Buhari Can’t Be President–Wayas - Politics (2) - Nairaland
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N4.7bn Cars: Buhari Can’t Dictate To Us –n’assembly / Ex-Senate President Joseph Wayas Dumps PDP For APC / Buhari Can’t Be President Because He’s Not Computer Literate – Mimiko (2) (3) (4)
| Re: Buhari Can’t Be President–Wayas by Nobody: 11:43pm On Feb 15, 2013 |
Demdem: jonathan has never been indicted by a court of law as an ex governor while buhari your god committed treason by sacking a democratically elected government he did it by first sacking the national constitution there is no argument about that |
| Re: Buhari Can’t Be President–Wayas by Demdem(m): 11:52pm On Feb 15, 2013 |
re@lchange: Fool, so its Buhari that has been indicted by a court of law  u are a joke. Why not ask the retardeen to make it happen.There is also no argument that the retardeen collected billions for years as gov and nothing to show for it. |
| Re: Buhari Can’t Be President–Wayas by Nobody: 11:56pm On Feb 15, 2013 |
Demdem: so you are waiting for a court to indict a man who announced to the nation that the democratically elected government has been sacked? a man who personally sacked the constitution; an open treason? you compare that to an allegation which can only be proved by a court? i am now convinced that most of you Yoruba's are re.t.arded indeed! |
| Re: Buhari Can’t Be President–Wayas by Nobody: 11:59pm On Feb 15, 2013 |
isn't it even ironic that the re.tards are the ones calling a brilliant man "retardeen"? this 'retardeen" is making it possible for you to speak freely without being charged under a "miscellanous offenses decree". this retardeed allowed you idiotic ACN to rule parts of your useless states nigeria, a land where goats call others names! |
| Re: Buhari Can’t Be President–Wayas by Demdem(m): 12:04am On Feb 16, 2013 |
re@lchange: Fool, he did no such thing. He was called upon after deed has been done and his life at stake. Ur bigoted infected brain won't allow u to accept the truth. It's allowed. besides until there is a court order to that effect, its assumed they are innocent. Ur hatred won't change that.Anyway, am also not waiting for the court to explain the rationale while bayelsans regards the thief alams a better governor than the retardeen. |
| Re: Buhari Can’t Be President–Wayas by Demdem(m): 12:06am On Feb 16, 2013 |
re@lchange: That doesn't make him less of a retardeen. Besides, the SW made concious efforts to boot out the killer party. It's not the retardeens doing fool. |
| Re: Buhari Can’t Be President–Wayas by Nobody: 12:08am On Feb 16, 2013 |
Demdem: hahahahaha! you see why i gave the example of an armed robbery gang ra.ping and asking their leader to lead; but your low IQ couldn't wrap your tiny brain around it? buhari is a coupist and should actually be tried and shot by firing squad he committed treason; a capital offense. for you and similar goat headed hordes to continue peddling his name here is an insult on africans as a homo sapiens specie. |
| Re: Buhari Can’t Be President–Wayas by Nobody: 12:10am On Feb 16, 2013 |
Demdem: no, the SW is making serious effort to foist a killer as nigerias elected leader someone who thinks with a 19th century brain maybe you should secede with him and make him your life president goat. |
| Re: Buhari Can’t Be President–Wayas by Demdem(m): 12:10am On Feb 16, 2013 |
[s] re@lchange:[/s] Crap. Empty head. Nothing new. |
| Re: Buhari Can’t Be President–Wayas by Nobody: 12:11am On Feb 16, 2013 |
Demdem: [s][/s] Yoruba goat.  |
| Re: Buhari Can’t Be President–Wayas by Demdem(m): 12:13am On Feb 16, 2013 |
re@lchange: No, the rest of Nigeria except the se/SS who have sworn their heart to the killer party are looking for a better alternative for the retardeen. The dumbness and stupidity he brings to governance is world class. 1 Like |
| Re: Buhari Can’t Be President–Wayas by Demdem(m): 12:14am On Feb 16, 2013 |
re@lchange: Demdem: [s][/s] |
| Re: Buhari Can’t Be President–Wayas by CROWE: 5:03am On Feb 16, 2013 |
