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Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica - Politics - Nairaland

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Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by AcidosisMega: 11:53am On Dec 29, 2014
Algebra12:


Insurmountable economic problems plagued the Buhari regime as petroleum prices collapsed in the face of expanding foreign debt. Buhari instituted austerity measures that caused severe hardship to the average Nigerian. In addition, political corruption continued unabated, with politicians escaping to Western countries with millions of dollars in government money. In an effort to stop dissension, Buhari instituted restrictions on the press, political freedoms, and trade unionists. By August 1985 even the military had had enough, and Ibrahim Babangida took control of the government. Buhari was detained in Benin City but was released at the end of 1988.

http://www.britannica.com/EBchecked/topic/83801/Muhammad-Buhari

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by AcidosisMega: 12:01pm On Dec 29, 2014
Supporters of the economic "messiah" should come and defend the economic CHANGE.

Front page, Mr Seun

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Acidosis(m): 9:11pm On Dec 29, 2014
APC rogues, come here and defend your boss

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Nobody: 9:15pm On Dec 29, 2014
OP Funny enough, you don't just take encyclopaedia as sole source of information, because anybody can enter whatever satisfies their sentiment. Britannica is an encyclopaedia itself. You need to tell from economic indices to decode success or failure of a government.
Inflation rate relative to previous year(s)
Unemployment/Employment rate relative the previous year(s)
Gross National Income
Gross Domestic Product
Budget
Balance of trade etc.

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Acidosis(m): 9:29pm On Dec 29, 2014
...come up with a better write-up ^

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Acidosis(m): 5:25am On Dec 30, 2014
grin

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Sunnybobo3(m): 5:34am On Dec 30, 2014
barcanista:
OP Funny enough, you don't just take encyclopaedia as sole source of information, because anybody can enter whatever satisfies their sentiment. Britannica is an encyclopaedia itself. You need to tell from economic indices to decode success or failure of a government.
Inflation rate relative to previous year(s)
Unemployment/Employment rate relative the previous year(s)
Gross National Income
Gross Domestic Product
Budget
Balance of trade etc.


Using inflation rate in an economy where Buhari set the price for essential commodities which were not available at those prices anyway is like using the 22 naira/$ official rate set by Abacha as the exchange rate in those days.

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by ShowYourCertificate: 1:46pm On Jan 02, 2015
Buhari was only known for his anti-corruption campaign. In the aspect of Nigeria's economy, he was an outright failure. He and his economic experts lacked grasp of the economy and how to tackle it. Below are excerpts from the academia on his economic failures.

General Muhammadu Buhari’s regime, which ousted the civilians on the eve of 1984, had little to offer apart from budget tightening and slogans. The ad hoc austerity measures of the military failed to stabilize the economy, especially as it was unwilling to challenge the failed policy commitments of its predecessors. The economy spiraled rapidly downwards through the mid-1980s.
Peter M. Lewis “Getting the Politics right: Governance and economic failure in Nigeria” Rotberg I. Rotberg (ed.) Crafting the New Nigeria: Confronting the Challenges, Lynne Rienner Publishers, 2004, Page 104.

In the wake of the Buhari coup, Nigeria faced a new three year period of instability (having moved from a 7 in 1983 to a -7 in 1984 in the Polity 2 index). In this period, Nigerians suffered the worst oppression in their history of being an independent republic.

There was an immediate drop in the democracy score not only because of the replacement of a democratically elected government by Buhari’s military junta, but also because of government control over free society, something new in post-independence Nigerian politics. The Nigerian Medical Association and the National Association of Nigerian Students were outlawed. Two decrees severely restricted freedom of the press, as journalists were barred from reporting information considered embarrassing to any government official (in Buhari’s infamous Decree Number 4). Security risks to the state, as determined by the chief of staff at Supreme Headquarters (in Decree Number 2), could detain for up to six months without trial. Special military tribunals handled the business of sedition in lieu of civilian courts. Wiretapping, detentions without charges, and other police infractions against basic civil liberties became normal. Fela Ransome-Kuti, a high- life singing superstar, whose lyrics were a continual embarrassment to the government, was arrested in the Buhari period (Metz 1991).

Polity 2’s appraisal gives Nigeria a -7 for the early years of Buhari is thus fully justified. Yet indiscipline in administration (or the inability of any mortal to discipline Nigerian society) gave Nigeria a sense of being ruled within the anocratic zone.

Nigeria’s political culture undermined Buhari’s authoritarian pretensions. His anti-corruption campaign was enforced haphazardly – some faced execution and others (those who were well-connected) walked free. His environmental protection crusade was similarly haphazard. Its principal target were petty traders working out of what the government called “illegal structures” (i.e. market stalls and workshops along the streets). Police destroyed many of these shacks incurring widespread resentment.

