Naira devaluation: Purchasing power of households shrink — Survey

Naira notes.

Naira notes.

13 September 2015, Lagos – A survey conducted by a research firm, TNS, has shown that 66 per cent of households in the country suffer shrinking purchasing power as a result of the devaluation of the Naira.

Assessing the effects of the devaluation, Nigerians, who took part in the survey, said the drop in the value of the currency was bad for the economy as it is the cause of the rise in the price of consumer goods.

According to the report, 66 per cent of households said the increase in dollar value at the expense of the naira has had negative impact on them.

The poll sought respondents’ opinion on four key areas, which include opinion about the country and personal financial situation, assessment of President Muhammadu Buhari’s performance and key state institutions, economic, fuel and power issues including terrorism.

The survey noted that 91 per cent of Nigerians support Buhari’s anti-corruption crusade while 86 per cent are optimistic about how they will fare financially in 12 months’ time.

On his speed of administration, 45 per cent think he is slow but steady, 31 per cent disagreed that he is slow while 19 per cent agreed that Buhari is slow. The poll also stated that 59 per cent of Nigerians endorsed the cabinet formation date fixed this month, three months after the president was sworn in. 19 percent agreed that the date is far but necessary while 15 per cent said the date should have been earlier.

On the electricity situation, 74 percent of Nigerians reported improved electricity supply while 78 percent of Nigerians also reported improved fuel supply.

According to the survey, 74 percent Nigerians are more confident that their state governments can better deliver good governance than their national assembly while 65 percent expressed confidence on the senate.

The survey which interviewed 1001 Nigerians showed that Nigerians are highly against legalization of gay marriage in the country. According to the poll, while 3 percent supported gay marriage, 96 percent are against it.

The survey also said Nigerians are confident in President Muhammadu Buhari’s ability to fix the country.

In the poll, Buhari had overall impressive score among Nigerians who rated his performance high and think he is going in the right direction.

TNS report conducted in the third week of August 2015 among representative adult population in the 6 geopolitical zones further showed 55 percent of Nigerians thinking that the country is headed in the right direction while 74 percent think that the president has performed well so far.

With air of hope among Nigerians and the international community about Nigeria following the emergence of Buhari as president, most Nigerians (84 percent) expressed trust on the president as 84 percent of Nigerians believing that the present administration can win the war against Boko Haram.
*Princewill Ekwujuru – Vanguard

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