The  Nigeria Economic Metamorphosis                                     | Independent Newspapers Limited
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The  Nigeria Economic Metamorphosis                                    

Posted: Oct 28, 2015 at 9:00 pm   /   by   /   comments (0)

By  Maxwell Adeyemi Adeleye

Unarguably, ever since the current administration  in Abuja, the capital city of Nigeria got the insignia of

power, the economy of the country has never remained the  same. The economy which was hitherto on a state of semi-periphery has been retrogressing under the ruling All  Progressives Congress (APC) despite the torrent of change  and progressive developments promised to corner the votes of

Nigerians during the March 28th Presidential  election that ushered in Muhamadu Buhari as the country’s  15th President.

Today, the manufacturing firms are disquieting and  dangerously frightening. Instead of the wrinkled firms to be  reopening production, more companies are shutting down. Oil  and Gas giants like Addax Petroleum, Chevron, Exxon Mobile  and Shell etc have placed embargo on employment till further notice.

Small scale businesses and sales are falling due to  lack of cash in circulation. There’s bankruptcy

everywhere. States without crude oil and bumpy IGR are  unable to pay workers salaries as at when due. Multinational  Corporations such as Cadbury, Coca-Cola, Tom-tom, Guinness  and insurance firms and auditing and tax consulting firms  like Philips Consulting, KPMG, May and Bakers etc are

retrenching on daily basis.

What Nigerians are anxiously expecting at present  is reduction of fuel price due to the crash of crude oil in  the international market from $96 to $48 per barrel;  however, instead of such happening, queue is back to our  filling stations, leading to oil marketers increasing the  price of PMS from the official N87 to  N97/N110.

The banking industry is internally bleeding at the  moment. Treasury Single Account (TSA) initiated by Buhari  has sent many bankers back to labour market. The industry  has been down-sizing abysmally. As smaller Unity Bank PLC  is, 320 of her employees have been sacked. Reports have it  that Zenith Bank has sacked over 1000. Access Bank has  sacked close to a thousand of her employees ditto, Skye and  Heritage Banks PLC.

Also, Diamond Bank PLC has been sacking  consistently since July without the knowledge of the media.

According to some impeccable sources, over 300 have been  given sacked letters in Diamond Bank within the last two  months.

The capital market is currently wailing as Nigeria  remained deleted from JP Morgan Index. According to

Financial Times of London, stocks Investors have lost over  two trillion naira under Buhari. As the economy bleeds,  poverty, starvation and hunger takes over the grassroots.

The Millennium Development Goals’ war against hunger and  poverty is now gloomy.

Local investors who have invested heavily on rice  plantation are presently in tears of disappointment in

protest against the decision of President Buhari’s man in  charge of the Nigeria Customs Service, Hamid Alli to lift  the ban slammed on importation of rice by the previous  administration. Today, trade has been liberalized in our  country, apparently to please some foreign masters to the  detriment of Nigerian farmers and investors, making our  nation a dumping ground.

I  urge Nigerians across party interest(s) to patriotically  rise-up and demand explanation(s) from Buhari on why the  nation of Nigeria rated on March 2015 by the World Bank and  United Nations as the number one destination of investors in  Africa is now missing amongst the first ten destinations of

investors on the continent of Africa.

President Buhari should tell Nigerians why the  Gross Domestic Products (GDP) of 6.5% handed over to

him on May 29 crashes horrendously to 2.5% within  five months. Nigerians want to know why the nation’s  Excess Crude Oil Account (ECA) is now empty and why foreign  reserve crashes by 21%.

Despite President’s Buhari’s gargantuan vow  during the electioneering campaign to stabilize Nigeria

currency, today, the value of naira is shamelessly falling  in the international financial market. A dollar is now  traded for N236 at parallel market while a pounds sterling  goes for N333.

President Buhari urged Nigerians to wait for five  months to know the people of impeccable character who would  fix the failing economy of their country only to be blessed  with same people who ruined the economy and emptied the  patrimony.

Today, the dreaded Islamic fundamentalist group,  Boko Haram has institutionalized killings and bombings in  the Northern Nigeria. The hitherto peaceful Abuja is now a  bomb den. Sorrowfully, all these are happening under the> watchful eyes of a retired military  officer.

Buhari  who rode to political stardom under the catchphrase of  integrity and for being a modest man and an epitome of  virtues has been doing what are antithesis of modesty,> integrity and positive change.

Nigerians were promised a war against sleaze but  frankly and sincerely speaking, what we have today is war  against opposition. Today, thieves who allegedly stole their  states dry and used part of the stolen funds to oil the  acclamation of Buhari are now being compensated with  ministerial appointments. Those not made ministers are in  National assembly making laws for our nation while some are  silently dictating the tune of things in  Abuja.

When asked to give account of his stead warship when  he was saddled with executive powers in his state, a member  of Buhari’s clan claimed he doesn’t sign cheques, hence,  he should be absorbed of corruption allegations slammed  against him by his people.

Also, a saint nominated by Buhari for Minister  outrageously boasted that he built a house for himself with  N3.2bn because he wasn’t comfortable living in the house  his predecessor lives. Same saint also constructed 2km of  roads with N2.350bn on a dry land without building a  bridge.

On the other hand, opposition men and women who  didn’t support the presidential aspiration of Buhari are  presently being hounded and intimidated by security  agencies. Buhari preached virtues but sadly, he has been  practicing vices.

The much celebrated increment in power supply  witnessed since June (thanks to Presidential Body Movement),  has started derailing. Epileptic power supply is gradually  retuning to Nigeria.

Sadly and most unfortunately, Instead of facing the  reality on ground that that the economy of the nation of  Nigeria is profusely bleeding and hemorrhaging, the ruling  party and its supporters have been celebrating presidential  itineraries,  oversea  trips  and  speeches as achievements using the already compromised media  industry to coax, wheedle and camouflage Nigerians  audaciously.

Adeleye writes from Magodo, on twitter