1. When former President Goodluck Jonathan
resumed office on May 29, 2011, Nigeria
found itself in the midst of an unprecedented
energy boom with Brent crude trading at
$107.86 per barrel. The decades-old
restiveness in the Niger- delta and
associated problems should no longer apply.

2. Crude Oil price remain elevated above $80
for 625 days out of the 753 trading days
tracked by BudgIT research. Oil theft was at
an industrial scale up to 400,000 barrels per
day and the state looked helpless as revenue
was shortened.

3. The Federal Government share of revenues
during the unprecedented crude oil boom
between 2011 and 2013 was N5.46tn. The
government’s projected share of oil revenue
in 2014 and 2015 was N2.11tn and N1.69tn
respectively. Incidentally, The Federal
government share of oil revenue in 2011 and
2012 was N1.69tn and N1.77tn
respectively.

4. Nigeria spent N5.4tn on the emolument,
salaries and allowance of workers on federal
government payroll between 2011 and 2013.
Final figures for 2014 and 2015 are not yet
published but recent trend puts the annual
wage bill at N1.8tn annually. Total recurrent
expenditure between 2011 and 2013 was
N9.34tn. The budgeted figure for 2014 and
2015 was N3.18tn and N3.56tn
respectively.

5.Federal Government pulled N1.48tn from
previous savings – namely excess crude
account among others.

6. The Federal government had to resort to
drawing an additional N2.4tn from the
organised private sector and the
overstretched consumers through taxation
and tariffs and borrowing the balance to
meet recurrent expenditure obligations within
the reviewed period.

7. The Federal government share of Non-Oil
revenue which comprises of company income
tax, value added tax and Tariffs on imports
fall from its peak of N793.9bn in 2011 to
N760.9bn in 2013. FG’s share of Non-Oil
revenue hit a low of N704.7bn in 2012. In
total, N2.26bn was the actual government
receipt from the non-oil sector despite the
fact that the sector accounts for 89% of
Nigeria Gross domestic product.

8. Dissatisfying as it may look, the entire
capital expenditure of the federal government
including purchase of office equipment,
kitchen utensils, office furniture among
others were financed with interest bearing
debts. A total of N2.6tn was spent on
capital projects between 2011 and 2013.

9. The resulting effect of borrowing to meet
recurrent expenditure obligations is a spike
in debts. The domestic debt stock of the
federal government jumped from N5.62tn in
2011 to N7.9tn in 2014.

10. External debts stock which includes states
debt guaranteed by the federal government
also went north from the 2011 figure of
N896bn to N1.63tn in 2014.

11. In total debt spike from N6.5tn in 2011 to
N9.5tn in 2014 within the review period.

12. The resulting effect of higher debt stock at
unfavourable exchange rate is evidence in the
speed at which debt service jump from
N527bn in 2011 to N828bn in 2013. Debt
servicing to total government revenue rose
from 21%in 2011 to 24% in 2013.

13. On the Macroeconomic side, The Gross
Domestic Product grew by 3.96% in the first
quarter of 2015 down from the growth rate
of 4.9% when President Goodluck Jonathan
was sworn in on May 29, 2011. Growth rate
however peaked in 2014 at 6.3%

14. The Inflation rate stood at 8.7% in April
2015- down from the height of 12.1% in
May 2011.

15. Credit to the Private sector was up from
N9.4tn in May 2011 to N18.59tn in April
2015.

17. The foreign exchange market which is
strongly connected to crude oil receipt and
external reserve is depressed. Naira which
hitherto was trading at N154.13 to a dollar
on May 27, 2011 traded for N198.6/$1 on
the 27th of May, 2015.

18.Overall, the performance of the economy in
terms of trade diversification was dismal
despite Import dragging down from a high of
N13.67tn in 2011 to N11.3tn in 2014,
Export was down to N16.62tn in 2014 from
the N22.8tn in 2011.

19.The capital market, however, remain
resilient, the All-share index rose to
34,419.24 on the 27th day of May, 2015
from 25,594.02 about the same time in
2011.

20. While Market capitalization also spiked
upwards from N8.178tn in May 2011 to
N11.692tn on the 27th of May, 2015.

Research by Atiku Samuel

GEJ my hero

the debt figure rose geometrically in TRILLION...the economy was really in bad shape.... God was just too merciful on Nigeria... just remembering the propaganda on NTA then, with that scarf~caping wearing mummy... Be4 3rd of Sept 2015 return ur loots.

And his name is still reigning

#dis GEJ too much o

#HERO nakamura

GEJ - The most corrupt president in Nigeria's history.

