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Thursday, July 18, 2024

Woe Is We: From 6% Annual Economy Growth For Past 16 Years To Recession?

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[dropcap]I[/dropcap]t’s official. The IMF says Nigeria is officially in recession. Confirmed too by the CBN Governor in a closed door session with the Senate as reported in the Nigerian papers today.

Emefiele told the Senators that the country is in a dilemma because it’s experiencing two horrible economic infractions at the same time; something he calls ‘stagflation’. It is a dual malaise of a stagnant economy and hyper-inflation.

It’s scary and a shame.

Under President Muhammadu Buhari’s watch.

The CBN Governor also warned that if things remain like this, the Federal Government will not be able to pay salaries from October 2016.

Under President Muhammadu Buhari’s watch.

I’m told that we are definitely not going to get out of this recession in the next three years or more. To reflate a sunk economy takes at least two years and another extra year to see hesitant results.

The budget which was signed with so much fanfare is dead on arrival. No money for implementation. The $6 billion Chinese loan which was celebrated earlier after Buhari’s visit to China cannot even be accessed; it was all talk.

Like falling cards, a government which sold lies to the voting public and hoodwinked the gullibles into believing those lies, have found itself crashing to the ground. Only a handful of their adherents still believe that Grandpa will buy them some new shoes.

An economy which was stable for 16 years, which grew at 6% or more every year for over 5 years, which was buoyant and enjoyable to the citizens in arguable ramifications, has found itself crashing on the clueless flailings of an incumbent and his cabinet.

Woe are We!

Charles Novia is an award-winning filmmaker. He is founder of November Productions and November Records. Connect with him on Facebook.

The opinions expressed in this article are solely those of the author.

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