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Looming financial crisis after Senate rejection of loan request

After campaigning vigorously against the $30 billion loan request by the Federal Government and waking up a few days after to read that the Senate had rejected the request, the feeling should be one of elation.

For once the Senate of Nigeria had done the right thing. But, economics is full of paradoxes and economists can sometimes find themselves being right and sad at the same time. Beating back Buhari and his Economic Management Team, EMT, provides as much joy as beating up on an old man who shuffles into a sucker punch. Buhari had that humiliation coming because he had assembled an incompetent team of economic advisers and managers. Unfortunately for the President, that might not be the last drubbing he will receive as long as nobody on his team knows how to play this game. And the name of the game is persuasion.

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