Between 2015 and 2022, Nigeria witnessed a reversal of economic gains, as recorded by Presidents Olusegun Obasanjo, Umaru Yar’Adua, and Goodluck Jonathan between 1999 and mid-2015.

The World Bank disclosed this in its latest Nigeria Development Update (NDU), themed, ‘Staying the course: Progress amid pressing challenges’. It painted a grim picture of how policy inconsistency and contracting the oil sector conspired to lower the gross domestic product (GDP) per capita by about one-third between 2015 and 2022.

“Income gains from 2000-2014 were partially reversed from 2015. Inconsistent macroeconomic policies, the contracting oil sector and external shocks lowered GDP per capita by about one-third between 2015 and 2022, while comparator countries continued to prosper,” it explained.

The report noted that an unorthodox monetary and foreign exchange policy crisis contributed to the inflation surge witnessed during the period, saying the CBN maintained heavy-handed foreign exchange management and loose monetary policies, including monetary financing of the fiscal deficit and development finance interventions while parallel market exchange rate premium and inflation soared.

Also, during the Mohammadu Buhari era, the report said fiscal deficits widened and Ways and Means of financing by the Central Bank of Nigeria (CBN) skyrocketed, forcing a rapid increase in debt pressures.

While the Bank acknowledged the economic and social hardship attributable to President Bola Tinubu’s reforms, it stated that the policies are beginning to bear positive fruits. It added: “Major policy reforms are starting to yield positive results. Despite the very large adjustments, GDP growth has been resilient and is being driven by services and slightly edged up in the first quarter of 2024, which is largely helped.

It observed that the foreign exchange reforms have achieved a market-reflective exchange rate in the official market while the foreign reserve buffer is growing with the parallel exchange rate premium closed. It added that foreign exchange turnover has nearly doubled just as foreign reserves are almost $39 billion.

CBN’s renewed focus on achieving price stability, tightened monetary policy and improved transmission mechanisms anchored on market rates have excite the global financial institution.

While sacrificing an affordable lending rate, the CBN has increased the Monetary Policy Rate (MPR) by a cumulative 850 basis points since February 2024. It also substantially increased and standardised the cash reserve ratio and conducted large and market-priced open market operations (OMOs). The apex bank has also normalised standing facilities, made frantic efforts to halt new development finance loans and phased out ways and means of financing to redirect its attention to market-based debt instruments.

Whereas a revenue-driven fiscal consolidation is on course, the government fiscal deficit shrunk, thanks to contained expenditures and a surge in revenues, the report noticed. Against popular belief that fuel subsidy claims the largest chunk of government revenues, the report has a contrary opinion. It revealed that the surge in revenues believes there is still more job to be done going forward. It charged the Tinubu-led administration to maintain a unified, market-reflective exchange rate and implement a comprehensive, systematic framework for CBN foreign exchange interventions to provide clarity to market participants as to when and how CBN may buy or sell foreign exchange. Focusing on transparently supporting market liquidity and price discovery is also crucial while measures to build liquidity in the NAFEM, including easing remaining restrictions, and channelling oil-related inflows to the market should be prioritised as well, it advised.

The report also stressed that efforts should be geared towards maintaining a market-reflective petrol price and ensuring that the gains from the removal of subsidy flow to the federation. It urged the Federal Government to strengthen non-oil revenues, reform the value-added tax (VAT) regime, rationalise tax expenditures and improve tax administration by adopting an e-invoicing system while strengthening tax audits.

the purchase of vehicles and external training while lowering the cost of collection of ministries, departments and agencies of government as well as governmentowned enterprises. Noting that macroeconomic stabilisation is crucial, it should be accompanied by more targeted and urgent support to poor and economically insecure households. While acknowledging that inflation has started to wane with improved monetary policy, it remains high and sticky, saying the battle is far from over.

