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Nairaland Forum / Nairaland / General / Politics / Why Buhari (631 Views)
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Why Buhari by kunlekunle: 9:38am On Apr 22, 2012 |
this is an excerpt from an article during his regime. The same devil raised his head againg, this is a major reason Why you should advocate for change. The worsening economic and financial conditions led to a military coup on 31 December 1983. The new regime under General Buhari sought to reinforce the 1982 austerity measures by further tightening financial policies and introducing more administrative controls. The government also implemented the counter trade policy in the light of the economic circumstances that existed then. This was aimed at reviving the crumbling economy through the provision of raw materials that were needed in industries, stopping further closure of industries, assisti ng in reducing the unemployment problems and, perhaps, minimising the spiralling inflation.. The Government’s austerity measures achieved some success by 1985; inflation fell to a single digit, the external current account moved from deficit to balanced positions, and real GDP growth jumped to 9½ per cent. The substantial growth in real GDP was due principally to an increase in oil production arising from the upward adjustment in OPEC quotas and to the recovery of the agricultural sector from a two-year drought. |
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