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Nairaland Forum / Nairaland / General / Politics / What Tangible Thing Has The Fg Done The Past 10 Years? (3979 Views)
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Re: What Tangible Thing Has The Fg Done The Past 10 Years? by Kobojunkie: 11:56pm On Aug 05, 2010 |
I wasn't talking of government revenue. I am referring to GDP. How long has Agriculture made up almost 50% of our GDP? That many still rely on the land for their livelihood does not explain this in anyway. This is the same country that was hit just as hard by the food crises of 2008. We still import much of our food and I am to simply believe Agriculture makes up almost 50% of our GDP? It is hard to believe. |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by rebranded(m): 12:14am On Aug 06, 2010 |
desgiezd: I'm with you on that Nigerian FG = Oppressive Govt Any Good thing you can point to in Nigeria, is a Private Initiative anything that is FG related is a failure |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by UyiIredia(m): 12:30am On Aug 06, 2010 |
[center] nothing[/center] |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by phoenixsta: 1:51pm On Aug 06, 2010 |
Can't but agreed, They've done nothing Nigeria is not the only contry hit by ECONOMIC MELT DOWN but Nigeria is yet to get back on it's feet. Just look at some silly bastard fighting over Govt funds and the masses are wallowing in poverty but yearly the nation's budget hits the high heavens Dance of shame , 9ja sucks, poor ppl gr8 Nations. yaccccckkkk. |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by beespak7(m): 5:53pm On Aug 06, 2010 |
FG has really tried oo they made these possibile darkness crater sized potholes on our roads kidnappings cabal complete run down of health system nation wide massive looting of our excess crude oil revenue (reduced from $56billion to 4billion usd) Abeg make una clap 4 them joo dem 2 much |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by omamokta: 6:13pm On Aug 06, 2010 |
Its a fact that the current democratic dispensation has achieved little or nothing in terms of infrastructural development in the last 10 years but i ve to draw our attention to the area of health care for federal civil servants. The government of obj did a lot by introducing the national health insurance scheme. with this an average federal civil servant does not need to scratch his head on how to settle his and family's health bill. He pays 10% while government offsets the remaining 90%. Though some amount is deducted from the worker's salary, but its a package that is working excellently. If we look well we will still some goodies, after all, the worst civilian government is better than the best military government. |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by kotons(m): 7:26pm On Aug 06, 2010 |
The idiots from top to the bottom mean from president to councilors has done a lot for themselve,is that not an achievement ?? |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by CrudeOil2(m): 8:00pm On Aug 06, 2010 |
Disillusionment, hopelessness, insecurity etc |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by oderemo(m): 11:11pm On Aug 06, 2010 |
Every man is a potential despoilercrude oil , where you get that from. |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by uyakachi(m): 1:15am On Aug 07, 2010 |
absolutely nothing |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by Adonike(m): 1:33am On Aug 07, 2010 |
To be frank, our govt is really putting in their best. It's just that |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by Akosbaba(m): 2:51am On Aug 09, 2010 |
^^^that corruption is their way of life<uhn> |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by paddylo1(m): 3:15am On Aug 09, 2010 |
Most of u ppl on here are economic illiterates anyway. . .so i will try and make this as clear as i can. . The FG has achieved a lot. . .too numerous to mention on here,but ill try. . . However before i start i want u all to read this from 2000 - 2002 [size=13pt]Nigeria admits debt crises[/size] Wednesday, 28 August, 2002 Nigeria has said it can no longer afford to service its $33bn foreign debts because of plunging oil revenues and the failure of some of its privatisation plans. Consequently, the country has suspended payments on some of its debts as it tries to reschedule payments, said Central Bank governor Joseph Sanusi. Nigeria's finance minister Adamu Ciroma told the BBC that the country was unable to pay because parliament had only approved a limited amount of funding for the current financial year. Read more. . . [url]http://news.bbc.co.uk/2/hi/business/2220219.stm] http://news.bbc.co.uk/2/hi/business/2220219.stm[/url] [size=13pt]Nigeria's Foreign Reserve Now $6.7 Billion -Asiodu[/size] Innocent Anaba 3 July 2000 Lagos — The country's foreign reserve has risen to $6.7 billion, says Chief Philip Asiodu, Chief Economic Adviser to President Obasanjo. The country's outstanding debt stands at around $30bn, but this is the first time it has completely halted its payments. read more. . .http://allafrica.com/stories/200007030441.html |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by paddylo1(m): 3:20am On Aug 09, 2010 |
