Buhari Ran A “Voodoo” Economy, Destroyed The Naira- Dogara

Yakubu Dogara, former Speaker of Nigeria’s House of Representatives has criticized the administration of the late Muhammadu Buhari for running the nation’s economy aground, through its various policies.

For instance, the former Speaker accused the Buhari’s government of borrowing huge sums of money from the Central bank of Nigeria, CBN, through the Ways and Means, W&M, without regard on the implications such action could have on the economy. Over N22 billion was borrowed from the CBN by the administration during Buhari’s  eight years presidency. He said.

Apart from this, Dogara said huge foreign loans were obtained by the administration to strengthen the naira without much effect on the economy, saying the policy was not well thought out.

Dogara spoke in Abuja, the nation’s capital during the maiden parliamentary lecture with the theme: ‘Navigating tax reforms in Nigeria: Insights on President Bola Tinubu’s Policies’, organised by the House of Representatives Press Corps.

He stressed that the former administration left the economy in a very bad shape, which the Bola Ahmed Tinubu’s government is now trying to reshape, adding that the ongoing reforms will make huge impact on all the sectors, including education, infrastructure , healthcare and security.

He explained that President Tinubu is a democrat who is ready to reform the country for the benefit of all Nigerians, citing his Tax reform policy which Dogara described as “revolutionary.”

Dogara: “By the time President Tinubu took office, the economic debris of the nation had become too conspicuous to be ignored. N22.7 trillion had been printed and injected into the economy in the name of Ways and Means thereby destroying the value of the naira in our pockets.

“Also, the dual exchange rates meant that some anointed people were making hundreds of millions of naira off FOREX allocations from the CBN without producing any goods or offering any services whatsoever and tying our crude sales to foreign loans in the name of forward sales of crude was fast becoming the order of the day.

“Some of the foreign loans had been procured in order to help strengthen the Naira, a measure that could only be sustained by voodoo economics.

“So, from day one, it was very clear that something urgent, nay revolutionary, must be done to prevent our economy from imploding. So, the president’s job as an economic reformer began on day one. Every reformer knows that progress is not promised, it is always fought for. All that a reformer is bothered with is to do the right things, not to have all things under control.

“As a matter of fact, if everything seems under control, it is not only an indication that you are not going fast enough, you are most probably not a reformer.

“As a tested democrat, Mr President knows that for our democracy to be worth its name, it must offer more than political and individual freedoms; it must offer economic choices which will lead to economic justice, most especially for the vulnerable who are least likely to recover from economic shocks.

“In order to reform our obsolete tax laws, Mr President set up the Presidential Committee on Fiscal Policy & Tax Reform chaired by Mr Taiwo Oyedele. The committee came up with revolutionary reform proposals which will ultimately restructure laws, norms, and institutions to create a more just and equitable society. This involved a multifaceted approach of raising awareness, building support and overcoming resistance.

“Reform efforts often face significant opposition from those who benefit from the status quo, requiring strategic planning, persistent advocacy, and coalition-building to overcome these obstacles. This was no exception. The opposition to the reform was fierce and furious almost foisting negative solidarity which could lead to a race to the bottom and collective decline where everyone is forced to endure worsening conditions because no one feels capable of improving them.

“While I want to avoid interrogating motives, at some point, it was clear that most of those opposed to the reform desired to see the president fail rather than succeed.

“Nigeria’s 2025 tax reform package is the most audacious overhaul of our fiscal framework in decades and in response to long-standing fragmentation in the country’s tax law and administration.

“The stated goals are to simplify the legal framework, broaden the tax base, strengthen compliance, and align selected rules with international tax practices.”

Dogara supported Atiku Abubakar of the Peoples Democratic Party, PDP, during the 2023 Presidential election, but later switched side, following which he was appointed chairman, National Credit Guarantee Company..