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The National Bureau of Statistics (NBS) unveiled demographic data curated from the archives of the National Population Commission (NPC), showing that the country’s resident population grew by almost 30% in the past 10 years, from an estimated 167 million in 2012 to 216.78 million last year
Three different data sets, including one issued by an agency of the federal government, painted a scary picture of the deteriorating condition of an average Nigerian. The data were released by different agencies – government and non-government alike but reached more or less similar conclusions.
The National Bureau of Statistics (NBS) unveiled demographic data curated from the archives of the National Population Commission (NPC), showing that the country’s resident population grew by almost 30% in the past 10 years, from an estimated 167 million in 2012 to 216.78 million last year. In the same period, the economic performance has been sluggish at less than an average of three percent, from US$464 billion to US$477.4 billion.The study suggests that the future generation, who should be supported well enough to pay off the piling liabilities, are being shortchanged, based on their nutritional level, education and other indicators.
In the meantime, the World Bank also released its first post-reform Nigeria Development Update (NDU). The report scored the country high on readiness to embrace economic reforms but warned of dire consequences if the ongoing exercises, including fuel subsidy removal, are aborted. The bank had last year painted reform-or-die scenarios and warned that the debt service to revenue ratio would balloon to 160 percent by 2027 unless the government adopts radical reforms such as subsidy and market-led foreign exchange reform.
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In another report released by the World Bank recently, the International Debt Report, shared concern about the impact of huge debt service on developing countries, including Nigeria, saying they have a record US$443.5 billion to service their external public and publicly guaranteed debt in 2022. The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment, the bank said. For Nigeria, the government intends to spend N8.25 trillion or 30 percent of the projected total expenditure to service debt, with dire consequences for social services.