The incompetence of the Buhari regime was evident to all, and mostly for self- protection of the military, on August 27, 1985 a group of officers under Major General Ibrahim Babangida overthrew Buhari and took charge along with his Armed Forces Ruling Council (AFRC).
James Fearon and David Laitin “Nigeria (NigeriaRN 1.2)”

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by humnsikan: 2:20pm On Jan 02, 2015
Buhari and his contemporaries represent ALL that is wrong with Nigeria. He and his cronies put Nigeria where it is today. Nigerians have rejected Buhari 100%. It is he, Buhari, that posthumously exonerated ridiculously corrupt Sani Abachi, in one of his interviews, from corruption. Grandpa Buhari, you should be playing with your grand-children at home and not come to struggle for power you once held and achieved little to nothing. Again, Nigerians have rejected you and will vote en-masse for GEJ. In case you decide to unleash your foot soldiers on Nigerians after your impending loss, we will collectively resist them and return fire for fire. Good will always triumph over evil and light over darkness.

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Firefire(m): 2:21pm On Jan 02, 2015
The Major General will try to fight kolorption and also waka go OPEC to stabilize the price of crude oil. grin

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by kaka22(m): 2:22pm On Jan 02, 2015
No matter the amount of articles/materials digged up by Pdp and their paid agents will stop us from sending the clueless one out of Aso rock, come 2015. No leader can succeed without tackling corruption head on... As bad as you painted Buhari's regime to be, it is not as bad as this clueless administration. Atleast, he(Buhari) had the political will to tackle corruption then and he still has the political will to tackle corruption now... He even recorded some economic successes...

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by caslord(m): 2:22pm On Jan 02, 2015
Okay
Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by jboy73: 2:22pm On Jan 02, 2015
Just laughing at some 9jerians....



Voting another clueless Abokiii man

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Aitee1(f): 2:23pm On Jan 02, 2015
cheesy cheesy cheesy

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Jostico: 2:23pm On Jan 02, 2015
nairaland turned to competition btw buhari and goodluck at times name when mama give person dey follow am oooo goodluck.fine name undecided

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by freshness2020: 2:23pm On Jan 02, 2015
GEJ be like; I see dis one (buhari) I get hope!
...Nigerians says NO to a dictator general!

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by buoye1(m): 2:23pm On Jan 02, 2015
Yes he cannot!but i ll definitely vote 4 him cos he a better candidate 2 jonathan....my opinion
quote me with insult and die like a fowl......my choice is GMB

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by lilmax(m): 2:23pm On Jan 02, 2015
Okay
Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by lekhane(m): 2:24pm On Jan 02, 2015
This is different from what my old folks that were alive then told me o, do you expect me to believe one so called britannica? *hiss
GMB2015

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by SmooshCHN: 2:24pm On Jan 02, 2015
I Honestly think most Nigerians don't know what they want.. Yes it's politics. I support this person, I don't support this.. All has to be. The fact is No matter how much they discredit Buhari, it still doesn't account for 6rs of Stagnancy or worse that GEJ truly did.. Nigerians want positive change not Stagnancy all in the name of South-South or Northern Ruler. If Good Nigerians let the Clueless and Confused people convince us into voting in someone who will take us down the drain for Another 4yrs, Let's know we caused it with our own hands. Change or Tribal Preference? It's now in our hands

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Marvyx(m): 2:24pm On Jan 02, 2015
OK

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by victorazy(m): 2:24pm On Jan 02, 2015
Someone that counldnt save, no house, has less than 1m in account. How can he manage the ecomic state of a nation.

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Simitrendy: 2:24pm On Jan 02, 2015
Who are dis haters for God Sake All We Want Is GMB-OSINBAJO2015

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by chelseabmw(m): 2:25pm On Jan 02, 2015
GEJ till 2019

After 2019 buhari can come but for now, No way

APC should try and bring someone cool by 2019 then I can vote for them... for now I will manage with GEJ

PS.... I dont like GEJ n GMB.... Buh the devil u know is better than d angel u don't know

God bless us all

Happy New Year

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Sunymoore(m): 2:25pm On Jan 02, 2015
k
Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by seunwen2(m): 2:25pm On Jan 02, 2015
[size=32pt]Hmmm[/size]
Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by braveheart77: 2:25pm On Jan 02, 2015
As long as people did not die like they are dying presently in Jonathans administration, we will still vote for him. The best a government can provide for the people is security of life and property. Jonathan has failed.

GMB till. ................

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Dannyset(m): 2:25pm On Jan 02, 2015
Its like u people don't get. We hav decided to hav a CHANGE. All this ur bullsh.it won't stop us. No more Jona.

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by papiforreal(m): 2:25pm On Jan 02, 2015
Well.. Britain we all know that you dont want progress in Africa that is why you are behind this lunatic president..

You hate Buhari because he stood up against your order and tried to kidnapp corrupt officials that run to your country to seek cover from facing court trial.

For you own info, we have now wake up from the slumber that you decided for us how to run our country.

we now know what is best for us, we know what our problems are and who has what it takes to solve them.

