By Abbati Bako,Political Strategy and Communication Consultant and Alumni of KentUni the UK’s European University

*Reforms In Nigeria Under Tinubu Not Working, Inflation Still In Double Digits – IMF Report.

“The IMF report released on Friday, categorically stated that Nigeria’s reforms are failing to meet desired results.
The International Monetary Fund (IMF), in its latest outlook report for sub-Saharan Africa has indicated that the broad-based economic reforms embarked upon by the President Bola Tinubu-led Nigerian government, are still struggling for a positive impact, 18 months after commencement.

The IMF report released on Friday, categorically stated that Nigeria’s reforms are failing to meet desired results.
While the global body’s report acknowledged a few countries that have recorded little success in reforms, it projected the average economic growth rate in the region to remain at 3.6 per cent for the full year 2024, but Nigeria’s growth rate, put at 3.19 per cent, is below this average.

Presenting the report, IMF Deputy Director, Catherine Patillo, who presented the report at the Lagos Business School, LBS, according to Vanguard, stated that macroeconomic imbalances in the region had started reducing with notable improvements in some countries, but she excluded Nigeria in the good news.

She said, ‘‘More than two-thirds of countries have undertaken fiscal consolidation. With the median primary balance is expected to narrow by 0.7 percentage points alone in 2024. And these have included notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others.

“On the imbalance side, median inflation has declined in many countries. And it’s already within or below the target band in about half the countries,” she stated.

She added, ‘‘Inflation is still in double digits in almost one-third of countries, including Angola, Ethiopia, and Nigeria, and above target in almost half of the region, particularly where monetary policy is not anchored by exchange rate pegs’’.

Patillo further said that exchange rate was improving across most countries in the region.

She stated: ‘‘Looking further at exchange rates, we do see that foreign exchange pressures have largely abated since the end of 2023’’.

But Nigeria has recorded the worst exchange rate instability and local currency depreciation so far this year.

The IMF report also highlighted the impact of debt burden on fiscal stability listing Nigeria amongst the suffering countries.

It stated: ‘‘Debt service capacity remains low by historical standards. In almost one-quarter of countries, interest payments exceed 20 percent of revenues, a threshold statistically associated with a high probability of fiscal stress. And rising debt service burdens are already having a significant impact on the resources available for development spending.

The median ratio of interest payments to revenues (excluding grants) currently stands at 12 percent. Some three-quarters have already witnessed an increase in interest payments (relative to revenue) since the early 2010s (comparing the 2010–14 average with the 2019–24 average). In Angola, Ghana, Nigeria, and Zambia, this increase in interest payments alone absorbed a massive 15 percent of total revenue.

Looking at the future, she said, ‘‘Resource-intensive countries (RICs) continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most.

Second, both domestic and external financing conditions remain tight. Third, the region has recently witnessed several episodes of political fragility and social unrest. Political and social pressures are making it increasingly challenging to implement policy adjustments and reforms.

While removing Nigeria from the list of good news the IMF report stated: ”Significant increases are anticipated in Ghana, as it continues reestablishing macroeconomic stability; Botswana and Senegal, reflecting rising resource exports (diamonds, oil, and gas); and Malawi, Zambia, and Zimbabwe, as they recover from drought. Growth is also expected to improve in South Africa, given positive post-election sentiment and a reduction in power outages.

While listing Nigeria amongst those countries with what it called ‘‘adjustment fatigue’’, the IMF report made some recommendations for addressing the challenges, stating: ‘‘In the face of popular frustration, there is also an opportunity to work to mobilize support for large, deep reforms, of the sort that, for instance, Ethiopia, Ghana, Kenya, and Nigeria are pursuing.

‘‘Realizing this opportunity requires rethinking reform strategies, to build and maintain pro-growth coalitions among constituent leaders and the general public. This will require greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions’’.

Source: ‘saharareporters.com
November 16, 2024

*Increased Burden on Consumers:

The proposed VAT increase from 7.5% to 10% in 2025 may lead to higher costs of living for consumers, particularly low-income households especially in Northern Nigeria.

*Impact on Northern States:

The tax reform may disproportionately affect Northern States with less diversified economies, potentially exacerbating regional economic disparities.

*Compliance Costs for Medium-Sized Enterprises:

The new tax regime may lead to higher compliance costs for medium-sized enterprises, which could hinder their growth and competitiveness.

