What President Buhari Will Be Remembered For – Stears

What President Buhari Will Be Remembered For - Stears

Nigeria’s upcoming general elections in February 2023 is most definitely one of the anticipated events with daily trends on Twitter and conversations about the election and the candidates.

With advent of the election means that President Muhammadu Buhari’s tenure is coming to an end.

This has left people with different questions like; what is his legacy? What will the next election be like? Should we support his preferred candidate?

Stears an intelligence company that defines a new standard for access to quality analysis and data in Africa; by providing fluid access to data and insight talked about Buhari’s administration.

In its post via Twitter, the company considered what the President will be remembered for.

Here is what Stears had to say concerning President Buhari’s last days in the office

“How will President Buhari be remembered when he leaves office in less than 150 days?

“We’ve taken a holistic look at the President’s impact on the Nigerian economy.

“We will remember him as the only President to lead Nigeria into two separate recessions (2016 & 2020) since official records began in 1983.

“Under his tenure, the naira lost half its value, and despite promising to create additional 15 million jobs, only one in three young people have full-time jobs.

“The results do not improve when looking at specific sectors. For instance, the oil sector, Nigeria’s cash cow, is crippled, and Nigeria has been producing less oil than ever in the last 40 years.

“From our 2.5 million barrels per day production, we’re now producing less than 1 million! We are now the fourth-largest oil producer in Africa, behind Angola, Algeria, and war-torn Libya.

“Worse, the Buhari administration has gone on a borrowing and spending spree instead of building alternative revenue sources.

“The results? Domestic debt servicing costs nearly doubled between 2015 and 2018, and foreign borrowing has ballooned.

“If the 2022 trend persists till year-end, Nigeria will have over ₦1 trillion in interest payments for external debts for the first time. Exactly ten years ago, we paid less than ₦50 billion.

“On spending, the Buhari administration has maintained a simple mantra: spend, spend, spend.

“In 2021, it disbursed ₦12 trillion from its budget, three times what it spent in 2010.

“In short, Nigeria’s economy has faced one of its worse outcomes under President Buhari, and these tweets are just snippets,” Stears said.

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