PREMIUM TIMES SPECIAL: Bitter Truths About Economy The Jonathan Govt. Does Not Want Nigerians To Know

President Goodluck Jonathan making inaccurate claims at the World Economic Forum 2014

As is well known, available figures, statistics and ratings show that the Nigerian economy has consistently maintained an unprecedented growth rate of 6-7 per cent under the Jonathan administration. They also show that the Nigerian economy is now the leading economy in Africa and the 26th largest in the world, with a gross domestic product of over $500 billion per annum.

Statistical indicators are like a woman’s bikini, they hide or mask the most important details, while revealing what, to a casual observer, seem like a whole lot. Take for example real economic growth rate: a measure of how much the economy grew, in real terms. Real growth rate is essentially a quantitative measure. While it measures the total goods and services produced in a given year, it does not say anything about how the quality of life has changed, and whether or not available resources were used transparently and beneficially.

As a result, economists have come to the conclusion that the growth rate of an economy at any point in time is meaningless unless there is a context to the discussion. Some ways of introducing context is to compare performance to another recent period or to the performance of peer countries with similar economic fundamentals. These two exercises should show whether or not in a particular epoch, a country’s performance is “unprecedented” or spectacular.

Minister of Finance, Ngozi Okonjo-Iweala, has, until recently, claimed the Nigerian economy is in perfect shape
Minister of Finance, Ngozi Okonjo-Iweala, has, until recently, claimed the Nigerian economy is in perfect shape

In addition, several countries have introduced alternative measures of economic wellbeing that captures more holistically, all aspects of economic performance. Bhutan, for example introduced the concept of Gross National Happiness (GNH) in the 1970s. GNH measures economic performance in relation to four pillars: good governance, sustainable socio-economic development, cultural preservation, and environmental conservation. In the reckoning of Bhutanese authorities, if all the four pillars were performing, the sum total would be higher gross national happiness.

Several factors affect real economic performance. The quantity and quality of a country’s labour force and its natural resource endowment all affect investment, production and consumption decisions of economic agents. In order to steer the economy in a direction that is over and above what is warranted by labour force and endowment, governments would normally introduce fiscal, financial and monetary policies that support the achievement of both a higher level of growth and qualitative improvements in livelihood.

More importantly, because in today’s global environment, countries do not operate as islands unto themselves, developments in the global economy, especially those of major trading partners, international prices of imported and exported commodities, and the general flow of financial resources, all shape a country’s economic outcomes. While the latter are not within the control of a country, sound domestic socio-economic policies on health, education, environment security and infrastructure will improve the overall quality of life and the business environment so as to make the private sector flourish.

Nigeria’s recent economic performance

Nigeria’s recent growth performance has mostly been shaped by improvement in global trends rather than sound economic policy management, which has actually taken a turn for the worse when compared to the first few years of civilian rule. Recent global developments, such as increase in oil prices (until the recent dip in prices); the shift in foreign investor’s interest to developing economies as growth in advanced economies reached saturation points, have helped Nigeria to attract foreign investments, especially in the non-oil sector. As a result, and notwithstanding poor policy choices, unprecedented corruption and theft of public resources, infrastructure deficiency and security challenge, economic growth during the first six years of this administration has been relatively good. However, the performance, as impressive as it may look, is poor when compared to growth during the first six years of civilian rule. In addition, real economic growth does not match the achievement of other oil producing countries with similar endowments as Nigeria.

The facts speak for themselves

During 2009-2013, the first five years of President Jonathan’s administration, real GDP growth averaged 6-7 per cent, a fact often touted by the government. But this record is much lower than that of the first five years of civilian rule (1999 – 2005), when growth averaged 11.1 percent. (Figure 1) This is despite the fact that oil prices were much lower at that time than now, and foreign investors’ appetite for Nigeria was not as strong as now. The difference, it seems, is in the leadership and policy choices of the different periods. Therefore, President Jonathan’s achievement can hardly be said to be “unprecedented”. It’s actually poorer than his predecessor’s achievements in less benign circumstances.

FIGURE 1: Real GDP Growth Rate 2000-2013
FIGURE 1: Real GDP Growth Rate 2000-2013

Lying with data? Some glaring inconsistencies

Many Nigerians have wondered how the high growth rates being reported are possible given the “facts on the ground” – to use a well-worn Nigerian phrase. As explained above, decent rates of growth is possible in a chaotic domestic environment so long as external conditions are largely favourable. Notwithstanding, from a strictly conceptual point of view, there are serious reasons to question recent growth data and the integrity of data more generally, as would be clear in the following exposition.

Inconsistencies in regional contributions to growth

To accept current measures of economic performance and the high growth rates, one would have to agree that the disturbances in the North East region, which has brought the regional economy to a halt in the past two years with spillovers to neighboring regions, has not made a dent on growth. Furthermore, one would have to accept that the oil theft in the Niger Delta, which the London think tank, Chatham House, described as “industrial scale” and estimated at $3bn-$8bn a year, did not impact on GDP growth. By any calculation, oil theft at the upper end of this range is enough to lower the growth rate directly by 1-2 percentage points, and much more indirectly through the impact on other sectors of the economy.

Inconsistencies in key macroeconomic indicators

Nigeria’s main macroeconomic indicators have weakened considerably recently, raising questions about why the weakness has not impacted on growth. A few examples will suffice:

  • Fiscal balances: Nigeria’s fiscal balances are much weaker than at any time since the beginning of civilian regime. In the first five years of President Jonathan, the fiscal account was in deficit, on average by 4 per cent of GDP. During the first five years of civilian rule in contrast, the fiscal balance was in surplus, on average, by close to 2 percent of GDP. (Figure 2) Again, this is despite much lower oil revenue earnings during the earlier period. Even though the Jonathan fiscal deficit remains small by international standards, it is still higher than that of many oil exporting countries which are all accumulating surpluses rather than deficit and using the opportunity of high oil prices to invest in long term infrastructure. What is becoming clear to critical observers is that the budget deficit is more or less contrived through an unrealistic oil benchmark price. With lower revenue and higher expenditure projections, the result is a deficit balance. DMO is then required to “borrow” at excessive cost “to finance the deficit”. But with the usual less than 70 percent implementation rate of the budget, nobody has bothered to find out why there is still a deficit if the budgeted amount was not spent and why the need to accumulate new debt!
  • Public debt: Public debt stock is much higher than at any time since the Paris Club debt exit of 2006. In 2007, total public debt fell to N2.678 trillion ($3.56billion external debt from $36b, and N2.2trillion domestic debt). But as of end 2013, public debt has increased by more than 300 percent to N8.423trillion ($8.2b external, and N7.1 trillion domestic). (Figure 3).

    If AMCON debt and other agencies are included, the total debt burden is now over N10 trillion. By end of 2014, Nigeria’s total debt should easily approach over $100b, most of which were accumulated in the past 6 years. Given the well-established negative correlation of debt and economic growth, how has growth been so strong?

  • Debt service: According to 2013 federal budget data, close to 20 percent of recurrent expenditure is devoted to servicing debt alone, a contrast to 2007, when only around 10 percent of recurrent expenditure was spent on debt service. The major conundrum is the lack of clarity on why debt accumulation should be so high in the presence of historically high oil prices, and what exactly the debt is financing. Furthermore, government’s policy of accumulating debt at average interest rates of 13-15 percent when the same government is receiving less than 3 per cent on its savings (foreign reserves) beats economic logic. Why not use some of the savings to finance the needs and save 10 percent? It will also be interesting to find out why debt accumulation is bad in 1999-2007, but is now a good thing.
  • Foreign reserves: Nigeria’s foreign reserves have followed a pattern similar to the other indicators since the beginning of civilian rule. In the Obasanjo and Yar’Adua periods, reserves high enough to finance, on average over 7 and 10 months of imports respectively. However, in the six years of President Jonathan, it has declined to about 6.3 months of imports. (Figure 4). When compared with other oil exporting African countries, in the first two periods, Nigeria’s foreign reserve accumulation was stronger than those of other countries. However, in the recent period, Nigeria is just about catching up with others. Although stabilization funds exist, the federal government has struggled to replenish them, despite high oil prices.
FIGURE 2: Fiscal Balances 2000-2013
FIGURE 2: Fiscal Balances 2000-2013

The quality of growth

Apart from the growth rates that do not match economic realities, there are serious questions about the quality of Nigeria’s growth. Sustained growth over the years has not made a dent on poverty, or led to broad-based improvements in living standards. While some indicators improved in the early post military era, many have now nose-dived, as no conscious effort has been made to skew policies in favour of socio economic wellbeing. Some examples:

  •  Life expectancy is just 54 years, eight years lower than in Ghana and 20 years lower than in Brazil.
  • The rate of childhood malnutrition is 24 percent, more than eight times the rate in Mexico.
  • Basic literacy among 15- to 24-year-olds is just 66 per cent, compared with 99 per cent in South Africa.
  • Official estimates of poverty rate vary from 41 per cent to 56 per cent, depending on whether the poverty line is drawn at 2,500 calories per day or at US$1.25 per day. However, according to a recent study, 74 per cent of the population lives below the economic empowerment line. This is a more stringent definition than “poverty line”. As a result, there are still 32 per cent of the population that are above the official calorie-based poverty line but are not “economically empowered”.
  • Infrastructure continues to be a major challenge: electric power, transportation infrastructure, telecommunications infrastructure and Internet and broadband access is limited. Water and wastewater systems are nonexistent outside a few cities.
  • Reputation for widespread corruption remains high, ranking at 139th out of the 176 countries on Transparency International’s 2014 Corruption Perception Index.
  • World Bank governance and business environment indicators are much weaker than for oil exporting or African peers. Nigeria ranks 158th out of 189 economies for trading across borders. Global Competitiveness Report of the World Economic Forum for 2013-2014, ranked Nigeria 120th out of 148 countries in the Global Competitiveness Index
  • Nigeria’s budgetary process is now adjudged one of the weakest in the world. In the annual “Open Budget” Survey, Nigeria’s ranking has declined progressively since 2006, and in the latest ranking for 2012, Nigeria scored 16 per cent. This does not compare favorably with the performance of South Africa (90%), Uganda (65%), Ghana (50%) and Angola (28%).
FIGURE 3: Government Debt 2000-2013
FIGURE 3: Government Debt 2000-2013

The size of the economy

Many Nigerians are somewhat puzzled about the new size of the Nigerian economy relative to their quality of life. Yes indeed, the Nigerian economy is now the largest in Africa, but size does not correlate with quality of life. Apart from a higher per capita income due to the larger size of the economy, many of the other indicators merely confirm that the economy has been underperforming all along, as several indexes now put Nigeria at a much lower ranking than other African countries. Sadly, the government is focusing on trumpeting the good ratios, rather than focusing policies on how to improve some of the poor ratios below:

  • Though Nigeria’s per capita income rises in line with nominal GDP but it remains well below peer group medians as well as those of oil-producing Angola and Gabon.
  • FDI now falls to less than 1% of GDP, which shows that Nigeria has one of the lowest levels of FDI inflow in the Africa region.
  • With non-oil fiscal revenue now falling to around 4% of GDP, the overdependence of the economy on oil is even more stark than in the past, and compared to other countries, Nigeria now has one of the weakest revenue mobilization ratios of Sub-Saharan Africa peers.
  • Financial market development which is usually measured by money supply in percent of GDP is now just around 19% of GDP. Compared to Mauritius (99 %), South Africa (74 %), Kenya (42 %), and Angola (37 %). These show that Nigeria has one of the least developed financial markets in Africa.
FIGURE 4: Foreign Reserve Accumulation in Months of Imports - Nigeria and Other African Oil Exporters
FIGURE 4: Foreign Reserve Accumulation in Months of Imports – Nigeria and Other African Oil Exporters

All things considered, the 6-7% of GDP growth rate is neither unprecedented, nor a superior achievement, relative to past governments. The performance is not the result of policy choices, but favourable external environment. While the revision to GDP is a credible exercise that confirms the size of Nigeria’s economy, it also shows how poor performance has been all along. It’s time to focus on better economic outcomes.

Note:

PREMIUM TIMES relied on Federal Government of Nigeria publications, International Monetary Funds and World Bank web sites for this report.


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  • Spoken word

    Great report.if only GEJ gave a damn

  • Maria

    When a retard governs a country… the people perish!

    • Jerry Idrissa

      …and I wonder why you’re still breathing!

      • Maria

        Because I dont live in that banana republic.

        • Jerry Idrissa

          …so you’re a slave in someone else’s country then!

          • Maria

            So, being born and living in your country of birth is slavery? You are an illiterate.

          • TAWANDA INCOMMUNICADO

            One wonders your connection with the so called “Banana Republic”………you are a real shameless hypocrite. The only place you can be a first class citizen is Nigeria. Passports and birth certificates do not buy natural love,there is no place like home !!

