It is no news that the Giant of Africa, Nigeria, is currently under recession, and it is the second under the same administration of Buhari.
What is screaming the headlines is the rate at which the country’s population slips into poverty. With an inflation rate of 14.23% which is further worsened by the scarcity of dollars, much more needs to be done before the economy enters into total anarchy fueled by hunger.
Bloomberg reported that about a 100 million Nigerians are below the poverty line out of the country’s total population of about 206 million people.
It further reported that the Federal Government will need to restructure the Naira before they can source a further loan of $3.4 Billion by May 2021, adding to the country’s whopping debt which stood at $85.897 as of September.
