Former Education
Minister, Oby Ezekwesili, has blamed President Muhammadu Buhari for the current
economy recession.
Ezekwesili, who
stated in a whatsApp message last night, said:
“I still find it funny that most people don’t know why Nigeria economy
went into recession.
They love the incompetent lies of Lai Mohammed about the
past government ruining everything.
‘’It’s also myopic to think that if
Jonathan were to still be in power, we would be worse off. ”The truth about
Nigeria’s recession is this; it was caused by the president’s unguided rhetoric
and uncultured body language.
‘’Firstly, there is nothing we are buying today
that we weren’t buying five years ago, therefore it’s not our purchase that put
pressure on Naira but withdrawal of funds by foreign investors.
‘’After the
election, the President created instability with his statements about how
everyone is corrupt and how everyone is going to jail.
‘’The instability made
foreign investors to liquidate their investment and change their money to
dollars. In the process of trying to flee, they were willing to buy dollars at
any price, which lead to high exchange dollar rate.
‘’Even though some of them
were not ready to run away, but want their money in dollars to save their
investments from devaluation, the president gave a bad signal by banning
deposit of foreign currency into domiciliary accounts.”
‘That was enough for
free market believers to see the draconian handwriting on the wall, that was
the beginning of dollar rush.
‘’To make matters worse, the President came up
with another outrageous policy of rationing dollar to certain sectors and
blocking many sectors out.
That was the nail in the coffin which facilitated
the emergence of free fall.
VANGUARDNGR
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