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Buharinomics: The bad, the worse, and the ugly

Stock market loses N528bn in three days— PUNCH, April 4, 2019.

FOR more than seven months, I have refrained from writing about the Nigerian Loss, sorry, Stock Exchange, NSE, because it had been my experience for nearly thirty years that most Nigerian investors in the capital market are the closest human beings who can be classified as retarded. It is bad enough when millions of individuals presumed to be an intelligent act against their own interests out of ignorance. It is absolutely astonishing when Nigerian investors, like human lemmings, all rush to their own economic destruction.

Buhari
Buhari

Anybody who had money in the Stock Exchange since January 2018 needs to have his brain-box checked. The alarm was sounded three times last year warning people to stay out of the investment trap called NSE. Few listened. If enough Nigerians have adhered to the alert, the NSE would have started to undertake the necessary reforms needed to insulate shareholders from the terrors of Buharinomics.

The end is not yet in sight for all those deciding to hang on to their shares – now more useless than tissue paper. WEMA Bank declared three kobo dividend after twelve years. The implications are so serious one wonders why all the shareholders don’t just attend the next annual general meeting just to throw the shares at the Board. At this rate, after allowing for inflation during the last twelve years and in the next dozen years, WEMA shareholders would have to wait at least two centuries to recover the original investment. If you call that investment, kindly let me have your definition of stupidity. The stock market represents all that is bad about the economy under Buhari.

Generals need to be told to take care of the lives of others —Pelopidas, 403-364 BC. Greek General and statesman.

What a Greek General, during the Hellenic Age, already taught the world almost 2500 years ago is totally lost on our General and President. He is certainly not taking care of the lives of Nigerians citizens, and that will result in dire consequences for the entire nation – especially those who provided his winning majority votes. Northerners are already the poorest, the least educated, worst housed and most deprived of essential social services. They will soon discover that we have not reached the bottom yet. Worse is coming under Buhari.

Readers should make no mistake about it. Among the things that will eventually ruin Nigeria, and they include Boko Haram, herdsmen, bandits and kidnappers, Buharinomics now ranks very high. The entire world is now so concerned about the impending economic and social disasters which four more years of the APC government will unleash on Nigeria. We are already reaping the harvests of sorrow in many ways. Below is a review of the alarming reports about Nigeria trending on all media. It should not get worse. But, soon readers will find out about the ugly side of Buharinomics. Then, things will get worse.

“Nigeria’s economy slipping.” That was the verdict of the World Bank which used taxonomy to determine the performance of all African countries. The report provided us with data which should frighten the living daylights out of any right thinking Nigerian. It said “For instance ..median economic growth rate decelerated from 5.4 per cent per year in 1995-2008 to 1.2 per cent per year in 2015-2018.

Meanwhile, growth is projected to rise from 1.9 per cent in 2018 to 2.1 per cent in 2019…. to 2.2 per cent in 2020 and reach 2.4 in 2021.” With the population growing at 3.2 per cent each year, it means the average Nigerian will get progressively poorer. When added to the three years, 2015-2018, it means the country is expected to experience six straight years of declining per capita income and increasing poverty. What can the government do about it? Surprisingly, the global answer to that question is “Nothing”.

The entire world does not believe that Buhari has the capacity to reverse our downward trend into extreme poverty. It is difficult to imagine any Nigerian economist who is not an official of the FG who does not agree with the global view. A man, even if he is President, cannot give what he does not have. Buhari is deficient in understanding economics. He cannot provide the leadership we need in that regard.

Nigeria, Seven Others Face Acute Hunger – UN — Daily Independent.

The report on April 4, 2019, went as follows: “No fewer than 113 million people experienced high levels of food insecurity in the world’s most severe food crisis in 2018, the Global Report on Food Crisis has found….The worst food crises in 2018, in order of severity, were: Yemen, the Democratic Republic of the Congo, Afghanistan, Ethiopia, the Syrian Arab Republic, Sudan, South Sudan and Northern Nigeria.” In other words, those who provided the winning margin for Buhari’s re-election went to the polls on empty stomachs; while the man for whom they voted had three meals. How on earth has the Nigerian General taken care of the lives of the multitude? Furthermore, what happened to all the rice the Ministry of Agriculture pronounced was being produced to make Nigeria self-sufficient in rice?

Capital Market: MTN listing, NNPC privatisation will spur more participation of investors – Usman

Liars ought to have good memories— Algernon Sidney, 1622-1683. Vanguard Book Of Quotations, VBQ, p 127.

From the lies about rice harvest, we slide into the ugly aspect of Buharinomics. This is what will eventually give President Buhari the bad reputation he is desperate to avoid. Granted “all governments are run by liars and nothing they say should be believed” (I.F. Stone, VBQ); but, no previous government has assembled so many officers who cannot just tell the truth like this one. Just last week, the Chairman of the Rice Processors Association of Nigeria, RIPAN, told journalists that 20 million bags of rice were smuggled into Nigeria from January to March this year alone.

Assuming the smuggler’s work every day, that volume of rice translates to 220,000 bags of rice entering Nigeria illegally daily. That revelation calls into question the figures publicised by the Federal Government regarding domestic production of rice. Second, if RIPAN knows so much, how come Nigeria’s Custom Services does not? There is only one obvious conclusion. We don’t know how much rice is available for consumption in Nigeria. But, from the UN report on hunger, it is clearly not enough. Certainly, millions are still serving.

“Fish rots from the head.”

The mother of all falsehoods regarding economic performance originates from the Office of the Vice President, Pastor Yemi Osinbajo. The Social Intervention Programme, SIP, which was billed as Buhari’s legacy project was tucked under the “Man of God” – undoubtedly to keep the sons of the Devil from laying their hands on the funds. Yet, after three full years of running the programme, Pastor Osinbajo has failed to render a full account of his stewardship with respect to SIP. Nigerians are treated to press releases, making spurious claims about achievements which cannot be verified. In the three years, while travelling to over twenty-eight states in all the zones, I am yet to find a school providing FG food to kids. If you think I am the only one doubting Osinbajo then read this.

Farmers question Osinbajo’s statistics on school feeding—Daily Trust, Saturday, April 6, 2019.

The story partly said: “A few days ago, Vice President Yemi Osinbajo released huge statistics regarding the Federal Government’s school feeding programme…This translates to 2,376 cows every month..chickens..about 552,000 monthly 27 million eggs…With these huge figures..farmers association are wondering about the identities of the farmers FG is patronising.”

Incidentally, I bought the paper in the state capital of a North Central State while seeking to conclude a deal on rice in a remote community. Schools there never got free Federal Government food.

I rest my case.

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