Lack of Transparency and Accountability: The tax reform process has been criticized for lacking transparency and accountability, with some stakeholders arguing that the government has not adequately consulted with them.

*Potential for Corruption:

The new tax system may be vulnerable to corruption, particularly if the government fails to establish robust safeguards and oversight mechanisms.

*Inequitable Distribution of Tax Revenues:

The tax reform may perpetuate inequities in the distribution of tax revenues, with some states or regions receiving disproportionately more funding than others.

The suggestion for withdrawal of tax reforms from the National Assembly came from Northern Governors, traditional rulers and during the 144 NEC’s meeting, led by Vice President Kashim Shettima. But it seemed that the Presidency didn’t want what the political and economic stakeholders called upon. In a democratic setting, the core principle is that elected representatives, including state governors and other stakeholders, serve as the voice of the people. Their primary responsibility is to fulfill the desires and needs of their constituents (meaning the voters).

This fundamental concept is crucial in evaluating President Tunubu’s economic reforms. Democratic system is about doing what the voters want, not necessarily what the leader wants.

The World Bank and IMF have been advocating for economic reforms, but it’s essential to consider the unique contexts and experiences of various nations. Countries like China, India, UAE, Saudi Arabia, Pakistan, Turkey and other emerging markets have successfully adapted and implemented reforms over the past 40 years, providing valuable lessons. President Tunubu’s government should learn from the other global Southern Hemisphere as mentioned above. Nigeria currently has joined 20 global economic emerging nations and an attachment to BRICS; must learn from 20 economic emerging nations on how they succeeded economically.

*Key Considerations for Effective Economic Reforms and Development:

1. Fiscal Discipline:

Implementing sustainable fiscal policies to promote economic stability

2. Investment in Human Capital:

Prioritizing education, healthcare, and skill development

3. Strategic Diversification Encouraging economic diversification to reduce dependence on a single sector
4. Inclusive Growth:

Fostering equitable economic growth and social development.

By embracing these principles and learning from international best practices, President Tunubu’s economic reforms can cater to the needs and aspirations of the Nigerian people. This requires a delicate balance between economic growth, social welfare, and political stability.

The International Monetary Fund (IMF) emphasizes the importance of structural reforms to boost long-term growth prospects, particularly in the context of global economic challenges.

By understanding the social acceptability of these reforms and engaging in open dialogue with stakeholders, President Tunubu can ensure that his economic agenda resonates with the people.

Ultimately, the success of President Tunubu’s economic reforms hinges on their alignment with the people’s desires and Nigeria’s unique development needs. Remember that the election year 2027 is around the corner. If care is not taken the APC’s success can’t be ascertained. Economic precarity, aridity and hardship is still trending in Nigeria.

Conclusively, this writing states that President Bola Ahmed Tunubu’s government should try to make sure that the current negative economic situation in the country has been solved as urgently as possible.

Dr. Abbati Bako,political strategy and communication consultant, IPRC Nigeria, formally State Electoral Commissioner @Kansiec, Special Adviser to the former Governor in Kano State and Researcher in International Politics/Globalization Policy @Skyline-UN and currently Treasurer @Kano Chamber of Commerce

References: *BusinessDay. (2024, November 23).
abbatibako@gmail.com
Gsm: +2349077889959

By: Dr Sagir S Buhari FCIA

The cornerstone of democratic governance is the system of checks and balances, which ensures that no single branch of government becomes too powerful. This delicate balance is crucial for preventing abuse of power and protecting the rights of citizens. However, when members of the legislative arm of government accumulate excessive wealth, it compromises their ability to effectively perform their oversight responsibilities, leading to a breakdown in the system of checks and balances.

In a democratic system, the legislative, executive, and judicial arms of government are designed to provide checks and balances, preventing any one branch from abusing its power. The legislative arm makes laws, the executive arm enforces laws, and the judicial arm interprets laws. This separation of powers ensures that each branch has sufficient checks on the others to prevent authoritarianism.

When legislators become overly wealthy, they prioritize their personal gain over their constitutional duties. This concentration of wealth undermines the effectiveness of the legislative process, leading to economic stagnation due to inefficient allocation of resources. Excessive spending on capital-intensive projects results in inflation, and perceived corruption erodes trust in government institutions.

