense.
Better ask the people who experienced that mess and stop trying to rationalize retrogression simply because of your partisan sentiments.

TheFreeOne:


No offense but I assume you must be a kid in 1983 or probably not born then cos only such people or the gullible believed Buhari is the messiah needed in a present day Nigeria.

Rich4god:
Two things must be involved, its either buhari appointed super clueless pple as his ministers and advicers or he has turned a deaf ear to all of them. Wch ever b d case, the economy is bleeding as a result.

Kenai:


Stop aimlessly digging, boy; you're in a hole already.
Your first post smacked of spine-chilling ignorance because it showed you know absolutely nothing about the issue you seek to discuss.
Your revisionism has already met a brickwall because we're not all fools here, and we weren't all born yesterday.
Should you, however, decide to limit your baseless revisionist babble to the other "Sai Baba" howlers, I will not begrudge you, for I never thought better of their reasoning capacity anyway.

In 1983, Buhari's myopic policies led to massive job cuts, particularly in the manufacturing sector due to the lack of raw materials as well as unfavorable business climate. Mind you, during this period, he was still busy chasing rats and jailing his opponents on trumped up charges - the Ambrose Allis, Sam Mbakwes, Tai Solarins, Alex Ekwuemes, Aper Akus, etc.

His ill-thought EssenCo had people queuing up to buy basic food, milk, sugar, toiletries, etc. like they were in Nazi Concentration camps, and you try to justify that nonsense.
Better ask the people who experienced that mess and stop trying to rationalize retrogression simply because of your partisan sentiments.

oduastates:

And not drinking milk will kill you?
You guys are still not getting it .
A lot of opportunities are looking to check out with what remains of Nigeria foreign exchange .
The $29 billion will not even last 6 month at the rate .
When it runs out , what are you going to do ?
Ask Buhari to manufacture it .

jane0000:
U r so bitter n full of hatred. Chai who did dis to u

oduastates:


You still do not get it .
you have not answered my question .
Will Nigerians die without milk ?
You have millions of cattle yet you cannot produce milks.
You have gas yet cannot provide electricity
You have rivers but cannot provide water
You have crude oil yet import petrol
You have thousands of cobblers yet import most of your shoes.
You have tens of thousands of tailors yet you import Tokunbo bras and pants.
If the businesses who need raw material that can be sourced locally cannot do so , they deserve to die .

knowledgeable:



You don't get it, and your kind, can never, never get it period!.

Nigeria can never, never, modernize, transform or industrialize until she goes through political restructuring. There are basically two schools of thoughts on why Nigeria is not working economically or politically. One camp believes, is bad leadership & corruption, and the other camp believes is foundational political dysfunctional structure. To me, let there be a scientific( not academic) research studies undertaking on those. You will be surprise to find out on corruption eg, that those hausa/fulani stealing $billions are on economic jihad against the infidels and the southerners corruptly enriching themselves are born out of extreme greed and selfishnes due to the dysfunctional political structure we inherited(I hope am wrong). How can devaluation of naira cure something that is a religious obligation and spiritual??.

The ultimate outcome of all these, some 80% or so of the population will below $1 a day of existence, the middle class will become extinct quick quick, Nigeria will be depopulated as tens of millions of people will die out due to shorter average life span. By the way, if you apply this basic math(I think I saw that in UN wesite). At a population of 180 million with an average life span of 55yr with the developed and the newly developed world average of 70yr translate that Nigeria will loose 40 to 50 millions of her population by the year 2045. And when you back track that calculations from 1960 after the independence, you will figure out how many millions have perished due to this inherited dysfunctionality.

oduastates:


A number of weaknesses beset the Second Republic. First, the coalition that dominated federal politics was not strong, and in effect the NPN governed as a minority because no coalition formed to challenge its supremacy. Second, there was lack of cooperation between the NPN-dominated federal government and the twelve states controlled by opposition parties. Third, and perhaps most important, the oil boom ended in mid-1981, precisely when expectations of continuous growth and prosperity were at a height.

