Rewane recounts Buhari’s aversion made his economic team “slow to respond to the crisis, and it hit us badly”
By Jeph Ajobaju, Chief Copy Editor
Financial Derivatives Company Chief Executive Officer, Bismark Rewane, has disclosed that Muhammadu Buhari had a phobia for economic reforms, recounting his experience as a member of the late President’s economic team.
The renowned economist noted that by the time Buhari inaugurated his cabinet, the country had been hit badly by the external economy, where the global price of crude dropped from $110 to $40 per barrel.
He said this overwhelmed the economic team which was ill-prepared to tackle the numerous challenges facing the country.
“It took Buhari six months to appoint his cabinet. He was scared of reforms,” Rewane declared on Channels Television.
“He was very cautious, many times too cautious. By the time he sent his cabinet [list to the National Assembly for approval], the external economy had become so volatile. The price of oil dropped to $40 per barrel from $110, so the circumstances were out of his and Nigeria’s control.
“We were not prepared and mobilised; therefore, we were slow to respond to the crisis, and it hit us badly.”
Buhari, Nigeria’s democratic President from 2015 to 2023, was given a state burial in Daura his hometown in Katsina on Tuesday, three days after his death in London on July 13.
Present at the burial were President Bola Tinubu, Vice President Kashim Shettima, former Vice President Atiku Abubakar, and other dignitaries.
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