President Muhammadu Buhari Is An Economist:
In May 2015, Buhari was inaugurated
In Dec 2015, Argentina’s President Macri was inaugurated
- International monetary fund (IMF) offered Nigeria & Argentina loans
Argentina received $50bn from IMF
- IMF asked Nigeria & Argentina to devalue their currencies
Argentina devalued their currency by 566%.
PMB resisted devaluation of Naira.
- IMF asked Nigeria & Argentina to stop defending their currency.
Argentina stop defending their currency through their central bank.
CBN defended our currency & put dollar withdrawal limit to $1000 monthly. That was when some foreign students rain curses on Buhari.
LET’S COMPARE ARGENTINA & NIGERIA TODAY:
Argentina can’t pay the $50bn they borrowed from IMF.
Nigeria has 0.0000 debt from IMF.
Today, inflation (cost of goods) in Argentina is 54.3%
Inflation in Nigeria is 11.24%
Argentina now puts monthly dollar withdrawal limit to $200.
Nigeria now lifts its dollar withdrawal limit.
Had Buhari not held his ground and rejected IMF’s offer, we might have ended up like Argentina.
Nigeria is heading towards the right direction and I’m proud to be part of this evolution.