nagoma: Please, lets not be retards here, coup for third term against himself? If you are going to equalize words randomly lemme know so I can go argue with more rational people. Demdem: Didn't want it when gave it to him, also didn't want it when it was taking away then why didn't they just ask him to step down? Don't try to feed me bad beef aurenflani: Demdem: [s][/s] Yes but this is not your argument, it is Wayas argument. He has no issue with overthrowing a government, he has issue with overthrowing a democracy and later wanting to be elected by one, hence his use of the word irony. Coups in themselves are not what he is complaining about which is why he had no problem with Obasanjo, because Obasanjo was pro democracy, this is about the qualification for ruling in a democracy. Buhari was party to the abuse of a democracy and is therefore unworthy of it is what Wayas is trying ti imply, do you understand? Before I go and steal something like that and I want you to be the one to use it I will ask you if you will accept because if you refuse it I will have a real issue on my hands, a country without a head of state is a problem. He would certainly get a lighter sentence but he was party to it. You may not ever agree with me that Buhari was culpable, that is fine but as for what Wayas is saying there is clear indication for why he may have been ok with Obasanjo but not Buhari. |
| Re: Buhari Can’t Be President–Wayas by nagoma(m): 6:29am On Feb 16, 2013 |
CROWÉ:Rubbish ! Obasanjo participated in more coups than Buhari. The senate president David Mark became the military Governor of Niger State through a military coup. If all of them now want democracy that's fine and we want to know who has Nigeria at heart and not the weak minded whose immediate and only ambition is personal material wealth. |
| Re: Buhari Can’t Be President–Wayas by edoyad(m): 6:46am On Feb 16, 2013 |
nagoma:Good lord! Please stop ridiculing yourself. Are you saying David mark staged a coup that's why he became a governor? He was appointed as Governor by a Military Junta. And this is simple logic, a man who spearheaded the Junta that overthrew a Democratically elected Government is now trying to reap from the democratic process. How ironic isn't it? |
| Re: Buhari Can’t Be President–Wayas by CROWE: 7:24am On Feb 16, 2013 |
edoyad: ^This is a nutshell is what Wayas was saying, he wasn't criticizing the coup, he was talking about their actions in relation to democracy. You people need to take a second to understand what someone is saying before you come to conclusions. nagoma: But then what is the reason you have to believe that Buhari has Nigerias interests at heart? It is true that many of them abused our democracy in the past, it doesn't mean it is ok just because there were a lot of them, we are not running low on people who never did those things so why should we accept those who did? Also, be advised that I am not defending Wayas, I was just explaining where he was coming from and at the end of the day I would love to level some questions at Buhari, I am open minded of course and if in the coming months he convinces me that he is learned and driven enough I could vote for him but not right now. |
| Re: Buhari Can’t Be President–Wayas by Nobody: 8:35am On Feb 16, 2013 |
Now that a sane man is talking. |
| Re: Buhari Can’t Be President–Wayas by nagoma(m): 8:52am On Feb 16, 2013 |
edoyad: You are looking for excuses to deny Nigerians a selfless service, shifting the goal post all the time , coups are never staged by one person , you sound much extremely naive or just mischievous , so you think one person singlehandedly stages a coup and then he invites innocent people to come and be governors? Go tell your tales to children. Why did a david Mark not refuse to serve in an illegal military Junta government? He could have resigned if democracy was in his blood. In any case what we want is removal of the tyrannical PDP government that has been oppressing the Nigerian people for the last 13 years.the present clueless president should be sent packing for any selfless capable and nationalist Nigerian who has the country and it's people at heart. |
| Re: Buhari Can’t Be President–Wayas by Demdem(m): 2:08pm On Feb 16, 2013 |
CROWÉ: |
| Re: Buhari Can’t Be President–Wayas by CROWE: 4:05pm On Feb 16, 2013 |
Demdem: And how are u sure that didnt transpired? Was any blood spilled when he was overthrew? was there any form of resistance whatsoever from his part? The bottom line here is we have a general that isnt desperate for power. Thats a fact. He wasn't desperate for power then, he surely seems desperate for power now. I wonder what changed. Demdem: Crap. Overthrow of either a military govt or a democratic govt carries the same capital offence when tried which is death. Ur effort to make one better than the other is to me childish. Wayas is talking rubbish. Buhari never initiated any coup but the coupist who were the majority called upon him to take over. Its either u are for them or not (which means death). even if he must die, why should it be for a miserable and corrupt govt headed by Shagari in which Wayas himself was culpable. I never said