This is why Nigerian economy went into recession -- Ezekwesili

Former Education Minister, Oby Ezekwesili, has blamed President Muhammadu Buhari for the current economy recession. Ezekwesili, who stated in a whatsApp message last night, said:

 “I still find it funny that most people don’t know why Nigeria economy went into recession. They love the incompetent lies of Lai Mohammed about the past government ruining everything. ‘’It’s also myopic to think that if Jonathan were to still be in power, we would be worse off.

”The truth about Nigeria’s recession is this; it was caused by the president’s unguided rhetoric and uncultured body language. ‘’Firstly, there is nothing we are buying today that we weren’t buying five years ago, therefore it’s not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.

After the election, the President created instability with his statements about how everyone is corrupt and how everyone is going to jail. ‘’The instability made foreign investors to liquidate their investment and change their money to dollars.

 In the process of trying to flee, they were willing to buy dollars at any price, which led to high exchange dollar rate. ‘’Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into domiciliary accounts.

That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.

To make matters worse, the President came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free fall.


-vanguard