Below is a masterpiece written by Sarkin Yarki Belloand is devoid of any bias or propaganda but based strictly on verifiable facts and details



Dear Nairalanders there have been various arguments on who was really responsible for the Economic slump witnessed under the Buhari govt with some people saying the slump was as a result of 16 years of bad leadership by the PDP which just happen to tank during Buhari administration and others saying the buck lies squarely with Buhari .. I am of the latter opinion that Buhari indeed is 100 percent responsible for the recession and I have carefully outlined all the poor policies by Buhari that led to the slump please enjoy .


1 : Delay in communicating a policy direction on time:

Ladies and gentlemen this was the first mistake by Buhari as he failed to communicate any economic policy direction immediately he was announced winner leaving all economic stakeholders in the dark , for months no stakeholder knew is the the new govt was going to be favourable to the private sector and at what level and instead of Buhari communicating this he instead went to work straight stoking the embers of tribalism and division with his 97% to 5% gaffe which immediately cast a veil of economic and security uncertainty on the polity and economy .

The outcome : Investors immediately put a pause on any further investment till the air could be clearer at least on what economic direction the president was towing.


2 : Delay in choosing Ministers

The 2nd mistake Buhari will make was his deliberate delay in choosing Ministers for almost a year meaning he spent his first fiscal year without any form of FEC meeting where new govt tactical and strategic policies
are brain stormed and matched against Key Performance Indicators (KPIs) , this delay was like virtually pausing the life support of a patient in Coma while you searched for a medical expert !!

The Outcome: This needless delay would end up putting the Nigerian economy under stress as for months unending every other micro policy from state govts to local govt to private sector where all put on hold as stakeholder waited for ministerial direction as a plimsol to guide their own decision so it was not uncommon for many of us to walk into our clients organization and be told we had to halt projects tool the ministers where inaugurated.

3: Immediate Infighting within the Presidents party :

Buhari has always been known to be a very cunning and divisive man who is very fond of speaking from both side of his mouth all just to protect his secret interest and he will immediately use this character to bring division into his ruling party where once again his inability to firmly set a direction would open the doors for chaos and spoils grabbing as no one knew how Buhari wanted the structure of party leadership to be , this lapse immediately brought about many camps within the party all infighting for the spoils of their latest conquest while the economy was left unattended.


The Outcome No unity between the party leadership, the executive and legislative right from the onset a problem that will further sacrifice the health of our already struggling economy further.


4: Poor implementation of TSA

It had never been a secret that Nigerian Govt funds housed in many Nigerian banks provided a lot of stability for the financial sector even though it left some loophole for possible corruption but the benefits far outweighed the risks , it was in this light the previous govt agrees that the implementation of the TSA must be staggered in phases so as not to cause financial shock to Nigeria managing Banking industry but Buhari will disregard the advice of expert and go for total implementation over night a costly bad decision that threw the financial sector into sudden confusion as predicted by experts, meaning over night our banks suddenly had less deposits to use to manage the delicate balancing of funds between depositors and lending , ofcourse at such times it's the lending aspect that will suffer as depositors must always have access to their funds as at when they want it because they are in Fact the soul of the banking business . We should note this action was clearly an indirect sabotage to the financial economy similar to a previous Buhari error in the 80s where he changed the Nigerian currency over night in a bid to catch looters cheesy

The outcome : the private sector suddenly had less access to loans and as result many economy growing projects where put on hold at great cost to the the Economic kinetics and potential of the Nigerian economy.


5: Going after Tompolo at a time of low oil Prices


At a time of low oil Prices most good leaders immediately try to drastically increase output and production in other to cover for projected short fall in revenues but shockingly it is at this time that President Buhari will choose to shake the fragile peace in the Niger Delta in a poorly thought out decision to send the military into the oil rich Niger Delta to hunt for oil warlord General Tompolo over a 13 billion Naira (35 million dollars ) payment made to Tompolo by the previous govt for the purchase of some land for some university , it ended up being a total economic disaster which only ended up worsening the Economic outlook of the country.

The Outcome : In attempt to go after 35 million dollars the Nigerian economy ended up losing a projection of about 100 billion dollars and countless lives and the painful part is that Tompolo was never caught neither was the 35 million dollars ever recovered ..Infact it's said the military operation itself cost the govt over 60 million dollars . Talk of a very bad decision .


6: 5 Billion Dollar MTN fine

Early in Buhari govt without even a policy direction in place and heavy economic uncertainty the Buhari govt in its bid to raise cheap funds will make a very bad mistake by fining telecoms success story MTN a mind boggling whooping 5 billion dollars for failing to properly register less than 1% of its subscribers a practice common with all 4 mobile Telcos in the country but surprisingly only MTN was singled out for this quite suspect fine which may industry observers have said is nothing short of a grandiose approach to executive extortion but that's as story for another day , the bottom line is that this poorly thought out fine triggered a megathrust of capital flight out of the country by many private sector players including the same same MTN who feared that same fate could befall them under the knee jerk Buhari govt and in less than 4 weeks over 80 billion dollars was spirited out of the Nigerian Govt under the nose of Buhari in one of the greatest mass capital flight ever recorded in a developing economy.

