Unic Press UK: Nigerians are protesting today, the 6th February 2017, against the Buhari-led administration.
One of the initial promoters of the protest, a popular musician known as Innocent Idibia [alias 2baba or 2face], did call-off the protest a few days ago over “security concerns and public safety consideration’’. It is now obvious that the people did not take the so-called call-off seriously.
This morning, hundreds of protesters gathered at the National Stadium, Lagos, as early at 8:45 hrs to participate in the protest against bad governance in Nigeria. There are protests ongoing on the streets of Abuja, Uyo, Benin and several other cities.
The economic situation in Nigeria rapidly worsened since Muhammadu Buhari became president. The rate of inflation in Nigeria peaked at 18.55% as of December 2016. The official exchange rate prescribed by the Central Bank of Nigeria is $1 = ₦305.25, but it’s circa ₦500 in the parallel market. There has been numerous job losses in the private sector. The economy is currently in a recession.
Recently, Fitch Ratings, Inc., one of the leading credit rating agencies revised the outlook on Nigeria from stable to negative, citing a GDP growth of -1.5% in 2016, foreign exchange restriction and tight foreign currency liquidity, wide gap between the official rate and the parallel market rates, worsening asset quality in the banking sector.
In its November 2016 publication “Macroeconomic Developments And Prospects In Low Income Developing Countries—2016“, the International Monetary Fund (IMF) said the severe economic predicament in Nigeria is the ‘product’ of government inefficiency.
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Meanwhile, the Nigerian president Muhammadu Buhari has prolonged his vacation. This was formally communicated to the National Assembly [The Senate and The House of Representatives]. Prior to this development, Buhari was expected to resume work on Monday, the 6th February 2017.
In a press statement by the president’s special adviser on media and publicity, Femi Adesina, on Sunday, the 5th February 2017, President Buhari said he has yet to “complete and receive the results of a series of tests recommended by his doctors.”
It has yet to be known the exact date President Buhari will return to Nigeria to resume work.