The consequences of legislative wealth are far-reaching, affecting not only the economy but also the social fabric of society. Legislators who prioritize personal gain support policies beneficial to their business interests rather than the public good. They use their influence to shield themselves and allies from scrutiny and allocate resources based on personal connections rather than merit.

To mitigate these risks, it is essential to ensure transparency in legislative dealings, strengthen accountability mechanisms, and promote a culture of integrity within the legislative arm. This can be achieved through asset declaration laws for legislators, independent ethics committees, public engagement and participation, and collaboration with anti-corruption agencies.

In conclusion, the accumulation of excessive wealth by legislators poses a significant threat to democratic governance. Citizens, civil society organizations, and government institutions must work together to ensure transparency, accountability, and integrity within the legislative arm.

Dr. Sagir S Buhari, FCIA
buharisaqeer@gmail.com
16th November, 2024

By Abbati Bako, Political Strategy,Communication Consultant

COP29: the 29th annual United Nations Climate Change Conference, is currently underway in Baku, Azerbaijan, from November 11 to 22, 2024. While what’s expected from the conference are as follows:

*Key Focus Areas:

1. Finance:

Securing trillions of dollars to support countries in reducing greenhouse gas emissions and protecting lives and livelihoods from climate change.

2. National Climate Action Plans:

Countries are expected to present updated plans under the Paris Agreement, aiming to limit global warming to 1.5°C above pre-industrial levels.

3. Sustainable Development Goals.

Advancing the SDGs through climate action and investment.

4. Human Rights Concerns.

There are concerns about Azerbaijan’s human rights record, particularly the imprisonment of government critics, journalists, and human rights defenders. The European Union has been urged to raise these issues with the Azerbaijani authorities during COP29.

*The analysis of the situation:

Not all the people around the globe know the importance of taking appropriate measures to tackle the problems of global climate change. But experts argue that if measures are not taken to tackle global environmental degradation the possibility of the earth ‘s planet to be safely habitable for future generations will be a mirage. If measures are not taken this planet can break up unexpectedly and the fault and blame will be more on the side of scientists not global politicians and policy makers. It’s the responsibility of global scientists to educate and enlighten the global policy makers in both the Northern and Southern Hemisphere of the world. Scientific information is the key in the entire problem.

Historical perspective:

For example an important Conference took place at Copenhagen between December 7th to 18th 2009. This is yet another move by the UN and NGOs to address the issue of environmental change. This and similar conferences on climate change are being made to save planet earth from degradation. Climate change threatens our lives, our environment, the global economy and the future generations.

It’s always very good news when the international community gathers together to address a particular important problem such as climate change. At the Copenhagen climate change conference, it is imperative for nations of the world to swing into action; climate change is no longer an assumption or prediction, it is here with us. Hence, climate change must be tackled with seriousness.

Even some weeks ago dozens of people passed away or perished as a result of heat waves in India and floods in Spain, USA, Nigeria and other nations. This is the kind of bad climate that is changing the world from safe and good living to the perilous condition of human life due to environmental degradation. 

According to Jeffrey D. Sachs, Director of the earth institute Columbia University opined that  “We can only marvel at the disarray. Here we are; years after the signing of the United Nations (UN) framework convention on climate change, two years after the decision in Bali to agree a new climate policy, one year after Barack Obama’s election and days out from the Copenhagen conference. Yet real global strategy to avoid catastrophe remain elusive”. This means that even advanced nations are not making efforts to ensure that climate change has been tackle with seriousness.

The climate change convention agenda sets an overall “framework for intergovernmental efforts to tackle the challenge posed by climate change. The conference enjoys universal acceptance with membership of 192 countries including Nigeria endorsed. It is proved by scientists that, “climate system is a shared resource” of which its atmospheric stability will be severely affected by industrial and other emission of carbon dioxide and other greenhouse gasses.
       
The Cop29 conference (Baku Azerbaijan) gathered with the view of sharing burden and information between nations, political decision makers, international organizations and scientists to find  lasting solutions, best policies and practices on reducing greenhouse gas emission and other ways that contribute to deteriorating the atmospheric condition of the planet earth.
        
The good news came out from some of the industrialized nations. Former US President Barack Obama “offered a 2020 and 2050 target on emission reduction”.

