Partner & Chief Economist at PricewaterhouseCoopers (PwC Andrew S. Nevin, PhD, has pointed out that Nigerians have been getting poorer in per capita income since 2015 and will keep doing so for the foreseeable future given the present economic trajectory.
Nevin who took to his twitter handle @nevinomics to respond to media reports about Nigeria’s President, Muhammadu Buhari promising not to inflict more hardship on Nigerians, pointed out that from all indications, Nigerians will still get poorer in 2020.
“I am not sure how relevant intentionality (the report) is… the reality is Nigerians got poorer per capita in 2015, 2016, 2017, 2018, 2019, almost surely in 2020, and likely will continue to get poorer on current trajectory for foreseeable future,” he wrote.
President Buhari had at a meeting with the new executive of Trade Union Congress (TUC) led by its President, Comrade Quadri Olaleye, at the State House yesterday in Abuja, said that the federal government will not inflict additional hardship on Nigerians.
The president, according to a statement by his Senior Special Assistant on Media & Publicity Garba Shehu, said the government would keep seeking ways to ameliorate the sufferings of Nigerians and create a more enabling environment for everyone to thrive.
“On fuel prices, I agree with you on the need to eliminate corruption and inefficiencies in the sector. I want to assure you that, as an Administration, we have no intention of inflicting any additional hardship on Nigerians,” he said.
Buhari said the federal government remained committed to the implementation of the national minimum wage and that the inaugural Federal Executive Council (FEC) meeting on Wednesday focused on the Medium-Term Expenditure Framework, which included discussions around the new minimum wage.
“During our first term, we secured the nation’s territorial integrity and continue to protect the lives and properties of our citizens. We introduced various economic stimulus packages that support businesses and traders at all levels, promoted backward integration programmes especially in the agricultural sector to enhance our food security while creating jobs.
“We embarked on the most ambitious infrastructure development and rehabilitation projects this country has seen in decades. We also introduced the largest Social Investment Program in Sub-Saharan Africa. Although these programs and many more successfully lifted Nigeria out of recession, the full impact is yet to be felt. In the next four years, we shall sustain this momentum and by the grace of God, lift millions of Nigerians out of poverty.”
The president pointed out that his administration would work hard to improve the livelihood of citizens, adding that lack of power and infrastructure was due to decades of under-investment led to the closure or inefficient operations of a number of factories across the country.
“This meant the private sector was unable to create jobs fast enough to cope with our increasing population,” he added.
The TUC President had in in his remarks, advised the federal government to pay more attention on the welfare of Nigerians by avoiding increase of fuel price and ensuring implementation of the National Minimum Wage, which had been delayed by negotiations on the consequential adjustments.
He pledged the commitment of the union to support the government as it tackled challenges facing the country.