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Nigerians became poorer in Buhari’s first term – The Economist

Published

6 years ago

May 31, 2019

Eric

The Economist reviewed the first term of President Muhammadu Buhari and concluded that Nigerians became poorer during his first four years in office.

The magazine, in the publication, which was posted on its website on Thursday, said while the Nigerian economy was “stuck like a stranded truck,” average incomes fell during the four-year period covering 2015 to 2019.

Opposition parties led by the Peoples Democratic Party agreed with the magazine’s damning report, saying it confirmed their belief that Buhari was clueless and could not run the country efficiently. They advised Nigerians to prepare for another disastrous four years, which Buhari started on May 29.

The Economist in its report said based on the thinking of the International Monetary Fund, the average income of Nigerians “will not rise for at least another six (years).”

The report partly read, “The Nigerian economy is stuck like a stranded truck. Average incomes have been falling for four years; the IMF thinks they will not rise for at least another six (years).

“The latest figures put unemployment at 23 per cent, after growing for 15 consecutive quarters.

“Some 94 million people live on less than $1.90 a day, more than in any other country, and the number is swelling.

“By 2030, a quarter of very poor people will be Nigerians, predicts the World Data Lab, which counts such things.”

The report said the naira was overvalued, adding that this was because the government had spent decades neglecting basic public goods such as roads, schools and electricity.

It said, “Where urgency is needed, Mr Buhari offers only caution. Few are holding their breath for any more drive in his second term, which began on May 29th.

“Yet officials are postponing a crisis, not averting one. Consider borrowing. The debt-to-GDP ratio is 28 per cent, but Nigeria collects so little in tax that interest payments swallow about 60 per cent of federal revenues.”

The Economist said that public finances would be healthier if the government raised the price of fuel, which is imported by the Nigeria National Petroleum Corporation and sold on at a loss.

It said last year, subsidy was worth at least 0.5 per cent of the GDP, noting that this was almost what the government spent on health care.

“Politicians are scared to end the subsidy. An attempt to do so in 2012 led to massive protests.

“Although the government has expanded the school-feeding programme and is working on a safety net for the poor, most citizens get few benefits from the state,” it added.

For Nigeria to prosper, it said the government should harness the potential of its 200 million citizens.

It said currently, the citizens were ignored except when politicians needed votes.

Presidency, APC keep mum

Efforts to get the Presidency to respond to the issue did not produce any useful result on Thursday.

Enquiries were made through the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, and the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, but got no responses.

Text messages and emails sent to them by 5.42 pm and 6.09pm respectively, got no replies.

Efforts to reach the All Progressives Congress National Publicity Secretary, Lanre Issa-onilu, did also not yield any result.

Calls placed to his phone were not answered and he had yet to reply a text message sent to him by one of our correspondents.

He was also not available in the office when one of our correspondents visited on Thursday.

Report confirms President’s cluelessness, say PDP, ADC, SDP

In its reaction, the PDP warned Nigerians to be prayerful, saying the second tenure of Buhari would be disastrous for the country.

It said that the aspirations of Nigerians would not be met under the leadership of the President.

The National Chairman of the PDP, Prince Uche Secondus, said the report by the foreign magazine was a mere confirmation of what Nigerians knew and had been passing through.

“We all know the millions of people whose jobs had been lost; we also know that retirees are not paid while workers are praying daily to get paid for jobs they have done.

“We do not need any prophet to tell us that the last four years had been traumatic for Nigerians. But the sad thing is that, there is nothing on the ground to show that the next four years under the President will not be worse. It will be disastrous, especially when nothing is being done to secure the country and its people,” Secondus said.

Also, the African Democratic Congress and the Social Democratic Party agreed with the PDP that the report by The Economist only confirmed the position of opposition members that the present administration had no clue on how to manage the nation’s economy.

The ADC’s National Publicity Secretary, Yemi Kolapo; and her counterpart in the SDP, Alfa Mohammed, said this in separate interviews with one of our correspondents on Thursday.

Kolapo on her part claimed that the present government came into power unprepared.

She said, “It should not really take The Economist of this world to tell Nigerians that the economy was so poorly handled under the All Progressives Congress government.

“The sad reality is that those who should know in the APC government have chosen to politicise everything at the expense of Nigeria and Nigerians. Look at all the economic indices there are to watch, they are all sloping downwards. This government came into power unprepared.

“Even if we excuse that, the fact that they have shown cluelessness in 80 per cent of economic affairs, and know-how in only about 20 per cent should signal to them that they need to hand over the baton to those who know how to turn the economy around and also genuinely fight corruption.

