Nduka Nwosu contends that the individuals in control of the Nigerian government, along with their close associates, are the true proprietors of the political system. Regardless of the unfavorable circumstances, they would not suffer any losses. These individuals, who are the proprietors of the casino club known as Nigeria, do not experience any negative impact from the decreasing economy. Regardless of the outcome, they consistently emerge as winners in this ongoing experiment that has lasted for 62 years.

In the late 1980s, The Economist, a magazine headquartered in London, published a pessimistic article about the Nigerian economy. One of the Golds bet main headlines stated that Nigeria celebrated its sudden increase in oil revenue with a large party. However, this led to a significant debt burden, prompting the International Monetary Fund (IMF) to recommend that the country undergo restructuring. As part of this process, Nigeria devalued its currency, the naira, which used to be stronger than the dollar.

The Economist, in a captivating headline from May of the previous year, stated that Nigeria’s economy was stagnant. The article also highlighted that Nigeria’s economic challenges contributed to a significant increase in crime, widespread poverty, low literacy rates, and the prevalence of diseases.

Jose Luengo Cabrera from the World Bank reports that the number of kidnappings in the first four months of 2021 exceeded the total number of kidnappings in 2020. The incidence of kidnapping has not decreased in 2022, which marks the 62nd anniversary of the establishment of the nation. The prices of agricultural products at the point of sale have significantly increased due to the prevailing insecurity and frequent attacks by terrorists and herdsmen on farmers and their crops.

Despite initially making promises and then retracting them, Buhari based his plans for his time in office on the goal of achieving a strong economy and creating a secure business-friendly environment. Additionally, he aimed to eradicate corruption from the system.
The evaluation of the Buhari Administration and its overall success on these aspects is left to the astute reader. His advisors assert that Buhari’s performance https://damangame1.in/ over the previous seven years has been a tale of triumph.

Sanusi Lamido Sanusi, the former Governor of the Central Bank of Nigeria (CBN) and current Emir of Kano, issued an early warning to Nigerians about the situation. He cautioned the President that having two currency rate systems with significant differences would facilitate round tripping. Sanusi cautioned that the absence of a robust foreign reserve to support two concurrent markets running in parallel would lead the nation into significant difficulties. The ex-Emir of Kano recommended the implementation of a pragmatic and equitable monetary and fiscal policy.

Sanusi reiterated his advice and warning to President Muhammadu Buhari about the risks of implementing a separate exchange rate system amidst falling oil prices, a depleted foreign exchange reserve, and corruption related to round tripping. This message was conveyed in an article for the Financial Times and other platforms. Sanusi cautioned that individuals who had amassed billions through round tripping and cronyism were the true culprits responsible for the instability of the economy.

Oil theft, a fraudulent allocation sometimes referred to as subsidy, has allowed many individuals to amass wealth. Additionally, our government is characterized by excessive expenditure, inflated contract invoices, substantial security funds, and wasteful distribution of contracts and budgets. These practices have been ingrained in our society.

During his tenure, the President witnessed a significant depreciation of the naira against the dollar, with the exchange rate increasing from N204 in 2015 to N702 in 2022. Under Buhari’s leadership, cronyism and prebendalism have become commonplace, deviating from the usual practice. If the plea bargain of an Accountant General who embezzled more than N100 billion is successful, he would likely be celebrated as a hero in the Island of Robin Hood.