Nigeria, May 31 -- The eight years of the Muhammadu Buhari administration were characterised by ups and downs as far as fiscal and monetary performance is concerned, even though the negatives seem to outweigh the positives.

Apart from the oil price crashes in 2016 and 2022, which plunged the crude-dependent economy into a recession in both years, there were other factors that pressured Nigeria's fiscal sustainability and also made monetary policy decisions particularly difficult.

From record inflation and high exchange rates to steep subsidy spending and oil theft, the country's fiscal framework has grown much more fragile, and the need by the government to source debt to fund its spending plan piles on the agony.

Since the administrat...