.. THE ACHIEVEMENTS OF GENERAL BUHARI as written by (GEJ)1.He was the only head-of-State apart from Major-General Aguiyi Ironsi that never promoted himself to the position of General in Nigeria Army(that's integrity)2. He has zero tolerance for corruption 3.He launched the war against indiscipline and environtal mental sanitation a legacy that is still sustained till today.4. He paid up all our debt during his regime, Nigeria has no debt whatsoever.5.During his regime inflation rate came down from23% to 5%.6.During his regime Naira was so strong that N1 was equal to$2 and £1was equal to N 2.7. Drug trafficking was low because he actually executes drug dealers, a practice still upheld in advanced world system till today in Vietnam, Indonesia, Saudi Arabia, Singapore to mention a few.8. As a Petroleum Minister and general Manager of NNPC under Obasanjo between1976-1979 He built the only 3 refineries we have in Nigeria today He constructed 20 oil depot throughout Nigeria He laid 3200 km of oil pipelines.9. As the chairman of PTF under late General Sani Abacha. He managed the PTF with transparency by publishing the annual report on time and always address press conferences He used the excess crude oil fund to construct road all across Nigeria that it was even said that he constructed more roads than the Nigerian Federal Government have done in the past 15 years The PTF under him also supplies textbooks,notebooks, Buses to tertiary institution, drugs was supplied to hospitals He also rehabilitated our mass transit system supplying public buses all over the country.10. He is strict and disciplined, and also a good father and grandfather 11. He was the one that discovered late Prof. Dora Akunyili and he was theone that nominated her for her position in NAFDAC 12. He was the first Head-of-State to put women in cabinet, 66% of his governors and ministers then are Christians.13. He is the onlyformal president that doesn't have any foreign account, no house or landed property in Lagos or Abuja and no asset abroad.14. As PTF chairman he refuse to take salary or allowances because he was already on pension as a formal HOS 15. He is the only formal president that takes only 10% of the accrue N23m paid monthly to formal HOS no wonder he has to get loan to purchase the presidential form (Hon.Dino Melaye confirmed this from the ministry of finance)16. He has no oil rig, not even a petrol station as a HOS and PTF chairman, petroleum minister/NNPC GMD 17.He has never been convicted of any crime though many panels were setup to discredit him but none have a proof to indict him. 18. As the HOS he stood firm against world powers when they were trying to meddle in our affairs, because they pressurize him to borrow money from IMF/World bank in other to devalue naira. 19. As the HOS he flew to Maiduguri to command and motivate the GOC and the army and in 2weeks a terrorist sect group from Chad by name Maitasine was crushed, he didn't negotiate with terrorist 20. During his regime there was no religious or tribal war or violence 21. He stopped Christians workers and soldiers from working on Sundays .Nigerians "Febuhari 28" is our chance to vote for the man thatcan channel our course to greatness.LET US PUT SENTIMENTS ASIDE, LETS ELIMINATEFAVOURITISM, LETS MAKE THINGS RIGHT FOR AT LEAST ONCEIN A LIFE TIME, LETS GIVE THIS MAN A CHANCE TO PROVEHIMSELF, MY FELLOW YOUTHS, I URGE U TO LISTEN TO WHATTHIS EX-GENERAL HAS TO SAY... LETS NOT IGNORE HIM, HECOULD BE THE ANSWER TO OUR PRAYERS, LETS NOT FORGETTHAT THE WAYS OF THE LORD IS MYSTERIOUS. VOTE WISELY,VOTE BUHARI, VOTE APC for CHANGE.God bless the Federal Republic of Nigeria.......WHAT YOU DON’T KNOW ABOUT SAMBO DASUKI, the Nigeria’sNational SecurityAdviser to the current president GEJ In August 1985, the eveningof the 26th to be specific, at a time when Nigerians werecelebrating the Muslim festival and enjoying the public holiday, asoldier named Badamasi Babangida was executing his plans ofoverthrowing the Nigerian Head of State, Major-GeneralMuhammadu Buhari. One of the soldiers who arrested Buhari atgunpoint was a soldier named SAMBO DASUKI. After Buhari wasarrested and his government toppled, IBB threw him into prisonand handsomely rewarded Dasuki by making him his ADC (aide-de-camp). Sambo Dasuki was one of the four army majors thatarrested Buhari at gunpoint that day. Others were AbubakarDangiwa Umar, Lawan Gwadabe, Abdulmumuni Aminu. Buhariwas left to rot in jail for two years and this wrecked his familylife so bad that it led to a divorce with Safinatu, his belovedwife upon his release. While Buhari was also in jail, Babangidasent soldiers to ransack and vandalize his residence, in theprocess destroying some of Buhari’s most valuable credentialsand valuables. Let me skip what happened to Sambo Dasukiand his father the former Sultan of Sokoto under GeneralAbacha to today. He has been appointed as the NationalSecurity Adviser to President Jonathan and you really thinkSambo Dasuki will want the elections to go on and Buharibecome the President of Nigeria? Think again, what is going onhas nothing to do with PVCs or bla bla bla. It is all about theinterests of a few people strangling the country. I think allNigerians should remain calm and read more and see how thegame is played with the destinies of the almost 200 million ofus. Things are not always what they seem to be. ''

That was thirty something years ago. Now the man is old, he has nothing left to offer.



