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In the politics of Nigeria, Buharism is the economic principles and political ideology of the military-led government of Nigeria headed by General Muhammadu Buhari from 31 December, 1983 to 27 August, 1985. The government introduced a policy they called War Against Indiscipline (WAI).At its root, Buharism represented a return to right-wing military dictatorship after four years of democratic rule in Nigeria between 1979 and 1983.
Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa, bordering Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Its coast in the south is located on the Gulf of Guinea in the Atlantic Ocean. The federation comprises 36 states and 1 Federal Capital Territory, where the capital, Abuja, is located. The constitution defines Nigeria as a democratic secular state.
Muhammadu Buhari is a Nigerian politician currently serving as the President of Nigeria, in office since 2015. He is a retired major general in the Nigerian Army and previously served as the nation's head of state from 31 December 1983 to 27 August 1985, after taking power in a military coup d'état. The term Buharism is ascribed to the Buhari military government.
Buharism rejected the dominant approach of the Washington Consensus, rather holding that for a crisis-wracked country to successfully improve its balance of payments through devaluation, there must first exist the condition that the price of every country's export is denominated in its own currency. As such a condition did not exist, Buharism asserted that, for any country where Washington Consensus conditions do not exist clearly enough, there are alternate approaches to solving the problem of its economic crisis.Therefore, instead of applying devaluation to get the then crisis-wracked economy of Nigeria back on track, Buharism instead employed a policy of curbing imports of goods deemed unnecessary, curtailing oil theft, and improving exports through a counter trade policy of bartering seized bunkered crude oil for goods like machinery, enabling it to export above its OPEC quota.
The Washington Consensus is a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.-based institutions such as the International Monetary Fund (IMF), World Bank and United States Department of the Treasury. The term was first used in 1989 by English economist John Williamson. The prescriptions encompassed policies in such areas as macroeconomic stabilization, economic opening with respect to both trade and investment, and the expansion of market forces within the domestic economy.
The balance of payments, also known as balance of international payments and abbreviated B.O.P. or BoP, of a country is the record of all economic transactions between the residents of the country and the rest of the world in a particular period of time. These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country. It is an important issue to be studied, especially in international financial management field, for a few reasons.
In modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national currency in relation to a foreign reference currency or currency basket. The opposite of devaluation, a change in the exchange rate making the domestic currency more expensive, is called a revaluation. A monetary authority maintains a fixed value of its currency by being ready to buy or sell foreign currency with the domestic currency at a stated rate; a devaluation is an indication that the monetary authority will buy and sell foreign currency at a lower rate.
Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity. It is the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the West African subcontinent. In addition, the debt-to-GDP ratio is 16.075 percent as of 2019.
The economic history of Argentina is one of the most studied, owing to the "Argentine paradox", its unique condition as a country that had achieved advanced development in the early 20th century but experienced a reversal, which inspired an enormous wealth of literature and diverse analysis on the causes of this decline. Since independence from Spain in 1816, the country has defaulted on its debt eight times and inflation has often been in the double digits, even as high as 5000%, resulting in several large currency devaluations.
The "Council for Mutual Economic Assistance" (Comecon) was an economic organization of communist states, created in 1949, and dissolved in 1991, with the collapse of the Soviet Union. International relations within Comecon is best discussed under three separate categories, as the nature of the relationships between the Soviet Union and its constituent members were not homogeneous.
Ibrahim Badamasi Babangida, is a retired Nigerian Army General who was President of Nigeria from 27 August 1985 to 26 August 1993. He previously served as the chief of army staff from January 1984 to August 1985. Babangida was a key player in most of the military coups in Nigeria.
Babatunde "Tunde" Abdulbaki Idiagbon was a Nigerian Army major general who served as chief of staff at Supreme Headquarters under the military regime of Major General Muhammadu Buhari from 1983 to 1985. He was also a key member of Nigeria's military governments between 1966 and 1979, serving as a military administrator of Borno State under General Olusegun Obasanjo's military government. He died on 24 March 1999 in Ilorin, Kwara state, Nigeria. Idiagbon was one of Nigeria's egalitarian military leaders.
The Nigerian National Petroleum Corporation (NNPC) is the oil corporation through which the federal government of Nigeria regulates and participates in the country's petroleum industry. The NNPC business operations are managed through Strategic Business and Corporate Services Units (SBUs/CSUs) in diverse locations across Nigeria. In that case; The Nigerian National Petroleum Corporation (NNPC) initiated a recruitment scheme and since then, until date the NNPC recruitment have been a yearly scheme.
The economic history of Brazil covers various economic events and traces the changes in the Brazilian economy over the course of the history of Brazil. Portugal, which first colonized the area in the 16th century, enforced a colonial pact with Brazil, an imperial mercantile policy, which drove development for the subsequent three centuries. Independence was achieved in 1822. Slavery was fully abolished in 1888. Important structural transformations began in the 1930s, when important steps were taken to change Brazil into a modern, industrialized economy.