The Outcome: The capital flight triggered by the fine would put further strain on the economy once more and slow down any further new investments by such players , MTN will go further and cut it's support for thousands of small Nigerian Businesses and ideas citing lack of funds ( yours faithfully lost a lucrative advertising business my company ran regularly with MTN) MTN will drop many youth ambassadors it sponsored , drop Who wants to be a millionaire and project fame citing lack of funds , the total loss to small businesses that depended on MTN for patronage will run into billions of Naira in reality and tens of billions in projections. It was another economic misfire by the Buhari govt .
The Outcome here was hyper capital flight and many calculated exits by investors from the Nigerian economy e g ETISALAT and heavy loss to Nigerian SMEs that got patronage of such players, this will translate into massive job losses and prospect deeper that can even be measured and the very very painful part is that after all the damage the Buhari govt failed to collect the 5 billion fine but instead reduced it to 650 million dollars to be paid over a long time by the Nigerian subscribers.


7 : Increasing Petrol Price and Electricity Tarriff at the same time:

It's no secret that Nigerian micro business economy is driven by a finicky balance betwen the petrol engine and unstable electricity as the petrol engine is used to produce back up electricity used to power small businesses from fabricators to small offices to small online businesses to cooling to room to salon at times when NEPA electricity has failed and believe me in Nigeria it's almost all the time .. The Buhari govt will again show it's short sightedness in this area and deliver a devastating blow to micro business owners who are the foundation of 80 percent struggling Nigeria family units by increasing petrol price and Electricity Tarriff by a whopping 50 percent and at the same time which immediately increased the operational running cost of micro businesses about 100% , my brothers and sisters this was the death knell to the economy as it triggered wave of unplanned inflation overnight and reduced demand instead of the other way round where increased demand will trigger inflation, once again the Buhari govt had turned economic theories on its head and thrown the economy in to further doldrum. Many micro business who couldn't cope with this loss of demand as result forced inflation had to die throwing millions more into uncertainty and abject poverty.


8: Poor handling of Herdsmen Farmers Clash

When farms and cattles meet there is always bound to be problem and in Nigeria this is no different but under Buhari this took a worse turn as instead of quickly using fairness and equity to resolve such tensions the Buhari govt immediately took sides with herdsmen for reasons best known to it and this immediately emboldened the herdsmen to escalate their attack as the realised there was no repercussion in sight as long as the Buhari govt continued to be one sided , this lack of will by the Buhari govt will end putting devastating blow on the foundational pillar of the Nigeria economy which is actually subsistent farming .

The Outcome : The Outcome here was hunger hunger and more hunger as many subsistent farmers fled their traditional farmlands leaving in its wake reduced agro production and inflation as agro supplies dwindled , it also led to an increase in crimes as both herders and farmers took to kidnappings and robberies in other to survive .


9 Poorly thought out Import Tarriff increases


The Buhari govt made two tax policies that I think were a really bad mistake and they are

A : Increasing tariffs on anti malarial

B: Increasing tariffs on Vehicles .

Usually govt increased import Tarriff for two reasons either to protect it's own local industries or trying to discourage the use of such . The Buhari govt will shock all by increasing the Tarriff of antimalarials citing reasons that it wanted to encourage their production at home forgetting that Nigeria was a malaria endemic zone with little or no real infrastructure to support production especially under Buhari who had recently demobilized the lending sector with his poor implementation of TSA and increase cost of all production in Nigeria, this policy was another ok advised one as I would have expected the govt to first make the economy conducive to attract investment in those sectors before thinking of increasing Tarriff.

The Outcome: The policy only succeeded in increasing the cost of healthcare and cost of vehicle in Nigeria which means a reduction in saving and disposable income for the average family unit , we didn't see the indigenous car plants or anti Malarial factories get built in Fact the policy was so bad that the Customs boss had to recently beg the Buhari govt to reduce it as it's is only encouraging smuggling and infiltration of substandard products .




I hope with these 9 points we can all agree that Buhari was 100 percent behind the slump contrary to arguments the slump was caused by other govts and Buhari only inherited it . I am in no way trying to absolve past govts of poor leadership but only trying to show the role Buhari played in expediting the slump.

Many thanks for the read and please feel free to share whether you support or not .


Writer: SarkinYarki Bello

Do you think the blind and myopic youths following Buhari would reason along this piece? Leaders of tomorrow indeed

You simply cannot give what you don't have and to worsen it he has failed to appoint people that will move the country forward apart from northerners

Buhari has always been a failure even during his first outing in the 80s. We warned them but they called us names

On point

Let's continue to build on the momentum. BACK TO DAURA is a must. All my neighbours has atikulated. All my colleagues except one has atikulated. We must get Nigeria working. We can't afford to drop the ball.

Very true but you forget to tell us lhe employment PDP created in their 16 years.

Or I forgot PDP created kidnappers, militants, boko haram, cultist, thugs, killer bandits, so called killer herdsmen who are actually cow rustlers.

No regrets that PMB ensure this criminals are loosing their jobs. Especially Wike bunkering criminals in the Niger Delta.

