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Pres. Buhari is Nigeria's problem, not its solution – Wall Street Journal

By The Citizen
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The US Wall Street Journal has slammed the economic policies of the All Progressives Congress, APC-led federal government, describing Nigerian President, Muhammadu Buhari as 'Nigeria's problem and not its solution.'

An article it published yesterday, accused President Buhari of stiffness, lack of vision and reactive approach to issues.

It labelled the anticorruption drive of the administration as 'selective' and 'creates deep political division' stressing that it is hard to see how the administration will attain 'The Three Changes Nigeria Needs'.

'It's hard to see how his administration's inflexibility, lack of vision and reactive approach will achieve this. Mr. Buhari notes that building trust is a priority for Nigeria.

'But an anticorruption drive that is selective and focused on senior members of the opposition party creates deep political divisions,' noting that Buhari lacks the vision to re-jig the ebbing Nigerian economy.

The article further claimed that members of Buhari's cabinet, who have been accused of large-scale corruption, walk free even as he makes peevish attempt to boost public confidence in his administration.

'As for Mr. Buhari's ideas to rebalance the economy and regenerate growth, his damaging and outdated monetary policy has been crippling,' it said, stressing that 70 percent of total revenue goes into serving over bloated political appointees.

Also, the article read: 'The manufacturing sector, essential to Nigeria's diversification, has been hardest hit, exacerbating an already fast-growing employment crisis.

'Foreign investors have started to flee en masse. Mr. Buhari makes only brief mention of the country's deteriorating security situation. But security and stability are precursors to economic growth and development.

'Boko Haram has been pushed back for now, but little attention is paid to the structural issues that have spurred its rise.

'Instead, the Nigerian government has diverted much-needed military resources to the Niger Delta, where rising militancy has reduced Nigeria's oil production to less than half the country's capacity, and half the amount required to service the national budget.

'Much of these tensions arise from Mr. Buhari's decision to cut amnesty payments to militants and an excessively hard-line approach in a socially and politically sensitive environment.

'Other ethnic tensions are also growing. In the country's south, protests have been met by a bloody response from the Nigerian military, stoking the fire and galvanizing support for an independent state of Biafra.

'Rising tensions could again pose one of the greatest threats to Nigeria's stability and future.'