  • Baba Messi

    Can premium Times tell us the person or persons who did this ‘research’? What are their qualifications if any??
    Like ‘the seven sons of sceva’; Okonjo we know, and Aganga we recognize, BUT WHO ARE YOU(WHO WROTE THIS)??
    For all we know, this report may have been written by that fellow called ‘wahala’!
    Because the main objective of this report seems to be to put the current regime in bad light, it lacks direction..no head no tail..working from the answer to the question!
    I strongly believe this is what is called VOODOO-ECONOMICS!
    Haba!

    • djay

      If you actually went to school ,the details given above has what you need to do your own research and analysis. Stop being lazy.

    • Maria

      Did you read the article at all or are you just being foolishly emotional? Read the note at the bottom of the article.

      • djay

        Read ke, they don’t read nor make researches, bunch of lazy people. They ride on sentiments by relying on gossips and hearsay to comment and this makes them ready to attack other well taught out views and contributions.

        • Rotimi Lawanson

          when you speak learn to watch your grammar.

          • djay

            I didn’t school in France

          • Baba Messi

            They can’t give what they don’t have..simple

          • zygote

            Speak your own let’s learn from it. Clown!

      • Don Messi

        The note at the bottom ONLY stated the sources for the report!
        WHO in PT wrote the report?? Why are they doing like a woman in a bikini?? Revealing to us it was written from the PT stables..while concealing the most important aspect of WHO????
        Abi na u write am?? Say hi to wahala for me o! Tell him happy Xmas in advance!

        • Maria

          You, you fit write this kind report? Yeye dumbo…Then visit those sites. I also go there to read reports on economics of countries.

          • Baba Messi

            I also visit those sites! The problem is, from the available statistics, the conclusions on these sites vary astronomically from the conclusions drawn by PT here! Hence the suspicion the PT crew are working ‘from the question to the answer’.
            That is why as a technocrat myself, I still insist on knowing WHO COOKED THESE WILD CONCLUSIONS FOR PT??

          • Maria

            Could you please tell us their conclusions?

          • Baba Messi

            * working from the ‘answer to the Question’!
            Na ojoro b that!

          • Denis_NG

            Exactly what you are doing Messi! Formulating rhetoric to enliven your desired but nonexistent outcome. Abracadabra wuruwuru to the answer!

          • Baba Messi

            I fit write am! Na me dey tell u.
            Wetin bring ‘Yeye dumbo’ inside this intellectual discourse now?? See who is getting ‘foolishly emotional’ now??
            Hahaha! Na laff I dey laff u o!

    • endingNaija

      Which Research? The one you did not read? Does it make sense to ask questions on the basis of what you clearly DID NOT as you DID NOT as your question has SHOWN? G and read it first then come back and ask your question-okay? Then perhaps you will ask questions based on the CONTENT of the story. O ya read.

    • Maria

      Jonathan economic management is a voodoo economics… cooking figures to deceive Nigerians and the world.

      • Alcindo Satori

        …and he’s done that effectively, and ruling you for the better part of decade. And he’ll rule you another 4 years by the way; like it or not!

    • Chris1408

      Ask the common man in Nigeria if the research is right. When birds in the sky are fleeing Nigeria due to hunger. GEJ administration put themselves in bad light due to their administrative deficiencies and corruption. This research just proved what Nigerians are feeling daily, mass suffering.

    • Dr. Ahmad

      u can plot all this graphs, its a simple mathematics; learn to use GOOGLE, all the data is there-choose the one u find credible and make the analysis; with the current trend the economic confusion of early 90s is just a joke…If u are not a national thief u better have a rethink about state of the nation

    • Denis_NG

      If you have any issue with the analysis, point it out. Dissect and reanalyze and tell us where the author was wrong, and of course, come correct with verifiable facts as the author. Anything short of that, you only embarrass yourself each time you comment on something that is beyond your intellectual capacity!

  • Maria

    The figures released yearly by okonjo are to mask the endemic looting of the treasury.This government is a disaster.

    • MrFesh+Ifebuche+Paschal

      You must like reading your own comments I guess. That’s why you can make this much comments on a single ‘news’ thread, and this is minus responses to posts. I tire o. Paranoia.

      • Maria

        I wonder why you read them!

        • MrFesh+Ifebuche+Paschal

          Up u.

    • TAWANDA INCOMMUNICADO

      Have you produced any alternative figures to rebut that of the Finance Minister !

      • Maria

        That is what you see up here in PT.

    • Denis_NG

      Okonjo is as corrupt as Jonathan and Diezani, no doubt about that!

  • Jide Peter

    Thank you Premium Times Nigerians have been told that investment in Communications contributed 2% or more to new GDP But the fraud promoted by NCC that siphoned more than One Trillion Naira from NITEL and caused NITEL bankruptcy has been hidden despite House of Representatives pronouncements on the issue

  • angel

    LOL!!! Premium Times, the rule of thumb is the larger the economy, the slower the rate of growth. If the US economy manages to attain 3 per cent GDP growth, the whole world marvels. On average, when the US economy is doing well, it grows at slightly below 3 per cent. China, you recall, was growing at 10 – 12 per cent a decade ago. It has now slowed to 7 per cent. The lesson to be learnt is don’t delve into maters you do not understand.

    • Baba Messi

      Tell them my brother..TELL THEM!

      • Rotimi Lawanson

        Tell who??

    • Maria

      Really? What of China?

      • Rotimi Lawanson

        Maria you must be an olodo. There are industries that are growing rapidly. Go and find out what people are doing in Agriculture, logistics and other sectors. You cannot sit there and expect a job to come to you. Our economy is fundamentally different and I have always argued that what we need is an enabling environment. That is largely being created. I do have serious reservations against the fight on corruption etc. but APC is clearly not better. Look at Buhari. He is in a party with Bola Ahmed Tinubu who has no known pedigree as a business man or entrepreneur but on account of being a Governor and God Father is suddenly one of the wealthiest persons in Nigeria. Yet Buhari says he is coming to fight corruption and yet it is staring him right in his face and he has done nothing. Who is fooling whom? I dey laugh ooo. It is the same way Yaradua cosied up to Ibori and then claimed to want to fight corruption. What happened? People should wake up.

        • Baba Messi

          Tell them my brother…TELL THEM!!

        • Maria

          I wonder what Jonathan is doing about his ministers that are the stealing…sorry…stealing is no corruption! Leave Tinubu out of Buari’s chances of winning…let Buari win first and judge him by his ability fo fight corruption or not. The man we gave a chance has ruined it… we can no longer trust him with power.

      • Jerry Idrissa

        see what I’m saying? You’re clearly clueless. That “Chinese economic growth reflects in the lives of the Chinese people positively” statement is the reason why APC can never rule Nigeria. For someone that fails to understand that china is still classified as a third world country, there’s only one word: TOOL!!

        • Maria

          China third world country? So, what is the difference between China and Nigeria? You are indeed a dumbo like your master with fake PhD.

          • Jerry Idrissa

            So what is China, second world? I wonder what percentile you ranked in your WAEC. Only a doofus fails to realize china’s classification in the league of nations.

    • Dr. Ahmad

      The implication of this on the large economies is that they have reached a saturation limit; they have practically developed everything they ought to have developed. No new oil fields, no new farm lands, no new factories, no new people (ie. population growth not above economic growth). With our current realities our economy can grow at 3 digits from a dead economy to a living economy b4 talking about prospective. Your comparison is pathetic and disheartening

      • Rotimi Lawanson

        Dr Ahmad, it is a reality that when economies become large they grow slower. The statistics are there for everyone to see. The Nigerian economy has grown significantly. Just because you are not looking closely enough doesn’t mean some things are not moving right. In my company, and in all my trips around the world, Nigeria is the major toast for investments even with the horrendous Boko Haram. It is a fact that investors will NEVER come to invest in an economy that isn’t growing and doesn’t contain opportunities or wouldn’t provide them with significant returns. Let’s not be so biased end economically fraudulent just because some of us have a pathological hatred for this President.

    • Denis_NG

      Is that right? What is the size of Nigerian economy, $500 billion, right? What is the size of China’s economy, $9 trillion and it grows at a robust steady rate of 9 percent. India = $1.9 trillion and it grows at over 7 percent per annum. Plus, where the economies are actually growing, you not only feel but you see the tangible impacts. In Nigeria, it’s all theoretical growth with nothing visible in real terms.

  • Forbie

    leave these premium idiots

    u guys should focus on the journalism you know which is investigative and leave economic analysis to people who know their onions

  • Maria

    Jonathan lovers hate PT but they spend every minute waiting for the news from PT. Anything that gives you headaches, do you hang on to it? Jonathanians are intoxicated/addicted to PT

    • Baba Messi

      My brother, I don’t hate PT o(neither do I love Jona), but like you rightly said; ‘I am here waiting for news from PT’.
      Waiting for news..YES!
      Waiting for Voodoo conclusions shoved down my throat..NO ‘SIR’!!

      • Maria

        You have failed to produce any facts to counter what PT published. Until you do… you are not making any point…and if you do it is based on emotions and sentiments.

        • Jerry Idrissa

          have you noticed that all your points are always inaccurate?

          • Maria

            Which one, please? That Jonathan is a thief? That Okonjo Iweala is a thief and a voodoo economist? Which one?

    • TAWANDA INCOMMUNICADO

      There is nothing wrong in correcting untruths and setting matters straight………that is an essential part of democracy. Your dictatorial mind-set would rather prefer a situation where one-sided lies are propagated just like your mentor Buhari who takes delight in destroying free-press with draconian decrees !!

      • Denis_NG

        What exactly is untruth in the report? Please, point it out or kindly let’s hear words!

    • GEJisaDISASTER

      The Nigerian Economy is as fake as both Ngozi Okonjo-Iweala and GEJ’s Ph.d

  • dele

    During the fund raiser for his reelection, the man GEJ stated that PDP government has created Millionaires and Billionaires than any other. That is his own measure of wellbeing of a country and her citizens. That is his own performance indicator for a government. In saner climes, that could have further sunk his prospects of reelection

  • Eze1

    ok. don’t be surprised that they promote mediocrity rather than excellence….. Can Pres. GEJ tell us budget performance in the last 6 years……Whether they present budget or not or the economy grows by 50%..it has no impact on me..we all know that it is only a few pockets that gets developed and not the man on the street

  • Chris1408

    This is GEJ economy transformation of gloom and doom. GEJ ruined Bayelsa as governor, ruined Nigeria as President

  • Dr. Ahmad

    A very nice analysis; I wish the writer will take time to present a forecast of where this trend will likely take us based on current realities. For example, looking at inflation rates, every Nigerian have lost about 30% of his savings in the past 60 days. I.e If u saved N1m 60 days ago what u now have compared to the value of 60days ago is N700k. What will be left in the next 12months if this trend is to continue?

    • Rotimi Lawanson

      Dr Ahmad it is clear you gulp down things because you want to see things that confirm a bias which I notice in a section of Nigerians who evaluate things from a sectional perspective. I wish people like you were as critical when Yaradua was there or when the core North ran Nigeria into the ground.

      • Dr. Ahmad

        You got it wrong Mr. Rotimi, Thats not how we view Nigeria. For e.g. IBB may move freely in your city but I assure you he can not move freely in Kano, Shagari has never won an election in Kano. U can hardly mention one clearly corrupt leader that is celebrated in my place. But we are not talking about some comparison, what Jonathan has put us by real economic ratios have not reached anywhere close to that of IBB or Shagari but we can not keep quiet until we are back to that era and even worst because by all indices the economy is now on a time bomb that can explode any time

  • MushinSpeaks

    Transformation agenda indeed; they keep spreading forward Nigeria but we all are paying for incompetence of just one person.

    Is it nor right we demand and vote for CHANGE come 2015?

    Lets stop the siddon look attitude and chase this government out please.

    CHANGE we need!

  • Rotimi Lawanson

    My problem with Premium Times is that they are highly biased and constantly churn out negative news on Nigeria continuously without anything positive. Between Premium Times and Sahara it is difficult to determine which is the oppositions mouthpiece. It is easy to sit somewhere and postulate with different statistics. Let’s look around the world and see what’s happening before we jump to silly conclusions. Does Nigeria exist in isolation from the rest of the world? Did we have a global crisis in 2008-2009 that altered a lot of things economically? Between 2011 and 2014, the South African rand has depreciated from 6 rand to the dollar to almost 12 rand. What about the cedi? WhT about so many economies including the U.S., UK etc? So many economies have been battered. It is a miracle that our economy hasn’t experienced worse with the ravages of Boko Haram and more. The fact that we are all here typing is testament to the fact that someone is salvaging our economy. I hold no brief for Jona but I am not convinced that the alternative will be better.

    • Oleku

      Premium Times and Sahara Reporters are both on the payroll of Ayatollah Tinubu–come 2015 they will both go to oblivion

      • Ade

        And the same sahara reporters reopened Tinubu certificate forgery issue last week? Any news that is not in favour pastor Goodluck Ebola Jesus Jonathan must be sponsored by Tinubu. Reno Omokri, there is God ooooo.

