Monday, November 26, 2018
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Rewane says Buhari scored an own goal, equalised ‘and then took credit for a draw’

Rewane says Buhari scored an own goal, equalised ‘and then took credit for a draw’
February 26
19:33 2018
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Bismark Rewane, renowned Nigerian economist, says President Muhammadu Buhari has only repaired the damage he did to the economy.

The Buhari administration has often listed Nigeria’s exit from its worst recession since 1987 as a key achievement.

It also celebrated exchange rate stability — after allowing the naira to devalue from N197/$1 to N360/$1 following a prolonged argument over the right policy direction.

The naira had dropped to as low as N520/$1 in the black market before the Central Bank of Nigeria (CBN) loosened its grip on the official peg of N197/$1.

Speaking with Financial Times of London, Rewane used a football analogy to describe Buhari’s chest-thumping over the economic situation.

He described Buhari’s economic policy as repairing the damage he himself inflicted.

“He scored an own goal, equalised and then took credit for a draw,” he said.

Rewane is the chief executive of Financial Derivatives, a consultancy based in Lagos.

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8 Comments

  1. Naija Watchman
    Naija Watchman February 26, 21:08

    How Nigerians think is baffling? This is a leading Nigerian economist implying that mindless looting f an economy has no impact. It’s not the looting that destroyed it but the person who came after the looting. No wonder police in Nigeria arrests people for rescuing crime victims. I.e. it’s not the criminal at fault but the rescuer. Sad thinking.

    Reply to this comment
    • Banji
      Banji February 27, 01:44

      Stop deceiving yourself Oga. Under Buhari, looting has continued. The main problem is lack of ideas and lack of ingenuity of your Oga Buhari.

      Reply to this comment
      • Almuus
        Almuus February 27, 09:33

        Let’s us be objective help us to know where the looting taking place under buhari

        Reply to this comment
        • Koko
          Koko February 27, 14:17

          Happy to assist with that: Maina, NHIS, Babchair former SFG, Ministry of Mines website, Social Intervention programme; Oga in every sector of the economy. About saying look at an economist, obviously you are not one, at the start of this administration, you could bank foreign currency, people were told to come and take their foreign currency, capital outflow was massive, the rest is history. Where are we on refineries and petroleum product. Just back from the market, do you know the real effect of the persisting fuel scarcity. Stop pushing an expired administration. Rawene was being generous in his comments.

          Reply to this comment
      • EyiGreys
        EyiGreys February 27, 20:07

        God bless you banji. Some people are just blinded by senseless sentiment. They seem to forget after this deception then cones the reality.

        Reply to this comment
    • micnojeem
      micnojeem February 27, 21:54

      your opinion is like most Nigerians’- ignorance!PMB came on board without any economic plan or blueprint,he had no cabinet for sven months.You expect something as dynamic as economy to be ok with such grand standing?
      experts here analysed that what the grandstanding did to the economy waqs worse than what corruption has ever done to it! They also op[ine that capital flight is the real cause of damage to us as apeople-if all the looted funds are invested here there would be more jobs and a robust economy resulting therefrom!

      Reply to this comment
  2. CK
    CK February 27, 05:23

    Buhari hasn’t done much on capital flight. That’s the dagger that keeps the economy bleeding; no matter how much you earn, for as long as there are leaks of a country’ wealth flowing across its borders its currency would always struggle. The net outflows of Nigeria’s wealth against even the worthless imports are embarrassing and staggering.

    Reply to this comment
  3. FB
    FB February 28, 20:43

    Buhari is a huge disappointment, people.

    Reply to this comment

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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