“Inflation has started to fall overall, but it is still very high, at 32.7 per cent yearon-year in September 2024. Inflation and slow growth have contributed to increased poverty along with other shocks, such as COVID-19, past economic missteps and the current necessary course corrections have contributed to an increase in the share of Nigerians living in poverty,” it stated. While most Nigerians feel that the cash transfer programme of the Federal Government is shrouded in secrecy, the World Bank is seeking scale-up and fasttracking of the programme. It said: “Direct benefit transfers of N25,000 are being rolled out to 15 million recipients and their families (over 60 million Nigerians).
As of October 8, 4.4 million households have received at least one tranche of payment and 0.8 million have received a second tranche. The authenticity of the individuals is being validated through the National Identification Number (NIN) or the Bank Verification Number (BVN) before making payments directly into recipient bank accounts.”

However, it observed that low coverage of NIN/BVN among the poor and economically insecure population has adversely impacted the pace of the rollout of the direct benefit transfers.

In the reckoning of the Bretton Woods institution, the minimum wage, which is now pegged at N70,000 may not impact most Nigerians saying only 4.1 per cent of the working population will benefit from the pay raise. Indeed, statistics show that 44.0 per cent of Nigerians are in non-wage employment, 43.6 per cent are not employed or in subsistence farming, while 12.4 are in other forms of employment. However, within the 12.4 per cent, only 4.1 per cent of that would be affected by the new minimum wage law.

who are too young or old to work can give Nigeria a sizable demographic dividend while a lack of productive jobs could turn the demographic dividend to a demographic burden. It warned Nigeria that creating jobs is not enough to lift people out of poverty as high employment and high poverty can co-exist.

“Inflation has started to fall overall, but it is still very high, at 32.7 per cent year-on-year in September 2024. Inflation have contributed to increased poverty along with other shocks e.g. COVID-19, past economic missteps and the current necessary course corrections have contributed to an increase in the share of Nigerians living in poverty.

Bretton Woods institution, the minimum wage, which is now pegged at N70,000 may not impact most Nigerians saying only 4.1 per cent of the working population will benefit from the pay raise.

EyeCumInPiece:
Let's not forget that it was Tinubu that packaged this same Buhari for us, and watch him crumble the Economy for 4years +another 4years just to take his turn to be president. And the Sycophants who applauded Buhari all through his regime, are same people applauding Tinubu now.

iwaeda:


Between 2015 and 2022, Nigeria witnessed a reversal of economic gains, as recorded by Presidents Olusegun Obasanjo, Umaru Yar’Adua, and Goodluck Jonathan between 1999 and mid-2015.

The World Bank disclosed this in its latest Nigeria Development Update (NDU), themed, ‘Staying the course: Progress amid pressing challenges’. It painted a grim picture of how policy inconsistency and contracting the oil sector conspired to lower the gross domestic product (GDP) per capita by about one-third between 2015 and 2022.

“Income gains from 2000-2014 were partially reversed from 2015. Inconsistent macroeconomic policies, the contracting oil sector and external shocks lowered GDP per capita by about one-third between 2015 and 2022, while comparator countries continued to prosper,” it explained.

The report noted that an unorthodox monetary and foreign exchange policy crisis contributed to the inflation surge witnessed during the period, saying the CBN maintained heavy-handed foreign exchange management and loose monetary policies, including monetary financing of the fiscal deficit and development finance interventions while parallel market exchange rate premium and inflation soared.

Also, during the Mohammadu Buhari era, the report said fiscal deficits widened and Ways and Means of financing by the Central Bank of Nigeria (CBN) skyrocketed, forcing a rapid increase in debt pressures.

While the Bank acknowledged the economic and social hardship attributable to President Bola Tinubu’s reforms, it stated that the policies are beginning to bear positive fruits. It added: “Major policy reforms are starting to yield positive results. Despite the very large adjustments, GDP growth has been resilient and is being driven by services and slightly edged up in the first quarter of 2024, which is largely helped.

It observed that the foreign exchange reforms have achieved a market-reflective exchange rate in the official market while the foreign reserve buffer is growing with the parallel exchange rate premium closed. It added that foreign exchange turnover has nearly doubled just as foreign reserves are almost $39 billion.

CBN’s renewed focus on achieving price stability, tightened monetary policy and improved transmission mechanisms anchored on market rates have excite the global financial institution.

