Buhari Has Come to Rescue Nigeria – Okonjo Iweala

Buhari Has Come to Rescue Nigeria. Okonjo Iweala, a woman that had seen it all came out to say at an American conference that the seed of this recession was planted during the Jonathan regime due to their lack of financial discipline, inability and lack of political will to save.
People should not blame jonathan alone for this because the profligate Nigerian Governors too are culpable. He attempted to save, but the governors demanded to take all the savings citing constitutional right. Money they took and stole at the same time. Our case is pathetic.

Buhari Has Come to Rescue Nigeria

Do you know that:
Obasanjo’s administration earned #17trn from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.

Yaradua grew the reserves to 64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save (a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.

Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari.

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Buhari Has Come to Rescue Nigeria

The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.

These are facts that can be verified. So, it’s amazing hearing people criticize Buhari for the hunger in the land.

According to Fashola, Buhari’s administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.

It’s obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation’s economic crisis would have been worse, perhaps even the Federal government wouldn’t have been able to pay salaries of civil servants by now.

According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.

Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn’t join the bandwagon in criticising him. He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers.


okonjo iweala


Omotimehin Nelson is a Nigerian award-winning content writer. He derives passion for creative writing. Join me

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