    • Denis_NG

      And you went to school at all? Even with the statistics taken from the very government and the World Bank, Premium Times is still biased? I guess your sentiment shows your level of education. Why don’t you let the government come out and dispute any of the figures, then you can start castigating. But when you castigate an academic analysis on empty rhetoric, you are only exposing your ignorance to the world. This is not about sentiments, but statistical facts!

    • Funso

      Look Rotimi Lawanson-is is negative news to report it when President Jonathan with hos mouth said Stealing of Government resources is not corruption? Please answer. Just answer.

  • the truth

    By February premium times will be bankrupt.patronage from that political party will be non existent. Premium times never report any good news from nigeria,this paper should be called problem times.anytime you want to feel sad and depressed for nigeria just come into this website.paid and sponsord by lie lie mohammed media group.

    • Oleku

      My brother this paper has no difference with one run from those clowns in New York, they are both enemies of the SS&SE and are as petite as Maria–what a piece of tosh

      • endingNaija

        Reno Omokri replying self thru the “truth” and Oleku. Me I just dey laf!

      • Jerry Idrissa

        true talk… Notice that the name of the writer is missing. We all know the culprit(s) anyway: YORUBA(S)!!

  • Rommel

    With increased government participation in joint venture operations and crude oil production ranging between 2.3 – 2.5 million BPD with crude oil price never dropping below $100 between 2011 and August 2014,I will like the finance minister to respond to this data released and show us her progress report,I heard her new story line is that Nigeria should no longer be seen as an oil economy,always deceiving Nigerians by invoking figures that cannot be substantiated while facts speak differently.The Obasanjo administration inherited less than $5 billion in forex reserve and handed over more than $50 billion by 2007 to the Yar’adua administration with crude oil prices never going above $75 and with production dropping to below 1 million BPD due to Niger delta activities.What Dr Mrs Ngozi Okonjo Iweala can tell Nigerians is that the forex reserve as at today is below $39 billion, why are Nigerians not asking this woman what has been happening to Nigeria’s oil money.

  • Abia_Man

    Our little colonial prison modeled on stealing oil and gas from mostly minority tribes needs the reforms of regional autonomy and resource control. This govt is taking Nigeria in the right direction.

  • Prof M.E.N.D.S. Jaja

    BITTER TRUTHS PremiumTimes would not want Continent Nigerians to know:

    ***Federal High Court puts QUOTA System, FEDERAL Character in jeopardy…The Cable News***

    In a most bizarre of policies found nowhere else in the world except CONTINENT Nigeria, the quota system, an outgrowth of the federal character principle, allows for a wide range of disparate cut-off points for different states of the federation. While candidates in Northern states of Yobe and Zamfara, Kebbi, Sokoto state etc only need to score two (2) points, those from The South, East & West like Anambra need to score 139, Edo & Osun state 127, Imo 138 and Anambra 139 in order to get admitted to the same School. Is this “One Nigeria” ? Are we a country or a continent? I need your answers before close of Business today. See statistics below:

    STATE MALE FEMALE
    North (Bokostan)
    Kebbi 9 20
    Sokoto 9 13
    Taraba 3 11
    Yobe 2 27
    Zamfara 4 2
    Nasarawa 58 58
    Kano 67 67
    NIger 93 93
    Adamawa 62 62
    Bauchi 35 35
    Borno 45 45
    Gombe 58 58
    Jigawa 44 44
    Katsina 60 60
    Kaduna 91 91

    EAST (Biafra)
    Abia 130 130
    Anambra 139 139
    Ebonyi 112 112
    Enugu 134 134
    Imo 138 138

    SOUTH (Niger Delta)
    Edo 127 127
    Delta 131 131
    A.Ibom 123 123
    Rivers 118 118
    Bayelsa 72 72
    Cr.River 97 97

    WEST (Oduduwa)
    Ekiti 119 119
    Kwara 123 123
    Lagos 133 133
    Ogun 131 131
    Ondo 126 126
    Osun 127 127
    Oyo 127 127

    Middle Belt (Neither NORTH Nor SOUTH)
    Benue 111 111
    Kogi 119 119
    Plateau 97 97
    Abuja 90 90

    I live in Austria and it would be madness to have different pass score for Innsbruck, Vienna, Linz or Graz. Nigeria needs a break up!

    • Denis_NG

      What you all fail to realize in your jaundiced analysis is that when all said and done, it is the national economy that matters and it is the central government that is responsible for that. No matter what the component States do, the bulk stops at the desk of the President and his aides. You can keep deceiving Jonathan and yourselves from now till eternity, it is Jonathan’s administration that is squarely responsible and no one else.

      • Ufot Ekong

        Now the facts presented by the Prof have made your comments look very stupid….and Tambuwal and a former President called Shagari are from Sokoto where you need to score 2 points while someone from Anambra MUST score139 and above to attend the same school.

        Even if you reason upside down, does this state of affairs look ideal to you? When did Dr Jonathan become President? These are practices that have been there since end of civil war to make the North ‘catch’ up with the South. Yet, after 5 decades, the catching up is still a huge mirage and an eternal impossibility. We can’t continue live in self denial. Our structure as a ‘nation’ is fundamentally defective. We need a dismantling.

        • Denis_NG

          I am sorry but this is not about north vs south or Christian VS Muslims. This is about the national economic management, this is about political sagacity, it is about the nation’s social mobility. Yes, it is true that, certain things have been there before Jonathan, but it’s been almost 6 years since he has been in power, however, rather than things improving or at worst staying the same, alas, things were actually deteriorating and that’s no thanks to GEJ. That is the crux of the matter. No matter how much you try to turn facts on their head, the national economy is what Jonathan’s success or failure will be anchored on. Unfortunately, from what the whole world can see, those results are abysmal at best.

  • Prof M.E.N.D.S. Jaja

    ============================================================
    BITTER TRUTHS PremiumTimes would not want Continent Nigerians to know:
    =============================================================

    ***Federal High Court puts QUOTA System, FEDERAL Character in jeopardy…The Cable News***

    In a most bizarre of policies found nowhere else in the world except CONTINENT Nigeria, the quota system, an outgrowth of the federal character principle, allows for a wide range of disparate cut-off points for different states of the federation. While candidates in Northern states of Yobe and Zamfara, Kebbi, Sokoto state etc only need to score two (2) points, those from The South, East & West like Anambra need to score 139, Edo & Osun state 127, Imo 138 and Anambra 139 in order to get admitted to the same School. Is this “One Nigeria” ? Are we a country or a continent? I need your answers before close of Business today. See statistics below:

    STATE MALE FEMALE
    North (Bokostan)
    Kebbi 9 20
    Sokoto 9 13
    Taraba 3 11
    Yobe 2 27
    Zamfara 4 2
    Nasarawa 58 58
    Kano 67 67
    NIger 93 93
    Adamawa 62 62
    Bauchi 35 35
    Borno 45 45
    Gombe 58 58
    Jigawa 44 44
    Katsina 60 60

    EAST (Biafra)
    Abia 130 130
    Anambra 139 139
    Ebonyi 112 112
    Enugu 134 134
    Imo 138 138

    SOUTH (Niger Delta)
    Edo 127 127
    Delta 131 131
    A.Ibom 123 123
    Rivers 118 118
    Bayelsa 72 72
    Cr.River 97 97

    WEST (Oduduwa)
    Ekiti 119 119
    Kwara 123 123
    Lagos 133 133
    Ogun 131 131
    Ondo 126 126
    Osun 127 127
    Oyo 127 127

    Middle Belt (Neither NORTH Nor SOUTH)
    Kaduna 91 91
    Benue 111 111
    Kogi 119 119
    Plateau 97 97
    Abuja 90 90

    I live in Austria and it would be madness to have different pass score for Innsbruck, Vienna, Linz or Graz. Nigeria needs a break up!

    • D.A

      So that you are clear. Each state is offered a finite number of places in federal govt schools. Each student therefore competes with people from their state of Origin. Take the SE as a point of reference, if quota system was not employed, you may not have anyone from Ebonyi state in a federal school. A person from Ebonyi will get into a school with 112 points while a person from Edo needs 127 points or a person from Delta needs 130 to gain entrance.

      In some instances, it works against some people and in other instances it works in favour of people!

  • Biodun Janehiro

    Editor Premium Times,

    Nigeria is territorially made up of 36 states and a federal capital territory.
    Your analysis should have looked at that big picture in a very holistic way.
    There is no dividing line separating the economies of the 36 states from
    the economy of the federal government. Were you so minded you”d have
    raised certain key questions preceding the recent fall in crude oil price; viz:

    • Is it true that the government of Rivers state has not paid teachers’ salaries since June 2014; why?
    • Is it true that after earning 40billion dollars from the year 1999, Lagos state now owes $3.7b; why?

    These and similar questions are relevant to understanding when the rains started beating Nigeria.
    Nigeria’s GDP and the current account deficits comprise the collective activities of the 36 states.
    Anyone attempting an analysis of Nigeria’s fall must account for the economic failings at state level.
    Oyo state today is rated by WAEC as the most illiterate state in all of south-west in the year 2014.
    How that deepening illiteracy impedes growth is a factor that ought be taken into consideration.

    • S.O.S

      THE ₦66 BILLION QUESTION

      “Rotimi Amaechi (Governor of Rivers state) is one of the chief financiers
      of the APC election and a close ally of General Buhari. Information reaching me
      is that international media organizations have already been paid in US dollars
      from transactions (carried out by Amaechi via fire-sale of Rivers State assets
      worth $800million to Sahara Energy for $400 million) to come and cover the
      2015 elections in a Tahir square strategy. The aim of the opposition APC is
      to gather crowds in a single location and beam pictures around the world
      creating the impression that the whole country (Nigeria) is in chaos.”

      ………Tonye Princewill

      (Labour Party Governorship candidate in Rivers State)

      December 21st, 2014

      • D.O Majekodunmi

        ……..THE 40 BILLION-DOLLARS FRAUD IN LAGOS STATE GOVERNMENT

        So far, Lagos’ debt has quintupled from $611 million dollars in 2007 to $3.7 billion by mid-2014.
        Lagos’ debt went up in September by one billion dollars World Bank loan on the back of ₦87.5
        billion loan in previous November when Raji Fashola issued bonds to borrow at 14.5% interest rate.
        Raji Fashola took out ₦35 billion in cash from those bond receipts and handed it over to Bola Tinubu through the instrumentality of (a) Lekki Concession Company, (b) ARM company, and, (c) Hitech company; all in a bogus “buy-back deal” of a supposed concession right on the 15-kilometre Lekki Expressway.

        In total, a sum of ₦571, 594 billion was got as federal allocation from May 2007 under Raji Fashola. Another ₦1.52 trillion was got in the same period as internally generated revenue. But despite these oodles of cash, Lagos state has no enduring physical asset to show for all of the $40 billion dollars Lagos state has received in total as revenues from May 1999 to date.

        • D.O Majekodunmi

          (2)…………THE 40 BILLION-DOLLARS FRAUD IN LAGOS STATE GOVERNMENT

          Instead, at the current exchange rate of 190 Naira to one United states dollar, Alhaji Raji Fashola has recklessly burnt up Lagos finances. For every one billion Naira of Lagos state’s $3.7billion-dollar debt today, Lagos state now has to look for extra 25 billion Naira in repayment.

          At 190 Naira to a dollar, Lagos government will have to repay ₦190 billion for every one billion-dollar loan. That means an extra 25 billion Naira on every one billion dollar loan (minus compound interest). That also means that if just two (2) billion dollars of the gross 3.7 billion dollars Lagos debt today consist of commercial bank loans, Lagos debt automatically increased by a whopping 50 billion Naira last week Tuesday – excluding compound interest repayments.

  • Debekeme

    The funniest guy in GEJ Government is the Minister of Agriculture. He loves his tie, nice suits and confident talk.

    He reels out figures that gets your head spinning. You have to gather and steady yourself before you get blown away by his statistics.

    If you believe what he says Nigeria should be on its way to feeding the entire Africa and maybe some parts of Europe too.

    According to him, Nigeria now has millions of farmers who have miraculously started to produce millions of tons of almost every food crop you can think of.

    I asked my cousin yesterday evening if prices in the market for any food item has reduced and she said ‘no’. Yet we have surplus production according to our Mr.nice tie and suit Agric Minister.

    This is the gloomiest Christmas i can ever remember. People are tired, broke and demoralized about everything generally.

    Religion, tribalism, suspicion and hatred has destroyed our ability to think rationally.

    No matter who you support of which party you belong to, at least for the love of Nigeria, lets tell ourselves the truth;

    Things are not well with Nigeria.

    • Papamayor

      and yet I cannot get his rice in PHC

    • Rose Ankeny

      I tried reconciling the minister claim but I just can’t. If Nigeria imports rice from Asia but now produces at least 20% locally. Ordinarily with transportation cost deduct on that % prices should go down automatically but surprisingly it’s not so.

      With the number the dude dish out on cassava production Garri should be as cheap as sawdust but no be so. This minister wan dabaru my brain bcos I no study economics for school abi na agric I go study to understand this.. Lol.

  • BABUYANMA

    The Minister of Finance is a fraud.

