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Nigeria's economy on its knees under Buhari - Bloomberg

01 June 2016, 21:33

Abuja - President Muhammadu Buhari was elected into power a year ago on a wave of optimism that he would breath new life into Nigeria's failing economy, however it now finds itself on its knees.

Vanguard reports that the weakening of Africa's biggest economy has forced Buhari to throw in the towel on a central pillar of his economic policy.

Also read: Nigeria loses N13b to oil theft, vandalism in one month

Buhari is now forced to initiate a currency peg as analysts predict that Nigeria would soon enter into a recession.

An upsurge in militant attacks has sent crude production, which accounts for 70 percent of government revenue, plummeting to a 30-year low.

Buhari's refusal to weaken an overvalued Naira has sent foreign investors running, with him finally hinting at changing his stance on the currency last week.

For more on this story, visit Vanguard.

- News 24


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