The Financial Times of London says President Muhammadu Buhari has been running a government that lacks a clear direction in the last four years.

The respected newspaper therefore called on the President to see his re-election as an opportunity to do the right thing.



The Financial Times said this in its editorial which has been read and shared thousands of times around the world.

It said there was no clear economic policy like that of Rwanda and Ethiopia.

It read in part, “With his renewed mandate, it is now Mr Buhari’s task to rebuild faith by running a dynamic and successful administration and by building the institutions that can lay firmer foundations than in his previous term.

“The omens from his first four years in office are not good. During that time, the former military leader ran a lacklustre administration with no obvious sense of direction. There was no coherent economic strategy of the sort being attempted by the likes of Ethiopia, Rwanda or west African neighbours Ghana and Senegal to produce the rapid growth needed to haul tens of millions of people out of poverty. It is an indictment of its leadership — both military and democratic — that the continent’s biggest oil producer should have more people living in absolute poverty than any other country in the world.”

FT advised the President to appoint more technocrats in his second term who can help turn things around.

The newspaper said the anti-corruption war must be more holistic and less selective.

FT added, “Mr Buhari’s priority this time must be to set out a coherent agenda, implemented by technocrats rather than ideologues, to turn things around. Nigeria desperately needs to create a level playing field for business in which access to foreign currency, permits, and other requirements is both predictable and rational.

“His much-vaunted crackdown on corruption must go beyond taking action against a few minor officials. Some big scalps would help. More important still is to implement systematic changes — whether by reforming institutions, using technology or by removing arbitrage opportunities — to create a more transparent environment. People should prosper in Nigeria based on what they know and how much value and employment they can create, not by their connections.”

https://punchng.com/buhari-runs-a-govt-with-no-direction-financial-times/?fbclid=IwAR2VQiuoFIppYap3gLY_ATKWYb4RsenzQMXOUnQVS_7dx8Xy_TWFJZX7Gfc

Na today una know?

too lazy to read this short sh*t. same thing, diff media the world knows Nigerians know, they feel it first hand.

As if he knows the way to his toilet

happney65:
The Financial Times of London says President Muhammadu Buhari has been running a government that lacks a clear direction in the last four years.

The respected newspaper therefore called on the President to see his re-election as an opportunity to do the right thing.



The Financial Times said this in its editorial which has been read and shared thousands of times around the world.

It said there was no clear economic policy like that of Rwanda and Ethiopia.

It read in part, “With his renewed mandate, it is now Mr Buhari’s task to rebuild faith by running a dynamic and successful administration and by building the institutions that can lay firmer foundations than in his previous term.

“The omens from his first four years in office are not good. During that time, the former military leader ran a lacklustre administration with no obvious sense of direction. There was no coherent economic strategy of the sort being attempted by the likes of Ethiopia, Rwanda or west African neighbours Ghana and Senegal to produce the rapid growth needed to haul tens of millions of people out of poverty. It is an indictment of its leadership — both military and democratic — that the continent’s biggest oil producer should have more people living in absolute poverty than any other country in the world.”

FT advised the President to appoint more technocrats in his second term who can help turn things around.

The newspaper said the anti-corruption war must be more holistic and less selective.

FT added, “Mr Buhari’s priority this time must be to set out a coherent agenda, implemented by technocrats rather than ideologues, to turn things around. Nigeria desperately needs to create a level playing field for business in which access to foreign currency, permits, and other requirements is both predictable and rational.

“His much-vaunted crackdown on corruption must go beyond taking action against a few minor officials. Some big scalps would help. More important still is to implement systematic changes — whether by reforming institutions, using technology or by removing arbitrage opportunities — to create a more transparent environment. People should prosper in Nigeria based on what they know and how much value and employment they can create, not by their connections.”

https://punchng.com/buhari-runs-a-govt-with-no-direction-financial-times/?fbclid=IwAR2VQiuoFIppYap3gLY_ATKWYb4RsenzQMXOUnQVS_7dx8Xy_TWFJZX7Gfc

https://punchng.com/buhari-runs-a-govt-with-no-direction-financial-times/?fbclid=IwAR2VQiuoFIppYap3gLY_ATKWYb4RsenzQMXOUnQVS_7dx8Xy_TWFJZX7Gfc

Meanwhile sarrki and olawalesmarter1 are busy engaging in kaliphate veneration

cc lzaa

But he can easily direct and lead his slaves and Almajiris.

