The Presidency seems to have taken umbrage against a report released by HSBC, In a series of tweets, Senior Special Adviser to the President on Media and Publicity, Garba Shehu, accused the bank of being complicit in money laundering for the Abacha regime.

Bua group

What the report said

In the report titled Nigeria, Papering Over The Cracks, the bank stated that while higher oil prices had boosted Nigeria’s external position and provided a veneer of macro stability, the economy’s oil dependency and structural shortcomings are evident in a tepid pace of growth and fiscal fault.

A second term for President Muhammadu Buhari, however, raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing the reform of the exchange rate system or fiscal adjustments that diversify Government revenues away from oil.


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