Increased federal allocations haven’t improved Nigerians’ buying energy – Analyst Odok

A college lecturer and political analyst, Dr Joseph Odok, has questioned the impression of elevated allocations from the Federation Account Allocation Committee, FAAC, to state governments, saying the rise in income has not translated into improved buying energy for Nigerians.

Odok stated in his social media put up that the rise in allocations and salaries had not essentially improved residing circumstances, arguing that the buying energy of staff had declined regardless of greater nominal earnings.

In a commentary, the lecturer recalled that he might comfortably gas and preserve his automotive when he was a Lecturer II, however stated the present financial state of affairs had made it tough for some professors to gas and drive their autos.

He attributed the state of affairs to the declining worth of the naira and rising value of residing, noting that the rise within the quantity of cash obtainable to governments and staff didn’t essentially imply an enchancment of their financial circumstances.

Odok additionally argued that the rise in federal allocations to states underneath President Bola Tinubu had not translated into measurable enhancements in poverty discount or growth.

He stated the rise within the nationwide minimal wage from N30,000 to N70,000 had additionally failed to enhance the residing requirements of many staff, who, in keeping with him, have been now worse off by way of buying energy.

The lecturer stated, “My understanding of the relationship between increased federal allocations and the economic conditions of Nigerians changed after listening to an analysis by Arise News presenter, Rufai Oseni. Higher revenue figures should not be mistaken for improved economic welfare. The real measure should be the purchasing power of citizens.”