Nigeria is a mid-income, mixed economy and emerging market,
with expanding financial, service, communications, technology, and
entertainment sectors. It is ranked as the largest economy in Africa. With an underperforming
manufacturing sector, its major export is crude oil. However, years of
mismanagement, looting and official graft has crippled the potential of
Nigeria.
It was on this note that the APC, led by Mohamadu Buhari built their change mantra and won the elections last year. Nine months down the line, all the Buhari administration has achieved is trade blames with the immediate past administration. The economic reforms of the past administration was jilted, and the economy slumped. The dollar exchanged at a record high of 400 naira to a dollar.
It was on this note that the APC, led by Mohamadu Buhari built their change mantra and won the elections last year. Nine months down the line, all the Buhari administration has achieved is trade blames with the immediate past administration. The economic reforms of the past administration was jilted, and the economy slumped. The dollar exchanged at a record high of 400 naira to a dollar.
On the heels of this near total collapse, President Buhari,
through his information minister announced the obvious to the world. The
economy is beyond his control! Lai Mohamed had stated last week Saturday that “The
economic situation in the country has gone completely out of the control of
government as the global economic meltdown is having a negative spiral effect
on it.”
Reports from the kitchen cabinet of mister president alludes
that he is set to fire the minister of information, Lai Mohamed, minister of
Trade and Investment, Udo Udoma, and Minister of Finance, Kemi Adeosun. Our
correspondents gathered that the Buhari Administration is in secret talks with
Porfessor Charles Chukwuma Soludo, Dr Oby Ezekwesili, Dr Ngozi Okonjo Iweala
and a former chieftain of the now defunct ACN, Alhaji Nuhu Ribadu.
Feelers from Aso Villa has it that Soludo may take over from
the CBN. Our reporters gathered that Buhari is visibly angry at the CBN
governor who allowed the info regarding employment irregularities of his family
members. Oby Ezekwesili is tipped to take over from Lai Mohamed, while Ngozi
Okonjo Iweala is set to resume her duties as minister of finance.
Last month, Ngozi Okonjo Iweala had offered her assistance
to help the Buhari administration. Understanding that the economy has spiraled out
of his control, the president is said to have initiated secret moves to bring
back Ngozi Okonjo Iweala to his team. Efforts by this news media to contact
professor Charles Soludo to authenticate the veracity of the information proved
abortive as his cell phones were switched off.
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