That Nigeria is severely afflicted with sundry maladies of political, economic and moral proportions is not a matter for debate. Those who are engaged in such debates are either those who were in power and have been displaced or those who now have seized power through the skewed Nigerian democratic process.
Nigeria’s poverty index shows that in 2022, 63% of people (nearly 133 million) were multidimensionally poor, experiencing deprivations in areas like health, education, and living standards.
This Multidimensional Poverty Index (MPI) is also represented by a National MPI value of 0.27, indicating the severity of these deprivations. Rural areas face significantly higher poverty rates (72.0%) compared to urban areas (42.0%). During the period naira exchange rate to dollar was about N450.
In 2022, the average price for Premium Motor Spirit (Petrol) in Nigeria increased from around N175.89 in June to N206.19 by December, while the average price of Automotive Gas Oil (Diesel) rose from about N671.08 in May to N789.90 in September. These prices varied across states and zones, with some states experiencing significantly higher costs than the national average.
Since the entrance of the Bola Ahmed Tinubu APC-led administration, the situation has worsened with significant increase in all the economic parameters for all Nigerians. following the removal of fuel subsidy in 2023, Premium Motor Spirit (Petrol) in Nigeria saw a significant year-on-year increase, with the average price rising from around N206.19 in December 2022 to N671.86 per litre in December 2023, a 225.85% increase. The price was lower earlier in the year, with an average of N545.83 in June 2023, but it trended upwards throughout the year.
In October 2024 the price to N1184.83, marking an 87.88% increase compared to October 2023, and a 14.98% increase from the previous month. This significant rise followed the shift to a “willing buyer, willing seller” arrangement with Dangote Refinery in October 2024, resulting in prices as high as N1200-N1500 per liter at some stations.
Today petrol price is still high despite the efforts of Dangote Refinery which is now armed with the power of monopoly. Many fuel stations in the southwest are selling the product at about N870 per litre.
The hardship Nigerians have gone through in the last few years at the hands of the leadership of the country under the All Progressives Congress is so excruciating that crime rate has risen astronomically, setting the populace in a state of desperation.
The twin afflictions of kidnapping and insurgency have made the country so unsafe that not only are Nigerians fleeing their own country, foreign investors have also left, while discouraging others from coming in.
I do not think that the government is folding its hands, what I can say is that the measures taken are quick fixes that are further devaluing the economy.
For instance truck loads of rice and other food items are filing into the country daily through the western borders in a desperate bid to push down food prices. This efforts is no doubt a reaction to the cries of Nigerians who can no longer afford basic food items.While many Nigerians are praising the decision to allow massive imports, discerning observers have noted its connection to 2027 general election. Those who raise this flag believe that the APC government are wary of approaching the election with the task of campaigning to people with empty stomachs. So, instead of dealing with the situation frontally and ensuring a permanent food sufficiency, the reversal of a national economic policy on rice and other staple food items for which trillions of naira had been spent had to be sacrificed.
The Anchor Borrowers’ Programme (ABP) for instance, which was launched by the Central Bank of Nigeria(CBN) to reduce reliance on imported rice by supporting local farmers through funding and restricting foreign exchange access for rice procurement may have perished and huge funds going down the drain. The reality is that farmers will suffer huge losses in their investments and rice sufficiency will remain a mirage.
It is believed that the Federal Government, through the Central Bank of Nigeria (CBN), has spent approximately ₦1.12 trillion on the Anchor Borrowers Programme (ABP) supposedly to support about 4.67 million small holder farmers involved in maize, rice, and wheat farming.
The APC administrations have failed to make a significant turn around in food production using this window, so that the House of Representatives decided to open an inquest in the implementation and applications of the funds earmarked for the programme.
Farmers and other stakeholders have fingered frequent policy changes and a lack of transparency in fund allocation, including potential diversion of credit for consumption rather than production, as hindrances to the effectiveness of the funding.
It also indicates that much of all the funds said to have been invested in food production across the country have ended up in the pockets of some fraudulent intermediaries in similar manner fuel subsidies and funds meant for Turn Around Maintenance(TAM) for the moribund refineries were administered.
The recent peace meetings with deadly bandits who have inflicted pains and deaths on the Nigerian communities by government agencies has not escaped the scrutiny of vigilant Nigerians. Instead of deploying the huge military capacity of the nation to decimate these security threats, government agencies are like wimps romancing the criminals in order to buy peace for the period leading up to the election, expectedly to use that as campaigns of securing peace and winning the war against banditry.
The leaders in politics both in the ruling and opposition parties are so engrossed in how to win the 2027 presidential election, that they have lost the capacity to think out a workable strategy to defeat the insurgents and bandits and resolve the complexities of this suffocating economy. To have settled for peace meetings of mockery that are expected to transform into safety and security for Nigerians while the bandits are still working free with their automatic rifles and tough talking mouths, is to show how desperate and inordinate the ambitions of our political leaders have become.
The insensitivity of the 2027 campaigns is reflected in the neglect of the burning issues at hand while they fight to gain advantageous political positioning. It is also the result of the ongoing misguidance and faulty policy formulations.
Nigerians are also not unaware of the political realignments in the guise of forging a force to defeat the APC-led administration. They are also complicit in the insensitivity. Most of them contributed in the eight-year administration of Muhammadu Buhari which ushered in the present government. No one should be fooled. They set on 2027 without bothering themselves on how poor Nigerians will get there.
Nigerians must take careful note of what is going on and take charge of how the coming elections will turn out. They must make sure that political leaders seeking reelection pay dearly for their misgovernance while in office, otherwise, Nigeria will remain in this vicious circle of recycling failure every four years.
What Nigerians want is a safe country to live in; where they can earn a decent living and live with their dignity in tact.
Nigerians, in pursuing these dreams, should refuse to empower those who will turn them to beggars during the coming elections. For now, and with what is going on, there appears to be not much to be expected from the current governments at different levels, since the 2027 election is their present preoccupation.
However, Nigerians should refuse to be turned to beggars when the time to vote comes. They should refuse to sell their votes to their oppressors, who would certainly be pillaging the economy to secure victory. While the political class will be using 2027 to strengthen their hold on power, the masses should see this as an opportunity to speak clearly that enough is enough.