Buharism

In the politics of Nigeria, Buharism is a term used to describe the economic principles and the 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 harsh right-wing military dictatorship after 4 years of civil rule in Nigeria between 1979 and 1983.

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 and superior 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 rather employed a policy of curbing imports of goods deemed unnecessary, curtailing oil theft, and improving exports through a counter trade policy of bartering seized illegally bunkered crude oil for needful goods like machinery, enabling it to export above its OPEC quota.[3]

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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