In a comprehensive analysis, renowned Development Economist Prof. Chiwuike Uba delivers a sobering forecast for Nigeria in the year ahead. Speaking exclusively to the News Agency of Nigeria, Uba predicts a surge in economic difficulties and calls for urgent fiscal prudence from citizens grappling with a looming cost-of-living crisis and escalating income pressures.
Uba’s insights, drawn from recent data provided by the Nigeria Bureau of Statistics, paint a grim picture of the current state of the nation. Shockingly, 62.9% of the population, nearly 133 million people, find themselves in the grip of multidimensional poverty. The inflation rate, standing at a staggering 28.20% as of November 2023, adds further strain, driving up the costs of essential goods and services.
Despite these alarming statistics, Uba observes a concerning lack of fiscal caution among Nigerians. He attributes this trend to a complex interplay of cultural practices, economic circumstances, and a troubling tendency to mirror government spending patterns. Uba criticizes both individual and governmental behavior, citing persistent wasteful expenditures and the accumulation of public debts, even during periods of austerity.
The economist highlights the paradoxical nature of spending habits, where individuals, in the midst of financial struggles, seem to mimic the spending patterns of various government levels. This, according to Uba, underscores the intricate dynamics within Nigerian society. As a clarion call, he emphasizes the pressing need for increased fiscal prudence, especially during the holiday season, where societal norms often drive extravagant expenditures, exacerbating the nation’s economic challenges.
