President Tinubu: Unpacking the Root Causes of Economic Precarity and its Implications for the 2027 Elections
By Abbati Bako
As Nigeria hurtles towards the 2027 presidential elections, the economy remains a pressing concern for citizens and policymakers alike. President Bola Ahmed Tinubu’s administration is grappling with the fallout of economic precarity, which threatens to undermine his re-election bid. In this writing, we will delve into the root causes of Nigeria’s economic woes, precarity, meltdown and examine their implications for the 2027 elections and who will win, APC or the intended new mega partyparty?
*The Perfect Storm: Convergence of Economic Challenges and precarity or generally stagnation of economic interplay and stagflation Nigeria’s economic precarity is the result complex interplay of factors, including:
1. Dwindling Revenue Streams:
The country’s over-reliance on crude oil exports has left it vulnerable to fluctuations in global oil prices, resulting in dwindling revenue streams.
2. Debt Servicing Conundrum:
The cost of debt servicing has eclipsed public revenues, with total public debt ballooning to around N77 trillion.
3. Insecurity and Corruption:
Persistent insecurity and corruption have exacerbated the economic challenges, contributing to higher food prices and reduced investor confidence.
4. Infrastructure Deficits: Nigeria’s inadequate infrastructure, healthcare, unemployment, water resources,including roads, power energy, and transportation, has hindered economic growth and development.
*The Human Cost of Economic Precarity
The economic challenges facing Nigeria have far-reaching consequences for its citizens. Some of the most pressing concerns include:
1. Soaring Poverty Rates:
The number of Nigerians living in poverty has skyrocketed, with an estimated 90 million people struggling to make ends meet and according to the World Bank/IMF and IMF there will be an additional 30m Nigerians will move into poverty by 2027.
2. Unemployment and Underemployment:
The country’s unemployment rate has reached alarming levels, with millions of Nigerians unable to find gainful employment.
3. Food Insecurity:
The combination of insecurity, security of want, corruption, economic precarity and mismanagement has led to widespread food insecurity, with millions of Nigerians struggling to access basic necessities.
*The 2027 Elections
A Referendum on President Tinubu’s Economic Stewardship:
As the 2027 presidential elections approach, Nigerians will be casting their ballots with the economy firmly in mind. President Tinubu’s administration will be judged on its ability to address the root causes of economic precarity and improve the lives of ordinary citizens.
*The Leadership Nigeria Needs
As Nigerians prepare to go to the polls, they will be looking for a leader who can:
1. Provide Economic Vision and Direction:
A leader who can articulate a clear and compelling economic vision for Nigeria.
2. Address Corruption and Insecurity:
A leader who is committed to tackling corruption and insecurity head-on.
3. Invest in Human Capital and
Infrastructure:
A leader who recognizes the importance of investing in human capital and infrastructure to drive economic growth and development.
Conclusion
The 2027 presidential elections will be a critical test of President Tinubu’s leadership and vision for Nigeria’s future. As Nigerians prepare to cast their ballots, they will be looking for a leader who can address the root causes of economic precarity and provide a clear direction for the country’s economic development. Will President Tinubu rise to the challenge, or will Nigerians opt for a new leader with a fresh vision for the country’s future? Who can tell? Only time will tell.
Abbati Bako,bsis,Kent,UK,mti,and political strategy and communications consultant can be reached abbatibako@mail.com
