FG spends N8trn, loses N50trn to insecurity

FG spends N8trn, loses N50trn to insecurity
Photo by UNAMID Photo- Ask Nigeria

The IEP reports that violence has led to food insecurity and loss of lives.

The Institute of Economics and Peace (IEP) recently revealed that violence in Nigeria has affected about eight percent of the country’s Gross Domestic Product (GDP), leading to a loss of about N50 trillion within 18 months. The report by IEP, which spanned from January 2021 to June 2022, was developed by research that was organized by Nextier SPD, at the presentation of “Nigeria Security Analysis Report” concerning the issue of violence and its subsequent effects on the economy of the country.

In recent years, Nextier has recorded a huge database which tracks violent conflicts such as banditry, extra-judicial killings, armed robbery, terrorism, piracy, communal clashes, farmer-herder incidents, cultism, and secession agitation in Nigeria. The database aims at revealing the nitty-gritty of violent conflicts in Nigeria for the purpose of research, policy advocacy, development, and security. The report also alleged that the Federal Government of Nigeria has spent about N8 trillion concerning security issues with undesirable results.

Civilians are combatants and main victims of insecurity.

The IEP report further disclosed that state governors, as a result of the restriction from taking certain measures regarding insecurity, placed on them by the constitution, are devastated by the situation of insecurity in their respective states. The report, however, are analysis gathered on violence activities in Nigeria. These violent activities are mostly prevalent in secession agitations in the south; bandit attacks on susceptible villages in Northwest and North central Nigeria; sexual violence, ransom kidnapping, cultism, and large-scale livestock which has hindered the livelihoods of over 21 million people in Kaduna, Katsina, Kebbi, Niger, Sokoto, and Zamfara states.

According to the report, a major feature of contemporary armed conflicts is the fact that civilians are combatants and primary victims. Civilians being the main target of violence has led to food insecurity as one of the subsequent effects of violent conflict in Nigeria. This emerged as a result of armed men, from the North to the South, leading to bloody shootouts, complicated security situations, protracting crises, and in rural areas, limitations of access to farmlands and disruptions of sources of livelihoods.

Every curfew in the Southeast breeds a loss of N10B.

The economic progress of the Southeast and social order is greatly negatively affected by escalating violence. A report says that every curfew that is declared in the Southeast leads to a loss of about N10 billion by the Southeast geopolitical zone. Cities that serve as major manufacturing and commercial hubs such as Onitsha, Aba, and Nnewi are hampered by the insecurity; the report reveals that manufacturing accounts for 31 percent and 30 percent of business in Aba and Onitsha.

Another challenge caused by violence is its effect on education across the country and mostly in the Southeast region. Unlike pupils and teachers in other parts of the country, students and teachers of the Southeast region are unable to attend schools on Mondays in order not to incur the anger of overzealous members of the Indigenous People of Biafra (IPOB). These recurrent issues of violence in Nigeria, this year, has ranked it as the country with the ninth highest number of terrorist-related deaths across the world in 2022, despite the reduction in deaths caused by terrorists.

Insecurity has resulted in an increase in the cost of agricultural produce.

Unresolved insecurity in the country has caused the displacement of many farming communities and hindrance to cultivation. Resultantly, agricultural supply and continuous increase in the cost of agricultural produce has been deterred. Since July, the cost of essential food items like beans and tomatoes has accelerated by about 253 percent and 123 percent, respectively across the country, with a measure of beans that used to cost about N305, now being sold for N900. Asides this, insecurity has made other agricultural produce to increase rapidly.


Related Link

Nextier: Website

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Ask Nigeria
21 days ago

FG spends N8trn, loses N50trn to insecurity – The IEP reports that violence has led to food insecurity and loss of lives. – Express your point of view.

Hassan Isa
Member
19 days ago

Insecurities have been purchased with money, but the investment has not paid off, and these insecurities have resulted in significant losses for our nation, particularly in the area of food production.

Nwachukwu Kingsley
Member
19 days ago

Insecurities are caused by the government itself since there are saboteurs working within the government. More work needs to be done to improve both the safety of people’s lives and the security of the country as a whole.

Remi1
Member
19 days ago

Despite the overall decline in the number of people killed by terrorist attacks, it has been classified as the country with the ninth greatest number of deaths associated with terrorist attacks across the world in 2022.

Adesanyaj72
Member
19 days ago

in more rural areas, restrictions on access to farmlands and interruptions to traditional sources of income.

Chibuzor
Member
19 days ago

I have no doubt that I am not the only one who is exhausted by the ongoing uncertainty over this matter. It is also having a devastating effect on our economy. Who exactly did we hurt by acting in this manner?
Spending money on a security awareness programme that is ineffective is a waste of our resources.

DimOla
Member
20 days ago

Our president Buhari is the cause of all the problems mentioned above. He is in the forefront of championing nepotism, sectionalism. He has filled every top and juicy offices with his kinsmen (the fulanis). Go and verify factually 95% of these positions are fulanis why won’t there be problems. All Nigerian will ever needed are technocrats who knows how best to run the nation and not politicians or only one tribe among 240+ tribes. This could lead to monopolization of power which already has.

SarahDiv
Member
20 days ago

Our federal government and politicians are the major problem of this nation. This current administration is nepotic in her appointment into office. Rather than appointing technocrats who knows how best to fix the nation not minding their tribe they chose put their tribal and religion who are already running the affairs of the country aground. That is why we are experiencing all these nonsense. It is well

Tolaniiii
Member
20 days ago

Hopefully one day we will get to see the government claims to be working on, but for now I can only conclude that we are being scammed

Bola12
Member
20 days ago

It’s sad that our government is spending this much on security and people still get killed every now and then, kidnapping cases are increasing everyday.

Christiana
Member
20 days ago

This is just a means of looting our funds, how can they claim to spend 8 trillion on insecurity and still end up losing 50 trillion , this is totally absurd

Iyanu12345ogg
Member
20 days ago

We really need to do something concern the insecurities of this country. Government did not take this insecurity issue serious.

Tonerol10
Member
20 days ago

This is the kind of country we found ourselves. Like my igbo adage say.
When abomination happened first time without correction, it becomes law. Government did not take this insecurity issue serious from the beginning that is why we are suffering it today

Adeolastan
Member
20 days ago

This is what happens when insurgency it at peak in a country or society,it is just like civil war.You spend money but you lose x4 of what you spend to curb the insurgency or the war.

theApr
Member
20 days ago

You invest this much, yet ni significant changes. It just get worse by the day. These insurgency has lingered too long for us not to believe the government is involved.

Kazeem1
Member
20 days ago

due to the fact that the constitution prevents them from taking particular actions to address the issue of insecurity, the situation of insecurity in each of their various states has left them in a state of utter devastation.

Taiwoo
Member
20 days ago

For the sake of research, the database will attempt to shed light on the specifics of violent conflicts that have taken place in Nigeria.

Godsewill Ifeanyi
Member
20 days ago

Bandit attacks against vulnerable villages in the Northwest and North Central regions of Nigeria are the most common example of these violent actions.

Haykaylyon26
Member
20 days ago

The insecurities of this country needs to be improve in other to stop all this criminal attack and so everyone can feel safe. Money was spend on insecurities but it doesn’t show at . this insecurities as cost our country a lot like in food production

jdpumping
Member
20 days ago

The problem of insecurities is the government itself because there are saboteurs within the government itself,more needs to be done to improve the security and lives of people.

Abusi
Member
21 days ago

I am sure I’m not the only one that is tired with this insecurity of a thing. It is also crippling our economy. Who did we offend like this?
We are just wasting our money on security consciousness that is not working.