what Obasanjo did was acceptable so wtf, we are talking about the irony in wanting to be elected by a democracy after spending the better part of your life abusing the system of government. Also stop feeding us that for or against them bull, Wayas was clearly against and he is still alive also i have never seen anybody point a gun at another person and say "become our master, we force you to leads us", that is quite absurd but it is what you are suggesting. I have been point it out over and over again that this is a topic about acts in relation to democracy and not military coups but you keep talking about how they both overthrew governments, I think you are a least a little stewpid. |
| Re: Buhari Can’t Be President–Wayas by Nobody: 4:54pm On Feb 16, 2013 |
[size=18pt]MUHAMMADU BUHARI: THE UNTIRING PERSONA AT 68[/size] By thewillnigeria.com Born on Thursday the 17th December, 1942 in Daura, Katsina state, to a Fulani Chief, Ardo Adamu of Dumurkol, a village near Daura, and Hajiya Zulaihatu, a Hausa woman. He was a Gambo or Leko, as he arrived after the death of his older twin siblings. It is what the Yorubas would refer to as Idowu. That is the story of the parenthood of Major General Muhammadu Yassim Yinusa Buhari, the officer gentleman who, at three critical times, was well positioned to amass wealth for himself illegally but did not. After attending primary schools at Daura and Mai’adua between 1948 and 1952, followed by a year stint at Katsina model school in 1953 and Katsina Provincial secondary school (now Government college Katsina) between 1956 and 1961; Buhari had a choice of training as a teacher, studying agriculture or joining the Army. He chose the profession of the arms. As a cadet, he was made a sergeant which was an early recognition of his leadership qualities by his superiors. www.nairaland.com/attachments/725348_buhari_parade_jpgcf420c430ac5cdb9a5c0fadf1e0fb509 It was in August 1975 that Muhammadu Buhari first came into national visibility when he was appointed Military Governor of the North Eastern by the Murtala Muhammed’s regime. After the death of the General Murtala Muhammed, the new Lt. General Olusegun Obasanjo government appointed him as the Federal Commissioner for Petroleum resources (March 1976-July 1978) and later, Chairman of Nigerian National Petroleum Corporation, June 1978-July 1978. It was during his stewardship at the Petroleum ministry that two of the nation’s refineries (Warri and Kaduna) were built. In 1983, the patriotic fervor of Buhari was rudely put to test when the Chadians, in a mindless expansionist adventure, invaded and occupied 19 islands in Lake Chad within Nigerian territory. As the General Officer Commanding (GOC) the 3rd armored corps, the then Brigadier Muhammadu Buhari successfully carried out a blockade forcing the return of the territories and thereafter pursued the Chadians as far as 50kms into Chadian territory. On an Internet discourse, Major-General (retired) Ishola Williams commented on this military feat thus: “He applied forward defense strategy at its best.” www.nairaland.com/attachments/726098_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f Major-General Muhammadu Buhari bestrode the nation’s governance when he led the military putsch that overthrew the civilian regime of Alhaji Shehu Shagari. Prior to the take-over, the four-year-incursion of the civilian government had been horrific for Nigerians. The economy had been recklessly mismanaged to the extent that a chieftain of the ruling National Party of Nigeria, Alhaji Umaru Dikko, once asserted that there was no poverty in Nigeria because he had not seen any Nigerian feeding from the baggage dump! In his maiden speech, General Muhammadu Buhari left no one under any illusion that his regime came on a rescue mission from the executive brigandage of the civilian regime. As a last line, he opined: “This generation of Nigerians, and indeed future generations, have no country other than Nigeria. We shall remain here and salvage it together.” The 20-month era of strong leadership espoused what later became known as ‘Buharinomics’, which simply put is an admixture of frugality, probity, respect for contractual agreements, expunction of all covert or overt attempts at subjugating the Nigerian economy to world powers and above all, economic policy with Nigeria as the center-piece. It is therefore, without any whiff of equivocation to state that the boldest attempt in the last thirty years at alleviating the pains of the teeming masses was during the enactment of Buharinomics. It was not surprising that the inflation rate was