    • GEJisaDISASTER

      Obj kicked her out for a reason.All that shines is not gold

      • progressive

        They will all leave aso rock come 2015

    • progressive

      you are right my brother they bought her to nigeria to come and use his tricks to like to Nigerians that everything is well okay

    • Denis_NG

      The worst fraud to ever preside over the nation’s treasury!

  • TAWANDA INCOMMUNICADO

    This is a very deplorable display of mediocre financial reporting based on illogical and baseless parameters,the rebasing of the Nigerian GDP was based on internationally credible conventions and has been accepted by the world bank,the IMF and other international financial institutions .
    Every economist will have different interpretations to the the economy but this Janjaweed interpretation published by Premium Times leaves very much to the desire of any rational or sane human being,Even in the USA where economic recovery is heralded,the citizen are yet to start feeling the impact of that much famed recovery,it does take strategic planning,implementation and time to allow the benefits to be felt,the agricultural sector is already booming,60% of the rice consumed in Nigeria is locally produced as we speak.Long term solid infrastructure abandoned to rot for decades,rail infrastructure,Aviation infrastructure etc are springing up. The power sector is also experiencing serious infrastructural rejuvenation which will take time to put in place.
    Buhuari has no knowledge of economics,he is just good in ordering executions or imprisonments and Nigerians will not allow any Jihadist or extremist fascist to drag back the long term plan already set in motion !!

    • Akindolamu

      Can you point to an improvement in employment/health/living conditions/education/corruption free economy and society, respect, public dignity for Nigerians at home and abroad, etc under President Goodluck Jonathan? This is what you should do to convince your readers that President Jonathan deserves to be re-elected-not abuse. If you cannot then I think President Jonathan does not deserve to be re-elected. He seems truly gone at least in the minds of voters who cannot be intimidated by the corrupt oil money and the blackmail of stomach infrastructure. Such voters will SCRUTINIZE each candidate ETHICALLY and from the standpoint of COMPETENCE-Okay? On these two issues, I believe President Jonathan failed and he is gone anyway. Tawanda, as a member of President Jonathan campaign Team, you may still try other tricks like rigging the elections, using security to intimidate voters as you did in Ekiti state and Osun state elections, blackmailing people with oil money, making sure members of security are more than voters, ballot stealing etc, you-PDP and President Jonathan can try all those. But if we are talking about ETHICS, COMPETENCE as scrutinizing criteria with which to assess the two candidates, President Jonathan is finished. We will ask hard questions and you cannot prevent those. At the end of the day if the elections are transparent, President Jonathan will lose. There is no way such an instinctive corrupt president who said Stealing is not Corruption can win the hearts and votes of voters with conscience. President Jonathan will win in his village Otuoke, but definitely not among Nigerians with conscience.

      • TAWANDA INCOMMUNICADO

        You are seriously suffering from tunnel-vision,you seem to think that Janjaweed platforms do reflect the true state of affairs,you are in for a very rude shock my friend !!
        All the sinister plans of the pro-Jihadist APC have been identified and will be thwarted,the deployment of terrorism to attain political objectives will fail,blackmail of all sorts and the undermining of government have all been identified,that is exactly why you are acutely paranoid and shouting “wolf”! where there is none.

        BUHARI WILL BE DEFEATED,he has nothing to offer !!

        • Akindolamu

          Look, my friend, I have asked you simple questions. You cannot even answer in any rational and intelligible manner. Now this is bad image for your candidate. And for some of us Nigerians who are beyond the gnawing and cold hands of the purveyors of stomach infrastructure, you and your candidate have lost it if this is the kind of abuse and answers you will give to critical questions. My friend, this is democracy. It is not some village local turf. You have to be SCRUTINIZED because we NIgerians are going to pay the salary and emoluments for life of whoever we hire as President and Vice President thru our votes. So please if you want to help your candidate before middle class and educated voters like us, just answer my questions. I know your main strategy is not built around enlightened and middle voters who will ask you and your candidates Jonathan/Sambo critical questions. Your rigging strategy is built around those you can use the corrupt oil money to blackmail. Even then we shall see how that goes. So if you want to help your candidate-King Jonathan Nebuchadnezzar, please kindly answer my questions. Thank you.

          • TAWANDA INCOMMUNICADO

            Was is “Nebuchadnezzar” who back-dated draconian degrees to execute your fellow Yorubas,imprison Fela for 215 dollars whilst releasing millions of dollars belonging to the Emir of Gwandu,imprison southern politicians in maximum security prisons whilst housing their northern counterparts in government guest houses leading to the death of many Yoruba politicians,stopping Tai Solarin from getting his Athsma medication which led to his death,stopping the metro project in Lagos etc ?
            It was the TIN-POT HITLER BUHARI !!

          • progressive

            My friend your comment is irritating you are not making no sense here

          • TAWANDA INCOMMUNICADO

            Yeah !! You have a point,the truth does hurt sometimes !

          • Akindolamu

            So you cannot show me one thing King Goodluck Jonathan Nebuchadnezzar did in 6 years. And you want members of the Nigerian middle class to just vote for him? You must be kidding. Your poor answers show that King Goodluck Jonathan Nebuchandnezzar WILL NOT run an ISSUE -BASED campaign. Now I can see why the campaign team of King Nebu was struggling hard to divide Nigerians along North/South, Christian/Muslim lines hm hm hm Now I see. You are not prepared to campaign on issues. The only strategy is pump oil money into the campaign, corrupt the process, divide Nigerians! Now that the campaign has started you cannot even campaign on the score sheet of King Goodluck Jonathan Nebu-because it is ZERO-ODO!. Tawanda, you, your campaign team and President Jonathan have lost the votes of the Nigerian middle class in 2015. You can go to those you can blackmail with OIL money thru your now famous stomach infrastructure, even those ones we will meet you there on issues and present the issues before you use your oil money to corrupt them.

          • progressive

            Some people are just here supporting rubbish just because of their own self fish interest they knew the truth but they are shy away from it

        • Emancipation

          Sharrappp there!!!! Maku

          • TAWANDA INCOMMUNICADO

            Are you all right ?

          • progressive

            Maybe you should asked yourself that

          • progressive

            Don’t mind that incompetent man

        • progressive

          You are the one suffering from a deadly disease because you have been brain washed by your so call your oga at the top

        • Ade

          Niger Delta drunkard, go shack more ogogoro.

      • progressive

        Nothing to show everything is zero

      • TAWANDA INCOMMUNICADO

        How was :
        Rail and Aviation infrastructure and transport before GEJ ?
        The state of federal roads and Bridges before GEJ ?
        Local agricultural production,infrastructure and organisation before GEJ ?
        The size of the GDP before GEJ ?
        Power infrastructure and output before GEJ ?
        Local automobile and allied industries production before GEJ ?
        Answer these questions honestly and you will understand the kind of wreckage GEJ inherited !!

        It took the Hausa-Fulani economic vandals and their few Yoruba enablers 4 decades to completely destroy Nigeria and now they expect it to be fixed overnight . You are dishonest,your hate and bigotry driven antics will be exposed. This cranked up old and near senile ex-brutal military dictator you plan to foist on Nigerians will not happen…..you are dreaming, BUHARI WILL BE DEFEATED !!

    • progressive

      They bought ngozi to nigerian as the finance minister to come and be telling us rubbish about our economy

      • TAWANDA INCOMMUNICADO

        Ngozi was born and bred in Nigeria,a patriotic princess who has risen to the apex of her career in the international financial world. She is recognised world-wide for rescuing many third world countries from their economic woes.
        Nigeria must be thankful to God for such a daughter ……..but then ingrates like you always pop up from the wood-work to unleash your venom !

    • Akiika

      Jawando alatenuje, it’s either you didn’t read the article or you couldn’t comprehend it! Did you just type “mediocre” and “illogical”?…this report killed it, very fact based and awesomely logical,….but JonaTANmites like you have completely renounced the use of reasoning, so no point arguing with you. It is what it is…..Feb. 14 is knocking!

    • Ade

      Reno Arinkiri.

  • favourtalk

    We need a change in this country, enough of all those lies to the country on all thatched is in ot wel but they made nigerians to believe that all is well with us when the economy is on it knee behind for mercy. They want to destroy this country but God we’ll ot allow them till they leave the seat in 2015. We need a change

    • progressive

      Nigerians knew that they have failed. They have nothing to offer us

  • greatbiodun

    A change is what is needed, the man must be swept out before it is too late!

  • Smith Scott

    China has the biggest economy in the world as also rated one of the poorest country in the world as per citizens. You google and see. But the biggest economy will be impacting the citizen in 10 to 20 years. This is common. Stop publishing rubbish for Tinubu.

    • Olufemi Aboaba

      Shut Up! Stop spewing and vomiting illiteracy and garbage for King Goodluck Jonathan Nebuchanezzar.

      • progressive

        Don’t mind him e he is benefiting from the 20 billion dollars

      • stackCrawler

        You mean abgako luck jonathan.

    • progressive

      My friend don’t twist on here we know what is going on in the country tell your oga at the top that he should stop giving false economy report

  • Hmmmmmn nothing is hidden under the sun… more reason he should be voted out…

  • Feb 14 is not far anymore.… he will be voted out before this country get desyroyed… by his corrupt cabals… and evil ones.. ,,,

    • vica

      That’s all we pray for… Weakling!

      • progressive

        This coming year we must all vote for change

  • ADEYANJU

    King Goodluck Jonathan Nebuchanezzar is on duty……ls no surprise to me……infact he is not ashamed of cooking more lies to nigerians….a well thinking nigeria voting this clueless man….needs to check wats wrong with his or her brain….he once said that there will be 24hrs supply of electricity and sort of rubbish even the money he collected to fight insurgency…..is of no accountable for….that aside….also the missing dollars …nigerians is time to act….looking at it in all sectors….he has done nothing…our country is a home for mediocrity. Lets vote change, progress 2015

    • progressive

      Gej have parade wrong people into his cabinet and it has lead to his failure

  • vica

    Jonathan’s govt has taken us backwards and he shouldn’t be reelected. Unless u wanna lie to ur self but its quite obvious jonna is incompetent and clueless.

    • progressive

      Yes oo he is totally incompetent

    • stackCrawler

      you said it all.

  • felix

    d moment those of u supportin dis president realizes dat hes takin dis country down a destructive riad d better 4 u guys stop defending d indefenceble save dis country o people of good conscience

    • progressive

      The people supporting him knew that he has not done anything but they are only deceiving him

  • Ajayi Ifayemi

    Since we were alive during Obasanjo’s government and are still privileged to be alive now, we definitely know the difference. There has never been a doubt that Obasanjo’s government did more to improve our economy than this clueless government that is taking us on a crash trajectory. Yes Obasanjo himself is brutish, but his government helped Nigeria in ways Jonathan’s government can never be able to do because they don’t know how. Never mind the politics that has made a lot of folks to make attempts at rewriting history. Some parts of history can never be rewritten as we have seen now on Premium times. Unfortunately Obasanjo himself started us on this destructive track by his succession arrangements.

    • progressive

      Gej government have turned to a propagandalist government a government that claimed nigeria us the fastest growing economy still yet nothing to show for it

    • Etomi

      What did OBJ do, Yorubaman?
      He said he plied N36 billion to revamp the power sector,,,
      The House of Representatives commenced investigation into the N36 billion claim…
      Before long OBJ hunted the head of probe panel, Ndudi Elumelu down, as the hunter became the hunted…
      OBJ failed to fix the Lagos-Benin-Ore Road, the Lokoja-Abuja Road, the Apapa-Oshodi Expressway, the Lagos Airport Road, the East-West Road, etc…
      In fact infrastructure was totally down under OBJ…
      Ask him, and will tell you GSM…
      Then came Jonathan and all those roads have nearly all been fixed..
      The second Niger bridge is under construction…
      Note, infrastructure is critical to economic transformation…
      GEJ has deregulated the power sector, a scheme OBJ could not undertake although pundits had lond recommended that deregulation is the only route to resolving Nigeria power wahala …
      Tell you that if OBJ had done his bit for 8 years that he was in the saddle, GEJ would have been saddled with far less burden…
      Nigeria’s problem is cumulative and GEJ is no miracle worker to fix them in four years!!!!!!

      • Funso

        So King Nebu Jonathan will campaign for re-election in 2015 on the basis of what his predecessors did not do 10/20 years ago? Haba, if this is your mindset then this your Ijaw president is a failure. People ask to be re-elected on the basis of their own scorecard. So show your Ijaw president’s score card and let Nigerians see it.

        • Etomi

          You can never see any score card when your prejudice has left you invalid….

          • Funso

            Okay I see this is why PDP and President Jonathan have to rely on (i) religion, (ii) tribalism and (iii) stomach infrastructure-i.e. corrupting the electoral process with oil money to get re-elected-okay I catch you-You guys in PDP and in President Jonathan Nebu Team not have any program. That is fine. Just seeing why your campaign is so hopeless and abusive. When there is no substance, you must fill it with something-hence your abuses. Okay, we note that.

