Following the downward trend the Nigerian economy has suffered in the last two years, the All Progressives Congress, APC, led by President Muhammadu Buhari, has consistently blamed the gross incompetence of former President, Goodluck Jonathan, and the former Finance Minister, Ngozi Okonjo-Iweala, as been responsible.
However, recent discoveries have shown that actions and inaction of the current administration, led Africa’s biggest economy into recession.
According to a source, the misinformation and perceived ‘lies’ touted by Buhari, and the then APC Spokesperson and current Information Minister, Lai Mohammed, about the past government, sparked major uncertainty among investors (local and foreign), and economic agents.
“The truth about Nigeria’s recession is this; it was caused by the President’s unguided rhetoric and uncultured body language.“Firstly, there is nothing we are buying today that we weren’t buying five years ago, therefore, it is not our purchase that put pressure on Naira, but withdrawal of funds by foreign investors.“After the election, the President created instability with his unguided statements about how everyone is corrupt, and how everyone is going to jail. The instability made foreign investors to liquidate their investment, and change their money to dollars.
“In the process of trying to flee, they were willing to buy dollars at any price, which led to high exchange dollar rate.“Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the President gave a bad signal, by banning deposit of foreign currency into domiciliary accounts.“That was enough for free market believers to see the draconian handwriting on the wall; that was the beginning of dollar rush.“Secondly, to make matters worse, the President came up with another outrageous policy of rationing dollar to certain sectors, and blocking many sectors out. That was the nail in the coffin, which facilitated the emergence of free fall.“In the end, foreign investors took over $80 billion out of the economy, within a short period, and everything went down to free fall.“Thirdly, to those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability, will not let billions of dollars leave our shores within such tiny time frame.“Even though the government might have income shortage, the private sector will weather the storm, by their confidence in the market.“The fear of the unknown created by Buhari, is responsible for the economic downturn, not low oil price.“Interest rate in America, is currently at 0.5%, while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5%, and put in Nigeria for return of 2000% profit.“Citi Bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors, and mis-educated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics, since their messiah is in charge.“Funny enough, they are all suffering today, because of the policy, but they find relief by blaming it on past administration, and Gucci appetite of average Nigerians.”
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