By Quadri Fatima Omoyeni
A fool at 40 is a fool forever’ goes a popular saying. Sadly, this seems to be the part Nigeria is threading. Despite turning 40 19 years ago, the country’s growth has been at a snail speed. This situation will not last forever, as Nigerians are hopeful that their country can still bounce back and avert the impending economic doom.
On June 26, 2018, the Cable News Network (CNN) reported that Nigeria with an estimated 87 million, has overtaken India as the country with the highest number of people living in extreme poverty with as less than $1.90 daily.
While this is saddening, may I say it does not spell the end for the country. Even though the future might look gloom, there is definitely light at the end of the tunnel. Nigeria shall find its feet amid this darkness.
Nigeria’s GDP of $447.01 billion delivers only $2,244 per capita, while China has a gross domestic product (GDP) of $14.21 trillion, according to the International Monetary Fund (IMF).
Delivering a per capita income of $10,150, China becomes the world’s second largest economy and No.1 exporter. India’s GDP of $2.97 trillion makes it the worlds fifth biggest, ahead of the United Kingdom, France, Italy and Canada at sixth, seventh, eighth and 10th. Brazil, once our peer, pips in at ninth largest with GDP of $1.96 trillion and per capita income of $8,967.
Singapore’s per capita GDP of $62,984 is ninth highest (IMF), South Africa’s is $6,377 despite the country’s economic slowdown.
Although Nigeria’s poverty rate is quite high and had been made public putting our great nation in a shameful position, our leaders seem not to have come to terms with the reality that the country is becoming more economically ruined and putting more pressures on the masses.
Against this background, the rich keep getting richer and the poor poorer. Worse still, the masses’ hopes dim amid the fact that those whom they elected into power have since abandoned their campaign promises.
As at last June 10, findings on the website of the Debt Management Office (DMO) revealed that the Federal Government owed N13.1 trillion domestically, while the states and FCT combined owedN 3.97 trillion. Similarly, the external debt of the Federal government, states and FCT stood atN 7.8 trillion.
A statement by the DMO in Abuja stated that the debt stock comprises domestic and external debts of the Federal Government, the 36 states and the Federal Capital Territory (FCT).
The statement further stated that the debt, which rose by N560 billion, was accounted for largely by domestic debt which grew by N458.36 billion, while external debt also increased by N101.64 billion during the same period.
Despite Nigeria’s huge debt burden, the level of corruption in the country is still quite alarming and affecting economic growth.
Consequently, projects have become costlier, job execution shadier, basic infrastructure worsening, with lack of job opportunities coupled with government’s inability to pay civil servants, university workers and their teachers in our various tertiary institutions nationwide.
- Quadri Fatima Omoyeni is a 200-Level Mass Communication student of Babcock University, Ogun State.
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