NYFA LEADERS' ECONOMIC DIGEST Episode 1

NYFA LEADERS' ECONOMIC DIGEST

Episode 1

By NYFA Editors

Economic Comparison: Atiku Abubakar's Tenure as Vice President (1999-2007) vs. Present Day Tinubu Government.

A comparative analysis of Nigeria's economic situation during Atiku Abubakar's tenure as Vice President (1999-2007) and the present day reveals stark disparities according to the Economic Freedom Index. During Atiku's era, Nigeria's economy was buoyed by high oil prices, with significant revenue generated from crude oil exports. In contrast, today's economy faces numerous challenges, including:

- Inflation Rate: Currently, Nigeria's inflation rate stands at approximately 34.19%, significantly higher than the 12.9% average during Atiku's vice presidency. This represents a 165% increase.

- Exchange Rate: The Naira has depreciated substantially against the US dollar. In 2007, the exchange rate was around N118/USD, whereas the current rate hovers around N1,550/USD, representing a 1,214% depreciation.

- GDP Growth Rate: Nigeria's GDP growth rate has been inconsistent, averaging around 2.5% in recent years, compared to an average of 6.5% during Atiku's tenure. This represents a 61.5% decrease.

- Unemployment Rate: Unemployment rates have soared, with estimates suggesting around 33.3% of the workforce is currently unemployed, significantly higher than the 11.9% recorded in 2007. This represents a 180% increase.

- Poverty Rate: Poverty levels have increased, with approximately 40% of the population living below the poverty line, compared to around 34.1% in 2007. This represents a 17.3% increase.

These statistics indicate that Nigeria's economic situation has deteriorated significantly since Atiku's vice presidency. The country's over-reliance on oil exports, lack of economic diversification, and poor policy decisions have contributed to this decline. Recent reforms aimed at revitalising the economy and attracting investment have led to short-term spikes in inflation and exchange rate volatility, further exacerbating the economic challenges.

Ngeria Can Only Get Better Under An Atiku Administration.

Atiku Abubakar, The Tested and Trusted!

Nigerian Youths For Atiku