While sacrificing an affordable lending rate, the CBN has increased the Monetary Policy Rate (MPR) by a cumulative 850 basis points since February 2024. It also substantially increased and standardised the cash reserve ratio and conducted large and market-priced open market operations (OMOs). The apex bank has also normalised standing facilities, made frantic efforts to halt new development finance loans and phased out ways and means of financing to redirect its attention to market-based debt instruments.

Whereas a revenue-driven fiscal consolidation is on course, the government fiscal deficit shrunk, thanks to contained expenditures and a surge in revenues, the report noticed. Against popular belief that fuel subsidy claims the largest chunk of government revenues, the report has a contrary opinion. It revealed that the surge in revenues believes there is still more job to be done going forward. It charged the Tinubu-led administration to maintain a unified, market-reflective exchange rate and implement a comprehensive, systematic framework for CBN foreign exchange interventions to provide clarity to market participants as to when and how CBN may buy or sell foreign exchange. Focusing on transparently supporting market liquidity and price discovery is also crucial while measures to build liquidity in the NAFEM, including easing remaining restrictions, and channelling oil-related inflows to the market should be prioritised as well, it advised.

The report also stressed that efforts should be geared towards maintaining a market-reflective petrol price and ensuring that the gains from the removal of subsidy flow to the federation. It urged the Federal Government to strengthen non-oil revenues, reform the value-added tax (VAT) regime, rationalise tax expenditures and improve tax administration by adopting an e-invoicing system while strengthening tax audits.

the purchase of vehicles and external training while lowering the cost of collection of ministries, departments and agencies of government as well as governmentowned enterprises. Noting that macroeconomic stabilisation is crucial, it should be accompanied by more targeted and urgent support to poor and economically insecure households. While acknowledging that inflation has started to wane with improved monetary policy, it remains high and sticky, saying the battle is far from over.

“Inflation has started to fall overall, but it is still very high, at 32.7 per cent yearon-year in September 2024. Inflation and slow growth have contributed to increased poverty along with other shocks, such as COVID-19, past economic missteps and the current necessary course corrections have contributed to an increase in the share of Nigerians living in poverty,” it stated. While most Nigerians feel that the cash transfer programme of the Federal Government is shrouded in secrecy, the World Bank is seeking scale-up and fasttracking of the programme. It said: “Direct benefit transfers of N25,000 are being rolled out to 15 million recipients and their families (over 60 million Nigerians).
As of October 8, 4.4 million households have received at least one tranche of payment and 0.8 million have received a second tranche. The authenticity of the individuals is being validated through the National Identification Number (NIN) or the Bank Verification Number (BVN) before making payments directly into recipient bank accounts.”

However, it observed that low coverage of NIN/BVN among the poor and economically insecure population has adversely impacted the pace of the rollout of the direct benefit transfers.


In the reckoning of the Bretton Woods institution, the minimum wage, which is now pegged at N70,000 may not impact most Nigerians saying only 4.1 per cent of the working population will benefit from the pay raise. Indeed, statistics show that 44.0 per cent of Nigerians are in non-wage employment, 43.6 per cent are not employed or in subsistence farming, while 12.4 are in other forms of employment. However, within the 12.4 per cent, only 4.1 per cent of that would be affected by the new minimum wage law.

who are too young or old to work can give Nigeria a sizable demographic dividend while a lack of productive jobs could turn the demographic dividend to a demographic burden. It warned Nigeria that creating jobs is not enough to lift people out of poverty as high employment and high poverty can co-exist.
https://guardian.ng/business-services/how-buhari-reversed-nigerias-16-year-economic-gains-by-world-bank/

happney65:
It is nothing but the truth. But who brought Buhari himself. The so called Mr fake builder of Lagos. Ran Nigeria down. Blamed the PDP for 8years,now those oloriburuku's have starred blaming themselves

The fake builder of Lagos who is now President will run down Nigeria down patapata. Eyin ashiere..

iwaeda:


Between 2015 and 2022, Nigeria witnessed a reversal of economic gains, as recorded by Presidents Olusegun Obasanjo, Umaru Yar’Adua, and Goodluck Jonathan between 1999 and mid-2015.