lowered by more than 18 points, from 23.2% in 1983 to 5.5% in 1985! The Buhari regime rebuffed all entreaties by IMF and World Bank to devalue the naira, remove subsidies on services and increase pump price on fuel. It was arduous for the regime to cleanse the mess of the Shagari regime, which was characterized by unprecedented indiscipline –fiscal, institutional and governmental. With the mantra of War Against Indiscipline (WAI), a new direction was charted for Nigerians in ethical behavior in Public places. [img]https://www.nairaland.com/attachments/754004_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img] With a persona that is hinged on self-abnegation, it was possible to insist on transparency within the polity. A military governor was relieved of his appointment for awarding N163, 000 (one hundred and sixty three thousand naira) contract without due consultation with the state executive council. The preceding politicians that corruptly enriched themselves were prosecuted and given long prison sentences. The former Director of NYSC, Col Peter Obasa and his accountant, Folorunsho Kila were found guilty and sentenced to 21years. Owing to the damaging effect of currency trafficking outside the Nation’s shores, the Buhari administration decided to change the colors of the currency notes in April 1984. This yielded the desired result as N5Billion excess liquidity was mopped off! As a backlash on this exercise, there was insidious story from a section of the media that the Buhari regime allowed the Emir of Gwandu, Alhaji Jokolo to bring in 53 suitcases during the currecy change, thereby insinuating a case of double standard. Let it be said from the onset, the opinion tenaciously held on to about this incident was what was sold to the unsuspecting Nigerian public by a section of the press. So much hoodwinked that Buhari's explanation had never been heard!This is what Buhari said about this: "This is a typical case of the press believing what they want to believe. I hope it is not a reflection of the Nigerian society. I hope one day you will find the time to interview the Vice President on this. I understand he was the Customs officer in charge of the Murtala Mohammed airport, perhaps he knows more about it than myself. I have explained this so many times but the press write what they want to write and not what is factual." Going down the memory lane, he added: "I recall the day in question. We were playing squash with my ADC when his father, the late Emir was returning to the country. He was a well-respected person. I prompted Jokolo to go and receive him even when he had no intention of doing so. By some coincidence his father was returning with my late chief of protocol who was an ambassador in Libya. He returned with his three wives and about 16 children. Everything about him including the handbag of his wives was counted as a suitcase. I explained this myself but nobody believed me." The Vice-President referred to is Alhaji Atiku Abubakar, the man that is now desperately fighting for PDP nomination. Some months ago when he Alhaji Atiku Abubakar gave inkling into his interest in the nation's presidency, anxious journalists wanted to know from him how he would manage the formidable competition from IBB. He smiled and calmly told them, "You people do not know that my friendship with General Babangida had been for at least ten years before i knew the late General Shehu Musa-Yar'adua." As an undergraduate, I did a little bit of mathematical induction. Without doubt, Alhaji Atiku Abubakar was very friendly with General IBB (the serving Chief of Army staff) at the time of this 53-suitcase saga. We cannot infer anything yet, it is necessary to delve a little into IBB's subterfuge and fifth-columnist-posturing during the Buhari regime. www.nairaland.com/attachments/754009_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9 During the infamous Nigerian Medical Association (NMA)-induced doctors' strike of 1984/85, Dr Fashakin (a former NMA President in Ife zone) had in an internet discourse, graciously acknowledged the 'logistics' support extended to the ‘fleeing’ NMA executive members by the same Gen. IBB. Col. Halilu Akilu (as Director military Intelligence) was reporting to Gen IBB as the Chief of Army staff. For inexplicable reason (except for sheer idiocy), Akilu ordered soldiers to invade the 2-park-lane-Apapa residence of the late Sage, Chief Obafemi Awolowo. Sometime ago, General Buhari was cornered and asked specifically about this incident. He said, "I did not order anybody to do this. It was the handiwork of the fifth columnist