Despite its Federal Government and 36 states spending a staggering N34.4 trillion in seven years, Nigeria is still rated one of the world’s poorest countries as of 2015, according to multiple statistics and investigations from PREMIUM TIMES.

While the Federal Government received more than N19 trillion between 2007 – 2014, the country’s 36 states got more than N15 trillion during the period.

The investigation covers the period when late President Umaru Yar’Adua took office in 2007, to when current President, Goodluck Jonathan, succeeded him and continued till May 2014.

In spite of the huge revenue yields largely from burgeoning crude oil sales at the time, the governments at the federal and state levels failed woefully in INVESTING the resources in developing infrastructure, creating jobs and alleviating poverty.

Currently, Nigeria is ranked third among countries with the highest population of extreme poor or people with abject poverty in the world.
In its latest report on the world’s poverty index, titled “Prosperity for All – Ending Extreme Poverty”, the World Bank listed Nigeria among five countries with the highest number of poor people in the world.

The other countries are India, China, Bangladesh and the Democratic Republic of Congo.
India accounts for 33 percent of the world’s poor followed by China with 13 percent while Nigeria comes third with seven percent.
Bangladesh is ranked fourth with six percent of the world’s poor and Democratic Republic of Congo fifth with five percent.

According to the World Bank report, India, China, Nigeria, Bangladesh and the DRC are home to nearly 760 million of the world’s poor people.
However, data obtained by the National Bureau of Statistics, NBS, puts the population of Nigerians in poverty at about 112 million, representing about 67 percent of the country’s 167 million population.
Currently, Nigeria’s per capita GDP stands at $1,555 per annum.

[size=20pt]Okonjo-Iwealanomics[/size]

Explaining why Nigeria performs so abysmally in the poverty ratings, the outgone Minister of FINANCE and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, said the country is rated among the poorest in the world because of its large population.
Irrespective of a country’s level of development, poverty is rated based on population, adding that being one of the most populated countries in the world, Nigeria is rated among nations with high poverty levels.

Mrs. Okonjo-Iweala, who was reacting to the World Bank report, said the number of poor people is peculiar with middle-income countries which Nigeria belongs.
“India, a middle-income country, one of the largest economies in the world like Nigeria, is a big economy, but the largest number of poor people in the world reside in India, China and other places,” the minister said.

“Most middle-income countries, including Brazil, have large number of poor people that is the reality of today and Nigeria is no exception.
“And when the World Bank president was talking, he also talked about those countries. He mentioned that India is doing well and it has a large number of poor people.

“So, we should not try to single Nigeria out. The phenomenon we have in Nigeria is that we are growing but there are poor people everywhere,” she added

source: http://www.premiumtimesng.com/news/headlines/184137-investigation-endemic-poverty-unemployment-persist-as-federal-govt-36-states-waste-n34-4trillion-in-7-years.html?

That was in the past...that is if we can take your words to be true.

But we have a new Sheriff in town, let's see how he makes us smile in the next four years.

You call 34 trillion naira staggering? For a population of 170 million people, that's a tiny amount of money to spend in 7 years.

Sweetguy25:
You call 34 trillion naira staggering? For a
population of 170 million people, that's a tiny amount of money to spend in 7 years.

How much wouldn't have been"tiny"and staggering?

Sweetguy25:
You call 34 trillion naira staggering? For a population of 170 million people, that's a tiny amount of money to spend in 7 years.

Bros, na wa YoU ‎​Ooº°˚ ˚°ºoo

themilanway:


How much wouldn't have been"tiny"and staggering?

From 200 trillion upwards.

6 out of those 7 years were under gej. And they are telling us that gej is a hero. The word 'Hero' must have a new meaning from the one I know.

Sweetguy25:
You call 34 trillion naira staggering? For a population of 170 million people, that's a tiny amount of money to spend in 7 years.

divide 34 trillion by 170 million and let's see what you have.

Break down d data state by state

Sweetguy25:
From 200 trillion upwards.

I guess you would want to contest for a leadership post tomorrow with a horrible mindset of yours.

No wonder you hailed GEJ when he reportedly spent 2trillion on election campaigns.

What a nation

PDP succeeded in bankrupting Nigeria.

I will surely not be happy with PMB if he fails to recover some of the loots.

Sweetguy25:
You call 34 trillion naira staggering? For a population of 170 million people, that's a tiny amount of money to spend in 7 years.

You just made my day. Many of them don't understand shit.

Waste ke?

What do states do with the humongous funds they've received over the same period of 7 years?

atlwireles:



You just made my day. Many of them don't understand shit.

First we have 999 million b4 we get to a billion. Then we 999 billion before we get to a tirllion.....

2 of you are mad!!!!

koboko69:


First we have 999 million b4 we get to a billion. Then we 999 billion before we get to a tirllion.....

2 of you are mad!!!!

What's 999 billion Naira, ehhhhh less than five billion dollars. Grow a brain kid.

Caseless:
6 out of those 7 years were under gej. And they are telling us that gej is a hero. The word 'Hero' must have a new meaning from the one I know.

In all fairness, Caseless, there's no person that's hero in Nigeria except for Hero Lager beer in Onitsha

This has confirm what i have be saying that gej mismanagement more than 30tr naira in 6yr.

atlwireles:


What's 999 billion Naira, ehhhhh less than five billion dollars. Grow a brain kid.

Fool...999bilion niara in 34 places. When I say you are mad. I mean u are very mad...

koboko69:


Fool...999bilion niara in 34 places. When I say you are mad. I mean u are very mad...

It is approximately $170B over a period of 7 years, in a country of 150m-170M people. You people are too stupidd in this country, that's why most of you almajiris MUST die of poverty.