The World Bank disclosed this in its latest Nigeria Development Update (NDU), themed, ‘Staying the course: Progress amid pressing challenges’. It painted a grim picture of how policy inconsistency and contracting the oil sector conspired to lower the gross domestic product (GDP) per capita by about one-third between 2015 and 2022.

“Income gains from 2000-2014 were partially reversed from 2015. Inconsistent macroeconomic policies, the contracting oil sector and external shocks lowered GDP per capita by about one-third between 2015 and 2022, while comparator countries continued to prosper,” it explained.

The report noted that an unorthodox monetary and foreign exchange policy crisis contributed to the inflation surge witnessed during the period, saying the CBN maintained heavy-handed foreign exchange management and loose monetary policies, including monetary financing of the fiscal deficit and development finance interventions while parallel market exchange rate premium and inflation soared.

Also, during the Mohammadu Buhari era, the report said fiscal deficits widened and Ways and Means of financing by the Central Bank of Nigeria (CBN) skyrocketed, forcing a rapid increase in debt pressures.

While the Bank acknowledged the economic and social hardship attributable to President Bola Tinubu’s reforms, it stated that the policies are beginning to bear positive fruits. It added: “Major policy reforms are starting to yield positive results. Despite the very large adjustments, GDP growth has been resilient and is being driven by services and slightly edged up in the first quarter of 2024, which is largely helped.

It observed that the foreign exchange reforms have achieved a market-reflective exchange rate in the official market while the foreign reserve buffer is growing with the parallel exchange rate premium closed. It added that foreign exchange turnover has nearly doubled just as foreign reserves are almost $39 billion.

CBN’s renewed focus on achieving price stability, tightened monetary policy and improved transmission mechanisms anchored on market rates have excite the global financial institution.

While sacrificing an affordable lending rate, the CBN has increased the Monetary Policy Rate (MPR) by a cumulative 850 basis points since February 2024. It also substantially increased and standardised the cash reserve ratio and conducted large and market-priced open market operations (OMOs). The apex bank has also normalised standing facilities, made frantic efforts to halt new development finance loans and phased out ways and means of financing to redirect its attention to market-based debt instruments.

Whereas a revenue-driven fiscal consolidation is on course, the government fiscal deficit shrunk, thanks to contained expenditures and a surge in revenues, the report noticed. Against popular belief that fuel subsidy claims the largest chunk of government revenues, the report has a contrary opinion. It revealed that the surge in revenues believes there is still more job to be done going forward. It charged the Tinubu-led administration to maintain a unified, market-reflective exchange rate and implement a comprehensive, systematic framework for CBN foreign exchange interventions to provide clarity to market participants as to when and how CBN may buy or sell foreign exchange. Focusing on transparently supporting market liquidity and price discovery is also crucial while measures to build liquidity in the NAFEM, including easing remaining restrictions, and channelling oil-related inflows to the market should be prioritised as well, it advised.

The report also stressed that efforts should be geared towards maintaining a market-reflective petrol price and ensuring that the gains from the removal of subsidy flow to the federation. It urged the Federal Government to strengthen non-oil revenues, reform the value-added tax (VAT) regime, rationalise tax expenditures and improve tax administration by adopting an e-invoicing system while strengthening tax audits.

the purchase of vehicles and external training while lowering the cost of collection of ministries, departments and agencies of government as well as governmentowned enterprises. Noting that macroeconomic stabilisation is crucial, it should be accompanied by more targeted and urgent support to poor and economically insecure households. While acknowledging that inflation has started to wane with improved monetary policy, it remains high and sticky, saying the battle is far from over.

“Inflation has started to fall overall, but it is still very high, at 32.7 per cent yearon-year in September 2024. Inflation and slow growth have contributed to increased poverty along with other shocks, such as COVID-19, past economic missteps and the current necessary course corrections have contributed to an increase in the share of Nigerians living in poverty,” it stated. While most Nigerians feel that the cash transfer programme of the Federal Government is shrouded in secrecy, the World Bank is seeking scale-up and fasttracking of the programme. It said: “Direct benefit transfers of N25,000 are being rolled out to 15 million recipients and their families (over 60 million Nigerians).
As of October 8, 4.4 million households have received at least one tranche of payment and 0.8 million have received a second tranche. The authenticity of the individuals is being validated through the National Identification Number (NIN) or the Bank Verification Number (BVN) before making payments directly into recipient bank accounts.”

