Reasons Why President Buhari's Regime Should Not Be Accused Of The Downfall Of Nigeria's Economy.
View pictures in App save up to 80% data. Despite the economy’s struggles and dissatisfaction with the way things are going, Nigerians continue to be optimistic about the future of the economy. A large majority (86%) reports that they expect the economic situation to improve in the next 12 months, similar to 2015, when 92% held the same view. Since 2013, the percentage of Nigerians expecting the economy to improve a lot has more than doubled, from 23% to 52%.
“Debt sustainability is measured by debt to GDP ratio and in September, we had 18.47 per cent. The simplistic assumption to make is we have room for more borrowings, but that is not our position. If you look at the United States and other countries, they have much higher debt to GDP ratio. But when you compare their debt service to revenue, they are very low. They are able to service debt more effectively because they are generating revenue. Our focus should be on revenue and we are already doing something about it.”
According to Oniha, the increase in Nigeria’s debt stock between 2015 and 2018 was due to the borrowings of the tiers of government, and not the Federal Government alone. She said the FG, the states and Federal Capital Territory were responsible for Nigeria’s debt level.
The Islamic Movement of Nigeria (IMN) is an Iranian backed Shia group in Nigeria. The leader of the group Ibraheem Zakzaky is opposed to the federal system of Nigeria, Israel, the US and also opposes secular governments. Correspondingly, Zakzaky has called for an Iranian-style revolution in Nigeria. The group’s strong position on these issues and their regular protesting has resulted in clashes with security forces. However, recently these clashes have become more frequent and more violent. In 2015, the leader of the sect was arrested, and in 2016 a judicial inquiry revealed that the army had unlawfully killed 347 members of the group in Zaria state.
Nigerians were also asked which of the six options should be the second most-important priority for the country. On this, Nigerians are divided across the issues of education (23%), agriculture and the food supply (21%), the energy supply (18%) and health care (18%). About one-tenth of Nigerians each name either government effectiveness (11%) or infrastructure (9%) as the second-highest priority.
As a consequence, over 437,000 people have been displaced from their homes, and about 32,000 people have fled to Nigeria. The increasing influx of refugees into the already fragile Niger Delta region will have untold consequences on local host communities and Nigeria as a whole. The government needs to be proactive in its response to the conflict through helping to mediate and deescalate the conflict and also through making proper arrangements for incoming refugees.
The US GDP is set to take an 8% hit in 2020, compared to 5.9% earlier predicted, 2021 growth forecast is pegged at 4.5%. The Euro Area is expected to shrink by 10.2% in 2020 and grow 6% in 2021.
Roughly seven-in-ten Nigerians say they are personally likely to take political action on the issues of poor health care (73%), poverty (72%) and poor-quality schools (71%). Moreover, majorities are inclined to take action on government corruption (66%), police misconduct (59%) and discrimination against ethnic groups (56%).
Nigeria’s economy is unwholesomely dependent on oil, and while the plunge in prices was bound to be catastrophic, Mr. Buhari’s actions made it even more so.
Nigerians are also very optimistic about their personal economic future. More than nine-in-ten (93%) expect their personal finances to improve over the next year, up from roughly three-quarters (77%) in 2013, the last time the question was asked. The degree of optimism in particular has improved since 2013, when about four-in-ten (39%) said their personal economic situation would improve a lot, compared with 68% who say the same in 2016.
Efforts were made by the Buhari administration in its first term to address the grievances of the region. Nonetheless, the Niger Delta Avengers have just ended their ceasefire with the government claiming that the government has not made good on bringing peace and development to the region. There is every reason for the government to make efforts to better foster peace and development in the region especially given the havoc the Avengers (and similar groups) have already brought to the country. 5. CameroonNeighbouring country Cameroon is on the brink of civil war. The Anglophone minority - 20% of the total population - has felt marginalised since independence. In 2016, what started as a series of protests by the Anglophone community against the increasing use of French in their region, eventually turned into a full-blown deadly crisis. The Anglophones are now calling for the secession of their territory which they call Ambazonia. In the past year alone, this intensifying conflict has led to the deaths of about 420 civilians, 175 military and police officers and hundreds of secessionist fighters.