The economic history of the Republic of Turkey may be studied according to sub-periods signified with major changes in economic policy:
The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959.
The National Security Organization (NSO) of Nigeria, or Nigerian Security Organization, was created under Decree number 27 of 1976 by the military regime of Gen. Olusegun Obasanjo, after the failed Dimka coup which claimed the life of former Head of State Gen. Murtala Mohammed. The NSO was given a mandate of co-ordinating Internal Security, Foreign Intelligence and counterintelligence activities. It was charged with the detection and prevention of any crime against the security of the state, with the protection of classified materials, and with carrying out any other security missions assigned by the president.
Political corruption is a persistent phenomenon in Nigeria. The rise of public administration and the discovery of oil and natural gas are two major events believed to have led to the sustained increase in the incidence of corrupt practices in the country.
The Second Nigerian Republic was a brief formation of the Nigerian state which succeeded the military governments formed after the overthrow of first republic.
There have been a large number of successful and failed military coups in Nigeria since the country's independence from the British Empire in 1960. A military coup is the violent or non-violent overthrow of an existing political regime by the military. Between 1966 and 1999 the army held power in Nigeria without interruption apart from a short-lived return to democracy between 1979-1983. “Military coups and military rule became a seemingly permanent feature of Nigerian politics.Buhari was the one who lead the military coup of 1983. Buhari removed then head of state shehu shagari and imprisoned him for two years in a closed door without light.
The economy of Azerbaijan has gone through different stages of rapid growth, stability, and crisis. In general, economy of Azerbaijan, besides field-wise classification, can be divided into three categories: 1. recession period, covering 1992-1995, right after Azerbaijan restored its independence after the USSR collapsed, 2. recovery, from 1996 to 1997, mainly because of increased oil sales, potential oil contracts, partners, and pipelines, 3. boom, from 1998 till 2008, and finally, an economic fall, starting from 2009.
Oil theft in Nigeria is considered to be the illegal appropriation of crude or refined oil products from the pipelines of multinational oil companies. Oil theft in Nigeria is facilitated by the extensive corruption between security forces, militia organizations, the local population, and oil company employees who use a variety of methods to steal oil from the multinational oil corporations that are stationed within the country. Currently, Exxon Mobil, Chevron, Statoil, Shell, and Agip are the five largest multinational oil companies present in Nigeria. Due to the lack of federal oversight and a large network of corruption, oil theft is primarily cellular rather than hierarchical and requires frequent collaboration between a variety of random players depending on the level of oil theft being committed. Each group maintains a specific role in the oil theft trade in Nigeria. These key players use methods such as hot-tapping and cold-tapping to perform oil bunkering and steal thousands of barrels of oil per day from established oil pipelines. In addition to stealing oil from the pipelines, oil theft can also occur during the transportation of the crude oil product to the oil shipping terminals for export.
The 1985 Nigerian coup d'état was a military coup which took place in Nigeria on 27 August 1985 when a faction of mid-level Armed Forces officers, led by the Chief of Army Staff General Ibrahim Babangida, overthrew the government of Major General Muhammadu Buhari. Buhari was then detained in Benin City until 1988. Babangida justified the coup by saying that Buhari failed to deal with the country's economic problems by implementing Buharism, and promised "to rejuvenate the economy ravaged by decades of government mismanagement and corruption". Babangida then replaced the ruling Supreme Military Council (SMC) with a new Armed Forces Ruling Council (AFRC), which lasted until 1993. The regime survived a coup attempt in 1990.
Muhammadu Sanusi II is the 14th Emir of Kano, who was crowned on 8 June 2014 after the death of his granduncle Ado Bayero. Emir Sanusi was a banker and former governor of the Central Bank of Nigeria. He was appointed on 3 June 2009 for a five-year term, but was suspended from office by the then President of Nigeria Goodluck Jonathan on 20 February 2014 after Sanusi accused the government of a $20 billion fraud in the Nigerian National Petroleum Corporation (NNPC).
London is the capital and largest city of England and the United Kingdom, with the largest municipal population in the European Union. Standing on the River Thames in the south-east of England, at the head of its 50-mile (80 km) estuary leading to the North Sea, London has been a major settlement for two millennia. Londinium was founded by the Romans. The City of London, London's ancient core − an area of just 1.12 square miles (2.9 km2) and colloquially known as the Square Mile − retains boundaries that follow closely its medieval limits. The City of Westminster is also an Inner London borough holding city status. Greater London is governed by the Mayor of London and the London Assembly.
Max Siollun is a Nigerian historian that specializes on Nigerian history with a particular focus on the Nigerian military and how it has affected Nigeria's socio-political trajectory from the pre-colonial era to the present. Max Siollun was born in Nigeria and educated in England, graduating from the University of London.