Can Poverty Reduction in the Midst of Skyrocketing Price Achieve?
By Abba Dukawa
AREWA AGENDA – President Muhammadu Buhari claimed that his administration lifted 10.5m Nigerians out of poverty in the last two years, he made this known in the last Democracy Day National Address to the Nation.
Barely days after president’s claim, World Bank reports stated rising prices in the country have pushed an estimated 7 million Nigerians below the poverty line in 2020 alone.
About 100 million Nigerians, or half of the population live on less than $1(N500) per day, unemployment rate has rising to 32.5 and also Nigeria had overtaken India as the country with the largest number of people living in extreme poverty.
Everyday Nigerians lamented rising cost of living as food prices soar at 12.56%. With all sense of highest esteem to Mr President, the level of poverty in the country is unspeakable talkless of lifted – farmers, small-scale traders, artisans, market women and other people out of poverty.
According to the reports released by National Statistic Bureau; the rise in the food index was broad based, caused by increases in prices of bread, egg, beans, rice, yam, Fish, meat, fruits, and vegetables. Nigerians never expects such kind hardship as country’s inflation rate rose further in June 2020 to 12.56% (Year-on-Year), 0.16% points higher than the rate recorded in May 2020 (12.4%) as country’s inflation rate rose further each passing day. In reality Food inflation across the federation is worst than official Bureau figures show.
Nigerians are languishing in extreme poverty battling with daily survival became uphill challenge due to unprecedented hardships peoples going through in the country, reaching highest since late 80s.
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For the administration to reduce the level of poverty in the country; Federal Government should focus on three Policy Priorities which include: “Reducing Inflation by Implementing Policies that Support Macroeconomic Stability, Inclusive Growth, And Job Creation; Protect poor households from the impacts of inflation; Facilitate access to financing for small and medium enterprises in key sectors to mitigate the effects of inflation and accelerate the recovery. World Bank advice
It will be highest injustice for anybody not to acknowledge many PMB’s programs to alleviate economic hardship to Nigerians but targets citizens are not much benefited from the programs. Reviving Nation’s Economy which is the one of the three cardinal promises PMB made before the electorates remain Herculean tasks.
Nigerians are worrying each passing day over the increasing debt burden reached unprecedented level as it increased by N191 billion in the first quarter of this year, representing a 0.58 percent increase from N32.916 trillion as of December 31, 2020.
Lack of clear economic policies scares Foreign Investment coupling with weak Naira while the country slum into recession twice, financial and economic policies of the administration do not favor the masses that spent hours under the sun to cast their votes for the administration to emerge.
To be honest adminstration, Poverty Reduction efforts will only remain inclusive due to the level of soar Inflation, unemployment rate, high rate of money laundering and other factors.
Those entrusts with public offices may not necessarily remain honest to express truth to the leaders on the true situation on the ground. One may go to market stalls to listen peoples conversation even without listening them one may see the anger in their faces.
For sake of history and the country to judge the administration fairly, let captain of the ship regain his past hard earning status of being a strong and No-Non Sense General, Let him do any things to prevent the worst happening in remaining two years of the administration.
Dukawa Write In From Kano And Can Be Reached At abbahydukawa@gmail com
Arewa Agenda is a Publication of Young writers/journalist from Northern Nigeria towards Peaceful Coexistence and National Development through positive narratives
