Analysis: Buhari is not telling us the truth Part 1

Against the backdrop of “Change”, President Muhammadu Buhari may be regretting some of the campaign promises he made.

Backed by millions of supporters, President Buhari and APC trumped PDP to a historic win in 2015.

As the president rolled up his sleeves and settled for his job, it dawned on him that his party was not fully aware of the enormity of the challenges Nigeria faced.

They have publicly admitted it.

The current economic woes of the country has absolutely nothing to do with the name of a Party, but it has everything to do with who controls the economy.

The real problem is this: the president is yet to come clean and tell Nigerians (in clear terms), the current economic situation of the country.

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He is still in the belief that things will turn around for good.

It will not. It cannot. The fact speaks for itself.

For instance, if you earn N30,000 naira as monthly salary, there is no way you can build a house, buy a car, train your 4 children and take care of your wife from that salary.

It is impossible; except you steal.

A father who goes about telling his family he can accomplish these between today and 2019 is a huge joke.

It is simply impossible!

To deliver an efficient and uninterrupted power supply alone will cost tens of billions of dollars; even by zero corruption free means.

Just yesterday, the Power Transmission Company of Nigeria said in other to deliver 11,500 Megawatts of power by 2019, they will require $7.5 billion dollars!

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We don’t have that kind of money. Where we will get it from?

Assume this: If we produce 2 million barrels of crude everyday (which we cannot); if naira’s value appreciates to $1 to N200; and if oil now sells for $100 (again this is impossible), Nigeria will only make $800 million dollars in the next 800 days!

Meaning, all the gist about stabilizing power by 2019 is a lie. It is impossible.

Aside from power, add healthcare, transport, housing, welfare package, salaries and et cetera, you will begin to figure the enormity of our problems.

Let us be blunt: Nigeria cannot come out of the woods in the next 10 years!

This is the blunt truth, but Buhari tells Nigerians the opposite.

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Is the current economic problem his fault? NO! But at least he should tell us the truth.

According to NNPC, the January-May 2016 average daily crude oil output is 1.97 million barrels per day.

The output level reflected the impact of production shut-ins following increased militancy siege on oil installations.

The president wants to diversify the economy. This is a welcome development.

But here is the reality: “The government will still have to depend on the petroleum sector to provide the required funds needed for diversification.”

During Obasanjo’s tenure, Nigeria’s oil reserves stood at $5 billion.

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The average monthly oil price for the 72 months he was in office was $38, yet he left $43 billion in foreign reserves.

This was after he paid off $12 billion to write-off Nigeria’s external debt.

In the last 15 months, average monthly oil price has been over $40, yet our foreign reserves have been declining and exchange rate is abysmal.

If oil prices remain between $40- 60 dollars over the next two years, foreign reserves will continue to deplete, naira will shed value, our national debt will increase, and many people will lose their job.

The scenario does not look pretty and Buhari is not telling us the truth.