@Kobojunkie u are an illiterate. . the worst kind,that doesnt know something and refuses to learn. . . The world bank,IMF ,ADB,CBN variously put Agriculture at about 45% or thearabouts of our GDP but according to u all of them are wrong but u are right. . .and i am sure u never took an econometric/macro-economics class in your life. . . |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by paddylo1(m): 5:02am On Aug 09, 2010 |
OK NOW TO BUSINESS. . . FG ACHIEVEMENTS BTW 2000 - 2010 [size=16pt]ECONOMIC/POLITICAL/SOCIAL and OTHERS[/size] 1. Quadrupled our GDP in 10 yrs,from $46billion to over $200billion pls see link 1 http://www.google.com/publicdata?ds=wb-wdi&ctype=l&strail=false&nselm=h&met_y=ny_gdp_mktp_cd&scale_y=lin&ind_y=false&rdim=country&idim=country:NGA&hl=en&dl=en 2. Moved GDP/capita from under $300 to over $1,100(Nominal GDP),and $2,400 PPP,in essence making us have the highest GDP/capita in west Africa pls see link 2. . . http://www.photius.com/rankings/economy/gdp_per_capita_2010_0.html 3. Nigeria is today has the 40th or so largest economy in the world by GDP. . .10 yrs ago it wasnt even at 100largest 4. Nigeria has grown an average 7% per annum compounded for the past 10yrs. . .If it had been growing like that since 1980 we would be a G-20 Nation today However if it grows like that in the next 10yrs,we will be a G-20 nation by 2020 pls see IMF link 3. . . . [url]http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/weorept.aspx?sy=2000&ey=2010&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=66&pr1.y=11&c=694&s=NGDP_RPCH%2CNGDPD&grp=0&a=[/url] 5. Nigeria paid off its crippling debts and reduced its external debt to GDP ratios from a crippling 60% to less than 3% of GDP today. . Pls see DMO(Debt Management office) link 4 [url]http://www.dmo.gov.ng/oci/edebtstock/docs/External%20Debt%20Stock%20as%20at%2030%20June,%202010.pdf[/url] 6. The clearing of the debt burden meant that in 10 short yrs Nigeria could ammass up to $40 billion dollars today in external reserves(CBN and Excess crude),more than south Africa and the 3rd largest in Africa after Algeria and libya In 2000 in comparison nigerias external reserves were a meagre $6.7 of which $2billion was spent every yr on debt service Pls see CBN link 5. . . .www.cenbank.org 7. The CBN act was pulmugrated which allowed for the independence of the CBN,this is necessary for all the reforms we have now and those that soludo carried out to go on without unecessary politicization. . .for example the Governors that owned banks before consolidation(like saraki),would have lobbied to stop it if the CBN was still not indepndent [b]8. Bank consolidation has brought about the rise of banks strong enough to finance big ticket projects these Nigerian banks are now venturing out and dominating the rest of Africa,from Ghana to kenya,Mali to zambia 9. The bond market long dormant was resusitated in 2005 and the DMO formed. . today FGN bonds are the main means of Financing Govt deficit instead of inflationary ways and means(printing money),or external borrowing The FGN bonds now extend from 3,5,10 all the way to 20yr in essence giving Nigeria a sovereign yield curve This has also encouraged local firms to issue corporate bonds that are priced off the back of the FGN bonds The Nigerian domestic bond Market is now the second largest in Africa after South Africa. . .trading exceeds 4Trillion Naira monthly and growth is at 50% annually for the past 5yrs 10. Pension reforms Act was signed into law. . . anyone who has travelled abroad and knows what a 401K is,should know the immense importance of this act Basically it helps to accumulate long term funding for the economy and these funds can then be invested in infrastructure and other projects Most developing countries have had pension funds since at least the early 1990s. . we just set up ours in 2004 and total funds accumulated is now already over $10billion(1.7trillion) This also takes the burden of pension of the Federal Govt and makes every Govt employee contribute towards his own retirement pls see link 6. . .[/b] http://www.proshareng.com/news/11386 [b]11. The privatization of over 1000 Public enterprises by the BPE,means that firms like eleme petrochemicals,Notore Fertilizer and Oando have emerged to contribute to Nigerias Industrialization. . more importantly there isno more GOVT allocation to such unproductive enterprises 12. Liberalization of telecommunications has led to the creation of millions of jobs and FDI inlows has exceeded $12billion in the telecomms sector in 10yrs 13. The creation of the excess crude account for rainy day savings of excess funds helped Nigeria to come through the last recession pretty much unscathed The last time oil prices plunged like that in 1980,s Nigerias economy contracted for 5 straight yrs However Nigeria economy grew by 6% last yr(pls see IMF link 6 above),showcasing the underlying strength of economic reforms 14. Macroeconomic stability. . Nigeria has achieved macro-economic stability for the past 