Caseless:
divide 34 trillion by 170 million and let's see what you have.

Thats not a proper way to analyze the issue at stake.

34 trillion at an exchange rate of 150 naira to a dollar is equivalent to almost 300 billion dollars or thereabout.

300 billion dollars was spent in seven years, approximately 47 billion dollars was spent per year in the last seven years.

On a per capita basis, 47 billion dollars per annum for a population of 170 million people is not up to 400 dollars, which is extremely paltry and meager.

South Africa, with a population of less than 50 million has an annual FG budget of about 120 billion dollars (about 20 trillion naira).
Egypt, with a population smaller than ours has an annual government spending of over 60 billion dollars.

The United states, has a government (federal only) spending of 3 trillion dollars (about five hundred trillion naira) per annum.


The 34 trillion naira you think is "staggering" could barely be enough for our education sector alone.

I have found out that a vast majority of Nigerians don't seem to understand the fiscal limits of the Nigerian government. You people think the country has too much money and we're so rich and buoyant. Y'all should wake up!

Sweetguy25:
From 200 trillion upwards.

but in next 4yrs 1b naira wil not miss.

themilanway:


I guess you would want to contest for a leadership post tomorrow with a horrible mindset of yours.

No wonder you hailed GEJ when he reportedly spent 2trillion on election campaigns.

What a nation

You're absolutely deluded to believe that GEJ spent 2 trillion naira (about 12 billion dollars) on campaigns.

Thats about 100 million naira for every local government in Nigeria or about 50 billion naira for every state. Use your head man.

Sweetguy25:


Thats not a proper way to analyze the issue at stake.

34 trillion at an exchange rate of 150 naira to a dollar is equivalent to almost 300 billion dollars or thereabout.

300 billion dollars was spent in seven years, approximately 47 billion dollars was spent per year in the last seven years.

On a per capita basis, 47 billion dollars per annum for a population of 170 million people is not up to 400 dollars, which is extremely paltry and meager.

South Africa, with a population of less than 50 million has an annual FG budget of about 120 billion dollars (about 20 trillion naira).
Egypt, with a population smaller than ours has an annual government spending of over 60 billion dollars.

The United states, has a government (federal only) spending of 3 trillion dollars (about five hundred trillion naira) per annum.


The 34 trillion naira you think is "staggering" could barely be enough for our education sector alone.

I have found out that a vast majority of Nigerians don't seem to understand the fiscal limits of the Nigerian government. You people think the country has too much money and we're so rich and buoyant. Y'all should wake up!

with this ur analysis, it only prove,u are not normal, how can gej waste 30tr naira budget in 6yrs,with nothing to show for it,and u are here clapping for failure, better get ur head examine.

atlwireles:


What's 999 billion Naira, ehhhhh less than five billion dollars. Grow a brain kid.

A total of Only less than N45 billion naira was spent in 3 years on job creation through YouWin and some people think GEJ was a hero. Imagine N900 billion was spent...

socialmediaman:


A total of Only less than N45 billion naira was spent in 3 years on job creation through YouWin and some people think GEJ was a hero. Imagine N900 billion was spent...

I don't get your point. GEJ remains a hero, because he tried desperately to show lazy Nigerians the limitations of government spending. Many fools never saw beyond their noses. I hope they get their N5,000 and free food from their new president.

atlwireles:


I don't get your point. GEJ remains a hero, because he tried desperately to show lazy Nigerians the limitations of government spending. Many fools never saw beyond their noses. I hope they get their N5,000 and free food from their new president.

Of course even if he emptied the treasury to his private bank account, he'll remain a hero to some. We've moved on though, change is here to Favour those who believe in it...

Sweetguy25:


You're absolutely deluded to believe that GEJ spent 2 trillion naira (about 12 billion dollars) on campaigns.

Thats about 100 million naira for every local government in Nigeria or about 50 billion naira for every state. Use your head man.

Same way you are deluded for labelling 34Trillion"tiny".

You are asking me to use my head,it doesn't look like you use yours.

socialmediaman:


[b]Of course even if he emptied the treasury [/b]to his private bank account, he'll remain a hero to some. We've moved on though, change is here to Favour those who believe in it...

There was nothing to be emptied, that's what ediots don't know or refuse to understand. Look at your N34T number, do the math, what each Nigerian was suppose to get. Approximately $145 per year so for 7 years your share was $1000. Once again, you have nothing for anybody to steal.

Jesusloveyou:
with this ur analysis, it only prove,u are not normal, how can gej waste 30tr naira budget in 6yrs,with nothing to show for it,and u are here clapping for failure, better get ur head examine.

I don't even know what to say to you.

atlwireles:


There was nothing to be emptied, that's what ediots don't know or refuse to understand. Look at your N34T number, do the math, what each Nigerian was suppose to get. Approximately $145 per year so for 7 years your share was $1000. Once again, you have nothing for anybody to steal.

With $145, you can either start a small business that generates money, or use it and eat at fast food centers, so if N34 trillion was invested, it could generate N100 trillion

34 trillion is just half the story, Nigeria currently earns less than half of the income it generates, this is evident with over $50 billion lost to fraud that didn't enter the nation's treasury when our entire budget was less than $13 billion

socialmediaman:


With $145, you can either start a small business that generates money, or use it and eat at fast food centers, so if N34 trillion was invested, it could generate N100 trillion

34 trillion is just half the story, Nigeria currently earns less than half of the income it generates, this is evident with[b] over $50 billion lost to fraud [/b]that didn't enter the nation's treasury when our entire budget was less than $13 billion

there lies your problem. Stop living in the sky.