It’s exactly one year since Nigerians elected Muhammadu Buhari as
their President, ending 16 years of uninterrupted rule by candidates
from the Peoples Democratic Party. Buhari and his party campaigned on a
platform that can be summarized in one word: “change”.
twelve months down the line, what the Buhari Presidency done in Africa’s largest economy?
A prolonged petrol scarcity has had a devastating effect on the West
African nation’s economy. The local currency is under severe pressure,
despite government controls aimed at maintaining Forex reserves and
propping up the naira. Pressure is mounting on President Buhari and his
cabinet to fix the economy. They say payment of 1.8 billion dollars to
local contractors to return to projects sites is on the cards, the plan
could just be a shot in the arm for the struggling economy.
Other than the 1.8billion dollars, the government has also dedicated
30 percent of its 30 billion-dollar budget to capital expenditure. It
has also budgeted 2.5 billion dollars in social welfare for the poor.
That budget is however yet to become operational, as the President is
yet to sign it into law.
But while the economy remains a headache for the President, he’s
already recorded successes in the country’s fight against the al-Qaeda
affiliated Islamist terror group Boko Haram’s insurgency as well as
corruption.
Under his watch, Boko Haram has been beaten back. The military has
retaken virtually every territory the sect once controlled. There is
even talk of an end in sight to the insurgency.
On anti- corruption, several former and serving government officials are facing trial. Stolen monies are being recovered.
How the President translates these successes to the economic sector however remains his biggest challenge. He’s assured Nigerians they would sing a new song once the budget comes on stream.
Buhari is currently in Washington to attend a World Nuclear Summit.