SAN FRANCISCO, May 31, (THEWILL) – The Economist Magazine has, in its review on Thursday, revealed that Nigerians became poorer under President Muhammadu Buhari’s first term in office.
It also said that Nigerians will even become poorer in the years to come as average income per Nigerian, according to it, will continue to fall for the next six years, haven continually fallen for the last four years that Buhari came in.
It added that while the nation’s economy has performed poorly, there is “little sign of the kind of export-led industrial revolution that has lifted incomes in Asia.”
“This is not only because the naira is overvalued. It is also because the state has spent decades neglecting basic public goods, like roads, schools and electricity,” the report read.
“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.”
The report added that public finances would be healthier “if the government raised the price of fuel”.
It also frowned at some of the federal government’s social investment programmes (SIP) which, saying they have not been yielding the needed result.
“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,” the report read.
“Oxfam, a charity, 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 votes.”
