[size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 [/size]

http://www.elombah.com/index.php?option=com_content&view=article&id=5720:is-general-buhari-the-problem-with-nigeria&catid=36:pointblank&Itemid=83

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.

Sai Buhari!!!

You'll hurt me more if you don't complete this write up

^ ok

[b][size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 (- - -continued part 5)
[/size]

To counter OPEC’s bluff, the Buhari administration entered into a $2 billion barter trade agreement with four countries.
Nigeria daily bartered 200,000 barrels of oil as follows:
(a) completely knocked down parts for automobiles from Brazil.

(b) Construction equipment from Italy

(c) Engineering equipment from France, and

(d) Capital goods from Austria.

This barter trade took care of the administration’s need to have borrowed money but it intensified the ill will the US and Britain had for Nigeria.

By bartering this oil, Nigeria was:

(a) solving those needs which the proposed IMF loan was geared toward. Doing so without borrowing or feeling the pains of spending the meager amount generated from its OPEC approved 1.3 billion a day oil export is the stuff an economic wizard is made of.

(b) Britain had been cut off as Nigeria’s major supplier of the goods which the countries in the barter agreement sent to Nigeria.

(c) The US usurious money lenders were denied the chance to suck Nigeria dry through the IMF loan.

(d) American and British oil companies were irate that the oil being bartered would flood the oil market, cutting in on their profits.

(e) The oil being bartered was oil that used to be illegally bunkered before Buhari put illegal oil bunkering artist out of business. For once, an African country had put positive economic mechanism in place to salvage its ailing economy without swallowing IMF’s poison pills.[/b]

[size=18pt]14th March 1984 - The NY Times
Buhari signs Barter Trade agreement with Brazil who would refine and return Nigeria's oil in exchange for crude oil[/size]

RIO DE JANEIRO, March 13— Brazil has won an international bidding contest to refine Nigerian oil this year, the state oil company, Petrobras, announced today.

The $1.2 billion agreement calls for Brazil to import Nigerian crude and return refined gasoline, jet fuel and diesel oil to Nigeria, a Petrobras spokesman said. He added that the accord would allow Brazil to reduce its idle refining capacity and earn a margin of profit.

Brazil imports about two-thirds of the one million barrels of oil it consumes daily, mostly from the Middle East. It buys 10,000 barrels daily from Nigeria.

[size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 (- - -continued part 6)[/size]

As far as America and Britain were concerned, there was a price to be paid by this Buhari, who thought he was smart enough not to accept subservience to their authority. To begin with, a London newspaper (The Financial Times) published Nigeria’s barter trade agreement with Brazil (which, in truth, was done in secrecy because Buhari treated some aspects of his economic policy as State secret). The British thought it was going to incite OPEC against Nigeria since OPEC as a body did not support oil bartering. Oil Minister Tam David West, in a press conference, said, “If a nation believes it is part of its strategy for national survival to do this [barter trade], why not?” To assure OPEC that Nigeria was not indulging in barter trade in order to pull out of OPEC, he added ”Our strategy is to stay in OPEC and make its presence felt, and work together on programs that will be for the economic interest of all” (Concord Weekly, May 6, 1985). There is more to this barter trade than time will permit one to detail in this piece. For now, it is worth noting that it was the major reason for which Britain and America wanted the Buhari administration overthrown.

The counter trade showcased Buhari as a visionary. He made America and Britain feel silly and they swore to get him out of office. When Babangida took over, on his maiden speech to the nation he promised to revisit the counter trade agreements. Within two weeks in office, September 17, 1985, he setup a panel to review it and recommend to his administration how to revive the economy without the use of counter trade. Babangida rolled back counter trade at the behest of his imperialist masters and at the detriment of the Nigerian nation and people.

How did i ever miss this piece. 90% of nigerians don't really know this and it is really hard to describe to them who the real Buhari is, what they have choosen to accept instead is the character assasination garbage being spewed by the same Britain and USA.

best president Nigeria had was yakubu now go person off

very true.
most people on this forum are under 30years old and have been misinformed by our press that are owned by the corrupt elites who own almost all our press.

thoth: How did i ever miss this piece. 90% of nigerians don't really know this and it is really hard to describe to them who the real Buhari is, what they have choosen to accept instead is the character assasination garbage being spewed by the same Britain and USA.

[size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 (- - -continued 7th and final part)[/size]

By the time the Buhari administration was overthrown in August of 1985, Buharinomics was beginning to yield dividends. For example, the inflationary rate had fallen from 23.2% in 1983 to 5.5% in 1985.

Nigeria did not regret rejecting the IMF loan because it was meeting its obligation of prompt debt payment and the bartered goods were, to some extent, holding up within the austerity measure which had been in place since the Shagari days.

Food was becoming reasonably available for two reasons:
(a) The emphasis paid to agriculture had resulted in abundant food harvests, especially yam tubers.
(b) The border closure made it impossible for unscrupulous business men to continue smuggling food items into neighboring countries where they sold for twice their value in Nigeria.

Had Buharinomics continued for at least five years, Nigeria would have joined the Asian tigers in economic growth and self reliance. We know that to be true because Babangida came into office and did everything the IMF asked and the Nigerian economy took a dive into the gutter and has not recovered yet.

GenBuhari:
very true.
most people on this forum are under 30years old and have been misinformed by our press that are owned by the corrupt elites who own almost all our press.

why its up to us who know to show them the real buhari using social media and hopefully tinubu will do same with the nation newspaper and consat