GEJ TILL 2019

APC and their fellow janjaw.e.ed BH minions are evil and shekau their BH field commander will soon be capture alive APC evil minions what sayest thou

My broda,may ur brain never run dry of ideas..let me help a bit..
(1)He met astonishing unbelievable short and medium term loans and paid up without devaluing the naira.
(2)Great support to local manufacturing in two years which was discontinued by the IBB regime - talk to PZ, UAC, Flour mills, Dangote, Honeywell, Cadburys, Nestle and so in. If not for Buhari those companies would have gone under in the 80s and they won't be on the stock exchange now
(3)The armed forces were equipped and trained. There were three major military exercises witnessed by Idiagbon
Corruption was eliminated, not reduced, eliminated.
(4)The western world was stood up to. No paying of fake loans, we will honour medium term loans but we will not devalue our currency and we were doing it.
(5)Drug smuggling and financial crimes were zero.
(6)Naira was 1N to $1 throughout a period oil prices were low.
(7)Refineries were working at 80% capacity.
(The power sector had a plan and average blackout rate was less that 3 hours a day....but NEPA had a development plan
(9)The railways were so developed they were taking refined products from refineries to the markets before PPMC built the pipelines to carry refined products.
10)All the river basin development authorities were working.
(11)The external affairs minister during a previous regime Muhammed even suggested that Nigeria develop atomic bombs. Such was the power and vision the country had.
It is only the uneducated below-forty generation in Nigeria who dont read anymore but would rather do facebook that does not realize that Nigeria was better in all ramifications in the 80s. All because they are showing you trains and airport buildings. All the problem with Nigeria started with IBB after they overthrew Buhari, IBN messed up and was almost overthrown and had to hand over to Abacha whilst pretending to be handing over to Shonekan.
People like Jonathan would not even know much about what was happening because he was essentially a village youth just moved to the city then after his first degree. Not very exposed to the larger happenings in society...our youth who doesn't or were not yet given birth when buhari ruled are now judging him...they see a clear and smooth road but prefers a thorny bush..