10yrs. .exchange rates have been pretty much stable,and inflation has fallen to 10%. . .this is very necessary if firms are to invest in the country. . maintaining a stable exchange rate and eliminating exchange rate risk is commendable of the CBN 15. The Capitalization of the Nigerian Stock exchange has gone from from N500billion in 2000 to over N6Trillion today(it peaked at over 13Trillion in 2008) The move in spite of the 2yr correction is an outstanding gain of over 350% in 10yrs. . . This market move is an indication of underlying growth in the economy If u put N100,000 in the NSE all share basket in 2000,it would be worth over N850,000 today 16. Over N500billion spent on MDGs to reduce poverty(since 2005),the programme is actually helping to change lives in rural and poor areas of the country,if u dont live there u wont know but the lady in charge Amina mohammed al-zubair is quite credible,see link 7 below[/b] http://www.economicconfidential.com/x/index.php?option=com_content&view=article&id=115:nigeria-mdgs-how-we-channel-billions-of-naira-on-8-goals-amina-az-zubair-&catid=6:exclusive-interviews&Itemid=4 Eye on MDGs. . . .Achievements in Education https://www.youtube.com/watch?v=4avmQffvsQ8 MDG Achievements in Health. . . https://www.youtube.com/watch?v=s53xodvx7ZA MDG Achievements in the last 10yrs . . .http://www.youtube.com/watch?v=T4v9amz24Xc 17. In the political scene our Democracy might not be perfect but we are heads and shoulders above almost all other African countries who are currently ruled by tyrants. . . see map below African democracy Rating the economist 2010 [b]18. The military is more professional and is now under civilian control for over 10yrs,and it looks certain to continue,a lot of countries suffer to achieve this,countries like pakistan,most of Africa,and even turkey a NATO member have problems with civilian control of the military 19. Nigeria has consistently been the largest or second largest FDI(Foreign direct Investment),recipient every yr since 2005 in Africa and non-oil sector is playing a role Companies like NESTLE,PZ,MTN,ETISALAT,MAIN ONE,INDORAMA,GUINESS,STANDARD BANK and others are Investing money and expanding factories in Nigeria The non-oil sector of the economy has been a significant driver of growth especially in the periods of Niger delta crises,when production was cut in half 20. Amnesty has brought about calm in the NIGER DELTA creeks 21. Democracy and stability in the centre has led to progressive Governance in states like LAGOS,RIVERS,ENUGU and KWARA to name a few These states are succeeding in good governance and innovative service delivery 22. In the social scene,the FIFA under-17 world cup was hosted in 2009,all Africa games in 2003 in the brand new Abuja stadium,and the Calabar festival is now a global event 23. In Aviation the FG has gradually updated safety and navigation aids,and we have not had any major crash since 2006(Knock on wood) 24. The Nigerian Space programme was started and a new Nigerian satellite is due to be launched next yr 25. The complete 100% Geo physical mapping of Nigeria was completed,enabling mining and other companies access to this vital information In OSUN state an Australian firm with help of this data is about to start large scale GOLD production in the Segilola Gold Project see link 8 below. . .[/b]http://www.cgamining.com/projects/project.php?project=3 TO BE CONTINUED. . . |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by doyin13(m): 10:19am On Aug 09, 2010 |
@paddy lo I thought it was obvious from my original post, i meant solid infrastructure, the roads, schools, water provision etc. Economic numbers only go so far. And boy do you need a lesson or two in humility. Reading a few articles through Google search does not make you an accomplished economist. |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by paddylo1(m): 2:03pm On Aug 09, 2010 |
@paddy lo [b]50% of the total budget goes to states and Local GOVTS so if u focus on only the FG u are missing the big picture cause many states are in charge of schools,water,roads and general infrastructure As for schools,i dont know of any schools the FG still controls,most were given back to the owners However GOVT still spends a lot on ASUU,UBEC and teachers salaries For water there are lots of dams being built and others already built For roads am sure there are many like Abuja -lokoja,Onitsha owerri express and lots of others And i already told u about the MGDs which is spending over N500billion in 5yrs on poor areas of our country,pls watch the videos In America nobody asks which roads Obama built,or which schools he built these things are not the job of the GOVT in the centre The main job of the GOVT is providing macro-economic stability,defense,rule of law,and make rules that guide entreprenuers to invest and create jobs That is why i have given u the big picture,if u think that is not important then u can move to zimbabwe were inflation was running at over 12,000% per annum see how any economic activity can take place in that scenario[/b] |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by asha80(m): 2:08pm On Aug 09, 2010 |
