Rating agency, Oshiomhole carpet Buhari for mismanaging Nigeria’s economy in the last 8 years

In a scathing indictment, one of Nigeria’s leading Rating agencies, Agusto & Co and the former Governor of Edo State, Adams Oshiomhole have lampooned former President Muhammadu Buhari for the mismanagement of the nation’s economy in the past eight years.

Agusto & Co and Oshiomhole, speaking at different fora, were unanimous in their agreement that the economy was poorly managed.

Agusto & Co comments were contained in its recently released Newsletter titled, “2024: A year of reckoning, turning points and balancing acts” where it made projections on different aspects of the economy ranging from foreign exchange to inflation, GDP growth etc.

The rating agency expressed optimism in the current government’s ability to properly manage the economy unlike the previous administration.

“Nigeria’s future economic growth is hinged on the continued implementation of macro-fiscal and inclusive structural reforms. We believe that reforms aimed at tackling insecurity and incentivising investment are particularly crucial in the near term.

“The recent upgrade of Nigeria’s economic outlook from stable to positive while still maintaining a junk credit rating was premised on the possible reversal in the deterioration of Nigeria’s fiscal and external positions on the back of reform efforts, citing the need to contain inflation and the government’s borrowing costs.

“This alludes to the need for a coordinated monetary and fiscal policy response, and we believe that a strategic balance between economic policies and external factors will determine the trajectory of the Nigerian economy in 2024.

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“The good news is that the Nigerian economy is unlikely to be as poorly managed in the next four years as it was in the previous eight.”

Similarly, Oshiomhole, while appearing on a Channels TV programme on Monday night opined that Nigerians were still suffering from the impact of the economic policies of the former President.

According to the former governor of Edo State, President Bola Tinubu should not be held responsible for the right or wrong decisions taken by the previous administration.

“My first loyalty is to Nigeria. At some point, before the last president left office, I lamented loudly what I saw as reckless policies that were designed to dehumanize the population that was already in pain.

“I felt that it is not what the then president promised. I dissociated myself from those policies and I’m happy that I was not the only one.

“There were governors who approached the court to denounce some of those policies. It is the long-term consequences of those policies that we are still grappling with now.

“Yes, it is our party platform. Like Tinubu also said, he was not a minister or adviser. He never took a contract in that government and he cannot be held responsible for what the government did right or wrong,” he said.

By Babajide Okeowo

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