And China promised a 17% reduction in “carbon intensity of the economy”.

Also one of the emerging industrialized nation (India) offered hope that former Prime Minister Singh says “India is willing to sign on to an ambitious global target for emission reduction or limiting temperature increase if it’s accompanied by an equitable burden-sharing paradigm” and again the current Prime Minister of India Narendra Modi is still in support of that.

In his opening remark in one of the past conferences the Danish Prime Minister observed “the climate change agenda created global communities across all barriers. We need this global momentum. And we need to build on it. Let’s not focus on what divides us, but let’s focus on what bring us together”.

This research paper understands that the world is uniting under the umbrella of UN and NGOs taking decisive actions on climate change. Saving planet earth from hazardous consequences is a duty that every citizen of the planet earth should contribute to its course.

In his contributions in one of the conference  the former UN Secretary General Banki- Moon once says “we have a deal, after a climate conference in Copenhagen to recognize the political accord brokered by President Obama with China and other emerging powers”.

The President of that conference Mr. Macie Nowicki highlighted that, “as indicated in the Bali action plan, this conference should set out the direction of fighting climate change for several decades. Countries with substantial emission of carbon dioxide and other greenhouse gasses should take specific commitments to reduce such emission”.

At this point many observers viewed that the Copenhagen conference has not reached a concrete result in binding the treaty. Because some of the leaders announced that the talk will only serve as a step forward in reaching agreement in the near future. The problem with world leaders and political decision makers is who will sacrifice the issue of his country’s economy and his domestic political popularity?

Can President of Nigeria Senator Bola Ahmed Tinubu sacrifice his political ambition of 2027 on the issue of climate change with a view to save Nigeria and the planet earth? This research understands that this question can only be answered by His Excellence Bola Tunubu.

But on the other hand what history will tell future generations? It’s absolutely necessary to address the issue of climate change to avoid blame from the future generations of this planet; global leaders and International Public Policy Makers must preserve the planet for the yet unborn. Otherwise they will blame the current global leadership for not doing well to protect the planet earth for them to live.

Conclusively, this is the kind of job well done that has been done by my country (Nigeria) and the entire world by doing research to find solutions to global problems. President of America Mr. Joe Biden must cooperate with global scientists with a view to find solutions to the problems of climate change within this planet earth. By doing that global economic interplay will be boosted for the benefits of both advanced nations and emerging nations as well.

*Global Economic Interplay And Nigeria As Well as Other Global Continents———

Political economy experts assert that there exists an imbalance in the global economy. There are 8.3 Billion human beings (UN 2023 ) on earth, but 70-75% do not have a viable economy; whether as individuals or collectively as nations or continents, especially the southern part of the globe (Asia, Africa and Latin America).

In Nigeria for example, 80% of a nation’s wealth belongs to only 1% of the population and the remaining 20% belongs to 99% of the country’s population (Research in UK in 2007). This assertion must have been as a result of mismanagement by the previous regimes; especially during the military era and lack of serialize strategic planning based on calendar time frame that will be possible for Nigeria to be amongst the top 20 or even 30 economic emerging nations. Although the current Minister of Foreign Affairs of Nigeria Mr. Yufuf Tuggar has said that the country has joined both G20 and BRICS Nations recently. This is a very welcome development for the nation of Nigeria.

And again, here comes another health global pandemic of covid-19 that terrorizes global economic interplay and dwarfs the global economy. The nations of the world lost about $5T as a result of the pandemic.

Even advanced global economies such as USA, China, Japan, Germany, France, UK, Brazil, India and the result has been badly affected. Talk less of  emerging economies like Nigeria and other South-South nations of Africa, Latin America and Asia. In the last four years; economic activities were in doom globally due to COVID-19 and still the global economy seems to be in tatters.

*Why the economy in Africa is in precarity:

Are there any laws or policies which insist that world development and a viable economy must come from the northern part of the world to the southern part of the world? Or is there any rule or law that insists development must come from the Northern part to the Southern part of the World?