If buhari is unfit, so GEJ is fit. Dont worry we are kicking him out of Aso soon, you can appointhim prime minister in yo country.

useless hypocrites

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by Nimblemind(m): 2:25pm On Jan 02, 2015
Let somebody fix the present one!
Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by NJPot(m): 2:26pm On Jan 02, 2015
ok na. But wait. What will Jona and GEJ do if Jega publishes the following as the winners of the governorship and presidential elections as found here.

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Re: Buhari Could Not Solve The Economic Problems His Regime Faced - Britannica by adaweezy(m): 2:27pm On Jan 02, 2015
stale gist... Pathetic Nigerians referring to foreign Authorities
Modified

Buharinomics was General Buhari’s economic program marshaled out to salvage the nation in 1984. He summarized the objective of his economic policy (as articulated in the 1984 budget) as follows: "To arrest the decline in the economy, to put the economy on a proper course of recovery and solvency, and to chart a future course for economic stability and prosperity" (West Africa, May 14, 1984). He had previously done similarly, in March while receiving the visiting Sudanese President, Gaafar Nimeiri. Upon his inquiring of what the new military government had in mind for the nation it then ruled, Buhari said to him: "The priority [of his administration] is for economic recovery, providing employment opportunities, improving people's living conditions, consolidating internal security and ensuring foreign respect" (Africa Now, March 1984). In a nutshell, Buharinomics set out to arrest the decline in the economy and refocus it towards recovery.

Buharinomics was to wean the nation off consumerism and profligacy, while channeling it towards frugality and productivity. To accomplish this, the government was to cut down on its expenditure, engage in more efficient restricting and controlling of foreign exchange outflow, undertake the revival of the country's productive capacity (concentration was on agriculture), and broaden government's revenue base.

The first test of Buharinomics was implemented to revive the comatose banking industry and arrest local currency hoarding. In April 1984, the government ordered a change in the color of the Naira. This action was dubbed the “real coup” by unscrupulous business men and politicians who had almost eliminated the need for commercial banking in Nigeria by keeping their moneys under their mattresses or by trafficking them into neighboring West African countries.

This currency change, which forced all holders of the naira notes into exchanging them for the new naira notes at commercial banks, infused billions that had remained unaccounted for into the banking industry and eliminated counterfeited currencies, which had inflicted inflationary and other nefarious effects on the economy. This measure had an immediate revitalizing effect in the banking industry and was an unqualified success. Banks that were close to collapsing became vibrant again, to the extent that some of them began to hire hitherto unemployed Nigerians.
To cut down on government expenses, the federal work force was cut by 30% and imports for 1984 pegged at 4 billion pounds (mostly on basic foodstuffs, spare parts, and raw materials for local industries), against 14 billion pounds spent in 1983. To ensure that Nigeria remained respectable on the international business world, Buhari committed to honoring Nigeria’s debt payment schedule irrespective of the limited earning potential of Nigeria. In August 1984, Buhari was on one of his meet-the-people nationwide tours, which he began as soon as the administration got on its feet. Everywhere he went, the people embraced him, coming out en mass and ushering him tumultuous cheers and unreserved applause.In one of his speeches to the people (this one in Owerri), he reiterated Nigeria’s commitment to honoring its debts, the dire economic situation notwithstanding. "The task of this administration is how to persuade Nigerians to understand that for a number of years to come, we would be paying debts, the roads may be long and thorny but we believe that on our shoulders lies the responsibility to save our fatherland from devastation that has resulted from mismanagement" (Newswatch, February 18, 1985).

Buhari could not have been any more correct in his statement above. Assuming Nigeria took no further loans, its breakdown of loan repayments was as follows: 3.9 billion naira ($4.4 billion) in 1985, 3.7 billion naira ($4.19 billion) in 1986, 2.8 billion naira ($3.2 billion) in 1987, until a decrease to 703 million in 1991 (Concord Weekly, May 6, 1985). Nigeria’s precarious financial situation made it impossible for it to finance capital projects and meet up its balance of payment obligations. With oil export pegged at 1.3 million barrels per day by OPEC, borrowing from external sources became necessary. To this effect, Nigeria proposed borrowing 1.795m naira to finance its capital project from the IMF. The patriotism with which General Buhari handled Nigeria’s dealings with the IMF was the highlight and beauty of Buharinomics.

In order to qualify for the loan, IMF gave Nigeria certain conditions which must be met. In 1984 when the naira exchanged for $1.34, the IMF demanded a minimum of 60% devaluation of it. Buhari refused, agreeing only to a "crawling peg"—a mechanism whereby government would realign the currency gradually, forestalling or minimizing economic and social dislocations because of such drastic devaluation of its currency. In addition to the devaluation of the naira, IMF demanded that government took other drastic actions: (a) The government must remove its subsidy on petroleum. (b) It must curtail its expenditure. (c) Government must rationalize its tariff structures. (d) It must put a freeze on its wages. (e) It must put a total end of non-statutory transfers to State governments, (f) Government must at least institute a 30% raise on interest rates—government resisted this because the decline in its revenue earnings and its debt obligations made it almost impossible to raise interest rates without triggering inflation (West Africa, May 14, 1984).

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