“Nigerians made their choice by voting against President Buhari and the APC, but they have chosen to continue to inflict pain on the poor masses by sitting tight fraudulently. God will surely deliver His children.”

Mohammed, on his part, agreed with Kolapo that the magazine stated the obvious.

He said there was no way there would not be poverty in a country where there was insecurity and government policies were not favourable to investors.

He said, “The Economist is only stating the obvious. Every Nigerian knows that in the last four years, Nigerians have continued to be poorer.

“It is obvious for everybody to see. The genesis of the poverty the magazine talked about is known to all of us. Where there is insecurity and the people cannot carry out their business freely, there will be poverty.

“Where big businessmen who have the capacity to create jobs and employ people are being humiliated by the EFCC, there will be poverty. When you don’t create enabling environment for investment, there will be poverty.

“People now take their money outside Nigeria to invest, therefore, making those who are unemployed here to remain unemployed while providing jobs abroad.

“We in the opposition have been saying it that the policies of this government have been killing investors.

“Nigerians had the opportunity to make a change during the last elections, but unfortunately, they did not do that, just because of sentiments.”

Featured

Current Hardship in Nigeria, a Result of Lack of Leadership, Says Atiku

Published

1 day ago

December 26, 2024

Eric

Former Vice President Atiku Abubakar has attributed Nigeria’s worsening hardship to lack of effective leadership, emphasising the need for sacrifices by political leaders for the collective good.

The former presidential candidate of the Peoples Democratic Party (PDP), in his Christmas message to Nigerians, called on the nation to confront the root causes of its struggles while embracing unity and love during the festive season.

Atiku extended warm greetings to Christians celebrating the birth of Jesus Christ, urging Nigerians to reflect on the significance of the season.

“It is a blessing that we can once again celebrate the events leading to the birth of Christ, despite the adversity we face,” Atiku said.

He acknowledged the resilience of Nigerians in the face of unprecedented economic and social challenges but lamented the widespread suffering and preventable deaths resulting from poor governance.

“The failure of our leaders to make necessary sacrifices has deepened the hardship and widened the gap between the people and those in power,” he said.

Atiku criticized the lack of visionary leadership in the country, blaming it for the deteriorating quality of life for millions of Nigerians.

He highlighted how poor governance has exacerbated economic difficulties, leaving citizens to bear the brunt of inflation, unemployment, and insecurity.

“Our current struggles are not insurmountable,” Atiku noted, “but addressing them requires leadership that prioritizes the well-being of the people over political expediency.”

Despite his critique of the current administration, Atiku’s message carried a tone of hope and encouragement.

He called on Nigerians to remain united and to confront their shared challenges with love and compassion for one another.

“With love and unity, there is no obstacle too great to overcome. Let us, therefore, come together to share love and joy with all people of goodwill,” he urged.

Atiku also reminded Nigerians of the spirit of Christmas as a time for reflection, gratitude, and selflessness. He encouraged citizens to draw inspiration from the life of Jesus Christ, whose birth symbolizes hope and renewal.

As Nigerians continue to grapple with economic and social instability, Atiku expressed hope for a brighter future, urging all citizens to work together to create a nation that prioritizes the welfare of its people.

“We must not lose sight of our collective strength and potential. With the right leadership and shared determination, Nigeria can rise above its challenges,” he stated.

The PDP chieftain wished all Nigerians a blessed Christmas filled with peace, happiness, and renewed hope for the future.

Featured

Akwa Ibom Gov Disburses N750m Business Grant to 15,000 Youths

Published

4 days ago

December 24, 2024

Eric

In a historic move to tackle unemployment and empower Akwa Ibom’s youth, Governor Umo Eno has disbursed ₦750 million in unemployment business grants to 15,000 youths across the state. This innovative programme provides ₦50,000 monthly grant to 5,000 beneficiaries, with plans to expand the initiative to a total of 60,000 youths drawn from all 31 Local Government Areas (LGAs) over the next 12 months.

Speaking during the official presentation of the grants at Banquet Hall of Government House, Uyo, Gov Eno described the initiative as a cornerstone of his administration’s commitment to youth empowerment and capacity building.

He urged beneficiaries to utilize the grants for productive ventures that will enhance their personal growth and contribute meaningfully to the state’s economy.

He reaffirmed his administration’s focus on creating opportunities that enable youths to thrive and unlock their full potential, adding that this programme is part of a broader charter to highlight and support the immense talent and resilience of Akwa Ibom youth.