For example, 80% of global economies belongs to G20 nations with only 58% of the world’s population and George Friedman observed that “USA possesses 26% of global GDP with only 4% of global population” and again 25% of the world economy belongs to EU nations too; then the rest of the 20% belongs to about 200 nations and about 450 oceanic nations and more. The estimated global capital of $90 trillion or 60 trillion pounds; or $360 trillion “derivatives or repackage securities and other financial assets play an important role in international finance and they have contributed to the complexity and the instability of international finance. It is obvious that international finance has a profound impact on the global economy (R.Gilpin, 2001). It is estimated, for example, that Africa south of the Sahara accounts for only about 1 percent of total world trade in the early 1990s. Although the African Development Bank (ADB) asserts that the African GDP has risen up to 2% this means that the economy is improving in Africa. Especially in Rwanda, Ghana, Algeria, Nigeria and S/Africa.

Second example is the foreign direct investments (FDI) that has been in existence among nations of the world for hundreds of years but “in the early 1990s Singapore benefited more from FDI than the entire African continent. It should be mentioned here that the share of FDI flowing into Africa has not been even in all countries. Egypt and Nigeria have received a lion’s share of FDI flowing into the region in terms of absolute size. The share has however declined from more than 67% in 1983-87 to 54% in 1988-1992 and 38% in 1993-1997. Looking into figure for FDI inflow into Africa as a whole it is clear that its global share is by all standards very low. This share needs to be increased given the potential positive roles that FDI can play in the continent’s development” (Tatah Mentan, 2007).

*President Bola Tunubu’s visit to India:

President Bola Ahmed Tinubu must be commended for his efforts to meet with one of the richest men in India and the owner of big companies in India.

President Bola Tinubu has started a meeting with an investor in India as part of his official visit to the country ahead of the G20 Summit on Saturday and Sunday.

The president met with Prakash Hinduja, chairman and CEO of the Hinduja Group of Companies, a conglomerate with a total asset portfolio exceeding 100 billion U.S. Dollars. The president received the industrialist within 90 minutes of his arrival in India. This is a very fantastic idea for Nigeria.

President Bola Ahmed Tinubu accompanied by Nigeria’s ministers of Finance, Foreign Affairs, Industry, Trade and Investment, Mr. Tinubu “said he was in India with a focus to better Nigeria’s economic fortunes.

He said that Nigeria intends to attract investments with lucrative opportunities, jobs for its citizens and new revenue opportunities for the federal and sub-national governments”.

“We are here for business. I am here to personally assure our friends and investors that there is no bottleneck that I will not break. Nigeria will become one of the most conducive places on earth to make good profits and create lasting jobs for Nigerians as well as the Indian nation.

‘’With my support, there is nothing standing in your way of enjoying the unrivaled opportunities presented by our massive market and the ingenious, and hardworking nature of the Nigerian people. We are open for business,” the president Bola Tunubu said.

“The Hinduja Group chairman told the president that he was a living witness to his landmark effort as Governor of Lagos in turning a coastal erosion and water encroachment crisis into a massive free trade zone where industry now thrives.

This, he said, was partially responsible for his excitement to partner with Nigeria’s President to create a win-win prosperity for Nigeria’s talented population.

“We believe in you as a leader who has done this before. You know what the challenges are. You know how to fix them.

“We are going to make investments into the billions of dollars under your leadership, because we see you are already addressing the systemic problems. I am ready now to sign an MoU and to begin execution.

“You tell me who to liaise with, and we will get to work immediately, particularly with respect to bus and automobile manufacturing in Nigeria, amongst other areas. “I have had paperwork stalled in the Nigerian bureaucracy for over one year, especially in FCT.

“But I knew that you would be purpose driven in this endeavor and God will help you to turn Nigeria’s rich promise into a rich reality for all of its citizens,” Mr Hinduja has said to Bola Tunubu. The president directed thus: “Ministers of Trade and Finance, the two of you will follow this up immediately, and you will draw up the terms to the satisfaction of both parties.

”If there are any issues at all that require my intervention, they must be brought to my attention immediately.” After the president assigned the task of concluding the agreement to the two ministers in collaboration with Hinduja Group Executives, who were present in the room.

The president concluded that his task of making Nigeria great could only be achieved through teamwork and not in isolation. He added that when his investors are happy, Nigerians would rejoice by partaking in an inclusive economy where hard work is rewarded and excellence becomes the reputation of the nation.

