Muhammadu Buhari Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! === Economy === Buhari was an attractive choice to many Nigerians because of a perceived incorruptible character.<ref name=":0" /> Once in power, Buhari who had earlier mobilized supporters in three previous elections was slow to manifest his intention to solve problems he mentioned during his campaign. Determination to initiate his domestic policy agenda like naming of cabinet officials took six months,<ref name=":0">{{cite journal|last1=Obadare|first1=Ebenezer|title=Current History|date=May 2017|volume=116|issue=790|url=http://www.currenthistory.com/Article.php?ID=1414|journal=|access-date=14 February 2018|archive-date=14 February 2018|archive-url=https://web.archive.org/web/20180214142500/http://www.currenthistory.com/Article.php?ID=1414|url-status=live}}</ref> while the passage of the 2016 and 2017 budgets were delayed by infighting. In Buhari's first year in office, Nigeria suffered a decline in commodity prices which triggered an economic recession.<ref>{{Cite news |date=31 March 2011 |title=Muhammadu Buhari, Nigeria's 'new broom' president in profile |language=en-GB |work=BBC News |url=https://www.bbc.com/news/world-africa-12890807 |access-date=13 December 2022}}</ref> To source funds to close shortfall in revenue and fund an expansionary capital budget, Buhari traveled to 20 countries seeking loans.<ref>{{cite journal |author=<!--Staff writer(s); no by-line.--> |date=June 2016 |title=Economy Thwarts Buhari |journal=Afr Res Bull Econ |volume=53 |issue=4 }}</ref> Thereby, expansionary budget allocation to finance infrastructure was pushed back to a further date.<ref>{{cite journal |author=<!--Staff writer(s); no by-line.--> |date=18 November 2016 |title=Political schisms hit recovery and reform |url=http://www.africa-confidential.com/article/id/11829/Political_schisms_hit_recovery_and_reform |journal=African Confidential |volume=57 |issue=23 |access-date=18 November 2016 |archive-date=21 November 2016 |archive-url=https://web.archive.org/web/20161121172005/http://www.africa-confidential.com/article/id/11829/Political_schisms_hit_recovery_and_reform |url-status=live }}</ref> In the first year of the administration, [[Naira]], the currency of Nigeria depreciated in the black market leading to a gulf between the official exchange rate and the black-market rate.<ref>{{cite news|title=Verbatim: Why I attempted absconding from office after becoming President — Buhari - OAK TV|url=https://oak.tv/attempted-absconding-officeri/|access-date=2 January 2017|work=oak.tv|agency=Oak TV|publisher=Oak TV|archive-date=3 January 2017|archive-url=https://web.archive.org/web/20170103094211/https://oak.tv/attempted-absconding-officeri/|url-status=live}}</ref> A resulting shortage in foreign exchange hit various businesses including petroleum marketers. However, the gulf between the official rates and the black market rates opened up the opportunity for well connected individuals to engage in arbitrage, making a mockery of the president's anti-corruption image.<ref name="pill"/> In May 2016, the government announced a rise in the official pump price of petroleum to curtail shortfall in the commodity as a result of foreign exchange shortages.<ref>{{cite journal |author=<!--Staff writer(s); no by-line.--> |date=1 July 2016 |title=NIGERIA: A Turbulent Year |journal=Afr Res Bull Econ |volume=53 |issue=5 }}</ref> [[File:Third GECF summit in Tehran 21.jpg|thumb|Buhari with Russian President [[Vladimir Putin]], Venezuelan President [[Nicolás Maduro]] and other leaders at the [[Third GECF summit]] in Tehran]] In 2016, the country's economy declined by 1.6% and in 2017 per capita economic growth is projected to be negligible. Buhari's first tenure as head of state coincided with a decline in oil prices similar to his second stint but his administration has not shown dedicated effort to diversify sources of government spending.<ref name="pill">{{cite news |title=Nigeria has let a crisis go to waste |url=https://www.ft.com/content/2f7d3a24-66eb-11e7-8526-7b38dcaef614 |website=Financial Times |date=12 July 2017 |last1=Pilling |first1=David |access-date=14 February 2018 |archive-date=15 February 2018 |archive-url=https://web.archive.org/web/20180215023426/https://www.ft.com/content/2f7d3a24-66eb-11e7-8526-7b38dcaef614 |url-status=live }}</ref> The 2018 budget signaled an expansionary fiscal policy with funds dedicated to infrastructural projects such as strategic roads, bridges and power plants.<ref>{{cite journal|title=Buhari opens the war chest|journal=Africa Confidential|date=17 November 2017|volume=58|issue=23|url=https://www.africa-confidential.com/article-preview/id/12169/Buhari_opens_the_war_chest|language=en|access-date=14 February 2018|archive-date=14 February 2018|archive-url=https://web.archive.org/web/20180214202744/https://www.africa-confidential.com/article-preview/id/12169/Buhari_opens_the_war_chest|url-status=live}}</ref> Since an upturn in economic growth from the decline of 2016, a slow pace of recovery has the country behind many of its continental neighbors in GDP growth. Unemployment levels remain high and any effort to increase non-oil revenues has not improved while government deficit spending include a significant portion of its yearly budget dedicated to service debts.<ref name="vol6013">{{Cite journal|date=28 June 2019|title=The rise of Godwin Emefiele|url=https://www.africa-confidential.com/article-preview/id/12678/The_rise_of_Godwin_Emefiele|journal=Africa Confidential|language=en|access-date=23 October 2019|archive-date=23 October 2019|archive-url=https://web.archive.org/web/20191023154232/https://www.africa-confidential.com/article-preview/id/12678/The_rise_of_Godwin_Emefiele|url-status=live}}</ref> Buhari with the support of the Central Bank chief initiated policies to improve agriculture production through lobbying private banks to lend to the sector and restriction of foreign exchange at official rates for importation of food product that are grown locally. In his second term, the budget minister, Udo Udoma and trade minister, Enemalah both of whom favored liberalisation were not returned.<ref name="vol60">{{Cite journal |date=30 August 2019 |title=Executive exerts its privilege |url=https://www.africa-confidential.com/article-preview/id/12727/Executive_exerts_its_privilege |journal=Africa Confidential |language=en |volume=60 |issue=17 |access-date=23 October 2019 |archive-date=3 October 2019 |archive-url=https://web.archive.org/web/20191003053134/https://www.africa-confidential.com/article-preview/id/12727/Executive_exerts_its_privilege |url-status=live }}{{Cite journal |date=30 August 2019 |title=Executive exerts its privilege |url=https://www.africa-confidential.com/article-preview/id/12727/Executive_exerts_its_privilege |journal=Africa Confidential |language=en |volume=60 |issue=17 |access-date=23 October 2019 |archive-date=3 October 2019 |archive-url=https://web.archive.org/web/20191003053134/https://www.africa-confidential.com/article-preview/id/12727/Executive_exerts_its_privilege |url-status=live }}</ref> The government continued to operate flexible exchange rates into the second term of the administration despite critics alluding to the exchange rate regime of being susceptible to arbitrage abuses and [[Round-tripping (finance)|round tripping]] by cronies of the government.<ref name="vol6013"/> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. 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