Fluctuating Fortunes: A 5 Year Assessment Of The Buhari Administration

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n assumption of office in May 2015, President Muhammadu Buhari inherited
an economy experiencing a declining growth rate of the GDP. Between 2013
and 2014, the economy grew above 6 percent which was more than double
the annual estimated population growth of 2.6 percent. The high growth rate
was largely attributed to the oil boom during the period. With the global oil
shock in late 2014 and its spill-over effects on domestic economic activities,
economic growth declined from about 6.0 percent in Q4 2014 to 4.0 percent
in Q1 2015 and further to 2.4 percent in Q2 2015.

The inherited high poverty and unemployment rates increased further
beyond 2015. About 4.04 million persons lost their jobs in 2015, as
unemployment and underemployment rate increased from 6.4 per cent and
17.9 per cent in Q42014 to 10.4 per cent and 18.7 per cent in Q42015,
respectively.

The unemployment rate was high among youths, as about 5.3
million youths within the age bracket of 15-24 could not get a job in 2015. The high rate of unemployment and increased poverty partly triggered the
security challenges in the country, which was a key campaign promise of the President. These challenges set a slow start for President Buhari’s
administration.

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