91Million Nigerians are Poor

An international business magazine the Economist has criticized the Muhammadu Buhari led government for making Nigerians the world poorest during his just-concluded first term in office.

The magazine insists that the government actions and inactions have contributed to the erosion of the purchasing power of its citizen thereby pushing millions of her citizens into poverty.

The Economist made the assertion in its review on Thursday while rating Nigeria’s standard of living in the first four years of the Buhari government. The magazine further revealed that average income of Nigerians is likely going to fall further in the coming years of the Buhari presidency as there will be a continuation of the decline of the average income of the citizens going forward.

It added that the nation’s economy has continued to perform poorly and there are no signs of a renaissance that can improve the economy in the foreseeable future as the country lack export-oriented industrial revolution which would have helped it to grow.

The report cited the death of social infrastructure such as electricity, schools, health, roads, and railways which have been neglected over the years with an overvalued currency as factors that are responsible in keeping Nigeria down.

Poverty in Nigeria, not a Smiling Matter

The report further criticized the President for failing to act decisively by taking bold decisions which would have impacted positively in the economy. According to it, an increase in the price of fuel as well as the devaluation of the currency is the tonic needed to kick start the economy.

It condemned the government social investment programme which includes school feeding programme as well as trader moni as being cosmetic without any significant impact on the reduction of poverty or growth in income of the citizens.

According to the magazine “Although the government has expanded school feeding programmes and is working on a safety-net for the poor, most citizens get few benefits from the state”.

“Oxfam, a renowned charity group ranks 157 countries on their commitment to reducing inequality, based on social spending, taxes and labour laws: Nigeria comes last”

“For Nigeria to prosper, the state could harness the vim of its 200m citizens. Instead, it ignores them, except when politicians need their votes” the report concluded.