There were many signs of tension in the country. The Bakalori Project, an irrigation scheme in Sokoto, for example, became the focus of serious unrest in the late 1970s when thousands of farmers protested the loss of their land, and police retaliated by burning villages and killing or wounding hundreds of people. Widespread dissatisfaction became apparent with the Maitatsine, or Yan Tatsine (followers of the Maitatsine), a quasi-Muslim fringe group that who sparked religious riots in Kano in 1980, and Kaduna, and Maiduguri in 1982 after police tried to control this activities. The disturbance in Kano alone resulted in the deaths of 4,177 people between December 18 and 29, 1980. In 1981 teachers staged a strike because they had not been paid. As the political situation deteriorated, the federal government looked for scapegoats and found them in the large number of foreign workers who had come to Nigeria in response to the jobs created by the oil boom. In the crackdown on illegal immigration, an estimated 2 million foreigners were expelled in January and February 1983, of whom 1 million were from Ghana and 150,000 to 200,000 from Niger.

The recession that set in with the fall in oil prices after the middle of 1981 put severe strains on the Second Republic. For political reasons, government spending continued to accelerate, and the frictions among the political parties and between the federal government and the states only reinforced financial irresponsibility. Nigeria's foreign debt increased from N3.3 billion in 1978 to N14.7 billion in 1982. By 1983 the nineteen state governments had run up a combined debt of N13.3 billion. Heavy investment in economic development continued unabated. In addition to finishing a steel mill at Ajaokuta in Kwara State, for example, a second plant opened at Aladje, near Warri, in 1982. Steel-rolling mills also were built at Jos, Oshogbo, and Katsina--sites chosen for political reasons. By 1987 N5 billion had been spent on the steel industry alone, most of this committed under the Second Republic, even although the economics of steel development were questionable.

Corruption once again was rampant under the Second Republic. It had been a serious problem since the civil war, when wartime contracts often were awarded under dubious circumstances. Corruption became more serious after the war, most notably in connection with the cement scandal of the early 1970s, the Festival of African Culture (FESTAC) in Lagos, and the development of Abuja as the new federal capital. Corruption under the Second Republic was even greater. Major scandals involved the Federal Housing Scheme, the National Youth Service Corps, the Nigerian External Telecommunications, the Federal Mortgage Bank, the Federal Capital Territory Administration, the Central Bank of Nigeria, and the Nigerian National Supply Company. In addition, the halfhearted attempts to license imports and to control inflation encouraged smuggling, which became a major crime that went virtually unchecked. Umaru Dikko came to the attention of the international community because of an abortive plot to kidnap him in London and return him to Nigeria to stand trial for corruption. British authorities found him in a shipping crate on a runway moments before he was to be sent to Nigeria. Dikko was involved in many scandals, including the issuance of licenses to import rice--rice imports had risen from 50,000 tons in 1976 to 651,000 tons in 1982.

As elections approached in August 1983, economic decline that reflected low oil prices, widespread corruption, and continued government spending at record levels was proof to many that the Second Republic was in sad shape. The lack of confidence was evident in the massive flight of capital--estimated at US$14 billion between 1979 and 1983. The second elections under the Second Republic were to be its last. When the results were tallied in 1983, it was clear that there had been fraud. The NPN increased its control of states from seven to twelve, including Kano and Kaduna. Shagari was reelected president, and the NPN gained 61 of 95 Senate seats and 307 of 450 House of Representatives seats. Not even the supporters of the NPN expected such results. Considering the state of the economy and the public outcry over the rigged election, the Shagari government stayed in power for a surgprisingly long time.

NegusNagast:
The bigotic hypocrites like Sanusi that supported the installation of an incompetent illiterate dictator like Bóohari out of tribal bigotry are now crying more than the bereaved. Fùcking clown. Stop wailing, you helped make up bogus lies about non-existing missing dollars against the past administration, so why are you complaining? Enjoy your negative change.