paddy_lo: You must be living in lalaland. |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by desgiezd(m): 2:40pm On Aug 09, 2010 |
omamokta: What persentage of the citizens are the federal civil servants? Definitely, less than 15% and you are awarding them a pass mark? |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by Fhemmmy: 2:43pm On Aug 09, 2010 |
How about we say in the last 20 years? |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by Kobojunkie: 7:04pm On Aug 09, 2010 |
ROFLMAO!!! . . . . Kobojunkie: |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by doyin13(m): 7:29pm On Aug 09, 2010 |
@paddy lo Obama will not be asked what roads he has built perhaps because all the roads needed to be built have been built. Comparing the situation in Nigeria and developed economies serves no purpose whatsoever. Eisenhower conceived the Interstate highway system, provided ninety per cent of the funding but states were responsible largely for the construction. But our FG tried threatened legal action against a state government attempting to repair a critical highway within its borders. The reason I posed this question from the beginning was to show the total collapse of the FG's ability to actually coordinate and get anything done amidst all the quangos and MDG's siphoning funds into private pockets, as the recent case of the power committee proved. http://www.thisdayonline.com/nview.php?id=180257 Every single sector of the Nigerian economy is in a state of emergency. Even warzones have it better than we do. Wartime Germany still managed to provide power despite the heavy bombardment the country suffered from the allied powers. And your riposte is some useless theory about what a FG is meant to do. The FG still has responsibility for roads all over the land, still has responsibility for numerous secondary schools and universities, policing in all the nooks and crannies, waterways etc. So it is important we enquire what the FG has done lately either to augment or maintain the infrastructure under its ambit. |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by zebudaya(m): 1:52am On Aug 10, 2010 |
Paddylo, Thank you for looking on the bright side. You shouldn't argue. Some people are born pessimists who see nothing good about our Country. The English, The Americans, the Chinese, the Indians are all seeing opportunities and taking advantage of it. Some people (Nigerians) are just content to complain and wonder why, No country is utopia. Do your best. Be the change you want to see Look at what this 20 year old is doing. He lives in Sokoto. Freaking Sokoto not Lagos not Abuja http://www.mukoshy.com/projects/ http://www.ahmadmukoshy.com and http://myonepage.com/MUKOSHY |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by Kobojunkie: 1:57pm On Aug 10, 2010 |
Every single sector of the Nigerian economy is in a state of emergency. There is definitely a real disconnect between what the numbers claim and what is obtained in Nigeria. |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by gozzilla(m): 2:20pm On Aug 10, 2010 |
I could say lots, but the word here is tangible. Tangible will be stable power supply (must not be 24 hrs but a stable number of hours for a start), health (emergency response inclusive in all state or even federal highway), telecommunication (lower tariff and better services) i could go on and on. The good thing though is that Nigerians are doing tangible things, just wish the nation can do more. |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by chidichris(m): 9:32pm On Aug 10, 2010 |
to me, FG has been very wonderful in the following 3 tangible ways; 1. corruption 2. corruption 3. corruption |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by olabukola: 9:59pm On Aug 10, 2010 |
Giving Bakassi to cameroon and trying harder now to give obudu ranch and environs. Who say dem no try ni? |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by paddylo1(m): 4:19am On Oct 14, 2010 |
I am gonna book mark this thread. . .and have a look back again in 5yrs. . . I believe the fundamentals of the economy would be totally different by then. . . P.S Kobojunkie is still an economic illiterate. . .lol |
Re: What Tangible Thing Has The Fg Done The Past 10 Years? by KnowAll(m): 8:57am On Oct 14, 2010 |
https://www.nairaland.com/nigeria/topic-531552.0.html#msg6936959 [size=14pt]Is this a country that is making any progress going to borrow more money see thread above.[/size] [size=14pt]The FG has not done jerk in the past 12 years, absolutely NO jerk, that is why they are seeking to borrow common $4.5 billion, IBB could have borrowed them that if they are that desperate. A country that is doing well would have enough dollars in reserve. China has in excess of $300 billion in reserve and still counting. They are a country borrowing everyone money. I once asked a friend, if the UK is in debt, America is in debt, who is borrowing everyone these money they are owing, it can't be God, and he said China is the one borrowing everyone, that is what I call progress. [/size] |
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