*Global Economic Interplay And Nigeria As One Of The Largest Market In The World:

The third example is the replica of the total amount of daily trades and services world over. It has been estimated that the sum of “$1.08 trillion of shares is being traded every 24 hours globally” (The Globalization of World Politics, USA, 2008/2020 editions).

But one may ask; how much do the developing nations, especially nations of the southern part of the world, contribute to and benefit from their efforts and resources? There is a need to know and remember that about 34% of global resources are deposited in the African Continent.

Professor George Friedman again observed that “Americans constitute about 4 percent of the world’s population but produce 26 percent of all goods and services. In 2007 U.S gross domestic product (GDP) was about $14 trillion, compared to the world’s GDP of $54 trillion
(“Barack Obama and Gordon Brown both opined it was $90trillion 2008/ 2020”) about 26 percent of the world’s economic activity takes place in the United States. The American economy is so huge that it is larger than the economies of the next four countries combined: Japan, Germany, China and the United Kingdom.”

At this point those African leaders and indeed all leaders of South-South world should take measures that will ensure the transfer of technology to the southern part of the world; especially Africa where the economic imbalance is too huge due to lack of manufacturing of sophisticated scientific and technological products that have the capacity of boosting the economy of the Continent.

On the other hand, the world economic power should rethink about investment in Africa and other South-South Nations. This research subscribe to the view of political economy Professor of the Oxford University, London, (Paul Collier, “The Bottom Billion, 2009,London”) on four key issues that restrict the African continent from developing: “bad governance, conflict, trapped resources and landlock”. And to the view of this writing again; the unproductive population in the continent is a plus to poor economic performance. Hence, African leaders must rethink on the right measures and strategies to boost the economy of this resourceful Continent.

*Can joining BRICS NATIONS be the solution to Nigeria and other South South Nations?  Egypt, Ethiopia, Iran, Saudi Arabia, UAE and Argentina have been admitted; can that change the global economic direction? Can Yuan currency challenge the dominance of global Dollarization since the end of the Second World War? Can BRICS+ and the new “World Development Bank” be a rival to the World Bank/IMF?

In view of that, the world economic policy makers must re-consider the economic prescription of South-South nations, particularly “Washington Consensus”. “Why not the Beijing Consensus”? Even policy makers insist on the Washington Consensus this writing views that the policy must be redesigned for the emerging nations.

The world economic imbalance is the causative agent of terrorism, conflict, war, criminality, corruption, military junta taking over power from civilian  and banditry especially in Nigeria and other economic emerging nations of Africa.

*Nigeria and Global Conversion to Green Energy and climate change and economic development: which way for Nigeria and other South South emerging markets?

To be continued InshaAllah—

Dr. Abbati Bako,Political Strategy and Communication Consultant, IPRC Nigeria and researcher in International Politics@Skyline University and Treasurer Kano Chamber of Commerce, Nigeria

President Tunubu’s Renewed Hope Agenda VS Debt Burden: Any Hope before 2027 Elections?

By Abbati Bako, Political Strategy and Communication Consultant

What is the meaning of the word “hope” in contemporary English? The meaning is simple that I found out in English Dictionary 2024. Hope means “To want something to happen, with a sense of expectation that it might”. Meaning, positive expectations to come.

President Bola Ahmed Tinubu’s Renewed Hope initiative has ignited a sense of optimism among Nigerians, with many expecting prosperity, economic viability, and development.

Once again, what does “hope” really mean in contemporary English 2017? Simply put, hope is the desire for something to happen, coupled with the in another that it might. Nigerians are hopefully wanted to see the reversal of the country’s economic precarity to economic growth and development ASAP.

Under President Tinubu’s “Renewed Hope Agenda” Nigerians are hopeful for a better future, and it seems their hopes are not unfounded. The administration has launched several initiatives aimed at improving the lives of citizens, particularly in the areas of housing and urban development as well as economic viability.

*Renewed Hope Cities and Estates Development Programme:

This ambitious project aims to deliver 50,000 units of houses across the 36 states and the FCT by the end of 2024. The programme is expected to provide affordable housing options, create jobs, and stimulate economic growth. With sites already active in 12 states, this initiative is poised to make a significant impact on Nigeria’s housing deficit.

*Key Benefits of the Programme:

Nigeria lacks at least 28m housing for the citizens to occupy. Affordable Housing Providing low-cost urban housing projects to cater to the needs of low-income earners.

