Bismark Rewane, renowned Nigerian economist, says President Muhammadu Buhari has only repaired the damage he did to the economy.
The Buhari administration has often listed Nigeria’s exit from its worst recession since 1987 as a key achievement.
It also celebrated exchange rate stability — after allowing the naira to devalue from N197/$1 to N360/$1 following a prolonged argument over the right policy direction.
The naira had dropped to as low as N520/$1 in the black market before the Central Bank of Nigeria (CBN) loosened its grip on the official peg of N197/$1.
Speaking with Financial Times of London, Rewane used a football analogy to describe Buhari’s chest-thumping over the economic situation.
He described Buhari’s economic policy as repairing the damage he himself inflicted.
“He scored an own goal, equalised and then took credit for a draw,” he said.
Rewane is the chief executive of Financial Derivatives, a consultancy based in Lagos.
SOURCE: The Cable