Economy Will Suffer if Buhari Returns – Moghalu

• Economy Will Suffer if Buhari Returns – Moghalu

The former Deputy Governor, Central Bank of Nigeria, Kingsley Moghalu, has warned Nigerians of the danger of returning President Muhammadu Buhari back to the office in 2019.

Kingsley Moghalu, who himself is running for president, said the already wobbling economy will worsen and the masses would pay if President Buhari is re-elected in February.

“It will worsen because there’s a fundamental level of incompetence in the Muhammadu Buhari presidential administration,” Moghalu said during an interview with Bloomberg TV in London.

“Politics trumps everything for them. Rational economic thinking is scarce. Nigeria’s problems are largely self-inflicted, politically induced.”

“Nigerians have come to realize that the old, established and recycled politicians have done them no real favors,” he said.

“We’ve been a democracy since 1999, and the country’s just gotten poorer. The trajectory needs to be broken, not by the usual politicians, but by a technocrat, which is what I think I am.”

The presidential aspirant said central bank needs to scrap its system of multiple exchange rates because it’s hurting foreign investment.

“We’ll have to move to a floating regime, but I suspect the central bank won’t do that at this time for political reasons,” he added.

“You’re subsidizing foreign exchange essentially because the central bank keeps pumping dollars into the market.”