NIGERIA staggered into 2023, tossed hither and thither by billowing security, social and economic storms. Ominously, most indicators signpost a tumultuous economic experience ahead that taken together with other trending existential threats could trigger its long-feared implosion.
From all angles, the economy is eliciting adverse statistics and expert projections range from very gloomy to alarming. Poverty and joblessness are deepening, while the federal and state governments, amid the rubble, carry on languidly with tired policies and fiscal recklessness.
The N21.83 trillion 2023 national budget that the President, Major General Muhammadu Buhari , just signed is incoherent. Apart from the in-built deficit of over 50 per cent of the total, the National Assembly, as usual, irresponsibly added N1.3 trillion to the initial proposal, with no regard to how their quirky padding would be funded. This raised the record N10.78 trillion deficit that was already 4.78 per cent of GDP and exceeded expected revenue of N9.73 trillion by 11 per cent, to N11.
The alarm bells have been ringing louder over the unsustainability of the debts. The government has been spending about 90 per cent of all revenue servicing debts. The IMF said this could reach 111 per cent this year. Its call since July last year that Nigeria restructures its debt is acutely ominous. Recently, all three major global rating agencies – Fitch, Moody’s, and Standard & Poor’s, downgraded the country’s credit rating.
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