When economic syrups do not improve the health of a diseased economy, the medicine can be best described as fake, substandard, and voodoo-ish. Nigeria ‘exited’ recession in September 2017. At the time, the government made exorbitant promises, and bragged that it “rescued” the economy from the buccaneer manifestations of the Jonathan administration. I remember, Lai Mohammed, minister of information, made this a refrain at every official event.
But months after the ‘exit’, the economy has not improved. And there are no pointers to marginal economic recovery.
I will not buy that economic bullshit that ‘there are significant improvements, but that they will become visible in another one or two years’, because the government has sustained this lie for three years.
A dollar is still 360 naira; a depressing hike from the N167 under President Jonathan. Unemployment figure is at its highest. In its last published data on unemployment figure, the National Bureau Statistics (NBS) revealed that about 40 million Nigerians were unemployed. In June, the World Poverty Clock ranked Nigeria as the country with the highest number of poor people in the world. And every minute, six Nigerians are plunged into the stratum of the poorest of the poor.
On Monday, the NBS revealed that inflation figure was rising. The prices of food stuff are reaching an abominable height.
Data published by the bureau showed that month-on-month inflation rose from 1.09 percentage points in May to 1.24 percentage points in June.
“Inflation (12.98% from13.45%); Core (10.4% from 10.7%), headline month-on-month inflation, rose 1.24% in June from 1.09% in May,” the report read.
So, what has really improved?
As a matter of fact, I was richer in 2014 than now. If my monthly earnings were N600,000, the exchange value was higher then, than now. I could do international online courses without having to bleed under lacerating costs. But I cannot do that now.
The bottom-line is that I have become poor under Buhari.
However, what is disturbing is that the government has no clue of how to remedy the parlous situation. What is even more disturbing is that the government is comfortable with its idea-apoplexy; hence cannot acknowledge the magnitude of the problem. Instead, it is raking up debts upon debts at a prodigious level.
This article is a two-minute read, as you finish reading it; know that 12 Nigerians have been sectioned into the club of the poorest of the poor. And more people will be dragged in.
There is ferocious hunger in the land, and insecurity will heighten for as long as the army of the poor gets more recruits.
By Fredrick Nwabufo
Fredrick Nwabufo is a commentator on public issues
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