During Democracy Day National Address to the Nation by President Buhari to mark 22 years of civilian dispensation in the country, he claimed that the administration had lifted 10m out of poverty in the two last years. But barely days after President’s speech, World Bank reports said there is rising prices in the country which have pushed an estimated 7 million Nigerians below the poverty line in 2020 alone.
In fact, Nigerians are languishing in extreme poverty making daily survival to become uphill challenge due to unprecedented skyrocketing of essential commodities in the country, the highest since in the late 80s.
To understand the poverty in the country, one can go to market stalls to listen to people’s conversation or even without listening, one could see the anger on their faces.
Everyday Nigerians lamented the rising cost of living as food prices soar at 12.56%. With all sense of highest esteem to Mr President, the level of poverty in the country is unspeakable talk less of lifting 10m people out of poverty.
According to the reports released by National Statistic Bureau the rise in the food index was broad based, caused by increases in prices of bread, egg, beans, rice, yam, Fish, meat, fruits, and vegetables. Nigerians never expect such hardship as country’s inflation rate rose further in June 2020 to 12.56% (Year-on-Year), 0.16% points higher than the rate recorded in May 2020 (12.4%) as country’s inflation rate rose further each passing day. In reality, Food inflation across the federation is worse than official Bureau figures show.
According to new World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices. Nigeria recently devalued the naira’s exchange rate to the current N411 for every US dollar. However, this new rate still falls short of the parallel market rate of over N500 for every dollar. It is this disequilibrium between the official and the parallel market rates which the World Bank blames for helping cause an upswing in inflationary pressures.
For the administration to reduce the level of poverty in the country federal government should focus on three Policy Priorities which include: “Reduce Inflation by Implementing Policies that Support Macroeconomic Stability, Inclusive Growth, And Job Creation; Protect poor households from the impacts of inflation; Facilitate access to financing for small and medium enterprises in key sectors to mitigate the effects of inflation and accelerate the recovery. World Bank advice
It will be the highest injustice for anybody not to acknowledge infrastructural development recorded especially in the Southern part of the country. PMB’s administration introduced many programs to alleviate economic hardship to Nigerians like Anchor Borrowers Programme and Conditional Cash Transfer Program.
Unfortunately briefcase farmers and those close to the power benefited much than real pleasant and small scale farmers. Same with Conditional Cash Transfer Program that targets poor and vulnerable households, all the targets citizens haven’t benefitted much.
Reviving Nation’s Economy which is one of the three cardinal promises PMB made before the electorates, remain a herculean tasks. Lack of clear economic policies scares Foreign Investment coupling with weak Naira.
Nigeria slum into recession twice while financial and economic policies of the administration do not favor the masses that spent hours under the sun to vote the administration.
Nigerians are worrying each passing day over the increasing debt burden which has reached unprecedented level as it increased by N191 billion in the first quarter of this year, representing a 0.58 percent increase from N32.916 trillion as of December 31, 2020.
No government in Nigerian history that had enjoyed citizens goodwill like the present administration.
There was a time that criticising Baba Buhari’s administration was a crime.. Anybody who criticised the administration openly would surely end up with noise bleeding especially from enthusiasts supporter of the regime whose thought was that the administration would turn the poor to rich overnight and turns the rich in the society to poor overnight.
The case is now contrary as the poor remain poorer while the rich become richer.
To be honest, administration’s Poverty Reduction efforts will continue to remain elusive due to executions challenges, high level of Inflation, unemployment rate, high rate of money laundering and other factors.
Those entrusts with public offices may not necessarily remain honest to tell the truth to the leaders on the true situation on the ground.
For the sake of history and the country to judge the Administration fairly, let the Captain of the ship regain his past hard earned status of being a strong and No Non Sense General understand that about half of the population, live on less than $1(N500) per day.
Unemployment rate has risen to 32.5 and while Nigeria had overtaken India as the country with the largest number of people living in extreme poverty.
Let him do any thing possible to prevent the ‘Worst Happening’ in the remaining two years of the administration.
Dukawa Writes In From Kano And Can Be Reached At abbahydukawa@gmail com
