In the latest edition of The Economist, Nigeria’s immediate former president, Goodluck Jonathan was described as “…an ineffectual buffoon who let politicians and their cronies fill their pockets with impunity”.
The renowned global publication in an article assessing Buhari’s management of the economy since he assumed office in May also mentioned the fact that Minister for Information reckons that a handle of people, just 55, stole $6.8b from the country’s treasury during the PDP years.
Still on the profligacy of the Jonathan administration, The Economist noted that, “Income for the third quarter of 2015 was almost 30% lower than for the same period the year before, and foreign reserves have dwindled by $9b in 18 months. Ordinarily there would be buffers to cushion against such shocks but Mr. Jonathan’s cronies have largely squandered them”.
In another article in the same edition of The Economist, the magazine reminded their readers that they endorsed Buhari in the election against Jonathan who was referred to as a “woeful opponent”.
The magazine, however, did not spare Buhari himself criticism. In their analysis of how the economic situation is being handled, The Economist pointed out that only one of Buhari’s three pronged approach to tackling the crisis has any chance of working.
“The government’s response to the crisis has been three-pronged. First, it is trying to stimulate the economy with a mildly expansionary budget. At the same time, it is trying to protect its dwindling hard-currency reserves by blocking imports. Third, it is trying to suppress inflation by keeping the currency, the naira, pegged at 197-199 to the dollar. Only the first of these policies seems likely to work.”
The Economist concluded the article by saying Buhari is making the same mistake he made when he was a military Head-of-State by placing a ban on imports.