Na siddon look I de look dis govt

We are aware of it, yet some Nigerians still went ahead to vote him.

Theresa May is running a government with directionaless much more than Buhari of Nigeria. So face your country let us face our country.

Awan weree reporter

MrAJQ:
Theresa May is running a government with directional much more than Buhari of Nigeria. So face your country let us face our country.

Awan weree reporter

You get problem. People who knows more than you are telling you what you must do to improve, you blabbing here. with Brexit, Britain can never be the headquarter of poverty.
You better go back to school.

Waiting for a Nigerian newspaper to advise Theresa May on how to solve the Brexit quagmire or call out Trump on the systematic persecution of those that worked for his election but later fell out with him eg his ex lawyer n ex campaign manager.



Nonsense n ingredients

He's running a government of an inclusive North.. No offense but, how can the North develop this country when an average Northerner don't value education? Besides, the North is not even known for global achievement in the diaspora like the South. We need incredible technocrats and not career Northern politician. Sigh

Okoroawusa:
Waiting for a Nigerian newspaper to advise Theresa May on how to solve the Brexit quagmire or call out Trump on the systematic persecution if those that worked for his election but later Falk out with him eg his ex lawyer n ex campaign manager.



Nonsense n ingredients

If you could actually afford to subscribe to the Financial Times, you'd have been aware that they already do precisely what you suggest, publishing in-depth criticism of leaders like Theresa May and Donald Trump every single day, as opposed to the passing mention they make of Nigeria every once in a while. If you have nothing substantive to say in rebuttal of articles like this one, perhaps it would be best not to write anything at all, instead of so blatantly showing up your ignorance in public.

As for the actual substance of the FT article, which is actually to be found here, it is only stating what I, grandstar and a few other people have been saying on Nairaland for the last 4 years: Buhari's ignorance of economics and unwillingness to heed expert advice on the subject has left the Nigerian economy rudderless and underperforming. As for Buhari's "anti corruption" initiatives, they stand no chance of making any lasting impact as long as they are widely perceived to be partisan attacks, and as long as they fail to address the underlying issues which incentivize corruption in the first place, e.g. protectionism, a hugely bloated civil service, over-regulation, too many public sector parastatals, etc. This is a point I've been stressing for years now, and the FT is hardly being going out on a limb by saying as much.

Buhari's simple-minded policies are well placed to appeal to the large numbers of equally simple-minded, poorly educated people who voted for him, but their only lasting impact in the long-run will have been to depress the Nigerian economy's growth rate below its maximum for nearly a decade. In terms of opportunity-costs, we are talking hundreds of billions of US$ forgone because a sick 78-year old man refuses to accept that he isn't the best person to be setting exchange rates or import policies.

omohayek:
As for the actual substance of the FT article, which is actually to be found here, it is only stating what I, grandstar and a few other people have been saying on Nairaland for the last 4 years: Buhari's ignorance of economics and unwillingness to heed expert advice on the subject has left the Nigerian economy rudderless and underperforming. As for Buhari's "anti corruption" initiatives, they stand no chance of making any lasting impact as long as they are widely perceived to be partisan attacks, and as long as they fail to address the underlying issues which incentivize corruption in the first place, e.g. protectionism, a hugely bloated civil service, over-regulation, too many public sector parastatals, etc. This is a point I've been stressing for years now, and the FT is hardly being going out on a limb by saying as much.

Buhari's simple-minded policies are well placed to appeal to the large numbers of equally simple-minded, poorly educated people who voted for him, but their only lasting impact in the long-run will have been to depress the Nigerian economy's growth rate below its maximum for nearly a decade. In terms of opportunity-costs, we are talking hundreds of billions of US$ forgone because a sick 78-year old man refuses to accept that he isn't the best person to be setting exchange rates or import policies.

