LAGOS (Reuters) – Nigeria’s deputy leader is making wide use of powers granted by President Muhammadu Buhari, who is on extended sick leave abroad, as the country seeks to avoid a debilitating power vacuum while it confronts its first recession in 25 years.
The West African oil-producing nation was gripped by instability in 2010 when then President Umaru Yar’Adua spent three months in a Saudi hospital while his aides shrouded his illness in secrecy. His deputy Goodluck Jonathan only took over after he died in the midst of a constitutional crisis.
The Nigerian stock exchange, already hit by recession, has fallen to a nine-month low on the uncertainty over Buhari. But officials are keen to avoid the mistakes of the past and drive home the message that government work will continue whatever happens.
Before Buhari left home almost a month ago to be treated in Britain for an undisclosed illness, the 74-year-old appointed his deputy, Yemi Osinbajo, as Acting President.
“The nation came to a political standstill because of the failure of Yar’Adua to submit a letter transferring power to Vice President Jonathan,” a government official said, asking not to be named.
“In this present scenario this is not the case. No vacuum was left because President Buhari sent a letter to the National Assembly,” he said.
Osinbajo has thrown himself into his work, holding cabinet meetings and travelling to the Niger Delta in an attempt to end militant attacks on oil facilities which cost up to $100 billion in lost revenues in 2016.
Investors welcome the fact that the government will not postpone a long-awaited reform plan intended to stimulate an economy hit by low oil prices. Continued…