The World Bank’s June 2021 77-page Nigeria Development Update instructs in particular federal economic policy formulators and implementors that “rising prices alone – even without incorporating the direct impact of COVID-19 on welfare – pushed an estimated seven million Nigerians below the poverty line in 2020.” The corollary is focus by the apex bank on attainment of the principal object which mandates it to “ensure monetary and price stability” that alone would have brought about the desirable outcome of successfully keeping seven million Nigerians (who were on or near the border line) from slipping into extreme poverty in 2020.
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It should be quickly pointed out that apart from the attribution solely to inflation of the specific numerical size of affected Nigerians, the 2021 NDU report is actually the umpteenth verdict that the underlying heterodox fiscal and monetary preferences by successive federal administrations have been consistently accountable for the non-realisation of the long list of economic development objectives being ceaselessly paraded. The implemented economic programmes by the Buhari administration include (a) Economic Recovery and Growth Plan, (b) rolling three-year Medium Term Expenditure Framework and Fiscal Strategy Paper beginning in 2015 together with the associated annual budgets, (c) Bouncing Back: Nigeria Economic Sustainability Plan 2020 (d) numerous CBN intervention funds, and (e) the conditional cash transfer programme under which FG seeks to lift 100 million Nigerians out of extreme poverty during 2020-30. The administration’s spin doctors claim that over 10 million citizens have been taken out of poverty since Buhari’s second term began. However, convincing assessment of the administration’s economic performance is deducible by resort to the fact’ that a lower GDP growth rate than the population growth rate in a given period swells the rank of people who have been reduced to extreme poverty. NBS data since the 2016-17 recession show that the country’s population growth rate of 2.6 per cent per annum has outpaced the GDP growth rate thereby affirming the rising incidence of extreme poverty under the Buhari government.
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