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So, for the first time *EVER* in Nigeria’s history, CBN securities in circulation has exceeded foreign reserves. A phenomenal achievement by Spiritual Leader and his boy Meffy. Even errconomists could not have achieved this
As I’ve said numerous times, this govt’s original sin was the fx policy of 2015. Since then it has been trapped in a cycle of self reinforcing bad decisions leading to the most worthless govt in Nigeria’s history as well as the biggest waste of time
It was the fx policy that led to the ridiculous fuel under recovery situation today where petrol prices have not moved in almost 3yrs - even with everything else going on in the world - costing trillions. In effect Nigeria is spending 4yrs of money to get 3yrs of govt expenditure
It was the fx policy that led to the recent border closure. Even after spending billions on border patrol and buying ‘equipment’, they still had to mobilise 3 other forces to completely shut down the border just to keep the charade. Another waste of time costing billions
And ALL of this is to please Buhari. All of it. If you give even Osinbajo or El-Rufai the presidency today; they will NOT pursue the same policies. But Nigeria and all the 200 million souls in it plus the unborn ones who are going to inherit this mess can be sacrificed for Buhari
That absurdity of all this is something I don’t even have the words to describe. But this man will go one day and then maybe there will be a return of some sense
