As the people and nation enter 2021, there mixed expectations on what the year will look like to more than 100 million Nigeria’s population that were classified as poor citizens.
Definitely, last year was one of most difficult years to millions of Nigerians. However, Nigerians still have hope for Allah’s blessing in spite of losing much confidence in those governing us.
Like many countries across the globe, year 2020 was the most challenge years for Nigerians because of the hyper inflation, poor economy rising inecurity. These sectors witnessed serious turmoil just like all other sectors.
On inflation, the Nationak Bureau of Statistics (NBS) reported that Nigeria’s inflation rate rose by 12.82% (year-on-year), the highest rate recorded in 27 months since March 2018. The situation has worsen Nigeria’s poverty rate. In a country where N30,000 is a minimum wage this rate of inflation left the lucky ones with regular income with less purchasing power and their ability to afford the same quantity of goods and services has reduced significantly.
On the 2020 economy, Nigeria’s over-reliance on crude oil for 85% of government revenues, fluctuating prices leave the country vulnerable. This was principally because of the lack of foresight from our rulers who could not utilise the billions of dollars made from oil sales, especially when crude oil price reached its peak of over $100.
Consequently, the collapse of crude oil prices from 2014 to date triggered unpleasant memories to the Nigerian government which found itself in unchartered waters. Since then, the government continues to struggle to revive the economy amidst dwindling oil revenues compounded by unemployment, poverty and insecurity and the country remains weak and fragile -being outstripped by population growth.
The outbreak of Covid-19 pandemic in the first quarter of last year exposed the administration’s lack of economic transformation strategy. This led the country to bear serious economic turmoil with the first recession and now in the second recession, which is the worst since the 1980s. This has aggravate the extreme poverty level in the country which already stands as the highest in the world. The International Monetary Fund (IMF) projects Nigeria’s economic growth will remain weak at an annual average of about 1.9% from 2019 to 2023.
Nigeria’s debt has doubled since President Muhammadu Buhari took over power. Two months before he took office on May 29, 2015, the country owed a total of N12 trillion. At the end of June 2015, the country’s debt had risen slightly to N12.1 trillion. Now it has reached a scary situation where the total debt stock stands at a humongous N31.009 trillion ($85.897 billion) as of June 30, 2020.
Almost every day concerned Nigerians and economic experts express worries over the country’s rising debt profile. Nigeria is already contending perpetually with the twin problem of heavy budget deficits and weak balance of payments position. In the 2021 budget, over N3.3trn will go to debt servicing.
It is time for economic diversification in the country because there is no state in Nigeria without untapped different mineral resources.
Insecurity remains most scary, reaching unpleasant stage due to the rising tide of insecurity across northern Nigeria and other states of the federation and the most challenging times after the country’s bitter experience of the three-year civil war.
People in the northern part of the country are completely at the mercy of armed gangs who roam towns and villages at will, wreaking havoc. I am a strong believer that the government and the citizens should evolve strategies in tackling the menace. It behooves on every Nigerian to rise to the occasion to support the security agencies towards securing Nigeria.
There has never been a time when millions of Nigerians are losing faith in the ability of those in governance to make a great impact for our better tomorrow than now. The people’s faith keeps fading on a daily basis in the country.
No one will believe if someone walked up to Buharists before 2015 and said Nigerians under the present administration would experience such desperate situation we are now in, people would consider that person a mentally ill, and unapologetic Buharists would promptly give him a verbal roasting if not physical attack.
Five years down the line, no Nigerian expected negative things to happen under PMB’s stewardship. The electorate never thought Baba would head a government bedeviled by boggling poor economic policies, poverty and insecurity challenges with endless things which are discrediting the administration’s goodwill and the nation at large.
Nigerians want to see an improved security and stable economy. The economy is sinking deep and the unemployment rate is higher than ever before. The government should take proactive steps to reverse the situation. The government should do everything possible to redeem itself. Truly, 2020 had been a challenging year occasioned by Covid-19, Inflation, insecurity and poor economy. Really, things have gone so wrong and so bad.
Even Buhari fear factor has gone; corrupt and criminal elements in the society have a free day. Everyone does as hewishes. Government has a lot of work to do in 2021 to redeem itself. May we have a prosperous year free from any misfortune.
May Allah, protect our country from harm, eradicate any source that may disrupt our peace, aid our rulers to maintain our country’s economc progress and forgive us for all our wrongdoings and accept our good deeds; bless our nation again.
Dukawa writes from Kano via [email protected]
