Buhari made Nigerians poorer – The Economist


By Shola Abayomi.

The Economist appraised the Nigerian economy under President Muhammadu Buhari’s first four years in office, and revealed that Nigerians became poorer and the economy was “stuck like a stranded truck” for the entirety of the president’s first tenure.

The magazine further explained that based on the projection of the International Monetary Fund (IMF), the average income of Nigerians “will not rise for at least another six (years).”

In a publication posted on the magazine’s website yesterday, it reads in part: “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.

“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.”

It added that Nigerians are being ignored except when politicians need votes.

Reacting to the magazine’s publication, opposition parties in the country have affirmed authenticity of the report, saying it demonstrates President Buhari’s cluelessness and inability to run the country appropriately.

The National Chairman of the Peoples Democratic Party, Prince Uche Secondus, hinted that the desires of the people will not be met by President Buhari, as according to him, Buhari’s second tenure will be disastrous.

He said, “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.”

The National Publicity Secretary of the Social Democratic Party Alfa Mohammed said, “The Economist is only stating the obvious. Every Nigerian knows that in the last four years, Nigerians have continued to be poorer.

“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.”

The presidency has so far not reacted to the publication.

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