Seven Of Buhari’s Actions That Led Nigeria Into Recession

1) Sudden Implementation of Treasury Single
Account (TSA)- This policy threw the banking
and financial sector into turmoil as huge sums
were swept out of banks and dormantly
stashed into a preferred safe.
2) Tightening of Foreign Exchange
Transactions- This policy made it difficult to
make foreign exchange, and threw thriving
businesses into turmoil which led to massive
sacking of workers and manufacturing
slowdown.
3) Unguarded Utterances During Foreign Trips-
The president made several unguarded
utterances that gave the impression that
Nigeria was headed for the rocks. This made
foreign investors hesitant about coming into
Nigeria, and encouraged those that were
already in Nigeria to speculate and pull out
funds.
4) Halting of Important Projects in the Niger
Delta- Buhari moved to remove majority of the
projects that were created to provide tangible
benefits to Niger-Deltans. For example, the
Maritime University and Pipeline protection
projects. Though, some of these projects were
condemned by Nigerians, they kept the Niger-
Delta at peace and allowed for the
maximization of the benefits from petroleum
exports.
5) Buhari’s Northern Developmental Focus in
Nigeria- The developmental aim of the
president is very much skewed towards
Northern Nigeria than every other part. So, he
is more like kick starting a new economic
focus, while dumping existing economic
strengths. For example, he is devoting billions
of dollars to search for petroleum in the North
when Nigeria does not have functional
refineries to ensure adequate availability of
petroleum products that are already being
produced in the South.
6) Elimination of All the Policies Made by PDP-
it is on record that even though PDP led
governments were corrupt, they made some
major strides in diversifying Nigeria’s
economy. For example, Agricultural export
came to life under PDP. Buhari has focused on
bedeviling and antagonizing every single policy
made by the PDP. In the process, he has
thrown out good policies and progress that
were made in the past. He is almost starting
afresh, and this has rebooted Nigeria and
thrown us years backwards.
7) Preference for Violence over Dialogue-
Buhari prefers to use military force to quell
civil strife. This approach ignites more protests
and civil disobedience. An economy cannot
experience progress in violent conditions. Even
Lagos and Ogun axis has experienced an open
show of military bombardment, which scares a
heck out of investors. The same is true about
the production shut ins in the Niger Delta
region. Some of these issues can be solved
with dialogue and with police actions than full
scale military assaults.