Can Buhari bring stability to Nigeria’s economy?


Buhari announced a record 6 trillion Naira ($30-billion, 27 billion-euro) budget promising to triple investment to stimulate growth, but unfortunately this budget proposal was riddle with errors. The errors include the same purchases for computers, vehicles and furniture that are duplicated 24 times, totaling 46.5 billion Naira.
International investors have been somewhat spooked by these blunders which has meant that the Naira has depreciated heavily over the last 3 months resulting in a large disparity between the government exchange rate and the rate on the black market. If Buhari fails to pay heed to this disparity and devalue the Naira, Nigeria could start to see a further increase in inflation which is already reaching unprecedented levels.
A plate of rice that was sold for 200 naira in December is now 350 naira. Customers are complaining because they don’t get the same ration like before, street food proprietor - Mary Idowu told AFP.
A 50 kilogram (110 pound) bag of rice that used to cost 9,000 naira now costs 13,000, while a bag of beans has gone up from 12,000 naira to 15,000, she said.
The word ‘CHANGE’ was hopeful and everyone was excited and greatly expectant, today this word has become a ridicule.
Who is the Nigeria’s messiah of CHANGE?

Comments

Popular Posts