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‘Nigerians Became Poorer in Buhari’s First Term in Office’
The Economist reviewed the first term of President Muhammadu Buhari and concluded that Nigerians became poorer during his first four years in office.
The magazine, in the publication, which was posted on its website on Thursday, said while the Nigerian economy was “stuck like a stranded truck,” average incomes fell during the four-year period covering 2015 to 2019.
Opposition parties led by the Peoples Democratic Party agreed with the magazine’s damning report, saying it confirmed their belief that Buhari was clueless and could not run the country efficiently. They advised Nigerians to prepare for another disastrous four years, which Buhari started on May 29.
The Economist in its report said based on the thinking of the International Monetary Fund, the average income of Nigerians “will not rise for at least another six (years).”
The report partly read, “The Nigerian economy is stuck like a stranded truck. Average incomes have been falling for four years; the IMF thinks they will not rise for at least another six (years).
“The latest figures put unemployment at 23 per cent, after growing for 15 consecutive quarters.
“Some 94 million people live on less than $1.90 a day, more than in any other country, and the number is swelling.
“By 2030, a quarter of very poor people will be Nigerians, predicts the World Data Lab, which counts such things.”
The report said the naira was overvalued, adding that this was because the government had spent decades neglecting basic public goods such as roads, schools and electricity.
It said, “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.
“Yet officials are postponing a crisis, not averting one. Consider borrowing. The debt-to-GDP ratio is 28 per cent, but Nigeria collects so little in tax that interest payments swallow about 60 per cent of federal revenues.”
The Economist said that public finances would be healthier if the government raised the price of fuel, which is imported by the Nigeria National Petroleum Corporation and sold on at a loss.
It said last year, subsidy was worth at least 0.5 per cent of the GDP, noting that this was almost what the government spent on health care.
“Politicians are scared to end the subsidy. An attempt to do so in 2012 led to massive protests.
“Although the government has expanded the school-feeding programme and is working on a safety net for the poor, most citizens get few benefits from the state,” it added.
For Nigeria to prosper, it said the government should harness the potential of its 200 million citizens.
It said currently, the citizens were ignored except when politicians needed votes.
Fast-growing Lagos-based Entertainment and hospitality hub, Avalanche has announced the birth of its educational arm, The Avalanche Creative Academy.
The academy is designed as a top-notch platform dedicated to nurturing creativity and innovation among aspiring creatives.
The Academy aims to provide comprehensive training through various programs, workshops, and mentorship opportunities, all designed to inspire and equip students with the skills they need to thrive in the creative industry.
It offers the following courses: Music Production, Sound Engineering, Photography, cinematography, 3D,graphic designs, motion graphics, Business Management, Creative copywriting, and Creative Strategies.
The Academy’s first set of intakes is scheduled to resume on the 17th of February 2025, while application opens from 13th of January 2025, on a 12-week basic course.
“Together, we can create invaluable experiences for our students and contribute to the creative community.
Follow the link below to register
The Christmas/End of Year party of the Igbobi College Old Boys Association (ICOBA) was filled with excitement, pomp and pageantry as the 84-86 set celebrated its 40th anniversary of leaving the school.
The highlight of the event was the donation of N20 million from the set’s endowment to serve as a seed fund for the national body’s endowment through the National ICOBA. The donation was received by Mr Femi Banwo, President ICOBA International and Mr Kunle Elebute, Chairman ICOBA National Endowment Committee
The 84-86 set’s Board of Trustees Endowment Committee had established an independent endowment in 2009 with a vision to create a lasting legacy for the set. Speaking at the occasion, the Chairman of the ICOBA 84-86 Board of Trustees and Endowment Committee, Dr. Falil Ayo Abina, expressed his delight, stating that it was a dream come true.
Dr. Abina explained that one of the core lessons learned at Igbobi College was “self-denial.”
He reminisced about the Self-Denial Fund (SDF), where students were taught to contribute their weekly “widow’s mite” to share with the less privileged in society. Dr. Abina emphasized that when the endowment committee conceived the idea of the endowment 15 years ago, they had this legacy in mind, aiming to serve a purpose greater than self.
The donation of N20 million to the national endowment is expected to inspire others within the alumni and other school alumni associations to follow suit.
This generous donation is the first in ICOBA’s history and arguably in Nigeria and sub-Saharan Africa.
The 13-member endowment committee, also include Demola Ipaye, Fola Laguda, Gbenga Aina, Demola Oladeinde, Jimi Onanuga, Abayomi Alabi, Kwami Adadevoh, Bayo Ayoade, Tunde Sadare, Wole Ogunbajo, Tunji Akinwummi, and Lanre Olusola, worked tirelessly to make this vision a reality and it was indeed mission accomplished for the ‘Nobles Nigerians ‘ as Igbobians are called.
The recent US presidential election should be praised for its credibility and peaceful conduct. The election serves as a model for Nigeria, highlighting the importance of free, fair and transparent polls, according to the publisher of online platform, Bluefames Media, Mr. Victor Udoh
The US election saw Donald Trump, the Republican candidate, emerge victorious over Democrat, vice president Kamala Harris. Trump secured 270 electoral votes, surpassing Harris’s votes.
While congratulating Trump on his victory, Udoh noted that the election’s smooth process, devoid of issues like ballot box snatching, violence and technical glitches.
In contrast, Nigeria’s electoral process often faces challenges, including delays, vote-buying and disputes over results, he lamented. Udoh emphasized the need for Nigeria to learn from the US example, ensuring credible elections that reflect the will of the people.
He said: “Nigerians and the international community monitored the outcomes of the US election. You could see that the US electoral process demonstrates the value of credible and peaceful elections, which experience Nigeria can draw lessons from to improve its own electoral system.
“By embracing transparency, accountability and peaceful conduct, Nigeria can strengthen its democracy and ensure governance that truly represents the people’s will.”
Udoh, a publicist and motivator, pointed out that learning from the US experience, Nigeria can address its electoral weaknesses and foster a more robust democracy, which in turn, can lead to better governance, economic growth and improved living standards for Nigerians.
“Nigeria must prioritize electoral reform and transparency to ensure that its citizens’ voices are heard and valued,” he stressed.
He, however, warned that “a second Trump term may have significant implications for global issues like dollar value, immigration, energy and geopolitical stability.”
Victor Udoh is the publisher of online platform, Bluefames Media