          • Etomi

            Don’t lose your sanity kiddo…
            Assuming but not conceding that GEJ was corrupt, Buhari as petroleum minister, head of state, PTF chairman, etc, was far more corrupt…
            The facts would be fully unfolded in due course..
            But take this for starters:
            Read this:
            BUHARI AND PTF

            Once Abacha consolidated with the appointment of some of the politicians and leaders
            of civil society into his cabinet, he fashioned a scheme to fleece the Nigerian
            people of money by increasing the pump price of petrol from N3.25k to N11.00
            per litre in October 1994. When Nigerians protested this, in March 1995, he
            wheeled out Buhari as his joker by appointing him Chairman of the Petroleum
            Trust Fund (PTF). Abacha said the PTF was established to use portion of the
            proceeds of the increase to intervene in critical sectors of the economy. What
            this meant in practical terms was that this was a super-parastatal bigger than
            any ministry and answerable to none. In fact, it was severally described as “a
            parallel government”. With a starting fund of N61 billion, it had more funds
            than three-quarters of the ministries combined. By the time it was being
            disbanded
            by President Obasanjo in 1999, records show it had collected N181, 795,
            000, 000 (One hundred and eighty one billion, seven hundred and ninety
            five million Naira).

            Now, what you normally hear from the pro-Buhari crowd about his period as Chairman
            of the PTF are extremely selective and sanitized accounts of how contracts for
            roads and other things were executed, how contractors were paid on time and how
            they patronized Nigerian drugs producers for the hospitals, etc. But, let’s
            just let that be, the lies and all; let’s look at something else that they
            never ever discuss. The thing you will never hear from them is how Buhari ran
            the affairs of the PTF. True, PTF had other board members like Tayo Akpata who
            was
            the Secretary and Group Captain Usman Jibrin, a board member who
            actually accused Buhari of corruption and who resigned in protest at the
            way Buhari ran the place.

            In an interview with the Sunday Trust of 18thOctober 2009, Group Captain Jibrin
            explained why he left thus: “What happened was that he (Buhari) followed the
            wrong procedure initially. He brought in the late Ahmad Salihijo without
            informing us. We just saw these boys in the meeting. We asked him, who are
            these boys? He said that they were just helping him to take notes. We didn’t
            know that he engaged them as consultants without our knowledge and consent
            because we are all members. I told him that it was wrong. As trustees, if
            something went wrong, we were the people that would be prosecuted, not any other
            person. I asked them to change the procedure and they were not ready to change
            it. I said ok, bye, bye….”

            The name Ahmad Salihijo is a recurrent one in the corruption at the PTF. He was Buhari’s
            brother in-law who was his front at the organization. The account of
            Group
            Captain Jibrin above is a tip of the iceberg. Before being brought in
            through the backdoor he had registered a company known as Afri-Projects
            Consortium (APC), which acted
            as the sole super-consultant, sole-adviser and super-contractor to the PTF.
            This was the company that was the gateway to the organization, the only one
            that acted on behalf of Buhari who was the Czar of this empire. Pro-Buhari
            people will tell you the PTF released annual reports or statements, but of what
            value were these under Abacha? Of what value was a report card that only you
            prepared for yourself? The important fact was that throughout his time as PTF
            Chairman, there was not one independent audit of such a huge organization
            handling such massive public funds. Suffice it to say the rapaciousness of the
            stealing is detailed in a public document, which is the report of the Interim
            Management Committee set up in 1999 to investigate the affairs of the
            organization and supported by three independent auditing firms.

            The report reads like a manual of how to rip a public institution to pieces. There
            were six major areas in which the PTF intervened directly during the period.
            These were in the areas of roads and waterways; supply of educational materials
            and rehabilitation of educational infrastructure; food supply; health; water
            supply and what was curiously termed “other projects”. One of such other
            projects was the building of an estate in Wuse Abuja, something entirely not
            within its mandate. Afri-Projects Consortium was given the exclusive power to
            initiate projects, assess their probable cost, approve the costs, execute the
            projects, and assess the quality of execution, all without oversight from
            anyone. They reported to no one, but Buhari and there is no official record of any
            such report in writing. Other PTF board members became toothless as they just
            watched Buhari and his super-consultants, a lot of whom he appointed personally
            as ‘Financial Consultants’ to be dealing with contractors and who report
            directly to Ahmad Salihijo and himself.

            Outside its irregular appointment and operations and charges of “managerial
            incompetence”, the report indicted Afri-Projects Consortium (APC) for
            overcharging the PTF for its services to the tune of over N25 billion. The firm
            directly managed the PTF HIV/AIDS Intervention Programme, knowingly importing
            sub-standard, poorly packaged, poorly stored, expired, or soon to expire
            treatment kits and drugs which the auditors said cost the government N579
            million in waste via the stocking of useless drugs and kits in huge silos, all
            purchased at inflated prices. The same APC purchased large quantities of
            spectacle frames for N1,900 a piece at a time it cost only N800 a piece
            locally. Again, this cost the public treasury over N45 million in inflated
            charges. They further cost the treasury N900 million in inflated charges when
            they bought ambulances that cost N3 million each for N13 million each. The
            report also found that the PTF’s purchase of general drugs through the APC at
            the cost of N3 billion was overinflated by as much as N1.5 billion. To add salt
            to injury, most of the drugs in question were expired drugs.

            The Interim Management Committee’s consultants also recorded that the PTF
            residential estate in Wuse, Abuja, which had no government approval and was
            outside the PTF mandate had cost N703 million where a realistic valuation of
            the project could not exceed N328 million. Even the PTF’s Headquarters
            Extension and Renovation Project which cost the Fund N461 million was
            determined by the auditors to not cost more than N326 million. The Educational
            Materials Supply Scheme lost N900 million to inflated charges and
            non-performance of contracts already paid for. Similarly, N1 billion was
            recorded to have been siphoned through the Rural Water Supply Scheme in the
            form of inflated costs and non-performance of contracts already paid for.

            The Rural Telecommunications Development Scheme was another project from which
            money was siphoned. This one was so unbelievably cynical that it was beyond
            belief.
            There were two parts to the scheme – the Pilot Phase and the Main
            Phase. The first was a condition precedent. It required that the PTF
            under BUHARI AND PTF

            Once Abacha consolidated with the appointment of some of the politicians and leaders
            of civil society into his cabinet, he fashioned a scheme to fleece the Nigerian
            people of money by increasing the pump price of petrol from N3.25k to N11.00
            per litre in October 1994. When Nigerians protested this, in March 1995, he
            wheeled out Buhari as his joker by appointing him Chairman of the Petroleum
            Trust Fund (PTF). Abacha said the PTF was established to use portion of the
            proceeds of the increase to intervene in critical sectors of the economy. What
            this meant in practical terms was that this was a super-parastatal bigger than
            any ministry and answerable to none. In fact, it was severally described as “a
            parallel government”. With a starting fund of N61 billion, it had more funds
            than three-quarters of the ministries combined. By the time it was being
            disbanded by President Obasanjo in 1999, records show it had collected N181, 795, 000, 000 (One hundred and eighty one billion, seven hundred and ninety five million Naira).

            Now, what you normally hear from the pro-Buhari crowd about his period as Chairman
            of the PTF are extremely selective and sanitized accounts of how contracts for
            roads and other things were executed, how contractors were paid on time and how
            they patronized Nigerian drugs producers for the hospitals, etc. But, let’s
            just let that be, the lies and all; let’s look at something else that they
            never ever discuss. The thing you will never hear from them is how Buhari ran
            the affairs of the PTF. True, PTF had other board members like Tayo Akpata who
            was the Secretary and Group Captain Usman Jibrin, a board member who actually accused Buhari of corruption and who resigned in protest at the way Buhari ran the place.

            In an interview with the Sunday Trust of 18thOctober 2009, Group Captain Jibrin
            explained why he left thus: “What happened was that he (Buhari) followed the
            wrong procedure initially. He brought in the late Ahmad Salihijo without
            informing us. We just saw these boys in the meeting. We asked him, who are
            these boys? He said that they were just helping him to take notes. We didn’t
            know that he engaged them as consultants without our knowledge and consent
            because we are all members. I told him that it was wrong. As trustees, if
            something went wrong, we were the people that would be prosecuted, not any other
            person. I asked them to change the procedure and they were not ready to change
            it. I said ok, bye, bye….”

            The name Ahmad Salihijo is a recurrent one in the corruption at the PTF. He was Buhari’s
            brother in-law who was his front at the organization. The account of
            Group Captain Jibrin above is a tip of the iceberg. Before being brought in through the backdoor he had registered a company known as Afri-Projects Consortium (APC), which acted
            as the sole super-consultant, sole-adviser and super-contractor to the PTF.
            This was the company that was the gateway to the organization, the only one
            that acted on behalf of Buhari who was the Czar of this empire. Pro-Buhari
            people will tell you the PTF released annual reports or statements, but of what
            value were these under Abacha? Of what value was a report card that only you
            prepared for yourself? The important fact was that throughout his time as PTF
            Chairman, there was not one independent audit of such a huge organization
            handling such massive public funds. Suffice it to say the rapaciousness of the
            stealing is detailed in a public document, which is the report of the Interim
            Management Committee set up in 1999 to investigate the affairs of the
            organization and supported by three independent auditing firms.

            The report reads like a manual of how to rip a public institution to pieces. There
            were six major areas in which the PTF intervened directly during the period.
            These were in the areas of roads and waterways; supply of educational materials
            and rehabilitation of educational infrastructure; food supply; health; water
            supply and what was curiously termed “other projects”. One of such other
            projects was the building of an estate in Wuse Abuja, something entirely not
            within its mandate. Afri-Projects Consortium was given the exclusive power to
            initiate projects, assess their probable cost, approve the costs, execute the
            projects, and assess the quality of execution, all without oversight from
            anyone. They reported to no one, but Buhari and there is no official record of any
            such report in writing. Other PTF board members became toothless as they just
            watched Buhari and his super-consultants, a lot of whom he appointed personally
            as ‘Financial Consultants’ to be dealing with contractors and who report
            directly to Ahmad Salihijo and himself.

            Outside its irregular appointment and operations and charges of “managerial
            incompetence”, the report indicted Afri-Projects Consortium (APC) for
            overcharging the PTF for its services to the tune of over N25 billion. The firm
            directly managed the PTF HIV/AIDS Intervention Programme, knowingly importing
            sub-standard, poorly packaged, poorly stored, expired, or soon to expire
            treatment kits and drugs which the auditors said cost the government N579
            million in waste via the stocking of useless drugs and kits in huge silos, all
            purchased at inflated prices. The same APC purchased large quantities of
            spectacle frames for N1,900 a piece at a time it cost only N800 a piece
            locally. Again, this cost the public treasury over N45 million in inflated
            charges. They further cost the treasury N900 million in inflated charges when
            they bought ambulances that cost N3 million each for N13 million each. The
            report also found that the PTF’s purchase of general drugs through the APC at
            the cost of N3 billion was overinflated by as much as N1.5 billion. To add salt
            to injury, most of the drugs in question were expired drugs.

            The Interim Management Committee’s consultants also recorded that the PTF
            residential estate in Wuse, Abuja, which had no government approval and was
            outside the PTF mandate had cost N703 million where a realistic valuation of
            the project could not exceed N328 million. Even the PTF’s Headquarters
            Extension and Renovation Project which cost the Fund N461 million was
            determined by the auditors to not cost more than N326 million. The Educational
            Materials Supply Scheme lost N900 million to inflated charges and
            non-performance of contracts already paid for. Similarly, N1 billion was
            recorded to have been siphoned through the Rural Water Supply Scheme in the
            form of inflated costs and non-performance of contracts already paid for.

            The Rural Telecommunications Development Scheme was another project from which
            money was siphoned. This one was so unbelievably cynical that it was beyond
            belief.
            There were two parts to the scheme – the Pilot Phase and the Main
            Phase. The first was a condition precedent. It required that the PTF
            under General Buhari would under this first
            scheme first determine if the project was viable. If determined not to be
            viable, invariably, the Main Phase would not be commenced. But even before the
            Pilot Phase could be concluded, Buhari awarded the contract for the Main Phase
            to the tune of N1.6 billion, without any contracts signed, and before any
            conclusions could be drawn from the Pilot project. The auditors looked at the
            three main bank accounts of the PTF and concluded that the PTF had been
            shortchanged by up to N3.6 billion by way of short payment of interest accruals
            from
            deposits, or excessive charges on Cost of Turnover by preferred
            banks.General Buhari would under this first scheme first determine if
            the project was viable. If determined not to be
            viable, invariably, the Main Phase would not be commenced. But even before the
            Pilot Phase could be concluded, Buhari awarded the contract for the Main Phase
            to the tune of N1.6 billion, without any contracts signed, and before any
            conclusions could be drawn from the Pilot project. The auditors looked at the
            three main bank accounts of the PTF and concluded that the PTF had been
            shortchanged by up to N3.6 billion by way of short payment of interest accruals
            from deposits, or excessive charges on Cost of Turnover by preferred banks.

