Nigeria’s economy: A call for responsible governance
One needs not consult a soothsayer to discern that Nigeria, Africa’s behemoth, is grappling with economic hardship and inflation. Countless Nigerians are slipping into abject poverty with each passing day. Numerous states are financially strapped and incapable of generating revenue, rendering them reliant on federal assistance. Nigeria’s escalating inflation continues to inflict severe hardship, pushing […]
One needs not consult a soothsayer to discern that Nigeria, Africa’s behemoth, is grappling with economic hardship and inflation. Countless Nigerians are slipping into abject poverty with each passing day. Numerous states are financially strapped and incapable of generating revenue, rendering them reliant on federal assistance. Nigeria’s escalating inflation continues to inflict severe hardship, pushing more citizens into poverty as the cost of living and purchasing power plummet.
As of November 24, 2023, the National Bureau of Statistics reports the following prices: Premium Motor Spirit at N630.63, automotive gasoline oil at N1004.94, national household kerosene at N1303.16, and Liquefied Petroleum Gas 5kg at N4562.
It is evident that those who could previously provide for their families are now struggling to do so due to the crippling effects of inflation. The prices of sachet water, electrical appliances, fabric, building materials, and food items have soared astronomically.
While it is fair to acknowledge that this administration inherited a challenging economic situation, I cannot offer excuses for their actions, as governance is a continuous process. We, Nigerians, will continue to hold them accountable for their shortcomings until they fulfill their responsibilities. In the lead-up to the economic crisis, we were urged to brace ourselves for hardship and tighten our belts; however, in almost all states of the federation, business continues as usual, with wasteful spending on frivolous endeavours.
Nigeria’s economy: A call for responsible governance
Emefiele: Nigerians in US raise alarm over human rights violation by Tinubu govt
Despite the hardships faced by the populace, the government has not taken steps to reduce the cost of governance. Instead, they allocated a staggering N5 billion for the acquisition of a presidential yacht, over N19 billion on state house vehicles, and for the renovation of the President and Vice President’s lodges, all amidst untold hardship.
This extravagant spending has left many citizens disillusioned about their country’s future. They have lost trust in their leaders and view their pronouncements with skepticism, as they have not demonstrated solidarity with the masses during these difficult times.
President Bola Ahmed Tinubu’s decision to remove fuel subsidies, float the naira, and continue living a luxurious lifestyle while the majority of Nigerians remain in misery has further eroded public confidence.
State governors are also complicit in this wasteful spending, squandering public funds on trivial projects that have no economic value. Lagos, Nigeria’s pacesetter, has set a particularly egregious example. Its state governor approved N73.1m for Tinubu’s portrait and N44m for clearing vegetables within the Epe Mixed Development Scheme.
The same governor has also faced criticism for approving N7.5m to replace liquid fragrance in his office and N3 billion to purchase a rechargeable fan for the office of his deputy, Obafemi Hamzat. Such insensitive spending is a stark contrast to the plight of the masses. Imagine the positive impact on the state residents if these funds were invested in meaningful development projects.
The government’s narrative is that revenue has declined, yet they have also failed to significantly reduce the cost of running the government. Exorbitant salaries remain untouched, indicating a preference for luxurious cars over purchasing Innoson automobiles to bolster the value of the Naira.
The brain drain of our brightest minds to foreign countries deeply troubles me and deprives me of sleep. Currently, our higher education institutions contend with severe staff shortages as most lecturers emigrate in search of greener pastures, a trend mirrored by our doctors. Our leaders should foster an enabling environment and improve living conditions to restore public confidence in governance.
Medical tourism gulps about N8.3 billion annually; many Nigerian politicians and leaders travel abroad to seek medical treatment amidst a crisis in the nation’s health sector and a shortage of health workers due to brain drain. Frequent foreign trips using state resources to fund the journey waste millions of dollars on activities that have no economic value for the nation’s economy.
Human capital has plummeted, and social intervention programmes such as TraderMoni, Npower, Conditional Cash Transfer Initiative, School Feeding Programme, National Social Investment Program (NSIP) are not yielding the desired results due to corruption. The money is pumped into a cesspool of corruption, and our leaders have weaponised poverty to kowtow us into submission.
Billions of Naira are spent annually by leaders, politicians, and the affluent to send their children abroad for study. We could also utilise the billions of Naira to fix our institutions and provide better remuneration. We import virtually everything from petroleum products to chewing gum. If we reduce importation, dissuade political office holders from frequent foreign trips, medical tourism, and send their children abroad for study, it will shore up our Naira, which is on a freefall.
Many are struggling to afford even three meals a day, while many others are dying of complications from stroke and diabetes, either due to the hardships they face or because they cannot afford the medical bills resulting from the hike in drug prices. Another silent killer is mental health; suicide rates have risen drastically due to socioeconomic hardship.
We must not be silenced; silence implies consent. We must continue to speak the truth to those in power. They cannot be allowed to continue living in luxury while the citizens suffer. They must show solidarity by cutting the cost of governance for the betterment of ordinary Nigerians.
Imagine if they blocked all the leakages and channelled these funds into meaningful development; Nigeria would be better.
As Nigeria confronts its economic woes, the need for responsible governance becomes increasingly urgent. The government must prioritize the welfare of its citizens over frivolous expenditures, fostering public confidence through transparent and accountable leadership. Redirecting funds from wasteful projects to essential development initiatives has the potential to uplift the nation and restore hope for a better future. Only through prudent and compassionate governance can Nigeria overcome its current struggles and pave the way for sustainable growth.
Tanimu, an architect, resides in Kaduna