Typin

PassingShot:
GEJ - The most corrupt president in Nigeria's history.

Thanks for giving IBB and Abacha clean bill of health. HYPOCRITE

ECOTERRORS:
Thanks for giving IBB and Abacha clean bill of health. HYPOCRITE

How old are you?

I ask because you lack comprehension ability.

That GEJ is the most corrupt doesn't absolve any of the other past leaders of being corrupt.

Face your studies instead of wasting away on NL.

This a bad economic handling and we can't afford this again... Buhari take note

wasted opportunity for rapid development.

PassingShot:

How old are you?

I ask because you lack comprehension ability.

That GEJ is the most corrupt doesn't absolve any of the other past leaders of being corrupt.

Face your studies instead of wasting away on NL.

STUDIES? you must be smoking shisha, if you are not a decorated goat you wouldn't call GEJ corrupt when your slave masters are still alive today enjoying the Gulf Oil windfall loot and Oil block allocation bazaar.


I will expose every lies you ve got in your soul against my beloved GEJ

GEJ my HERO

IyaIode:
wasted opportunity for rapid development.

Exactly, GEJ had a great opportunity to lift us out of the mess but he sqandered it. With record revenues, we could have really moved towards rapid development.

A few clueless people do not even know the meaning of what was written there .
Bl this does not even include revenues stolen at source (Over 50% of government revenues).
Taking loans to buy pots and pans .
Now , 24% of all federal revenues have to go towards repaying loans used to buy pots and pans

Cc: lalasticlala

ECOTERRORS:
STUDIES? you must be smoking shisha, if you are not a decorated goat you wouldn't call GEJ corrupt when your slave masters are still alive today enjoying the Gulf Oil windfall loot and Oil block allocation bazaar.


I will expose every lies you ve got in your soul against my beloved GEJ

I don't do insults. If I do it with you, you will regret it. Be warned!

PassingShot:

I don't do insults. If I do it with you, you will regret it. Be warned!

Go To Hell E-DIOT

PassingShot:

How old are you?

I ask because you lack comprehension ability.

That GEJ is the most corrupt doesn't absolve any of the other past leaders of being corrupt.

Face your studies instead of wasting away on NL.

On a scale of 1- 10 I'd give Eco a 6 and you a 2. Guess who's the class dunce

The variables for scoring a government should be unemployment, debt, human development and so many others not just corruption and leakages .That's why the global economic community uses the Human Development Index(HDI) these days . The previous indices caused a disparity when using the same variables to judge a developing economy vis-a-vis a developed economy. By so many standards GEJ's administration was a success, but the gains will be felt in a couple of years not now. The onus is on the current government to build on it not destroy it. The OP should read recent Economic journals to know how correctly to evaluate and score an administration

F9 government

hinwazaka:
The variables for scoring a government should be unemployment, debt, human development and so many others not just corruption and leakages .That's why the global economic community uses the Human Development Index(HDI) these days . The previous indices caused a disparity when using the same variables to judge a developing economy vis-a-vis a developed economy. By so many standards GEJ's administration was a success, but the gains will be felt in a couple of years not now. The onus is on the current government to build on it not destroy it. The OP should read recent Economic journals to know how correctly to evaluate and score an administration

Lol, you have no clue bro.

PassingSHIT

tbaba1234:


Lol, you have no clue bro.

funny your writeup vindicated the govt but you either failed to see it or you are just being clever with the truth. You just put figures in your writeup without explaining or interpreting them. That is an inconclusive analysis with no empirical basis

hinwazaka:
funny your writeup vindicated the govt but you either failed to see it or you are just being clever with the truth. You just put figures in your writeup without explaining or interpreting them. That is an inconclusive analysis with no empirical basis

It was not meant to indict or vindicate anyone. It is just facts.

Plus there were more negatives than positives.

tbaba1234:


It was not meant to indict or vindicate anyone. It is just facts.

Plus there were more negatives than positives.

You failed to explain your analysis. The negatives are explained by the fact that the exogenous variables had a huge effect on the endogenous variables. The increase in debt was brought on by the decrease in revenue generation which was not entirely the fault of the government

PassingShot:

How old are you?

I ask because you lack comprehension ability.

That GEJ is the most corrupt doesn't absolve any of the other past leaders of being corrupt.

Face your studies instead of wasting away on NL.

Mu.mu

This one no just get sense [s]

PassingShot:

I don't do insults. If I do it with you, you will regret it. Be warned!

[/s]