BUHARI AND THE CURRENT ECONOMIC HARDSHIP

The propaganda aimed at taunting the erstwhile Muhammadu Buhari administration and exonerating the Tinubu administration of its missteps in governance has been unending. By attributing the current economic drought to the policies of the past administration, the current economic managers and their media contractors have displayed utmost lack of substance, sincerity and intelligence. Of course, where the aim is to mislead the masses, as it is in this case, such venture into mischief is understandable. One such glaring claim that deserves to be addressed is Mr. Wale Edun's assertion that President Buhari's handling of financial and monetary policies is responsible for the current high rate of inflation.

In an appearance before the Senate Committee on Finance chaired by Senator Sani Musa, Nigeria's Minister of Finance and Coordinating Minister of the Economy, Wale Edun, claimed that the Buhari administration "aimlessly printed” trillions of naira without corresponding productivity. Edun’s “aimlessly” connotes that trillions of naira were printed for no purpose, or were misappropriated, or were stolen outright. These, no doubt, is a severe accusation. While blame-shifting is not uncommon in political discourse, such posits often oversimplify complex economic issues and fail to consider the nuances and contextual factors at play.

Despite his experience and position as Minister of Finance, it is worrisome that Mr. Edun would make such sweeping statements. With his firsthand knowledge of economics and the nation’s economic struggles, the reasonable and truthful path of engagement would have been for him to properly contextualize the actions taken by the Buhari administration in response to the prevailing economic challenges of the time. His claim grossly fails to acknowledge the circumstances that necessitated the measures implemented, the potential outcomes they aimed to achieve, and the numerous positives that were bequeathed to the Tinubu administration. The backdrop behind Edun's stance is not far-fetched. Wale Edun's position, along with the echoes of other proponents of this agenda to blackmail the Buhari administration, may not be entirely disconnected from personal disappointments or grievances against the Buhari administration. It is worth noting that Mr. Wale Edun was nominated twice to be the Minister of Finance during Buhari's tenure but was rejected on both occasions. Such experiences could potentially influence one's perspective and objectivity. He and several others paddling the boat of propaganda still seem to be smarting from being snubbed in terms of appointments by the Buhari administration.

Moreover, if we are to scrutinize the printing of money as a cause for concern, it would be equally necessary to extend the same level of scrutiny to the current administration of President Bola Tinubu. If the printing of money under the category of Ways and Means is deemed wasteful under the Buhari regime, as Edun suggests, then it is only fair to examine whether similar actions by the Tinubu administration can also be termed wasteful. Mr. Wale Edun, as the Minister of Finance in the current administration, should tell Nigerians how much this administration has printed in 10 months and to what end.

While dismissing the misleading claims of Mr. Wale Edun, it is also necessary to address the question: "Did the Buhari administration actually print money aimlessly?" The Buhari administration sure had its imperfections and shortcomings, but it is no gainsaying that the administration made numerous recognizable and worthy strides. Like every other past leader, Buhari came into power to grapple with a lot of challenges. Nigeria faced significant challenges when Buhari took over in 2015, battered by low oil prices, insurgency in the North, and depleting foreign reserves. His administration had to grapple with funding shortfalls for infrastructure, security operations and social services. Exceeding the commended limit of the Ways and Means financing from the CBN was an emergency measure that kept the government running when revenue fell critically short, and in a period of unprecedented emergencies such as the COVID-19 pandemic, economic recession and the EndSARS riots.

In September 2014, the then Finance Minister, Dr Ngozi Okonjo-Iweala, told Nigerians that with the dwindling oil revenue, the federal government may soon be unable to pay workers’ salaries, except something drastic was done. Nothing was done, and the Jonathan administration with Okonjo-Iweala as Finance minister resorted to borrowing to pay salaries. In 2014, government borrowed to pay workers’ salaries. In 2015, the Jonathan administration borrowed to fund the budget and to pay federal government workers’ salaries. FG borrowing was already at about a trillion naira for the 2015 budget when the Buhari administration came on board. In spite of the borrowings that had already been done, most state governments could not pay salaries. Nigerians across the country needed Buhari to bail out their states so that they could take care of themselves and their families.

Was that what Wale Edun meant by “printing money aimlessly”? Hence, it is quite dishonest to dismiss this context and make such a claim, especially when every administration has always concerned itself with bringing policies to life to address these issues, but these have, in one way or another, had a compounding effect on the Nigerian economy. While criticisms and blame-shifting are commonplace in political discourse, it is essential to look beyond rhetoric and examine the tangible achievements and challenges of each administration. In the case of the Buhari administration, we cannot overlook the vast difference in the Nigerian economy between Buhari's tenure and the ones that preceded it.

Despite unprecedented challenges posed by the COVID-19 pandemic, global recession, the Russian-Ukraine war, and the EndSARS situations, which none of the previous governments had to contend with, the Buhari administration managed to maintain a reasonable exchange rate, leaving the exchange rate at N460: $1. He also did not remove the fuel subsidy despite enormous pressure to do so and still prevented an overexplosion of fuel prices by leaving it at N187. His tenure also recorded positive outlooks from global actors like the IMF and World Bank, who attested to Nigeria's commendable strength in maintaining a stable economy.