As you move from OAU campus to Sabo on a fine Tuesday morning in Ile-Ife, there is much to campus the attention of the observant. The current economic downturn in Nigeria is a fiction that is not easily observed by the average resident here. Market stalls are partly open as market women take their time to sweep their spots. The famous Lagere hold-up is completely absent as not more than two vehicles ply every ten meters at a time.
By the time the gong rings for nine, most shops are open as the roads begin to fill up with both pedestrians and vehicles. Conductors shouting of Sabo, Mayfair, Garage, Round-about, Phase Two, Fajuyi... fill the air as people rush to their workplace. By afternoon, the Lagere, Oja, and Opa roads become a nightmare of gridlocks from buses dropping their passengers. An observer will see wares being sold every minute to indicate an impressive economic outturn.

By seven in the evening, the traffic becomes worse than ever as workers rush to return home. Although Market stalls remain open, most begin to move in products that are not often bought at night. As Ile-Ife shuts down for the day, a late worker will pray to get transport once the clock hits 11:00 PM.

To this new observer, Ile-Ife is a standing proof of the improving economic situation within the country. The economic activity they witnessed and the scale of the money that changed hands acting as proof that Major General Mohammad Buhari’s (retd) policies are working. People are spending money and others are making it. A visit to the bank will see it similarly filled up at all times of the day with people depositing at stupendous rates. Close monitoring of bank ATMs will also reveal the stunning scale at which people come to withdraw money.

The Lies:

Like the common saying “the devil is in the details”, a glance is not enough to describe the economy of a country like Nigeria. With the unreliable statistical data available to the masses and most government parastatals, it is easy to manipulate published economic statistics. The level of obfuscation of major tax revenues and duties also doesn’t help matters. For these reasons only, it is ideal to take the statistical analysis to those whom it affects.

An in-depth questioning of retailers and service operators revealed some startling facts:
1. People are still selling at impressive rates, with some raking in mind-boggling profits.
2. The Volume of sales reduced only for high-value products but increased for lower-value ones.
3. The take-home profit of most sellers is lower than ever despite making more money than before the downturn.
4. Their spending rate has similarly increased.

While there are more factors that were inferred, the above are the most important ones. What do these revelations mean?
Major General Mohammad Buhari’s (retd) government has been raising taxes or effecting a better collection of them. While this may seem a good thing to some and some economists may agree. The reality is that with the hardship already burdening the masses, should this regimes attention not be on lowering taxes?

Nigerians are saving better. This is a nominally good thing because they are now significantly more mindful of spending frivolous money that can be saved for rainy days. There has been a decrease in the number of parties on the streets and their extravagancy is much reduced. This not only helps reduce the normal widespread noise pollution but also the tendency to import materials better sourced locally.
Nigerians are now more interested in widespread economic situations than ever before. The hard-hitting policies and unscrupulous utilization of public funds are now in their interest to monitor. This is a very good development because it indicates that public perception is once again turning to these things since 1999.

Conclusion:

Perhaps Major General Mohammad Buhari’s (retd) greatest gift in his eight-year regime is not his governing skills but his ability to unite Nigerians against himself. Never since the times of Abacha have Nigerians been more against a regime than this one. It is indicative of the type of regime we experience when even Abacha is being examined favourably in comparison to Major General Mohammad Buhari. The people of Ile-Ife are firmly against this regime and this feeling is not felt more closely anywhere than on the OAU campus.

Coming:

Part 2: The Lies and The Truths: Economic State of Obafemi Awolowo University, Ile-Ife, Osun, Nigeria.