Buhari abandons 1984, goes for ‘failed’ 1982 emergency economic bill
President Muhammadu Buhari will be presenting an emergency economic stabilisation bill to the national assembly when it resumes on September 13. The bill has been greeted with immense criticism from across the country, with many experts saying the president has no need of such emergency powers. Although Laolu Akande, special assistant to the Vice President Yemi Osinbajo on media and publicity, had absolved the president of seeking emergency powers, the policy draft says otherwise. History however teaches that Nigeria has been here before — at a junction when it needed an emergency calvary out of an economic quagmire. In 1982, after an oil boom, which lasted through the 1970s, Nigeria was faced with a plunge in crude oil prices, which led to exactly same economic challenges being faced today. Nigeria’s foreign reserves was drowning in lack, the naira was plunging, our giant appetite for foreign goods could not be funded by the revenue available a...