USA Africa Dialogue Series - How Buhari Ruined Our Economy, Bankrupted 34 States Despite Fuel Price Hike

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How Buhari Ruined Our Economy, Bankrupted 34 States Despite Fuel Price Hike By Deji Adeyanju In about one year of Muhammadu Buhari's misrule, Nigeriadropped from being the largest economy in Africa to who-knows-where, as well as the number one

How Buhari Ruined Our Economy, Bankrupted 34 States Despite Fuel Price Hike

By Deji Adeyanju

In about one year of Muhammadu Buhari's misrule, Nigeriadropped from being the largest economy in Africa to who-knows-where, as well as the number one investment destination in Africato number 13. What a difference one year can make.

 

Inflation rate that was below 9% when former President Goodluck Jonathan handed over to General Buhari on May 29, 2015 is now at 15.6% under Buhari. In one year, Buhari has taken our inflation rate from single digit to double digits.

Our GDP growth rate was at 6.95% under Jonathan, now it is -0.36%, the worst in Nigeria's history. Officially, our GDP is in 'recession'. If this is not a sign that President Buhari has ruined the economy completely in just one year, what is?

 

In 2013/14, Nigeria was the 3rd fastest growing economy in the world, now we are 29th in the world. With the country's current negative GDP of -0.36, Nigeria is set to be kicked out of the top 50 economies of the world in no time.

It is important to note that there are only 4 countries with negative GDP growth in Africa in the last quarter and Nigeria is now one of them.

 

The notion that President Buhari met an empty treasury when he took over is false because President Jonathan handed over $30 billion in Foreign Reserves, $5 billion in accrued Liquefied Natural Gas dividends, $3 billion in the Excess Crude Account, and around $2.4 billion in the Sovereign Wealth Fund.

CLICK HERE TO READ THE WHOLE ARTICLE

http://ugowrite.blogspot.com.ng/2016/07/how-buhari-ruined-our-economy.html

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