      • Ajayi Ifayemi

        No basis to have a discussion with tribalists. I don’t direct my criticism at groups or tribes, I direct them to individuals. So, sorry! Have a great day!

  • Emancipation

    Ew Chim ooooo!!!!!!!!

  • Wähala

    A cursory look at this fine academic work sees it’s not up-to-date with contemporary and relevant international ratings of the Nigerian economy as of today! For instance, the IMF just downgraded the growth rate of Nigeria’s economy for 2015 from the 6.1% forecast to a mere 5% for the same year. With the oil sector as another instance, the price of crude never exceeded $75/b during OBJ years yet, Baba Iyabo cleared all our debt, left a healthy $60bn saving in our foreign reserves, zero debt portfolio… as against today, FR is down to $36bn, debt at over $10bn with more borrowings, and the hammer: No cushion for the Naira in form of “shock absolvers” like the ECA, which by itself is down and withdrawn to fund TAN. An in-depth analysis of all sectors show negative or downward trends so, this report is certainly “exclusive” of the peanuts necessary for PhD rating, but e do. Dumbo is a disaster-in-motion… a minus-in-progress. Shikena!

    • TAWANDA INCOMMUNICADO

      Baba Iyaba left the infrastructure to rot,he did nothing for most sectors of the economy,he monopolised the oil sector and established new oil blocks for his cronies. The effort to clear our international debt was led by Clinton and OBJ capitalised on it to practise corruption….please shut up !!

    • _Proudly Niger Deltan

      Shut up for there. Which kind school you go sef? Everyday you come here to abuse grammar and pack enough commas, apostrophes, semi colons etc full your comments as if that signifies your ability to write or speak a language.

      Last time I be correct you…and you come respond with insults. But I will correct you again. There is nothing like “shock absolvers”. Pls stop breaking bottles on this forum. I use God beg you. There are a lot of children who make comments here and don’t teach them nonsense. Write in Ijebu if English dey hard you. No be by force to write English.Nonsense!

      • Wähala

        Oleku Otile (‘anus’ in Umuahi Ibo)
        You know no one alive who can correct my written or spoken English, especially since you’re not writing in standard English but Pitakwa Pidgin… or “Waffi Words”. My style like my handle name only reflects One Nigeria as I write in lingua cross-bred Ijaw animals like you can understand. Try skipping my comments and starve to death on your Amnesty stipend, edyiot with brain floating on ogogoro. I write, “WASOBIA English” that’s why you read stuff like… “Tinubu ati Buhari’s APC biko…” My creativity is the most widely copied and plagiarized yet, a creek creep like you with contaminated education has the effrontery to spew kain-kain induced gibberish at your bread winner, ba? Amadioha gbaja kwa gi ishi dia… o kwa gwo-gwoo, Ikwerre moneky!

        • Denis_NG

          Excellent and well crafted response!!

  • Thecreed

    Okonjonomic is the order of the day. Gej’s administration has failed in every ramifications, we can’t but just vote him out in the forthcoming elections. Come 2015! Power must change hands!!

    • Ebun

      Power must not change hands into the hand of those desperate to grab power.

      • Thecreed

        Nothing can stop an idea whose time has come. Come 2015! Power must change hands!! Live with it!!!

  • Comfortkay

    Thank you Premium Times for this facts and if the President Jonathan and his Economy Dream Dream feels that this analysis is not correct then they should change this newspaper.
    It is Unbelieveable that some people without Conscience support this most corrupt government in the History of Nigeria.
    We have Subsidy thieves, Shame to the National Assembly that gets JUMBO Salaries monthly and not Querry why Many Nigerian working class goes to work daily and for the past 3 Months they are still waiting for their Salaries.

    • Ebun

      This is an hatchet work from the APC war room. Expect more from these people desperate for power.

      • Comfortkay

        There is no single truth in your statement, Let you PDP challenge them , you have people that read law in your PDP.

  • Thecreed

    Okonjonomic is the order of the day. Gej’s administration has failed in every ramifications, we can’t but just vote him out in the forthcoming elections. Come 2015! Power must change hands!!

    • Ebun

      Okonjonomic is the way to go. APC attempt to rewrite history won’t work.

      • Thecreed

        The hour of change beckons, nothing can stop an idea whose time has come. Come 2015! Power must change hands!!Live with it!!!

  • NaijaMindOfChange

    The best thing to happen in nigeria is vote pdp out power, they are playing with our life, pdp regard nigeria as nothing

    • Etomi

      You sound so ridiculous…
      And Buhari, your economic messiah, will turn Nigeria into an Eldorado like he did in 1984 by staging a coup d’etat, impose fixed prices on goods and create long, winding queues for essential commodities…
      It shows you barely realize that Nigeria’s economic woes is institutional in its cause and so cannot be solved by the genius of any messiah…
      Nigeria’s problem is political and not economic…
      The day we get the politics of this country right, by way of wholesome restructuring of the polity to entrench true federalism, the better of us….
      Economic/Fiscal federalism is the route to Nigeria’s salvation..
      And so long as the north, from where Buhari hails, continues to see fiscal federalism as an anathema, so long would Nigeria continue to linger in its economic woes…
      THE NORTH IS THE PROBLEM OF NIGERIA!!!!!

    • Night Crawler

      Well said, PDP has ruined Nigeria and they are willing to destrpw it, all thanks to APC for bring change to Nigerians, the best way for the change to circulate is to vote out PDP

      • Etomi

        Over the problem of Nigeria, your understanding is so shallow that you sound like a kid!!!!

        • Night Crawler

          You have been mislead by PDP, kindly tell me the situation of Nigeria economy if is good or bad. We can’t keep watching PDP led government to destroy Nigeria economy, that’s why we are calling on good Nigerians to vote out PDP so economy can be restored

          • Etomi

            You are busy shouting down PDP…
            Shows you are here to campaign for APC…
            “PDP has destroyed Nigeria,” you mouth like a parrot….
            And that only means for you, “APC would fix Nigeria….”
            Wake up kiddo…
            I tell you that the hope for Nigeria lies in the return of GEJ…
            The last Confab made far-reaching recommendations that ruffled feathers in the north…
            No northern president, including a Buhari’s, in case, would want to implement the recommendations of that confab because, for one it was not a Buhari project, two, it is not exactly consitent with northern interest..
            The hope of any implementation of the Confab’s recommendations lies with a GEJ presidency…
            Nigeria’s economic woes is symptomatic of political institutional failure…

  • Jerry Idrissa

    Never seen such a “detailed” report without an author. But then again, there’s only one segment that’s capable of such: Yorubas!! So, no surprises…

    • Olu Ade

      Are you after the bearer of the message not the message.

      • Jerry Idrissa

        I cannot help but point out the fact that you cannot provide the name of the author — except his/her name is one of the following; tunde, kayode, bisi, funke, gbenga, tunji, bola, segun et al.

  • Ayelala

    Nothing surprising here but I am sure jonathan is clueless about it. Only that they are telling him that he is Jesus reincarnated.
    The growth in those obasanjo years were tangible with growth areas broadband internet( marine one and two) ,GSM, satellite tv liberalisation allowing other players , private universities, finance liberalisation and consolidation (mega banks , insurance,brokerage, securities ) etc
    All achieved at far less revenue.

    • Night Crawler

      That’s the problem, his been mislead, he thinks presidency is otuoke chieftaincy title, if Nigerian is too big for him, he should quit

    • Etomi

      Suddenly OBJ, whom Yorubas once hated like Ebola, has now become Yorubaman’s best gift to Nigeria!!!
      Stop making noise…
      All that OBJ did was to deregulate the telecoms sector.
      Period…
      Stop campaigning for him: he is neither GEJ nor Buhari…
      He did a banking consolidation, which Sanusi came along and reversed…
      So banking consolidation that was not sustainable constitute for you part of OBJ’s achievements, even while infrastructure was practically down in Nigeria!!!!
      You sound so impossible…

      • YemiO

        You mistake correction for hatred. A father corrects the child he loves. Such wisdom is far from many deltans, that is why you continue to dig Jonathan’s grave.

      • Tonnero

        All that OBJ did was to deregulate telecoms? So who created the marginal field players Seplat, Niger Delta Petroleum etc? Who expanded NLNG by adding Trains 3,4,5 and 6? Under whose watch were Oando, Conoil, Sahara Energy, etc created? Under whose watch was the first Nigerian satellite launched? Who created the HMOs in Nigeria including Hygeia and a host of others? Who created the Pension Fund industry in Nigeria? Are you aware of the explosion in the insurance sector during OBJ’s tenure? When did we start having independent Power Plants? Who unbundled NEPA, created PHCN, NERC, the Discos and Gencos? You see, some of you will never acknowledge someone that does well especially when that person is not from your village. But when a leader is from your village, you see nothing wrong with him even when he is robbing the country blind, dmamging the economy and his incompetence has resulted in almost 20000 deaths by BH in 2014 alone!

        • Etomi

          My last check on Seplat, Oando, Conoil, Sahara Energy, and most of your other references, shows they are privately owned companies…Going by your logic then every private enterprise that was given birth to from 1999-2007, owe their existence to OBJ and count as OBJ’s achievements….
          Funny!!!!
          Please, please, please, OBJ is a non-Issue, at least for now…
          BH and the recent spike in the bombing incidences in parts of the north is political, and so only an idi*t would deny that they are working for
          the opposition….for APC!!!!

          • mnitoa

            Not much into Nigerian politics but I have a correction to make here.
            Government policy can either stunt an economy or make it flourish. Yes, a government in power during an economic boom have every right to take the credit for the growth of the sector.
            It is not a PDP or APC issue, It is the government world wide.

            Deregulating a sector of the economy can either spur the growth of that sector or kill it. Giving tax incentives to investors can also help.

            If Nigeria economy grows tomorrow and a million jobs are created per month in Nigeria – Private jobs- Jonathan has every right to claim responsibility and credit for that.

  • Night Crawler

    Put GEJ, Okonjo Iweala and Diezani Madueke in world bank, the said there will go bankrupt in 3 months

    • Ebun

      You sure have miss your way about how to reason very straight.

  • OJOGBON

    After the mismanagement of fund.corrupt is the other of the day…change we need

  • Guguru

    The lies are slowly catching up to Jonathan.

    • TAWANDA INCOMMUNICADO

      The reality that Nigerians cannot be conned by Tinubu’s bandits is rather catching up with you !!

      • Guguru

        Who mentioned Tinubu now, ehn? LOL!

        • TAWANDA INCOMMUNICADO

          You APC apologists cannot wish away Tinubu,he is Buhari’s brains and best political friend,he is possibly the most dubious politician alive in Nigeria as we speak.

          • Guguru

            Those opinions are probably outcomes of a high fever.

  • Ebun

    Another fiction from the propaganda arm of APC. Nigeria economy is growing. No one can stop the great work that has been done in the Nigerian economy. We may have challenges, but the fact is that Nigeria’s economy has grown considerably. That we know. Premium Times can’t come and rewrite history.

    • Clear Water

      Kindly give some examples of your phantom growth. The article listed many indicators that shows our economy is in dare straight. And the person who is clue less about how to run an economy (GEJ) is from PDP. So why blame APC when you are confronted with hard facts?. Please grow up.

      • Alcindo Satori

        …and you think a Fulani military man in tuxedo is the best to fix it? serious indictment of the Nigerian educational system. How can a Nigerian in this contemporary day and age believe that a retired military junta/coupist/dictator/stark illiterate general is more suitable than a PhD holder from a Nigerian university? Your name must be a kayode, segun, dele, tunde, bisi, funke et al to believe such preposterous crap. Try harder!!

        • Fulani

          I think hatred should not lead you to becoming blind in sight. Despite the sick condition of Late President Yar’adua, the Fulani man yet had shown to the world his trustworthiness, fairness, dedication, focus and tranquility. There are numerous Fulani examples to mention, but I never believe you will ever agree, as what you have as a notion from you parental upbringing will never allow you to. Late Nelson Mandela was a street fighter, a graduate(after being expel from one University at a time) and later a politician, not a PhD holder, and yet was able to produce the desired result for his country and set the stage for comparison until eternity. RESULT IS THE MOST IMPORTANT, NOT USELESS DEGREES.

    • Guguru

      Ebun,

      Define “considerably”?

      • TAWANDA INCOMMUNICADO

        Your education is suspect as you keep asking for definitions….did you attend night school or nomadic education classes?

        • Guguru

          Definitions enhance clarity. Different people will see the same item differently particularly when the context . By providing a definition it allows for both of us to be on the same page. Only quacks would generally resist providing meaningful definitions or even question why such definitions are necessary. If you cared to open any textbook, you will be splendidly surprised at the effort expended in definitions and/or descriptions of terms and words. I suspect these basics were excluded from the education you received. I would recommend you demand a re-imbursement of your tuition because obviously you were deprived of an outstanding education. This is unfortunate.

          • TAWANDA INCOMMUNICADO

            One would wonder why a supposedly educated Mallam like you cannot decipher or interpret common sentences in normal conversation. You must be a block-brain or simply put you have learning disabilities yet to be diagnosed.,I advise you to see a mental health expert ASAP.
            In the mean time do us a favour and save other forum users the trauma of your constant questions and demands for definitions of common phrases,common sense may not be common but your problem is just too complicated,you need professional help.