However, it observed that low coverage of NIN/BVN among the poor and economically insecure population has adversely impacted the pace of the rollout of the direct benefit transfers.


In the reckoning of the Bretton Woods institution, the minimum wage, which is now pegged at N70,000 may not impact most Nigerians saying only 4.1 per cent of the working population will benefit from the pay raise. Indeed, statistics show that 44.0 per cent of Nigerians are in non-wage employment, 43.6 per cent are not employed or in subsistence farming, while 12.4 are in other forms of employment. However, within the 12.4 per cent, only 4.1 per cent of that would be affected by the new minimum wage law.

who are too young or old to work can give Nigeria a sizable demographic dividend while a lack of productive jobs could turn the demographic dividend to a demographic burden. It warned Nigeria that creating jobs is not enough to lift people out of poverty as high employment and high poverty can co-exist.
https://guardian.ng/business-services/how-buhari-reversed-nigerias-16-year-economic-gains-by-world-bank/

UltraSolid:


Abeg sharrap hateful bigot. Only kids, bigots, haters and unmanly men will keep up this talk of "Tinubu brought Buhari". Tinubu supported his Party affiliate who had the brightest chance of deposing GEJ who gained power courtesy of Yar Adua's death leaving the North aggrieved.

Of course it makes sense for Tinubu to support the Northerner with the brightest chance so that he too would then have the chance to be President courtesy of appreciative return support from the North.

That was politics that every mature, pragmatic, critical thinking and intelligent man would understand because they know BAT is a politician and understand politicians do whatever they have to do to gain power.

Trump is the best example of this. He dirtied and disgraced American democracy yet he is fighting to be President again with many Americans behind him. What does that tell an olodo like you?


It is like musician ls getting into fake spats and controversy before an album launch. Critical thinkers understand it is part of the game to sell music whereas kids like you will be foaming at the mouth.


Tinubu did what he had to do but he cannot read minds and certainly did not back Buhari to go and follow a Fulani and Niger Republic agenda once President. That is solely on Buhari and every sensible Nigerian would understand that.

If you want to be childish, then blame every Nigerian who voted Buhari into power. That would also confirm you don't understand democracy, I.e will of the majority, let alone respect it. Tinubu has a right to support any candidate vying for an elective office as do you and every member of NL. Man up, accept that and move on. Nigeria made a mistake with Buhari but it is asinine trying to then blame Tinubu for the actions of millions who voted Buhari as President.

Your talk confirms why Nigeria is not working. I.e majority of Nigerians are not good or progressive people. They are corrupt, bigoted, immature and deceitful people always looking to blame someone else for all that is wrong in their lives. When most Nigerians don't wish to accept the tenets of democracy then what hope for our nation? You are the ashiere you are calling our President.

iwaeda:
When we told them, life was better under PDP, they called us wailers, Nlfpmod, let them enjoy Change of renewed hopelessness.

naijaking1:
Buhari was the rogue president Nigeria didn't need, but got.
Almost every decision he made was against Nigerians in favor of his parochial interest.

UltraSolid:


Abeg sharrap hateful bigot. Only kids, bigots, haters and unmanly men will keep up this talk of "Tinubu brought Buhari". Tinubu supported his Party affiliate who had the brightest chance of deposing GEJ who gained power courtesy of Yar Adua's death leaving the North aggrieved.

Of course it makes sense for Tinubu to support the Northerner with the brightest chance so that he too would then have the chance to be President courtesy of appreciative return support from the North.

That was politics that every mature, pragmatic, critical thinking and intelligent man would understand because they know BAT is a politician and understand politicians do whatever they have to do to gain power.

Trump is the best example of this. He dirtied and disgraced American democracy yet he is fighting to be President again with many Americans behind him. What does that tell an olodo like you?


