“The economy has gone out of Buhari’s control.” – Lai Mohammed, May 29th, 2016 on ChannelsTV
The Buhari administration has been an abysmal failure in its one year in office. Having inherited the largest economy in Africa, along with the number 1 destination for foreign investment on the continent, the administration has proceeded to run a number of policies that have crippled business and cost millions of jobs.
In addition, President Buhari has taken the most divisive socio-political posturing since the return of democracy to Nigeria. His positions have exacerbated the crises in the Niger Delta as well as the agitation for the declaration of a sovereign state of Biafra.
ECONOMY
1. Inflation is at 13.70% as at May 2016, up from9.20% when President Buhari took over in May 2015. This is the worst rate of inflation in over 5 years
2. Gross Domestic Product (GDP) growth rate is down to -0.36% from 3.96% in 2015. At the time President Buhari took over in May 2016, Nigeria was projected amongst the top 5 growing economies in the world.
However, the recently released International Monetary Fund (IMF) World Economic Outlook for 2016 did not put Nigeria amongst the Top 15 economies in Africa for 2016 by projected GDP growth. At a projected 2.3%, Nigeria is expected to see its poorest GDP growth since the return of Democracy in 1999.
3. At the inception of the Buhari administration, the prevailing exchange rate was $1-N197 and $1-N216 at Central Bank of Nigeria’s official rate & parallel market rates respectively.
The implementation of incoherent policies have seen the parallel market rates fall to as low as $1-N384 (at the time of writing this report). During the last one year, Nigeria has suffered its worst exchange rates in history with the Naira falling to as low as $1-N395 at a point.
4. Just before this report was completed, S & P Global Platts reported being informed by an unnamed NNPC official that Nigeria’s daily oil output had dropped to 1.1million barrels per day down from 1.65million barrels per day as at May 2015.
This is in stark contrast to the projected 2.2million barrels per day upon which the 2016 budget was based. Policies of the Buhari administration’s making which have led to increased militancy in the Niger Delta and incoherent policies that discourage investments in new oil fields are responsible for this drop in production.
5. Nigeria’s foreign reserves have dropped to $27.1billion in May 2016 from $29.6billion at the same time last year. While the drop in oil earnings, which account for Nigeria’s largest source of foreign exchange, are a significant factor it is also germane to note that the total value of Nigeria’s exports dropped from N16,304.0billion in 2014 to N9,728.8 billion in 2015, a decline of 40.3%.
This is a significant factor, precipitated on policies that affect the manufacturing sector causing the loss of millions of jobs, that hamper Nigeria’s ability to export products and earn forex.
6. Foreign investment in Nigeria stood at $710.97million in Q1 2016 representing a 54.34% drop from Q4 2015 and a 73.79% drop from the corresponding period in 2015.
This drop in foreign investment is due to the exclusion of Nigeria from the JP Morgan Bond Indexes and the disjointed foreign exchange regime of the current administration.
7. At the inception of President Buhari’sadministrati
In simpler terms, the stock market has lost more than N2.7trillion in value since the inception of the Buhari administration. Similarly, the all shares index of the NSE has dropped by 21.9% to 26,575.8 from 34,023.86 in this period.
SECURITY
1. There has been a commendable improvement in the fight against the international terrorist group – boko haram. It is worthy to note that weapons purchased by the Goodluck Jonathan administration have played a huge role pushing boko haram backwards. We refuse to engage in negative politics with the Buhari administration in the manner his party did as opposition.
We realise who our enemies are and support President Buhari in his efforts in leading the fight against boko haram.
However, it is important to discourage efforts at propagating lies and propaganda by agents of the government to deceive people that the war is over. Between May 2015 and the time of writing this report, the terrorist group has killed about 1000 Nigerians in various locations in the North Eastern region of the country.
Indeed two separate events led to the upsurge in killings – a) the dismantling of checkpoints in the North East in the early months of this administration b) claims by the Minister of Information – Alhaji Lai Mohammed – that bokoharam had been “technically defeated” which led to the terrorist organisation killing people to prove its ability to hit sensitive targets at will.
We strongly urge the government to stop all forms of premature claims aimed at scoring political points as such claims will put Nigerians in the line of fire.
2. There has been an upsurge in militant activities in the Niger Delta region of the country with the militant group – Niger Delta Avengers – being able to hit oil installations at will and without any sort of response from Nigerian security agencies.
3. Armed herdsmen have created a crisis in the North Central region of the country resulting in the deaths of around 1000 people in 2016 alone.
President Buhari has been slow in responding to these challenges with have seen wide scale massacres in Agatu and Buruku LGAs of Benue State and Ukpabi-Nimbo in Enugu State amongst other locations.
HUMAN RIGHTS VIOLATIONS
1. In December 2015, men and officers of the Nigerian attacked the residence of Sheik ElZakZaky in Zaria, Kaduna State and killed 347 members of the Islammiya Sect, although reports suggest that this number was higher than 1000. The dead were hurriedly buried in what can only be described as an attempt to hide evidence in mass graves.
This attack occurred after itinerant members of the sect obstructed the convoy of the Chief of Army Staff, Major General TukurBurutai as he sought to attend a function. No attempt has been made to bring any officers to book for the massacre.
2. Shiek ElzakZaky and his wife have been detained since December 2015 without trial. There is no indication of what they have done wrong.
Both of them are reported to have been badly injured during the attack on their residence in Zaria. Sheik ElzakZaky was shot in one of his eyes and is reported partially blind.
3. Several members of the pro-Biafra group IPOB have been extra-judicially executed during protests in support of their cause by Nigerian security forces.
While we do not, and will never, support any calls for secession we are opposed to the extra judicial execution of Nigerian citizens.
4. Sambo Dasuki has been detained for months against valid court orders asking for him to be released. The numbers of political prisoners are on the increase daily. Femi Fani Kayode, one of the greatest critics of the government has been held by the EFCC without charge or trial for 3weeks.
The case of Olisa Metuh also comes to mind. 400 companies were alleged to have received funds from the Office of the National Security Adviser, Colonel Sambo Dasuki, out of these 400 companies, only Olisa Metuh a former opposition spokesperson was prosecuted in a way which many believe was to silent the voice of the opposition.
He was handcuffed on several occasions to court in a media trial.
STANDARD OF LIVING
1. Despite promises to the contrary, the Buhari administration has increased the cost of the pump price of petrol by N58 from N87 to N145 in the midst of high inflation. In implementing what can be politely described as an incoherent policy, the Vice President asserts that this move is not a removal on subsidy of the product.
Furthermore the policy includes the implementation of multiple exchange rates further creating confusion and opportunities for shady foreign exchange dealings.
2. There has been a sharp rise in the cost of staple food products owing to the crises in the north central region of the country and other policies of this administration.
These include, but are not restricted to,
a. 1 kilo of chicken N650 (May 2015) to N1000 (May 2016)
b. 1 kilo of turkey N750 (May 2015) to N1200 (May 2016)
c. 1 bag of rice N8500 to N9000 (May 2015) to N17000 (May 2016)
d. 1 basket of tomatoes N3000 (May 2015) to N45000 (May 2016).
It is important to note that the price of tomatoes is as a result of the destruction of crops by the disease – tutaabsoluta.
However, the lack of a coherent strategy to curb the effects of the disease on the part of this administration has contributed to the extensive nature of its effect.
3. In addition, there has been an increase in the cost of practically every item in markets and shops.
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Op–ed pieces and contributions are the opinions of the writers only and do not represent the opinions of Y!/YNaija
Deji Adeyanju writes from Abuja and is the Director New Media PDP. Contact: @AdeyanjuDeji on Twitter.
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