As the peoples and the nation enter new year 2021 with mix anticipation on what the year will look like to more than 100 million Nigeria,population that were classified as poor absolutely last year was one of most hardest years to millions of Nigerians.
Whatever maybe Nigerians still hoping for Allah’s blessing in spite of losing much confidence on those governing us. May Allah, protect our country from harm, eradicate any source that may disrupt our peacefulness, aid our rulers to maintain our country’s economic and progress and forgive us for all our wrongdoings and accept our good deeds. Bless our nation again.
Like rest of countries across the globe, year 2020 was the most challenge years in three decade of the country since Independent in almost all the nation sector. As every sectors in the country had its own challenge but other critical sectors which has direct bearing to the country population bear hit most the Inflation, Economic and Security. These sectors witness serious turmoil and the rest of the sector remains the same.
Let me starts with National Bureau of Statistics (NBS) report stating 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 lucky one 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: Following the collapse of crude oil prices from 2014 to date triggered unpleasant memories to Nigerian government which found itself in unchartered waters. Since than 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 outbreak of the Covid 19, has puts Nigeria’s economy being caught in the cross-hairs.
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 Dellors as much as possible especially at the times crude oil price reached its peaked price.
The present and past administrations both failed to prevent the country going to recession followed the collapse of oil prices in 2015. Unemployment, poverty and economic uncertainty remain unresolved. Now the country facing severe challenges. Oil price volatility is accentuated by rising commodity prices, with the devaluation of the naira against the U.S. dollar.
With Covid 19 pandemic in the first quarter of the last year. While the serving administration lack economic transformation strategy the country bear serious economic turmoil with first recession and now in the second the recession the country going into which is expected to be the worst since the 1980s.
The administration’s inability to implement an expansionary fiscal policy, since than the economy has been grappling with anaemic growth. With the IMF projects that growth will remain weak at an annual average of about 1.9% from 2019 to 2023. With second recession set to further aggravate the extreme poverty level in the country which already stood as the highest in the world.
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 debt had risen slightly to N12.1 trillion. By the end of June 2018, total public debt had almost doubled to N22.4 trillion. Going by these frightening figures released by the Debt Management Office and another scary situation total debt stock 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 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. In spite with this hefty debt which seem our rulers mortgage our future despite World Bank forecasts that the Nigerian economy will shrink between 3.2% and 7.4% this year. Where things do get even worse, the recession could continue into 2021 when the economy could only attract only 2%.
It is time for economy diversification in the country because there is no state in Nigeria without untapped different mineral resources. Notwithstanding this huge opportunities in the nation untapped mineral resources.
According to report of Geology and Mineral resources of Nigeria estimated Nigeria’s iron ore deposit to reach three billion tonnes, coal, three billion tonnes while lead and zinc are to reach 10 million tonnes each. from iron ore experts says Federal Government can make $280 billion from iron ore annually more than what the country earn from crude oil. The country will set itself free unless federal government develop the country untapped mineral industry and modernise the agricultural sectors.
2020 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 countey’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 strongly believer that the government and the citizens should evolve strategies in tackling the menace. It behoves on every Nigerian to rise to the occasion to support the security agencies toward securing Nigeria.
Like i have raise this issue in my last articles which was widely published in many print and online medium Why Insecurity And Mass Kidnapping Persists In The North, Said Nigerians clamour for change but we do not want to change themselves. In the North, villagers give information to Boko Haram, kidnappers and bandits. In the South, families and friends protect drug dealers, yahoo boys. People in high places intercede on behalf of criminals. Every Nigerian is a major stakeholder and therefore owes it a duty to ensure Nigeria is saved from the quagmire of insecurity.
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 our better tomorrow than now.The people’s faith keeps fading on a daily basis in the country.
No one will believed 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 electorates never thought Baba would head a government bedeviled with boggling poor economic policies, poverty and insecurity challenges with endless things which are discrediting administration’s goodwill and the nation at large.
Nigerians want to see an improved security, 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 to redeem itself.
Truly, 2020 has been a challenges year occasioned by COVID19 and bad economic. Things have gone so wrong and so bad. Even Buhari’s fear factor has gone. corrupt and criminal ones in the 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.
Dukawa writes from Kano ,he can be reached at ([email protected])
