Friday, 29 January 2016

What! Economist magazine calls Goodluck Jonathan an ineffectual buffoon in new article

  Imagine them calling a former African president an ineffectual buffoon! In an article titled 'Crude Tactics', Economist magazine described former president Jonathan as an ineffectual buffoon. How disrespectful! The article reads in part;

"In the eight months since Mr Buhari arrived at Aso Rock, the presidential digs, the homicidal jihadists of Boko Haram have been pushed back into the bush along Nigeria’s borders. The government has cracked down on corruption, which had flourished under the previous president, Goodluck Jonathan, an ineffectual buffoon who let politicians and their cronies fill their pockets with impunity. Lai Mohammed, a minister, reckons that just 55 people stole $6.8 billion from the public purse over seven recent years" they said.

The remainder of the article focuses on the struggles of the Nigerian economy, which they argue stems mainly from the drop in price of oil and ineffective monetary policies. The article noted that economic growth in Nigeria for 2015 was about 3 percent, half that of 2014, and that the stock market has also halved in value since 2014.

The Economist noted that President Buhari’s challenges, which include security concerns from Boko Haram, mirror the same he inherited when he removed the former government in the 1908s in a coup. “The problems are almost identical,” the magazine wrote.

The article concluded by saying that the economic crunch Nigeria is currently feeling “is one that Nigeria has been through before—under the then youthful Mr. Buhari. Then, as now, he refused to let the market set the value of the currency. Instead he shut out imports, causing the legal import trade to fall by almost 50% and killing much of Nigeria’s nascent industry in the process.”

“Today, as in the 1980s, the president is making a bad situation worse,” according to the Economist.  

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