“History does not repeat itself; man does.” — Prof Barbara Tuchmann, Harvard University, USA.
One man, who is currently repeating himself, to the sorrow of Fellow Nigerians, is President Mohammadu Buhari. History has already recorded that as Military Head of State from 1984 to August 1985, he led Nigeria to the first economic recession since independence. Recession by its nature is an economic monster destroying numerous public and private assets – ending up in increasing the Misery Index.
In 1984, inflation reached unprecedented heights; companies laid off workers and created record levels of unemployment; aggregate purchasing power declined precipitously. More Nigerians went below the poverty line in the twenty months of Buhari’s administration than ever before. Nigerians never had it so bad. And, all these were happening under a “corrective regime” which seized power on December 31, 1983.