“Buhari Had a Phobia for Reforms” – Bismark Rewane

Renowned economist and CEO of Financial Derivatives Company, Bismark Rewane, has stated that late former President Muhammadu Buhari had a deep-seated fear of economic reforms. Rewane, who served as part of Buhari’s economic team, made the remarks during a Channels Television programme held in honour of the late ex-president.

“He was scared of reforms. He had a phobia for reforms based on his antecedent when he was in the military. He was very cautious, many times too cautious,” Rewane said, reflecting on Buhari’s leadership style and economic approach.

According to him, Buhari’s reluctance to embrace reforms and his delayed appointment of cabinet members severely affected Nigeria’s ability to respond to a sharp downturn in the global oil market. “It took Buhari six months to appoint his cabinet. By the time he sent his cabinet, the external economy had become so volatile. The price of oil dropped to \$40 per barrel from \$110, so the circumstances were out of his and Nigeria’s control,” Rewane noted.

He further explained that the administration’s slow response to economic shocks was due to a lack of preparedness and cohesion within the economic team. “We were not prepared and mobilised; therefore, we were slow to respond to the crisis, and it hit us badly,” he added.

Buhari, who led Nigeria from 2015 to 2023, died on Sunday, July 13, 2025, at the London Clinic. He was buried in his hometown, Daura, Katsina State, on Tuesday. The funeral was attended by President Bola Ahmed Tinubu, Vice President Kashim Shettima, former Vice President Atiku Abubakar, and several dignitaries.