3rdlegxxx:
.. THE ACHIEVEMENTS OF GENERAL BUHARI as written by (GEJ)1.He was the only head-of-State apart from Major-General Aguiyi Ironsi that never promoted himself to the position of General in Nigeria Army(that's integrity)2. He has zero tolerance for corruption 3.He launched the war against indiscipline and environtal mental sanitation a legacy that is still sustained till today.4. He paid up all our debt during his regime, Nigeria has no debt whatsoever.5.During his regime inflation rate came down from23% to 5%.6.During his regime Naira was so strong that N1 was equal to$2 and £1was equal to N 2.7. Drug trafficking was low because he actually executes drug dealers, a practice still upheld in advanced world system till today in Vietnam, Indonesia, Saudi Arabia, Singapore to mention a few.8. As a Petroleum Minister and general Manager of NNPC under Obasanjo between1976-1979 He built the only 3 refineries we have in Nigeria today He constructed 20 oil depot throughout Nigeria He laid 3200 km of oil pipelines.9. As the chairman of PTF under late General Sani Abacha. He managed the PTF with transparency by publishing the annual report on time and always address press conferences He used the excess crude oil fund to construct road all across Nigeria that it was even said that he constructed more roads than the Nigerian Federal Government have done in the past 15 years The PTF under him also supplies textbooks,notebooks, Buses to tertiary institution, drugs was supplied to hospitals He also rehabilitated our mass transit system supplying public buses all over the country.10. He is strict and disciplined, and also a good father and grandfather 11. He was the one that discovered late Prof. Dora Akunyili and he was theone that nominated her for her position in NAFDAC 12. He was the first Head-of-State to put women in cabinet, 66% of his governors and ministers then are Christians.13. He is the onlyformal president that doesn't have any foreign account, no house or landed property in Lagos or Abuja and no asset abroad.14. As PTF chairman he refuse to take salary or allowances because he was already on pension as a formal HOS 15. He is the only formal president that takes only 10% of the accrue N23m paid monthly to formal HOS no wonder he has to get loan to purchase the presidential form (Hon.Dino Melaye confirmed this from the ministry of finance)16. He has no oil rig, not even a petrol station as a HOS and PTF chairman, petroleum minister/NNPC GMD 17.He has never been convicted of any crime though many panels were setup to discredit him but none have a proof to indict him. 18. As the HOS he stood firm against world powers when they were trying to meddle in our affairs, because they pressurize him to borrow money from IMF/World bank in other to devalue naira. 19. As the HOS he flew to Maiduguri to command and motivate the GOC and the army and in 2weeks a terrorist sect group from Chad by name Maitasine was crushed, he didn't negotiate with terrorist 20. During his regime there was no religious or tribal war or violence 21. He stopped Christians workers and soldiers from working on Sundays .Nigerians "Febuhari 28" is our chance to vote for the man thatcan channel our course to greatness.LET US PUT SENTIMENTS ASIDE, LETS ELIMINATEFAVOURITISM, LETS MAKE THINGS RIGHT FOR AT LEAST ONCEIN A LIFE TIME, LETS GIVE THIS MAN A CHANCE TO PROVEHIMSELF, MY FELLOW YOUTHS, I URGE U TO LISTEN TO WHATTHIS EX-GENERAL HAS TO SAY... LETS NOT IGNORE HIM, HECOULD BE THE ANSWER TO OUR PRAYERS, LETS NOT FORGETTHAT THE WAYS OF THE LORD IS MYSTERIOUS. VOTE WISELY,VOTE BUHARI, VOTE APC for CHANGE.God bless the Federal Republic of Nigeria.......WHAT YOU DON’T KNOW ABOUT SAMBO DASUKI, the Nigeria’sNational SecurityAdviser to the current president GEJ In August 1985, the eveningof the 26th to be specific, at a time when Nigerians werecelebrating the Muslim festival and enjoying the public holiday, asoldier named Badamasi Babangida was executing his plans ofoverthrowing the Nigerian Head of State, Major-GeneralMuhammadu Buhari. One of the soldiers who arrested Buhari atgunpoint was a soldier named SAMBO DASUKI. After Buhari wasarrested and his government toppled, IBB threw him into prisonand handsomely rewarded Dasuki by making him his ADC (aide-de-camp). Sambo Dasuki was one of the four army majors thatarrested Buhari at gunpoint that day. Others were AbubakarDangiwa Umar, Lawan Gwadabe, Abdulmumuni Aminu. Buhariwas left to rot in jail for two years and this wrecked his familylife so bad that it led to a divorce with Safinatu, his belovedwife upon his release. While Buhari was also in jail, Babangidasent soldiers to ransack and vandalize his residence, in theprocess destroying some of Buhari’s most valuable credentialsand valuables. Let me skip what happened to Sambo Dasukiand his father the former Sultan of Sokoto under GeneralAbacha to today. He has been appointed as the NationalSecurity Adviser to President Jonathan and you really thinkSambo Dasuki will want the elections to go on and Buharibecome the President of Nigeria? Think again, what is going onhas nothing to do with PVCs or bla bla bla. It is all about theinterests of a few people strangling the country. I think allNigerians should remain calm and read more and see how thegame is played with the destinies of the almost 200 million ofus. Things are not always what they seem to be. ''

Sources of your facts.

Facts without source is opinion.

It is really funny how a lot of youths and teens are against Buhari based on what they heard and some dumb minds here on nairaland say he just killed people and arrested them for nothing, he broke the constitution, lol, ask these set of people to quote 3 common passages of the constitution, they probably do not know. we lack knowledge and a great deal of curios sense to want to understand and found out facts about things,it speaks volume of our real level of education that we all claim to be.

Would have been wowed by all these beautified lies if I did not witness that period of terror.

Sing another tune!

The unapologetic coupist day of reckoning is near.

History cannot be CHANGED!

jdilight:


Sources of your facts.

Facts without source is opinion.

So you think i just sat down and spat all this out? i am dumbfounded.

3rdlegxxx:


So you think i just sat down and spat all this out? i am dumbfounded.

How will l know? Convince me otherwise with your sources.

Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984

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.

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).

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.

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.

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.

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.


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.
A nairalander also knows these and posted it.

3rdlegxxx:
Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984

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.

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).

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.

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.

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.

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.


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.
A nairalander also knows these and posted it.

Hhehehehehehehe

Its 5 years already

18. As the HOS he stood firm against world powers when they were trying to meddle in our affairs, because they pressurize him to borrow money from IMF/World bank in other to devalue naira.

Buhari was repaying all loans that Shagari had earlier applied for extension.

This led to unmitigated and unprecedented recession.

Thatcher's govt was broke and needed every dime they could lay their hands on.

Shagari had insited on loan extension owing to oil price crash.

Thatcher would have none of it and so supported a coup to remove Shagari.

Buhari was mandated to pay up the loans to float the then broke British economy.

This is what Buhari's legacy was and still is.

He is an agent of the banksters at the City of London.

He is borrowing now heavily more than any past govt, because the banks at the city of London want to buy up Nigeria for the next 200yrs.

Buhari is a globalist puppet and useful idiot to Jewish Banksters!

This is why that Jew, Welby loves Buhari!

Time has revealed this thread to be a collection of lies, falsehood and a cacophony of bullshit