Buhari's 8-Year Legacy: Economic Decline, Poverty, Insecurity - SBM Analysis

A recent report by SBM Intelligence, a research and political risk analysis firm, has assessed the economic legacy of late President Muhammadu Buhari, who served from 2015 to 2023.

According to the report, Buhari's eight-year tenure was marked by significant economic decline, despite some isolated gains. The report noted that Nigeria's GDP per capita plummeted by 38% to $1,597, accompanied by two recessions.

The organization stated that Buhari's administration left Nigeria "poorer, less secure, and more indebted," with inflation more than doubling to 24.66%. Oil production, the country's economic lifeblood, fell by 30%.

Social indicators were equally grim, with unemployment tripling to 33.2%, healthcare deteriorating, and 10.5 million children remaining out of school.

The report also highlighted the alarming levels of insecurity under Buhari's leadership, with an average of 15,000 violent deaths occurring annually.

On the fiscal side, Nigeria's national debt quadrupled during Buhari's tenure, without corresponding infrastructure development.

The report's assessment adds to ongoing controversies about Buhari's long-term impact on Nigeria. While his supporters point to his agricultural reforms and infrastructure projects, critics accuse his administration of economic mismanagement and human rights violations.