It is like musician ls getting into fake spats and controversy before an album launch. Critical thinkers understand it is part of the game to sell music whereas kids like you will be foaming at the mouth.


Tinubu did what he had to do but he cannot read minds and certainly did not back Buhari to go and follow a Fulani and Niger Republic agenda once President. That is solely on Buhari and every sensible Nigerian would understand that.

If you want to be childish, then blame every Nigerian who voted Buhari into power. That would also confirm you don't understand democracy, I.e will of the majority, let alone respect it. Tinubu has a right to support any candidate vying for an elective office as do you and every member of NL. Man up, accept that and move on. Nigeria made a mistake with Buhari but it is asinine trying to then blame Tinubu for the actions of millions who voted Buhari as President.

Your talk confirms why Nigeria is not working. I.e majority of Nigerians are not good or progressive people. They are corrupt, bigoted, immature and deceitful people always looking to blame someone else for all that is wrong in their lives. When most Nigerians don't wish to accept the tenets of democracy then what hope for our nation? You are the ashiere you are calling our President.

Thrasher2024:
see them! Typical chameleons, always changing narrative and story. Is it not the same Tinubu that came out in APC national convention 2014 and said for Nigeria to be saved Jonathan needs to go and Buhari is the best man for the Job. Chai who do una this thing for SW.

UltraSolid:


Yes call me a Chameleon but I consider you a Mumu. It is all politics. Politicians want power. They seek power, especially when in opposition, by trying to discredit the ruling Party or President/head of State in the eyes of the electorate. This is a universal reality even smart kids understand yet some of you will keep foaming at the mouth Tinubu did this and that to GEJ.


One of the main reason Nigeria is not as greats as she should be is because her electorate, people like you, are not as intelligent or as critical thinking as they need to be. You people are always focused on sentiments, emotion and personalities rather that ideas.

You will see huge potholes outside your house and automatically shout Tinubu when your search for solution should begin with identifying your LGA chairman and then organising a residents signed petition to make him repair internal road sthat are his/her responsibility.

Ditto food security. 36 States with one FCT. You are all screaming Tinubu yet what stops governors, many in charge of huge arable land, from declaring a farming and agricultural revolution that will yield bumper harvest in even 6 to 12 months?

You people are not ready. That is why those who are pragmatic and critical thinkers still keep making it and maintaining well in the Nigeria of today.

UltraSolid:


Yes call me a Chameleon but I consider you a Mumu. It is all politics. Politicians want power. They seek power, especially when in opposition, by trying to discredit the ruling Party or President/head of State in the eyes of the electorate. This is a universal reality even smart kids understand yet some of you will keep foaming at the mouth Tinubu did this and that to GEJ.


One of the main reason Nigeria is not as greats as she should be is because her electorate, people like you, are not as intelligent or as critical thinking as they need to be. You people are always focused on sentiments, emotion and personalities rather that ideas.

You will see huge potholes outside your house and automatically shout Tinubu when your search for solution should begin with identifying your LGA chairman and then organising a residents signed petition to make him repair internal road sthat are his/her responsibility.

Ditto food security. 36 States with one FCT. You are all screaming Tinubu yet what stops governors, many in charge of huge arable land, from declaring a farming and agricultural revolution that will yield bumper harvest in even 6 to 12 months?

You people are not ready. That is why those who are pragmatic and critical thinkers still keep making it and maintaining well in the Nigeria of today.

happney65:


I don't know why you are crying and writing this long prose over my comment.

After Buhari had said in public he wasn't going to run again,Tinubu who said it himself that he was the one that told him he shouldn't cry,that he will run and he would win. Yes or No? The biggest financier of the APC was Tinubu.

Together with his propaganda washed the coupist and the Man that first canceled thr first Lagos rail done which was to be done by Lateef Jakande far back in 83. And for 8years,you nonesense elements supported him with the backing of Tinubu but now you want to claim otherwise.

TINUBU A DISASTER HIMSELF BROUGHT ANOTHER DISASTER.

QED

Go and Hug a Transformer

kokoA:
Let's pretend Buhari's 8 years didn't happen and move on. The guy really messed up.