You wrote very very well.

I'll be honest with you, I foresee a crisis by 2022 at the latest if things go on as they are.

Government spending simply needs to be cut. The government is reported to be spending about 50% of it's budget on debt servicing. Soon, the minimum wage will rise by at least 50% which will add to that burden and consequences will ruinous. Already, an unaffordable 2trillion yearly is spent on a bloated civil service (which Buhari didn't bother to cut in his first term) soon to go up by as much as 50%!

There's also need for complete deregulation of the fuel price which the unaffordable subsidy or "under recovery" gulps another 1.2 trillion.

There's also a lost 500b by my crude estimates when we multiple the differential between the official forex window of 305 and the investor window of 55. This money the government simply throws away that it badly needs.

By 2022 if tax revenues do not increase greatly, budget servicing may eat up as much as 70% of the budget and the cost is increasingly punitive now that a lot of it is portfolio investment in treasury bills. They will dollarise the yields they make, taking it out of the country. Were there to be a crisis, there will be the destabilizing effects of massive cash outflow by panicky investors. This will adversely (most likely devastate) the Naira.

This government response to such a crisis will be incompetent with probably some capital controls and banning the imports of some more products from the CBN window.

I foresee the Naira hitting between 400-500 to a $ by 2022. It might even be worse

Okoroawusa:
Waiting for a Nigerian newspaper to advise Theresa May on how to solve the Brexit quagmire or call out Trump on the systematic persecution if those that worked for his election but later Falk out with him eg his ex lawyer n ex campaign manager.

Nonsense n ingredients

Keep quiet, mister
Who's stopping Nigerian dailies from giving them expert advice?
Besides, before you advise, u must have in-depth knowledge of the subject.
Advice is something everyone needs and gives

GMB himself doesn't have clear
understanding of any issue neither does he have any direction in public office

financial times should say it the way it is: this govt is the blind leading the blind

Who don't know that

100% true

UK is a scam they keep confusing Africans evrytime if they had said this before the idiot rigged himself in this country should have been at war now

happney65:

The newspaper said the anti-corruption war must be more holistic and less selective.

One shot kill !

People should prosper in Nigeria based on what they know and how much value and employment they can create, not by their connections.”

Our major problem.

babyphaze07:


You get problem. People who knows more than you are telling you what you must do to improve, you blabbing here. with Brexit, Britain can never be the headquarter of poverty.
You better go back to school.

I do hope when people that know's more than u and I from that same axis are if the opinion the 23rd Feb presidential election was free and fair u will also believe them.

Financial times is turning their pain to blackmail after their prediction that Buhari will lose the election failed.

It is clear. No wonder the economy is in shamble. Clueless Dullllard

What else can we expect from a President who within six months of taking over governance, failed to/deliberately refused to set up a cabinet of competent ministers.


What else can we expect from PMB who cannot manage his home successfully?


What else can we expect from PMB who lacks business and administrative skills but he can boost about his military skills and yet the Nigerian Army under his watch has failed to secure the lives and properties of Nigerians.


The list is endless o jare......

immhotep:

Meanwhile sarrki and olawalesmarter1 are busy engaging in kaliphate veneration

cc lzaa

They wee call financial times ipob newspaper

IF BUHARI IS RUNNING A NO DIRECTION GOVT WHY ARE WE ALL NIGERIANS LOVE HIM VOTED FOR HIM AGAIN? ALL THESE BIAFRAN MEDIA WILL CONTINUE TO TALK RUBBISH

penplus:
Na today una know?

pls tell dem we know too

This is just the holistic description of the present governance, regardless of the source.
Buhari should persinally read this after killing ego!
Like seriously, we need huge expertise in that department and more sophisticated approach in corruption tackling.
I support the tackling of corruption b4 happening at all; fg should research on the technologies and systems that can handle that.
God save our soul!