OBASANJO'S LETTER: 3 Economic Sins Of Buhari
A letter by elder statesman and former president of Nigeria, Olusegun Obasanjo asking President Muhammad Buhari not to present himself for re-election is still rippling Nigeria’s polity.
In the letter, Obasanjo accused Buhari of failing in many areas of governance including the fight against insecurity, condoning corruption, etc.
You can read the full text of the letter HERE.
In the meantime, here are three areas Obasanjo felt Buhari failed as leader of Nigeria’s economy.
1. Appointment Of Incompetent Economic Managers: There had always been concerns from several quarters as far as the economy is concerned, there are round pegs in square holes.
This is where Obasanjo said Buhari began to fail as economic manager.
Obasanjo said: “I knew President Buhari before he became President and that he is weak in the knowledge and understanding of the economy, but I thought that he could make use of good Nigerians in that area that could help.
“Although, I know that you cannot give what you don’t have, and that economy does not obey military order. You have to give it what it takes in the short-, medium- and long-term.”
2. Overlooking Financial Crime: You may recall that at the heart of the foreign exchange crisis that hit Nigeria at the beginning of 2017, former CBN governor and now Emir of Kano, Muhammad Sanusi II decried roundtripping that was going in the inner caucus of the presidency.
What this means is that some people were using their positions to buy dollars at government approved rates and selling back at the black market impoverishing .
Obasanjo blamed Buhari for allowing this to happen.
He said: “There were serious allegations of round-tripping against some inner caucus of the Presidency which would seem to have been condoned.
“I wonder if such actions do not amount to corruption and financial crime, then what is it? Culture of condonation and turning blind eye will cover up rather than clean up. And going to justice must be with clean hands.”
3. Blaming Others For Economic Woes: passing the buck is nothing new to Buhari’s administration and Obasanjo believes Buhari’s inability to accept responsibility hurt the economy in more ways than one.
Enumerating Buhari’s economic shortcomings, Obasanjo wrote: “….The third is passing the buck. For instance, blaming the Governor of the Central Bank for devaluation of the naira by 70% or so and blaming past governments for it, is to say the least, not accepting one’s own responsibility.
“Let nobody deceive us, economy feeds on politics and because our politics is depressing, our economy is even more depressing today.
“If things were good, President Buhari would not need to come in. He was voted to fix things that were bad and not engage in the blame game.
“Our Constitution is very clear, one of the cardinal responsibilities of the President is the management of the economy of which the value of the naira forms an integral part. Kinship and friendship that place responsibility for governance in the hands of the unelected can only be deleterious to good government and to the nation.”
Baba Iyabo has spoken...
Also Watch This Before Investing In Stock This Year