in our midst." The Newsprints ordered by Concord Press (owned by Chief MKO Abiola) were seized by the Buhari regime because of infraction of the subsisting importation regulation. On the day (27th August, 1985) the Buhari regime was toppled, an airplane owned by Concord airline ferried General IBB from Minna to Lagos to assume leadership of the Nation. Did that suggest a friendship that facilitated the successful removal of the regime? Was there a possibility of an alliance by General IBB and Alhaji Atiku Abubakar to embarrass the Buhari regime? I strongly believe so! I therefore make bold to declare that the 53-suitcase issue was a hoax! You are at liberty to hold on to your impression. www.nairaland.com/attachments/822098_Gen_Buhari_jpg680f0e3cee55a5a2432551406739fb8e Buhari may have his foibles (as all humans do) but what his detractors cannot take away from him is his personal discipline with no avaricious desire for unjust gain. This means he is a man who has succeeded in putting his own self into some form of self -abnegation. Such is the man that can usher in a fresh air from the fouled political atmosphere within the polity. I challenge anyone to point to any assassination or assassination attempt (with the imprimatur of the state) during the Buhari regime. But what happened after his removal? All the succeeding regimes have been guilty of clandestinely eliminating voices of dissent within the polity. Though Gen IBB came smiling at everyone, including the Press; but before 15 months of his reign, a notable journalist had already been ‘parcel-bombed’! We virtually lost count of unresolved state-organized murders during the infamous civilian regime of Baba Iyabo the imperial president. The explanation for the unresolved assassination Chief Bola Ige SAN, the regime's minister of Justice still leaves much to be desired! This spate of murders to settle political scores has, unwittingly or wittingly, been replicated by the state governors. It is a rarity to find a state governor without murderous squads roaming freely for the next assignment to satisfy their sponsors. It is against this backdrop that Nigerians, I mean concerned Nigerians believe that the next leadership is critical in moving the nation to the next level. It is clearly important that we can no longer operate the culture of government by settlement whereby less than 600 individuals collectively consume 25% of the nation's budget; according to the recent startling statistics by the CBN governor, Sanusi Lamido Sanusi. Buhari had said he intends to extend the work-hours of Nigerians to 24-7; which means the people should be free to move about at whatever time of the day as they choose. Who is able to do this? It is not what someone reads to us from a speech prepared by a consultant; but from someone whose antecedents bespeak of refusal to pander to the antics of the Breton Woods' institutions to further impoverish our people. www.nairaland.com/attachments/908677_buhari_pic_gif0b92a71a0ffa3f1da9713778c0f7a2f0 It was a clear attestation of his Spartan lifestyle that the Abacha military regime entrusted the management of the Petroleum Trust Fund (PTF) under his watch. There is no gain saying that PTF literally became the project arm of the government: Drugs supply to hospitals (especially Universities’ medical centers), road projects to hitherto unexplored rural areas clearly attest to his scrupulous assiduity. What is the state of the republic as we speak? The parlous state of the economy is aptly captured in the fact that for the past eight months, the foreign reserves have been depleted by $8Billion, with the inflation rate as high as 14% and still rising. More worrisome is the depletion of the excess crude account from $22Billion to $470million with no corresponding economy-impacting capital projects to justify the expenditure. Newton's second law of Motion states that: "Everybody continues in a state of rest or uniform motion unless compelled by an external force." If there is no meaningful intervention from a confirmed patriot, our democracy (or demonstration of craze, apology to Fela Anikulapo-Kuti) is doomed for failure. It is for these reasons and many more that General Muhammadu Buhari has taken up the gauntlet (through the support of Nigerians across the geo-political divide) to save the polity just one more time. The espousal of the new Nigeria would be dependent on the choice we make in April 2011. The Executive Presidents we have had in the last twelve years have not emerged from their visionary desire for the office but as a result of overbearing superimposition