Pro-Buhari group faults Nigeria’s misery index ranking
Posted by FN Editor | 5 years ago | 1,644 times
The Buhari Media Organisation on Tuesday described Nigeria’s ranking as the sixth miserable country in the world in 2018 as “fallacious, despicable and of no consequence whatsoever.”
The organisation said the ranking was not a true reflection of the situation in the country.
It argued that data for the survey must have been collated from “old, archaic sources.”
The organisation made its position known in a statement made available to journalists in Abuja by its chairman, Niyi Akinsiju; and Secretary, Cassidy Madueke.
It said those behind the rating did not take into account recent innovation introduced by the Buhari-led Federal Government before arriving at their position.
It said, “A cursory look at the explanatory note by Steve Hanke in the Forbes Magazine in which he revealed that the index was calculated using economic indices like unemployment, inflation and interest rates banks charge on loans, show how wrong his conclusion was.
“The index is said to be that of 2018 but the country recorded a number of positives in the same year on the economic front.
“It was the year that Nigeria had a major decline in inflation figure so much so that the rate is now 11.37%. It was the culmination of a landmark 18-month consecutive decline to a level that is one of the lowest in Africa.
“We also know that a lower inflation rate has a way of impacting positively on banks’ lending rates and that’s exactly what has happened with the recent reduction in Monetary Policy Rate, yet the index scored Nigeria lower than some countries ravaged by war!”
The organisation insisted that the misery index is neither a true nor accurate reflection of the situation on ground in the country.
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