Financial Times Analyses Pres. Buhari Economic Failure 


The Financial Times of London has described the administration of President Muhammadu Buhari as a ‘colossal failure’ as they – the All Progressive Congress (APC) leadership in Nigeria did nothing to save the economy since assuming office on May 29, 2015.

According to the Newspaper Africa editor, David Pilling, Nigeria has been expected to grow its economy by 2.5% in 2017 after the 1.6% growth in the past year, but with the prolific growth of the country’s population, the economy seems to be ‘going nowhere.’

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Pilling described the performance of Nigeria’s economy as a dead cat soaked in crude oil and dropped from a 50-storey building, as he expressed the lack of hope for Nigeria’s economy.

In words written in Financial Times newspaper, the news anchor said:

“If you imagine a dead cat soaked in crude oil and dropped from a 50-storey building, you get a rough picture of how Nigeria’s economy is performing these days. 

“Nigerian has been expected to grow its economy by 2.5% in 2017 after the 1.6% growth in the past year, the FT said with the prolfic growth of the country’s population the economy is ‘going nowhere’.

“The reasons for the recovery are twofold. First, last year’s performance was so dismal it would have been difficult for the economy to fall further.

“Without doing anything at all — a reasonable description of policy under Muhammadu Buhari, the country’s ailing leader and frequent London resident — the baseline effect has worked its magic.

“Second, the oil that makes up so much of government revenues is flowing faster. In June, production was 1.7m barrels a day, 10 percent higher than a year ago.

“Buhari, has spent much of the past year convalescing from a mystery illness that has sapped his presidency of vigour and set off a merry-go-round of political jockeying to succeed him. There has been practically nothing in the way of coherent economic policy.”

The newspaper also had some compliments for the Acting President Yemi Osinbajo who it described as a more competent individual to run the country, stressing that the future of Nigerian entrepreneurs was being trapped by the present administration.

Such criticism is to be expected since no remarkable growth in the nation’s economy has been felt. Rather, the APC administration has been all talks and plans with so little or no effective implementations.

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Some political members have expressed frustrations towards the ailing president. BuzzNigeria reported the recent visit of Prof Osinbajo’s London trip to meet Mr Buhari, a trip which the Governor of Ekiti state, Ayo Fayose described as ‘deceitful’.

The Ekiti State governor and former Minister of Aviation, Chief Femi Fani-Kayode had insisted that the president is not recovering anytime soon, adding that his situation is pathetic and critical. Mr. Fayose challenged the president to send a proof of life to Nigerians.

In his words he said:

“I challenge them to show us that he [Mr. Buhari] is familiar with his environement, not suffering from chronic dementia and that he is not a vegetable that is hooked up to a life-supporting machine.”