Before Buhari took the rein of power in 2015, the projection was that Nigeria's economy would grow by about 7.1% annually till 2030. The growth started at the turn of the century under the presidency of OBJ who paid off our national debt through negotiation led by Madam Okonjo Iweala. The growth trend continued under GEJ even though it was threatened by serious corruption left uncontrolled by GEJ's government. Nigeria's economy has shrunk in the last few years, and the future looks bleak for the nation. Nigeria's GDP growth was in the negative twice during Buhari's (the first time since the turn of the century) tenure. We were only above 3% once, and that was in 2021.
Nigeria's Growth Projection, PRE-BUHARI
The government of Buhari was elected with a lot of hope but it is the worst mistake that happened to Nigeria since the turn of the century if not in its history. All indices of growth have gone south and the President remained blithe and unresponsive. He neglected to lead, he would not fight insecurity because his kinsmen were the main culprits, he appeared clueless many times, he ramped up borrowing and Nigeria's debt paid off under OBJ of PDP is now worth $172 billion combined. If these debts have stimulated the economy one would conclude they were good debts. Alas, they were wasted on projects that have not stimulated the economy, or increased growth in any sector. The economy shrank by many folds under a man that promised he would deliver heaven but delivered hell. In 2022, Nigeria spent 96% of its revenue on debt repayment. I do not know any serious country that can grow with this type of reckless approach to governance. Buharis' APC government is a complete disaster, and the party of this man won the presidency again under a miraculous move clouded with ethnic bigotry and fraud at the polls.
GDP GROWTH IN THE NEGATIVE SINCE BUHARI
World Bank Record of Negative Growth in Nigeria's GDP under Buhari
Nigeria is at the precipice of collapse. Hope that has been sustained for years is waning and many more Nigerians are becoming disenfranchised and do not see any future because those in power trusted to lead a change have disappointed and there is no guarantee that the new government will not continue to lead us astray. All they want to do is censor those criticizing them instead of prepping for transition.
The main source of revenue in Nigeria is petroleum, a fossil fuel whose relevance is doubted and unsustainable. Countries like Saudi Arabia are investing for a time when Petroleum will no longer be worth much, and are building investments that will benefit their country into the future. Our leaders in Nigeria are busy stealing to stupor and are looking for ways to legislate laws that will prevent Nigerians from leaving while they hold dual citizenship, and earn money for doing nothing at a rate multiple times higher than their counterparts anywhere in the world.
Nigerians MUST not be tired of holding those in power accountable. We should continue to speak truth to power. We must not rest until we see the change we want. We also should continue to be the change we want in Nigeria as we dispense our duties daily.
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