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How President Buhari’s Rigid Leadership Style Made Nigeria’s Economic Problems Harder To Solve – Bloomberg

Bloomberg has said that President Muhammadu Buhari’s leadership style is worsening Nigeria’s economic crisis.

The publication added that Buhari’s desperation to protect the Naira is preventing him from effectively addressing the crisis.

Read excerpts from the article below;

Dismantling Nigeria’s foreign exchange controls will doubtless cause at least a short-term rise in inflation. Yet doing so will not only draw foreign investment and make the economy more productive and competitive, but also cut off a conduit for corruption.

Buhari can cushion the blow for Nigeria’s poor through targeted cash payments — an approach Nigeria has used in electronically delivering subsidies to poor farmers. That same mechanism could also shield the poor from the regressive impact of an increase in Nigeria’s value-added tax — which is relatively low but a potentially valuable source of additional government revenue.

There are other ways to stimulate the economy, of course. But Nigeria’s Senate rejected Buhari’s three-year spending blueprint and an ambitious campaign to borrow $30 billion abroad because they lacked details. Meanwhile, his reluctance to sell off state-owned assets has undermined other efforts to raise revenue.

To be sure, Buhari faced ugly circumstances when he took office in May 2015. The plunge in oil prices had left the economy reeling and government coffers bare, and attacks by Boko Haram were ravaging the country. Yet while some progress has been made fighting both terrorism and corruption, Buhari’s rigid leadership style has made the country’s economic problems harder to solve.

Buhari’s election and pledges of good governance rightfully raised expectations across Africa. To fulfill those hopes, however, he will have to demonstrate more flexibility.

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  • Kenny D Osonwa

    Super story. .

  • Mohammad Isah

    The less I speak ds, d better I feel

  • Mezzy Gilbert

    D hardship no reach saibaba dormot

  • Mezzy Gilbert

    It’s well with nigeria

  • Cornel Nwankwo

    Story story……..
    No doubts, all said are just the opinion of Bloomberg

  • chika bibian

    God help Nigeria

    • Cornel Nwankwo

      Amen oooo

  • emekachilaka

    ok nao we are still here watching

  • Hmmmmmm.. interesting piece

  • Olovo Obinna

    Expert analysis….not from my mouth oh…am calm n collected…just observing

    • Cornel Nwankwo

      Keep observing man

      • Olovo Obinna

        Yea….

  • WillieBravo

    Isah this your guy no de try sha.

    • Olovo Obinna

      Lol….nigeria go better with prayers/fasting….

  • I just dey laugh

    Well, I just dey laugh

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