Nigeria: Tougher Economic Measures Underway after Buhari’s Inauguration
The fang of President Muhammadu Buhari’s economic policy is likely to bite the citizenry harder after the president’s low-key second-term inauguration.
Under the Buhari economics, Buharinomics, Nigeria slipped into recession in 2016 as a result of lower oil prices and production that was equally exacerbated by insurgency in the Niger Delta, the country’s main oil and region.
This was coupled with detrimental economic policies, including foreign exchange restrictions. However, the Gross Domestic Product (GDP) growth turned positive in 2017 as oil prices recovered and output stabilised.
The current perception by some strategic thinkers is that President Buhari will insist on increasing transparency, effectively diversify the economy away from oil, and improve fiscal management.
To this end, the president is expected to take a protectionist approach that will favour domestic producers at the expense of consumers.
On the anti-corruption front, some more radical actions are expected to be taken by the president that is likely to see some chieftains of the All Progressives Congress (APC) and their colleagues in the Peoples Democratic Party (PDP) running for cover.
The tougher anti-graft fight will be aimed at alleviating the scourge of corruption in the country. The implementation of the Treasury Single Account (TSA) would be better managed, and a more transparent government payroll and personnel system that will eliminate duplicate and “ghost workers” foisted.
