As the peoples and the nation enter the New Year 2021 with mixed anticipation on what the year will look like to more than 100 million Nigeria, a population that was classified as poor citizens.
Last year was one of the hardest years for millions of Nigerians. Whatever maybe Nigerians still hoping for Allah’s blessing despite losing much confidence in those governing us.
Like the rest of countries across the globe, the year 2020 was the most challenging years for Nigerians because of the Inflation, Economic aspect and Security these sectors witness serious turmoil like the rest of the sector remains the same.
On Inflation: National Bureau of Statistics (NBS) reports 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 worsened Nigeria’s poverty rate. In a country where N30,000 is a minimum wage this rate of inflation left lucky ones with fixed income with less purchasing power and their ability to afford the same quantity of goods and services has reduced significantly
2020 Nation’s Economy:
Nigeria Dependent on oil for 70% of government revenues, fluctuating prices leave the country vulnerable. Due to lack of foresight from our rulers not save Hundred billion of the dollar as much as possible especially at the times crude oil price reached its peaked price.
Following the collapse of crude oil prices from 2014 to date triggered unpleasant memories for the Nigerian government which found itself in unchartered waters. Since then it 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.
With Covid 19 pandemic in the first quarter of the last year, exposed administration lack economic transformation strategy leading the country bear serious economic turmoil with the first recession and now in the second the recession the country going into which is expected to be the worst since the 1980s aggravate the extreme poverty level in the country which already stood as the highest in the world. 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 Buhari took over. Two months before he took office on 29 May – 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 debt stock total stood at some humongous rose to N31. 009 trillion ($85.897 billion) as of June 30, 2020.
Almost every day Concerns Nigerians and Economists experts express worries over the country’s rising debt profile. Nigeria already condemned 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. Notwithstanding these huge opportunities in the nation untapped mineral resources.
Security challenge; remain most scary year because of the level of insecurity 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 every Nigerian to rise to the occasion to support the security agencies toward 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 to hope for our better tomorrow than now. The people’s faith keeps fading daily 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 a 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 a physical attack.
Five years down the line no Nigerian expected negative things to happen under PMB’s stewardship. The electorates never thought Baba would head a government bedeviled with boggling poor economic policies, poverty, and insecurity challenges with endless things that are discrediting the administration’s goodwill and the nation at large.
Nigerians want to see improved security, the economic situation in the country. 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 has been a challenging year occasioned by COVID19, Inflation, insecurity, and a poor economy. Things have gone so wrong and so bad.
Even Buhari’s fear factor has gone corrupt and criminal ones in society have a free day. Everyone does as wishes. Government has a lot of work to do in 2021 to redeem itself. May we have a prosperous year freeing from any misfortune.
May Allah, protect our country from harm, eradicate any source that may disrupt our peacefulness, aid our rulers to maintain our country’s economy and progress, and forgive us for all our wrongdoings and accept our good deeds. Bless our nation again.
Dukawa write in from Kano can be reached at ([email protected])