*Job Creation:

Estimated 25 direct and indirect jobs per house, with the potential to create 500,000 jobs in the Federal Capital Territory alone.

*Economic Growth:

Stimulating economic activity through construction and related industries. This will create massive employment in the country especially among the youth.

*President Tinubu’s Commitment:

President Tinubu has demonstrated his commitment to addressing Nigeria’s housing challenge, recognizing the importance of housing as a fundamental right and a catalyst for economic resurgence. With the Ministry of Housing and Urban Development working tirelessly to drive the Renewed Hope Vision, Nigerians can expect significant progress in the coming years.

While challenges remain, President Tinubu’s Renewed Hope initiative has undoubtedly brought a sense of optimism to Nigerians. With continued effort and commitment, perhaps their hopes for a prosperous, economically viable, and developed Nigeria will become a reality before the election year 2027.

Nigeria’s debt:

President Bola Ahmed Tinubu’s Renewed Hope Agenda has ignited a sense of optimism among Nigerians, with many expecting prosperity, economic viability, and development. But what does “hope” really mean in contemporary English? Simply put, hope is the desire for something to happen, coupled with the expectation that it might positively happen to the citizens of the country.

*President Tinubu’s Renewed Hope initiative is built around eight key pillars:

Food security, poverty eradication, economic growth, job creation, access to capital, improving security of life and property, rule of law, and fight against corruption. One of the notable projects under this agenda is the Renewed Hope Cities and Estates Development Programme, aiming to deliver 50,000 units of houses across the 36 states and the FCT by the end of 2024. This initiative not only addresses the country’s significant housing deficit but also creates jobs and stimulates economic growth.

For the attention of the Hon. Minister Y A Ata on Affordable Housing in Nigeria:

*Some of the key features of the Renewed Hope Cities initiative include:

Providing low-cost urban housing projects to cater to the needs of low-income earners. If the current government can try to fulfil the promise made to Nigerians on housing program; that will give a pass mark to the President Tunubu’s regime.

*Job Creation:

Estimated 25 direct and indirect jobs per house, with the potential to create 500,000 jobs in the Federal Capital Territory alone

*Economic Growth:

Stimulating economic activity through construction and related industries and Infrastructure.

Development:

Improving infrastructure associated with housing projects, such as roads, water supply, and sanitation facilities will definitely upgrade the support of the current government before the year 2027.

While challenges remain that, President Tinubu’s Renewed Hope initiative has undoubtedly brought a sense of optimism to Nigerians. With continued effort and commitment, perhaps their hopes for a prosperous, economically viable, and developed Nigeria will become a reality before 2027.

Nigeria’s debt burden:

Nigeria’s total debt, both domestic and foreign, stood at $103.11 billion as of Q4 2022, with domestic debt accounting for $61.41 billion and external debt at $41.69 billion. This represents a 4.96% growth in public debt in national currency during Q4 2022.

Breaking down the domestic debt, Lagos State had the highest debt of N807.21 billion, followed by Delta with N304.25 billion and Ogun with N270.45 billion. On the other hand, Jigawa had the lowest debt of N43.95 billion.

In terms of the national government’s debt, it reached $101.7 billion in December 2023, with a deficit equal to 4.8% of the country’s nominal GDP in September 2023

*The government debt accounted for 39.8% of Nigeria’s nominal GDP in December 2023.

Here’s a summary of Nigeria’s debt:

• Total Debt:

$103.11 billion (Q4 2022)

*Domestic Debt:

$61.41 billion (Q4 2022)

*External Debt: $41.69 billion (Q4 2022)

*National Government Debt: $101.7 billion (December 2023)

*Deficit: 4.8% of nominal GDP (September 2023)
Government Debt to GDP Ratio: 39.8% (December 2023).

What is the possibility of paying back the debt by the current Senator Bola Tunubu’s government before the elections year 2027? What will be the response of the United Nations, World Bank/IMF on the request made by the VP of Nigeria’s H/E Kassim Shettima on Nigeria’s debt to be forgiven as it happened in 2002 during the government of President Olusegun Obasanjo? Shall the debt be waived?

Dr. Abbati Bako,bsis,UK,Alumni Kent University and Treasurer Kaccima, Researcher in International Political Economy/Globalization Policy@Skyline University, Kano, Nigeria