Good citizen still have their jobs and more are getting new one from more than 100 of job opening everyday. Check NL, many vacancies are there.

I forgot PDP extort and kill our youth in the name of immigration job

Anybody that support and vote for Buhari, his/her life will be like Nigeria as managed by Buhari

SocialFinance:
Very true but you forget to tell us lhe employment PDP created in their 16 years.

Or I forgot PDP created kidnappers, militants, boko haram, cultist, thugs, killer bandits, so called killer herdsmen who are actually cow rustlers.

No regrets that PMB ensure this criminals are loosing their jobs. Especially Wike bunkering criminals in the Niger Delta.

Good citizen still have their jobs and more are getting new one from more than 100 of job opening everyday. Check NL, many vacancies are there.

I forgot PDP extort and kill our youth in the name of immigration job

This is a very dumb reasoning. What concerns PDP with detailed facts been analysed for all to see? Nobody is interested in pdp vs apc shot but how has the common has been in this present dispensation. That should be your main concern too so we don't make mistakes of the past

Please, Before You Fix Any Major Event/Occasion This Period, Kindly Consult INEC To Seek Approval Otherwise, You Are On Your Own. Remember, After The Postponement Comes Inclusive Election.

To reply you see below;

Can Tinubu allow Buhari manage any of his businesses? No. And yet, he imposed a lifeless Buhari on the Nation.

Op is mad actually! They warned him from taking weeds but refused to listen

IFearGod:
Op is mad actually! They warned him from taking weeds but refused to listen

How can you be this moronistic with the details well broken down by the writer? Did actually attend primary school even if there is no secondary or university in your village?

No insults. Just simple questions, sir!

CharleyBright:
Can Tinubu allow Buhari manage any of his businesses?
No.
And yet, he imposed a lifeless Buhari on the Nation.

Fact!

showboi222:



How can you be this moronistic with the details well broken down by the writer? Did actually attend primary school even if there is no secondary or university in your village?

No insults. Just simple questions, sir!

Nah, there's none in your village. No pun intended, just my findings tho

Take am




If only people knew what oil countries such as Angolans and Venezuela folks are passing through during this global crude oil price recess, they would thank God Buhari came in rather than Jonathan who looted us dry during oil boom when it was selling at $110 per barrel for five years unlike the paltry $50 it has been selling under APC. If the looting Jonathan couldn't save during the time of plenty and was already borrowing, how would he have carried on during this crude oil price recess?

Despite Buhari administration earning 60% less yet he's come up with plenty projects such as

Our railways at itakpewarri, Lagos-ibadan, Lagos-Abeokuta, kaduna-abuja etc,

The production of low cost fertilizers,

Zik maoseleum

Baro inland port,

Kaduna inland dry port,

Port Harcourt airline terminal,

Abuja airline terminal,

Rice mills,

Foreign reserve increase from $26b to $43b,

Construction of our express highways such as enuguonitsha, Lagos-ibadan etc.

Social policy schemes such as tradermoni, npower etc

Payment of all pensions of airline staffs that were forced to retire after the shambolic privatisation by Atiku. PDP didn't pay them in the last 16 years.

And most especially, stabilizing us through this recession which happened because jonathan failed to save despite earning 60% more than Buhari coupled with the fall in the price of crude oil from $110 per barrel in 5 years under Jonathan to a paltry $50 per barrel under Buhari administration yet Buhari was able to keep us afloat while having many projects to his name thereby surprising Ngozi Iweala and Charles Soludo who predicted recession because jonathan looted and failed to save during the time of plentiful.

Sai Baba. PDP, Neva again

Kagawa10:
Take am




If only people knew what oil countries such as Angolans and Venezuela folks are passing through during this global crude oil price recess, they would thank God Buhari came in rather than Jonathan who looted us dry during oil boom when it was selling at $110 per barrel for five years unlike the paltry $50 it has been selling under APC. If the looting Jonathan couldn't save during the time of plenty and was already borrowing, how would he have carried on during this crude oil price recess?

Despite Buhari administration earning 60% less yet he's come up with plenty projects such as

Our railways at itakpewarri, Lagos-ibadan, Lagos-Abeokuta, kaduna-abuja etc,

The production of low cost fertilizers,

Zik maoseleum

Baro inland port,

Kaduna inland dry port,

Port Harcourt airline terminal,

Abuja airline terminal,

Rice mills,

Foreign reserve increase from $26b to $43b,

Construction of our express highways such as enuguonitsha, Lagos-ibadan etc.

Social policy schemes such as tradermoni, npower etc

Payment of all pensions of airline staffs that were forced to retire after the shambolic privatisation by Atiku. PDP didn't pay them in the last 16 years.

And most especially, stabilizing us through this recession which happened because jonathan failed to save despite earning 60% more than Buhari coupled with the fall in the price of crude oil from $110 per barrel in 5 years under Jonathan to a paltry $50 per barrel under Buhari administration yet Buhari was able to keep us afloat while having many projects to his name thereby surprising Ngozi Iweala and Charles Soludo who predicted recession because jonathan looted and failed to save during the time of plentiful.

Sai Baba. PDP, Neva again

Th same propagada post you have been placing everywhere?