Gov. Eno also announced plans for civil service recruitment through the State Youth Employment Portal.

He encouraged youths to register on the portal, which has been designed to simplify access to jobs and other employment-related initiatives, underscoring his administration’s commitment to transparency and inclusivity in public service recruitment.

Additionally, the governor highlighted several complementary programmes aimed at building youth capacity, including Ibom LED, the Dakkada Skills Acquisition Centre, and the Ibom Community Watch initiative. These initiatives provide vital training, mentorship, and job creation opportunities for young people, equipping them with the skills needed to succeed in today’s competitive economy.

Describing the selection process, SSA on ICT, Dr. Frank Ekpenyong said beneficiaries where chosen through an unbiased and thorough process.

Featured

Ahead Christmas, It’s Glo’s Feliz Navidad All the Way on TVCs

Published

5 days ago

December 22, 2024

Eric

Celebratory seasons, such as Christmas and New Year, are times when corporate organisations churn out new television commercials (TVCs) to connect with their customers and share the fun, euphoria and uncommon conviviality of such seasons.

One such organization which has over the years used this strategy to great effect is Nigeria’s top telecommunications brand, Globacom.

The exciting commercials that the technology company keeps rolling out fan the delight and elation of the season of goodwill. The brand employs the occasion not only to promote brand awareness but to felicitate its customers and the nation at large.

It is a tradition Glo has established. Since it started operations in 2003, it has always used television commercials as veritable tools of ensuring brand presence, marketing products and services and spreading joy among its various targets.

The 2024 Yuletide adverts it rolled out recently are not different. The two unique yet powerful commercials serve dual purposes. They felicitate the Nigerian people and spread mirth, which the season typifies, around existing and prospective customers.

Expectedly, the two new commercials have dominated the airwaves, and kept viewers talking and relishing the joy that Christmas brings.

The first commercial features juju music maestro, King Sunday Adegeye, popularly called King Sunny Ade, who parades a full ensemble of dancers and a rich, talented band in the TVC tagged “Merry Christmas”. The percussions, rhythm and dance merge to foster affability and enchanting memories of the season of glad tidings.

Before the party celebration where King Sunny and his band entertain guests, the TVC takes viewers back to the 1970s and 1980s when Christmas was celebrated with so much fanfare. It paints a vivid picture of rural Nigeria during Christmas where the warmth of tradition and community fills the air. The village with lush green vegetation is buzzing with excitement, with children playing, women cooking delicious meals in open-air kitchens, the aroma of local dishes (you can literally perceive it) mixing with the sounds of Afro Juju music. Families and friends gather around, dancing joyfully to the rhythmic beats, their faces beaming with happiness as they celebrate the festive season. A woman bearing the Aso ebi for the party is shown coming down from a Peugeot 504 car which also reinforces the advert as being set in the 1980s.

The television commercial by the telecom company captures the essence of togetherness, blending the cultural richness of rural life with the spirit of Christmas, all while subtly underscoring the telecom brand’s role in connecting loved ones, no matter how far apart they may be. It ends with “Better don come. Merry Christmas, Nigeria” further underscoring the reason for the commercial.

The second commercial tagged “Feliz Navidad” uses a galaxy of known artistes including Nollywood star, Timini Egbuson, as well as Uche Nwaefuna (Uchemontana), Chigozie Stephanie Alichi (Chizzy Alichi), Tomi Ojo, Eronini Osinachim, Kiki Bakare and Tope Adenibuyan (Teddy A) to pass across the message of Christmas.

At the heart of the Christmas party, the energy is electric as tap dancers take center stage, their feet tapping out intricate rhythms that blend seamlessly with the upbeat melody of Feliz Navidad. The sound of their shoes striking the floor creates a lively pulse, complementing the lively tunes of the music band performers who bring the festive song to life with vibrant instruments and harmonious vocals. Laughter and cheer fill the air as all come together to toast the season, sharing in the joy of music, movement, and the warmth of the Christmas spirit. The scene is a vibrant celebration of culture, unity, and festive joy, all set to the timeless sounds of Feliz Navidad.

These commercials have further endeared the Glo brand to its subscribers and the general Nigerian public as they enjoy the geniality of the season of love, hope, gifts and celebrations.

Talking about the Yuletide commercials, Ademide Gafar, an industry watcher opined that churning out great TVCs is one of the selling points of the Glo brand while John Michael, a marketing communications expert, noted that Globacom is not just a leader in the telecommunications sector but a prominent creator of unforgettable commercials. From the nation’s pride in telecommunications, it’s Feliz Navidad-Merry Christmas!