Buharism

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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). [1] 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 Federal republic in West Africa

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 Nigerian president

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.

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Economic theory

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. [2] 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. [3]

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.

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References

  1. Sanusi Lamido Sanusi (20 February 2003). "Buharism as Fascism: Engaging Balarabe Musa". London. Archived from the original on 25 May 2014. Retrieved 12 September 2013..
  2. Sanusi Lamido Sanusi (22 July 2002). "Buharism: Economic Theory and Political Economy". Lagos. Archived from the original on 12 March 2015. Retrieved 12 September 2013.
  3. "Military Regime of Buhari and Idiagbon" . Retrieved 12 September 2013.
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