          • Guguru

            Tawanda,

            So, tell us, define “considerable” since your brain seems incapable of fitting inside your skull, right? let us assume I am dumb for a moment. So, talk to me, oh great one with mighty brains?

          • TAWANDA INCOMMUNICADO

            There you go again !! This is getting very boring indeed,please go get a tutorial from a formal school.I am not a teacher and even if that were to be the case ,I am an Igbo,I want to be paid money(ego, owo, Kudi) !

          • Guguru

            Tawanda,

            LOL! Mr Ebun said, “but the fact is that Nigeria’s economy has grown considerably.” So I ask you and Mr Ebun for clarity purposes, what is considerable—–2, 3, 4, 5, 6, 7 percent GDP growth or what? Why is this simple question that demands clarity causing you so much discomfort? I do not get it. I am either dealing with a quack here or someone with a very poor education. LOL!

          • TAWANDA INCOMMUNICADO

            The question of GDP growth is not in question,this idea of asking for the indices is silly,this is not an MBA class . The world bank and IMF all accept that Nigeria’s GDP experienced growth and is projected to grow further in the near future at least irrespective of the falling oil prices. Why ask silly questions ?

          • Guguru

            Tawanda,

            I see you struggle with the English language. If a person tells you that something has grown considerably, would you be willing to demand a number for that growth because your intelligence demands more specificity or would you ignore such demands because of incompetence and lack of mental curiosity? What has asking for more specificity to do with being in an MBA class?

            You work for the World Bank and IMF to know what they have accepted and what they have not accepted? You actually crawled into their minds to know this? And what data did they use to arrive at their acceptance of Nigeria’s growth? And can you provide a numerical information on the future growth projection for Nigeria as determined by the IMF and World bank whom you seem to know very well?

            Intelligent people ask questions. Dishonest and unintelligent people tend to take offense to questions or being questioned.

          • TAWANDA INCOMMUNICADO

            Your question is silly and smacks of intellectual laziness. Nigeria’s GDP growth figures can easily be accessed on the internet,it is indisputable,the country overtook SA after rebasing GDP figures just recently.
            Why then must you chose to be cantankerous about it ? why not find out yourself then get back and challenge the commenter with your own figures if you think there was no growth or that the growth was not “considerable”.
            You want to make ado about nothing,your question was uncalled for !!

          • Guguru

            Tawanda,

            I asked very simple questions that demand answers. Normal people ask questions when things are unclear to them. Also, you cannot make a claim on the internet and then expect others to do your research and homework for you. I think the person who does not provide complete information whilst resisting doing so is either lazy or is a quack. So, below are my questions for the quack or the lazy individual, or whatever it believes itself to be. What is clear is that the creature or thing responding to my messages is not comfortable with specificity, does not like to be questioned, and is fairly verbose with immaterial information designed to mask their mediocrity.

            Thus, “If a person tells you that something has grown considerably, would you be willing to demand a number for that growth because your intelligence demands more specificity or would you ignore such demands because of incompetence and lack of mental curiosity? What has asking
            for more specificity to do with being in an MBA class?

            You work for the World Bank and IMF to know what they have accepted and what they
            have not accepted? You actually crawled into their minds to know this? And what data did they use to arrive at their acceptance of Nigeria’s growth? And can you provide a numerical information on the future growth projection for Nigeria as determined by the IMF and World bank whom you seem to know very well?

          • TAWANDA INCOMMUNICADO

            You cannot demand answers for dumb questions ? you dispute even the most commonly known economic news so no need engaging you on an intellectual level however you can still find persons ready to do mischief with you on the forum,I am not going down that route .
            I prefer mature minds !

          • Guguru

            Thanks for expressing your mediocrity so gallantly. I am very impressed with your brand of quackery.. LOL!

          • C.K

            GDP: This is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, usually calculated on an annual basis. Now, what is important to note here is the ability to manufacture, or manipulate unreliable and intangible indicators that do not contribute appreciably to the growth of the economy. The minister in charge of finance, like madam Ngosi has the capacity to generate all these bogus and unreliable figures that do not contribute to real growth and development. The GDP shows monetary figures that may mean something or nothing. Having said that, the real thing is how are the goods produced priced? In Nigeria, the mainstay of the economy is oil and gas. Therefore, whenever oil and gas are priced exorbitantly high in the world market, the GDP increases exorbitantly, whereas whenever there is drastic fall in prices the reverse is the case. Now these figures do not amount to anything, that is, they do not make any economic sense when 70% of the GDP is either missing or embezzled. The real issue is how much of the GDP did GEJ use to develop infrastructures, on education, science and technology, agriculture, healthcare, security, research and development, environmental and ecological protection and preservation, e.t.c. Compare a nation that reports a GDP of $100 billion and utilizes 20 billion of it for all these developmental programs with a nation that records the same GDP, but utilizes 80 billion of it for developmental programs. This explanation depicts how important the GDP really is.

        • endingNaija

          Tawanda, you can see now that you are unstable. I said you need to go and take your drug. Mom called and said I should tell you. You see take some instruction before you leave. Knowledge proceeds from the basics-and those basics is a clear statement, clear definition of terms. Since you have not taken your drugs you will miss this because your cognitive capacity is failing you gradually. So run go and take your medication and come back. You hear. And since no be you alone waka come , you can leave your colleagues the truth/oleku/otile behind to help you say the lies and falsehood you all spew all the time on behalf of King Goodluck Jonathan Nebu! O ya go now and take your drugs small boy.

    • Tunsj

      If Premium Times is a propaganda arm of APC, then why are you commenting on their website? Go and post your comments on the PDP website. Nigeria’s economy is growing according to Ebun.

  • Akiika

    Well! well!! well!!! kosoromo!, the report don put sand sand for JonaTANmites glorified achievements.

    • TAWANDA INCOMMUNICADO

      Shut up !! Did Jona force down the price of oil in the international market ? brainless bigot !!

      • YemiO

        If you read the graphs you will see that it is not the first time the price of oil will be low. Other governments thrived better despite lower oil prices.

        • TAWANDA INCOMMUNICADO

          The USA suddenly stopped importing our oil due to some inexplicable circumstances but increased oil purchase from the likes of Saudi Arabia and Kuwait . At the same time oil prices plunged by up to 40% but Nigeria is weathering the storm and has already made the necessary adjustments.
          The APC are doing a good job at subterfuge with some western associates who want the north to control the oil once more and make it easy for them . NIGERIA WILL WIN !

          • Guguru

            Tawanda,

            Do you mind telling us what you mean by “the USA suddenly stopped importing our oil due to some inexplicable circumstances….” Have you heard of “shale oil” before or have you been hiding in a deep cave all this while? Shale oil is not inexplicable contrary to your unfounded and ignorant assertions. Shale oil is the reason why America stopped buying Nigeria’s oil because shale oil is essentially oil that is as sweet as the oil Nigeria produces. As a result of a plentiful supply of this oil in America, there is no longer any rational need to keep buying Nigeria’s oil. Your comments suggest a deep disappointment with this development. Well, this is what happens when an administration built around mediocrity chooses to to engage in economic policies that support lies and despondency. LOL!

          • TAWANDA INCOMMUNICADO

            Think outside the box for once,the shale oil excuse is untenable,the USA increased oil imports from many gulf countries at the same time stopping imports from Nigeria without notice.There are suspected political motives behind this action.

          • endingNaija

            oh my Gosh Tawanda, you are here again. Mummy said that I need to remind you of your medication. You forget all the time hence you behave this way. O ya now go and take your drug and come back. Your peers otile /oleku/deacon/the truth will keep forth for you on behalf of “Pastor” Reno Omokri while you are away to take your drug!

          • Guguru

            endingnaija,

            LOL!

          • Guguru

            Tawanda,

            Suspected political motives? LOL! You now see enemies where none existed to begin with? And, think outside which box again—the box you left in the open for me? LOL! Which gulf countries did the USA increase imports from? The gulf produces heavy crude which the US needs in order to extract heavier crude products such as solvent neutral oils 100, 150, 250, and 500 used in making conventional engine oils, fuel oil, and waxes. Nigeria’s oil is not heavy enough to produce these extracts. Since the US produces crude that is as light and as sweet as that produced in Nigeria, it makes sense to increase purchases of heavy crude from the gulf. There is no mystery to it. Unfortunately, your inability to engage critical thinking has made it that more difficult for you to put the pieces together. This is what happens when you choose to see ghosts and invisible enemies when none exists to begin with. LOL!

          • TAWANDA INCOMMUNICADO

            The USA increased oil imports from Saudi Arabia and Kuwait within the same period,that is indisputable and verifiable ! The cost of production of shale oil and gas makes it a bit difficult for continued investment coupled with the environmental implications. The USA has depleted it’s strategic reserves and that explains why the ban on oil export is still in place.
            Saudi crude and middle-east crude still dominate the USA oil market no matter how heavy. USA has refineries for heavy crude which they also import from Canada!

          • Guguru

            So, what is the cost of shale oil production? The US deplete its strategic reserves? Where do you get these fables from? Saudi crude dominate US oil market? Are you really serious? LOL!

          • TAWANDA INCOMMUNICADO

            If you cannot put down money,I will not continue to educate you ! I am Igbo and you are Aboki……..I always have money on my mind,nothing goes for nothing !!

          • Guguru

            You barely have your facts or know what you are talking about, and yet you talk about money. We don’t even know what you are. LOL!

          • TAWANDA INCOMMUNICADO

            bye!

          • Akiika

            Eeeh eh! really? This US people bad o, dem dey work for APC.
            On a serious note, you sound ridiculous and ignorant.

          • abeem

            You should not be dignified with a response because you have proven in all your comments since the campaign for Jona’s re-election began that you will not let fact interfere with what you believe to be true even if it facts contradicts and prove them to be false.

            What you wrote is hogwash and you are obviously misguided just like the one you are siding. Why do you think Jonathan appointed an economic adviser and what is the job of the economic team in the Ministry of Finance and CBN if not to anticipate and formulate plans to deal with the scenario you painted. It has been long been reported that the US will stop buying Nigerian crude because of the Shale Revolution going on that has made it the No 1 producer of oil in the world as we speak. So don’t cover up the ineffectiveness and inefficiency of Jonathan here. He is obviously a misfit and unqualified for the office of the president.

        • Akiika

          You sha! you wan person wey no understand English read graph? Dey there dey waste your time.

      • endingNaija

        Tawanda, I told you that mom said you need to take your medication. O ya go now and take your drug. You need it Tawanda.

        • Guguru

          LOL

    • Guguru

      Akiika,

      LOL. True.

  • Concerned Citizen

    Thank you Premium Times for the article it was very illuminating.

  • Olamide

    Going by this practicable analysis, what more calamity can befall a nation. Inconsistencies in key macroeconomic indicators,The quality of growth in terms of low life expectancy,increase in public debt, fiscal balances getting weaker day by day thanks to the Jonathanian administration and i hear someone in some corners talk about continuity.Continuity of all these irregularities, continuity to further drag the nation into turmoil. I bleed for my nation. This is the time to CHANGE this heartless administration.It is not about ethnicity here but about the wellness and well being of our dear nation. Vote APC,Vote Change,Vote GMB .

  • Paul

    Wow. It is alarming how wetting a lot of the figures in this article are. Not very credible. South Africa does not have a literacy of 99%.

  • William Norris

    Premium Times is either owned, dominated or run by Yoruba people, so no surprise at this APC propaganda.

    I have to say the quality of writing is very good. Congrats, I hope the brown envelope was very fat one.

  • OMOLOYIN

    I will be over happy next year when Jonathan is shown the road to his hometown.
    #jonathanisgoing

    • Ibro Tj

      It would be road to prison… no more no less

  • Osaze Omorogbe

    Good hatchet job and it shows in this sentence-“During 2009-2013, the first five years of President Jonathan’s administration…” Jonathan was President in 2009 and he has spent five years in office? Have many. Premium Times, CIA ris God o!

