THE MID TERM ECONOMY REPORT OF THE BUHARI ADMINISTRATION

1. INTRODUCTION

Centre for Social Justice (CSJ), a Nigerian Knowledge Institution presents the mid-term economy scorecard of the Buhari Administration in its first two years and with two years to end the tenure. This brief report is presented within the context of state obligations under national and international laws and standards, essentially that the government is obligated to ensure an adequate standard of living for its citizens. It is also presented in the light of the need for course correction so that steps can be taken to improve economic performance and thereby improve the standard of living.

2. FUNDAMENTAL AND FRAMEWORK ISSUES

In this section, we discuss some fundamental and framework issues without which economic progress and development will not be possible.

2.1 Tardiness in Governance: The Economic Recovery and Growth Plan which is the economic policy framework of the Administration was only unveiled in the first quarter of 2017, almost two years into the life of the Administration. With just two years left to go, the late formulation and presentation shows that economic governance did not get the necessary attention it deserved from the inception of the Administration. The tardiness also reflected in the undue delay in appointing ministers which took over since 6 months after the President was sworn in; and the raising of Euro Bonds for the implementation of the 2016 federal budget in the first quarter of 2017.

2.2 The Recession: Nigeria’s GDP grew and contracted as shown in Table 1 below.

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