Goes on vacation after 8 months in office

ibb killed nairaPresident Muhammadu Buhari on Friday revealed that the Structural Adjustment Programme, SAP, initiated by former Military President, Ibrahim Badamosi Babagida, IBB, killed the naira.
Buhari, who lambasted the economic policy of the retired General Babangida who overthrew him in a palace coup in 1985, said in a BBC programme monitored in Abuja that his successor’s SAP not only ruined the economy but laid the groundwork for subsequent economic policy summersault.
Speaking against the background of the current travails of the naira that now exchanges for N300 in the open but is officially sold by the Central Bank of Nigeria, CBN, at about N200, per United States dollars, the president said the introduction of SAP in 1986 by the IBB administration laid the basis for frequent devaluation of the naira.
He traced the origin of some of the problems facing the country’s currency to IBB’s regime, adding that had the military president adopted shrewd policy, the Nigerian economy could have grown and be in the position to resist subsequent infantile policies.
IBB had in 1986 and 1988 instituted SAP which is said to have been responsible for the downward trend of the naira.
“I went through the devalue in 1984, it is SAP that killed the naira. I have asked the Governor of Central Bank and others to sit and see if they can convince me to murder the naira,” Buhari said.
SAP was a loan provided by the International Monetary Fund, IMF, and the World Bank to countries facing economic turmoil.
Meanwhile, the president also disclosed that the Treasury Single Account, TSA, was an initiative of the Goodluck Jonathan administration, but regretted the PDP-led federal government could not implement it.
Buhari, who began a short vacation yesterday, said during an interactive session with Nigerians living in the United Kingdom on the sidelines of the Supporting Syria Conference in London, stated that his administration had been able to block leakages and save N2. 2trillion using the same TSA.
“When we discovered that we were already in trouble, we tried to enforce the TSA. This government did not initiate it, it was the previous government, but it was so unpopular to the previous government.
“For its own reasons, it couldn’t impose it, but when we came and we found out that we were broke, we saw that this is the way to do it.
“We discovered that the NNPC had more than 45 accounts, the ministry of defence and the military had more than 70 accounts; tell me which of the accounts to trace every year.
“So we enforced TSA, we said there must be TSA, and let me tell you by the end of December coming to January this year, last month, we mopped up more than N2.2 trillion,” he said noting that his government intends to strengthen the policy.


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  • vic

    YES BUHARI, YOU MOPPED UP 2.2 TRILLION NAIRA BUT WHERE IS THAT 2.2TRILLION NAIRA GOING. CONSIDERING THAT YOU HAVE DONE NOTHING SO FOR FOR THE POOR MASSES, WORKERS AND THE PENSIONERS IN THE COUNTRY???

    IT SEEMS DRUMMING OF YOUR CORRUPTION STORIES IS NEVER ENDING AS IF YOUR DAILY STORIES ARE GOING TO PUT FOOD ON THE TABLES OF POOR MASSES OF NIGERIA WHO PUT YOU IN ASO ROCK IN THE FIRST INSTANCE. SINCE YOUR ARRIVAL NIGERIANS HAVE BENEFITED NOTHING FROM YOUR CORRUPTION DRIVE AND IT APPEARS AS IF YOU ARE RE-LOOTING THE RECOVERED LOOT. NIGERIANS DO NOT TRUST YOU ANY MORE. SINCE YOUR ARRIVAL AND WITH YOUR THOUGHTLESS ECONOMIC AND FOREX POLICIES, YOU HAVE FURTHER MURDERED THE NAIRA. STOP BLAMING OTHERS FOR YOUR INCOMPETENCE AND WEAKNESS AS IF YOU ARE NOT GOING TO TAKE FURTHER LOANS FROM THE IMF WHO WILL DICTATE YOU TO MURDER THE NAIRA EVEN FURTHER. YOU ARE NOW PROVING TO BE THE MOST REDUNDANT AND USELESS PRESIDENT OF NIGERIA WHO HAS KILLED THE NAIRA AND ALSO TOTALLY DECEIVED THE POOR MASSES OF NIGERIA ON YOUR PRE-ELECTION PROMISES. YOU HAVE PROVEN TO BE SO INEPT AND INCOMPETENT THAT YOU HAVE FAILED TO PAY WORKERS SALARIES AND PENSIONS IN TIME EVERY MONTH AND PAYMENT OS SALARIES AND PENSIONS HAVE BEEN SPILLING INTO NEXT MONTH FOR THE PAST MORE THAN 6 MONTHS SINCE YOUR ARRIVAL ON THE SCENE. YOU ARE TOTALLY UNTRUSTWORTHY AND INSENSITIVE TO THE ASPIRATION OF POOR MASSES AND WORKERS OF NIGERIA AND IT IS PRECISELY BECAUSE OF THESE REASONS JONATHAN WAS KICKED OUT FROM ASO ROCK. YOU ARE PROVING WORSE THAN JONATHAN WITH YOUR DICTATORIAL, NO-CARE ATTITUDE TOWARDS THE POOR MASSES OF NIGERIA. YOU AND YOUR LOUSY ADMINISTRATION IS DEAD ON ARRIVAL.
    BUHARI, YOU ARE ARE AN ARROGANT ILLITERATE FOOL FROM DAURA VILLAGE , LIVING IN YOUR OWN DARK AND BACKWARD SLUMBER LAND. YOUR ELECTION TO PRESIDENCY IS PURELY ACCIDENTAL BECAUSE PEOPLE TRUSTED YOU THAT YOU WILL DO GOOD TO THEM BUT YOU BETRAYED THEIR TRUST AND DECEIVED THEM AS WE NOW KNOW. BUHARI, YOU ARE FINISHED.

    • ipako

      VIC, one can insinuate that you are anti-Buhari. Corruption is not easy to defeat in eight months. If you are against Buhari, where were you during Jonathan rule. I take it that you were a recipient of Jonathan loots. You sound tribalistic and anti-progressive. People like you only support their own tribes and every other tribe is illiterate. Get you a job and stop depending on treasury looters to make a living, vic.

    • Muhammad Danjuma Sule

      If Jonathan had won the election, the situation would have been much worse than this. THis is because his body language indicated that he was not ready to tackle corruption at all. PDP would have collapsed the country’s economy completely through massive embezzlement of public funds
      .