  • David Ayegba

    • Buhari vs Jonathan:
    The Difference Is Clear!!!
    (1) ANARCHY!
    * 2015 ‘ll be bloody. – Buhari
    * My political Ambition not worth any Nigerian’s blood. –
    Jonathan
    _______________________________
    (2)BIGOTRY!
    * Stop killing Boko Haram members, an attack on Boko
    Haram is an attack on the North – Buhari.
    * Nigerians must unite against Boko Haram – Jonathan.
    _______________________________
    (3) ELECTION RIGGING!
    * Political parties that complain of election rigging are
    those parties that lack the resources to
    rig. – Buhari (Jan, 1984)
    * I set the stage for free and fair elections by constituting
    an electoral commission comprising of Nigerians with
    impeccable credentials for firmness and incorruptibility. –
    Jonathan (Sept, 2010)
    _______________________________
    (4) CORRUPTION!
    * Buhari: Accused of Stealing $2.8billion. Jailed Fela for
    calling him thief. Money later found in his Foreign Bank
    Account.
    * Set up auditing firm to probe NNPC for an alleged
    missing fund. No foreign account traced to him.
    _______________________________
    (5) ARROGANCE & INTOLERANCE!
    * Nigerians are useless. Nigerians are senseless. Nigerians
    are indiscipline. – Buhari, 1984
    (b) Banned Religious leaders from traveling abroad.
    (c) Kidnapped and drugged Umar Dikko for revealing his
    involvement in coup plot.
    (d) Jailed his critics.
    * Jonathan: Everybody criticize him, No problem. Signed
    freedom of information bill. Never harass his critics.
    _______________________________
    (6) POVERTY AND HUNGER!
    * Under buhari, Nigerians cried queuing for their portions
    of scarce commodities like rice, sugar, salt, milk and
    toiletries.
    * Jonathan: 2014 Global Hunger Index published by the
    international food Policy Research Institute in October
    2014, showed with verifiable data that Nigeria’s hunger
    levels dropped from 16.3 in 2005 to 15 in 2013 and 14.1
    in 2014.
    _______________________________
    (7) INFRASTRUCTURE!
    * Buhari: Stopped Lagos state government from
    constructing a Metro Rail in 1983. Told Lagosians he
    doesn’t give a damn about their Rail project.
    * Jonathan: Provided fully Air conditioned fast train for
    Nigerians.
    _______________________________
    (8) ECONOMY!
    * Buhari: Increased Nigeria external debt by $3billion in
    just 1 years. Drove up Inflation by 41%, one of the worst
    in the history of Nigeria. His economic policy led to many
    job losses, closure of companies and massive migration of
    Nigeria’s professional to places like Saudi arabia and
    Europe.
    * Jonathan: Met inflation at 15%, brought it down to below
    9%
    _______________________________
    (9)WELFARE!
    * Buhari cut allowance of lecturers in 1984 leading to
    brain drain.
    * Jonathan increased lecturers salary, solved ASUU
    problem which his regime inherited from his
    predecessors.
    _______________________________
    (10) EDUCATION!
    * Buhari: In the 2-years he spent in power, he didn’t build
    a single University or Almajiri school.
    * Jonathan: Built 12 Universities so far and has built
    dozens of Almajiri schools across the North…..The same Corrupt people are GMB best friends now; just because a Hausa-Fulani man is desperate for power.

    • ……

      you must be a sham yourself

      • David Ayegba

        To stop these killings, we need leaders that believe in the unity of Nigeria, not those that believe in sacrificing both Christians and Muslims because they want power at all cost…THIS COMING ELECTION IS MAN CHOICE OF HIMSELF VS GOD’S CHOICE FOR NIGERIA. SO LETS SEE HOW THE RESULT WOULD TURN OUT…GEJ WOULD TAKE THE DAY…

        • Omo wisey

          DESPERATE APC ATTACKERS WHO THINK THEY CAN PERPETUATE VIOLENCE TO DISCREDIT THE GOVT. WHAT YOU SHOULD BA ASKING IS WHO REALLY IS APC AND WHO ARE THE SPONSORS AND WHY DID THEY EVER CHOOSE BUHARI TO BE THEIR SPOKES MAN…………….HA HA HA APC IS FAILURE WAITING TO HAPPEN BUT WILL ONLY HAPPEN IN THE NORTH

  • David Ayegba

    The APC has been consistent in saying that the
    PDP has ruled Nigeria for 16 disastrous years in
    which corruption, impunity, insurgency, armed
    robbery and several ills of society held sway,
    but at a very close look
    at the APC, I am seeing Amaechi – 8yrs speaker;
    7yrs governor under PDP,
    Atiku – 8yrs Vice president under PDP, Akume –
    8yrs governor under PDP,
    Bukola Saraki – 8yrs governor; 2yrs Senator
    under PDP, Timipre Sylver –
    4yrs governor under PDP, Audu Ogbe – 2yrs
    chairman
    of PDP, Aminu Masari – 4yrs Reps speaker under
    PDP, Chris Ngige – 3yrs
    governor under PDP, Kwankwaso – 7yrs
    governor,3yrs Defense minister
    under PDP, El rufai – 4yrs FCT minister, 2yrs
    BPE chairman under PDP and
    to cap it all they went to OBJ begging, a man
    who spent 8 of the
    disastrous 16yrs as the maximum ruler of
    Nigeria to come and lead them
    on a rescue mission. It is now clearer that APC
    is a waste basket of the
    PDP, where the people who created and
    perpetuated the ” 16 Disastrous
    years” are now dumped. please Nigerians what
    is the change in this APC?

    • David Ayegba’s brother

      are they still with the PDP? cant people change? well nobody is perfect, not even you Mr. David. we are talking about who is better here, we know they are all corrupt, even the countries you look up to when it comes to development in all aspects of live are not free from corruptions, so what we are saying here is that we want someone who is less corrupt than the PDP, not someone who is not corrupt at all because obviously we cannot get that, maybe we have to wait till JESUS come’s back then. what of if those people want change and the PDP doesn’t want it, cant they change to another party? lets give them a chance my BLACK BROTHER and see if they are as corrupt as the present administration. we might get lucky, perhaps you never know.

    • Trendy

      You can check out antecedent if they r pogressive during their time or not. But all I know, is most politician are selfish. Not just a branch from APC.. how about bruv Jonah..is he different from others?

  • barryakinwande

    ON BEHALF OF ALL NIGERIAN SCHOLARS BOTH HOME AND AWAY , WE WOULD NOT BE SILENCE OVER THIS ISSUE AS WE ALL KNOW THAT THOSE BEHIND THIS FORMULATED DEBT ISSUE AGAINST THE NATIONS EMANATED FROM NIGERIANS ENEMIES ABROAD AND SUCH WOULD BE INVESTIGATED DOWN TO THE EARTH .. FIRST AND FOREMOST, LET IT BE KNOWN TO THOSE CAUCUS WHO ARE FORMULATING THIS WICKED IDEAS AGAINST THE NATION, THE NIGERIA WE KNOW WILL NEVER REQUESTED FOR ANY CONSIGNMENT WITHOUT PAYMENT OR THEY REQUESTED THE COMPANY TO BRING WHATEVER THEY WANTED TO SUPPLY AND PAYMENT WILL FOLLOW IMMEDIATELY, REGARDS ALL FORMULATED IDEAS OF THIS INTERNATIONAL DEBT WE SEE EVERYDAY , IT IS HIGH TIME WE CHALLENGED ALL INTERNATIONAL CONVERTER TO PLEASE USE THEIR HANDS TO CANCEL ALL THEIR FORMULATED DEBT AGAINST NIGERIA .. FROM ANYWHERE SUCH HUNGER IS BITING SUCH NATION WHO ARE TENACIOUSLY LOOKING FOR HOW TO PLUNDER OTHER PEOPLES NATION.INTO DEBT .. A NOBLE QUESTION WOULD BE ASKED ; FOR THE PAST TEN YEARS IN EUROPE HERE WHAT WAS THE BUSINESS NIGERIAN GOVERNMENT TRANSACTED , THERE ARE THOUSANDS OF NIGERIAN UNIVERSITY GRADUATES HERE , MANY OF US ARE NOT NIGERIA BUT HAVE OUR WIVES FROM NIGERIA OR HUSBANDS FROM NIGERIA OR ARE BUSINESS PARTNERS .. THOSE WHO ARE TRYING TO PLUNDER THE NATION NIGERIA TO DEBT HERE IN EUROPEOR ANYWHERE THEY HIDE THEIR FACE ,, BASED ON THE FACTS THAT I SAW THE NEGATIVE HANDS OF THE SAME HATRED WHERE SOME CAUCUS WHO ARE THE FORMULATORS OF THE DEBT , DUBIOUSLY AND DIABOLICALLY ASKED THE NATION NIGERIA TO PAY A SUM OF 3000 POUNDS BEFORE ENTERING THEIR OWN PLACE IN THE WHITE RACE UNTIL BRITISH GOVERNMENT REALIZES ALL THE GIMMICK OF THE WICKED PEOPLE INVOLVED AND CANCEL THE DEBT , THE SAME CAUCUS ARE THE ONE PLUNDERING THE NATION NIGERIA TO A FORMULATED DEBT AND BASED ON THIS I WILL LIKE TO SPEAK THAT THE NATION NIGERIA OWNS NO NATION ANY DEBT !! AND SO IF ANYBODY FURTHER THIS STATEMENT HERE ANYWHERE IN THE WORLD SUCH A CAUCUS ,OR REGION OR NATION WILL PAY MY POLICE A SUM OF( 200 BILLION EURO ,even MORE POUNDS ) THIS IS QUITE OBVIOUS THAT MY INNOCENT LIFE WAS DIABOLICALLY TAMPERED WITH BY PEOPLE HERE IN EUROPE AND THEY READ IN THE PROTOCOL THAT I GRADUATED FROM THE SAME NATION THOUGH A CITIZEN OF ANOTHER NATION .WHICH THE DECISION ANYBODY IN MY SHOE COULD HAVE MADE — LET NIGERIA GOVERNMENT TAKE IT TODAY THAT THEY ARE NOT OWNING ANY NATION ANY DEBT ANYWHERE IN THE UNIVERSE !! IF THERE IS ANYTHING ANYBODY WANTED TO SAY LET THEM INVITE ME , I WILL HONOR SUCH INVITATION …..

    • barryakinwande

      WHAT IS GOING ON NOW IS NOT AN ISSUE OF POLITICAL PARTY ANY WHERE ,WHAT AM SAYING IS THAT THERE IS NO AMOUNT OF PAPER WORK OR FORMULATED ECONOMICS IDEAS HERE IN EUROPE IN THEIR SOPHISTICATED COMPUTER FILLED WITH ENOUGH SOFT WARE THEY CAN MANIPULATE ANYTHING HERE IN EUROPE HERE TO KEEP THEIR NAMES !!!

    • barryakinwande

      IT IS HIGH TIME PEOPLE REALIZED THAT ENOUGH IS ENOUGH FOR EVERYTHING THAT IS GIVING BAD NAMES TO EUROPE THROUGH THE ACTION OF THEIR PEOPLE AGAINST US THE RESPONSIBLE AND INNOCENT PEOPLE !! :: PLEASE THERE HAS NEVER BEEN ANY BUSINESS TRANSACTED ON BEHALF OF NIGERIAN GOVERNMENT WITHOUT RECEIVING YOUR PAYMENT, THERE ARE MANY NIGERIANS IN EUROPE , LET THEM SPEAK NOW !! I GRADUATED THERE AND I HAVE SPOKEN ENOUGH …ANY LEGITIMATE JOB YOU HAVE IN EUROPE COME WE SHALL DO IT TOGETHER IN LOVE …. BUT ALL FORMULATED DEBT WHERE EVER SUCH IS COMING SUCH CAN NOT BE ACCEPTABLE ANYWHERE IT COME FROM HERE IN EUROPE OR ANYWHERE IN THE WORLD !!!

  • Omo wisey

    BLABS BLABS BLABS YOU ALL SHOUTING HERE SHOULD BE MORE CONCERNED WITH WHAT TO DO TO CREATE A BETTER NATION, NO ONE MAN CAN DO EVERYTHING MEANWHILE EVEN THE DEAF, BLIND AND DAFT KNOW CERTAINLY THAT OKONJO WHO WAS A TOPS OFFICIAL OF THE GREAT WORLD BANK IS DOING EXCEPTIONAL WELL IN AND FOR NIGERIA. IF SHE WASNT GOOD ENOUGH SHE WONT HAVE GONE FAR IN WORLD BANK

  • C.K

    within a country’s borders in a specific time period, usually calculated on an annual basis. Now, what is important to note here is the ability to manufacture, or manipulate unreliable and intangible indicators that do not contribute appreciably to the growth of the economy. The minister in charge of finance, like madam Ngosi has the capacity to generate all these bogus and unreliable figures that do not contribute to real growth and development. The GDP shows monetary figures that may mean something or nothing. Having said that, the real thing is how are the goods produced priced? In Nigeria, the mainstay of the economy is oil and gas. Therefore, whenever oil and gas are priced exorbitantly high in the world market, the GDP increases exorbitantly, whereas whenever there is drastic fall in prices the reverse is the case. Now these figures do not amount to anything, that is, they do not make any economic sense when 70% of the GDP is either missing or embezzled. The real issue is how much of the GDP did GEJ use to develop infrastructures, on education, science and technology, agriculture, healthcare, security, research and development, environmental and ecological protection and preservation, e.t.c. Compare a nation that reports a GDP of $100 billion and utilizes 20 billion of it for all these developmental programs with a nation that records the same GDP, but utilizes 80 billion of it for developmental programs. This explanation depicts how important the GDP really is.

  • adkogi4u

    Nigerians should learn how to accept facts and figures irrespective of region, religion, ethnicity, party affiliation and etc, some human- beings are bound to become corrupt with a little opportunities given to them. Jonah as president might be different from Jonah lecture in UPH then.