President Muhammadu Buhari has occupied the most powerful position in Nigeria twice. First as a Miltitary Head of state and now as a civilian president. However, everytime Mr. Buhari has been in power, one thing always happens – ‘Oil price fall’. Forces beyond his control always cause the same unfortunate incident while he’s at the helms. Economists have argued that President Buhari is making the same mistake with falling Naira value now as he did when he was the Military leader 30 years ago. Inspired by this peculiar trends to President Buhari, below are three incidents that happened when Buhari was Head of state that is again happening now…
1. Between 1983 and 1985, when he was Nigeria’s military ruler, just before he took over, oil prices began a lengthy collapse; the country’s export earnings fell by more than half, same as what is happening now. Once again, oil prices have slumped, from $64 a barrel on the day he was sworn in to $32 eight months later.
2. Because of this, a lot of people are calling on Buhari to devalue the naira so as to reflect the country’s loss of purchasing power but Buhari’s government is trying to keep it aloft, the same thing he did when he was military head of state – he resisted what he called the “bitter pill” of devaluation.
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