by entrenched interests. That would largely account for the rudderless leadership that had, unfortunately, been foisted on us. On the contrary, Muhammadu Buhari, with his antecedents of transparent and impactful governance, has with again shown uncanny indefatigability in offering himself for the needed rescue operation on the nation. Will this third attempt be the defining moment for the Nigerian nation? We stand at the threshold of history as true greatness beckons! God bless the Federal Republic of Nigeria. www.nairaland.com/attachments/725348_buhari_parade_jpgcf420c430ac5cdb9a5c0fadf1e0fb509 Engr. Rotimi Fashakin, 28, Oguntona Crescent, Gbagada, Lagos. Email: rotfash@yahoo.com http://www.thenigerianvoice.com/nvnews/40741/1/muhammadu-buhari-the-untiring-persona-at-68.html |
| Re: Buhari Can’t Be President–Wayas by Nobody: 4:56pm On Feb 16, 2013 |
[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. www.nairaland.com/attachments/635156_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f 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. www.nairaland.com/attachments/635893_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9 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). [img]https://www.nairaland.com/attachments/635886_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img] 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. [img]https://www.nairaland.com/attachments/635887_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img] 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). www.nairaland.com/attachments/908607_Gen_Buhari_jpg680f0e3cee55a5a2432551406739fb8e The Nigerian government and veteran economists in Nigeria (like Aluko, Onosade, Okigbo, etc) could not make sense of being asked to devalue its currency when Nigeria’s imports were in dollar and its export (fixed quantity of oil) was also in dollar. The implication of devaluation was that Nigeria would pay more to import lesser quantity of goods than it did prior to any devaluation. It would also export the same amount of oil it exported before any devaluation and derive lesser revenue than it received before any devaluation The impacts of it debt payment would have harsher effect on the citizenry if the naira was devalued. This did not make any economic sense to Buhari; it struck him as an insult on the intelligence of the African. Finance Minister Onaolapo Soleye and Alhaji Abubakar Alhaji who led the Nigerian delegation to the last negotiation in Washington were chewed out by US Federal Reserve Chairman, Paul Volcker, for presenting the Nigerian governments rejection of most of these recommendations. For rejecting the IMF conditions and the loan, the Buhari administration got into the black book of Washington. Already, it had earned the dislike of 10 Downing Street for cutting down Nigeria’s imports from the UK by about 350%. In any case, without the IMF loan, government was still in a bind as to how to finance capital projects and pay for imports, especially spare parts for local industries, food items, etc. At this juncture, the genius and resourcefulness of Buharinomics illuminated to the delight of the African. www.nairaland.com/attachments/686219_buhari_parade_jpgcf420c430ac5cdb9a5c0fadf1e0fb509 First, the administration sent Oil Minister Tam David West to OPEC to seek a raise in the quantity of oil that Nigeria could export. If OPEC agreed, Nigeria would expect to generate extra revenue in the long run from any increase of its oil quota and this would assist tremendously in augmenting the shortfall in the nation’s purse. Professor West came back empty handed—the US and Britain had put pressure on their puppets in OPEC (like Saudi Arabia) to refuse Nigeria’s request. www.nairaland.com/attachments/710787_buhari_pic_gif0b92a71a0ffa3f1da9713778c0f7a2f0 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. (d) 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. www.nairaland.com/attachments/726098_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f 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. www.nairaland.com/attachments/754009_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9 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. [img]https://www.nairaland.com/attachments/754008_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img] 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. [img]https://www.nairaland.com/attachments/754010_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img] for the corrupt, the fear of Buhari is the beginning of wisodom |
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