Prominent economist and Chief Executive Officer of Financial Derivatives Company, Bismark Rewane, has said the late President Muhammadu Buhari had a phobia for economic reforms during his administration.
Rewane, who served as part of Buhari’s economic advisory team, made the disclosure on Tuesday during a special Channels Television programme held in honour of the former Nigerian leader.
He stated that Buhari’s cautious nature and hesitance in implementing bold economic policies significantly affected the country’s response to the economic crises during his tenure.
“It took Buhari six months to appoint his cabinet. He was scared of reforms,” Rewane said.
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“He had a phobia for reforms based on his antecedent when he was in the military.”
The economist added that Buhari’s slow pace in forming his government coincided with a global economic downturn, noting that oil prices crashed from $110 per barrel to $40 during the early months of his presidency.
“By the time he sent his cabinet, the external economy had become so volatile,” Rewane explained.
“We were not prepared and mobilised; therefore, we were slow to respond to the crisis, and it hit us badly.”
He further observed that Buhari’s economic team was overwhelmed by the scale of the challenges they inherited, compounded by the president’s cautious approach.
“He was very cautious, many times too cautious,” Rewane reiterated.
“The circumstances were out of his and Nigeria’s control.”
Buhari, who served as Nigeria’s democratically elected president between 2015 and 2023, died at the London Clinic on Sunday, July 13, 2025, and was buried on Tuesday in his hometown, Daura, Katsina State.
The late president’s burial was attended by President Bola Ahmed Tinubu, Vice President Kashim Shettima, former Vice President Atiku Abubakar, and other top dignitaries.
Buhari, also a former military ruler, faced several economic challenges during his eight-year civilian rule, including two recessions, a volatile naira, and widespread inflation.
While his government focused on infrastructure development and anti-corruption efforts, critics often pointed to delays in economic reforms and policies that hindered investment and growth.
Rewane’s comments offer insight into the internal struggles of Buhari’s administration as Nigeria battled economic instability, global shocks, and domestic fiscal constraints.
