₦airaland Forum

Ebubeslym:
We indeed deserve our leaders.

What is princess stealler Odua doing as a senator?

A known thief.
Mtcheeeww

With N78 million for a website and the N370+ million for a borehole, She is a small thief compare to Fashola.

What is the bigger thief Fashola doing in the cabinet?

Remember, Princess Stella Oduah doesn't sign Government cheque nor does she negotiate prices.

Where is my sister, Obiagelli? Who knows her mobile number should help.


@topic
What significance is this portfolio and what do Nigerians make of it?

In the voice of Simba the Lion King. Hel---p! ...... Some-bo-dy! ....... Any-bo-dy!

Nonsense initiative manipulated by the President and his cabinet.

If they want to reduce cost of governance, why not simply vote to adopt parliamentary system of government?

SIRJENTLE:
DURING HIS CAMPAIGN HE TOLD ABIANS THAT HE IS COMING TO CONTINUE FROM WHERE HIS ROLE MODEL STOPPED.
OUT OF 78 BILLION NAIRA INDEBTED TO ABIA STATE HE IS RESPONSIBLE FOR 24 BILLION AND IT IS ONLY 11 MONTHS.
SO THE REMAINING 3 YEARS & A MONTH WILL TAKE CARE OF THE 54 BILLION AND POSSIBLY IT IS EXPECTED HE OUTDO HIS MASTER MEANING HE MAY BORROW MORE THAN 78 BILLION.
WE WEEP FOR A ONE TIME GOOD STATE CALLED ABIA STATE.

Okezie Ikpeazu is not responsible for the expenditures from the Loan, why blame him when he wasn't the one owing the workers for which the bailout was secured.

CBN Injects N338bn in 27 States to Stimulate Economy

In line with the federal government’s resolve to reflate economic activities in the country, the Central Bank of Nigeria (CBN) will this week continue the disbursement of its special intervention fund totaling N338 billion to 27 states in the country.


Already, the funds to Kwara, Zamfara and Osun States were disbursed last week and they have commenced the payment of salary arrears to workers in their respective states, THISDAY learnt yesterday.


A source at the central bank confirmed that more states would get their monies this week.
From the breakdown of funds made available to the first three states to which monies were disbursed last week, Kwara State got a total of N4.320 billion from the special intervention fund, Osun got N34.988 billion, while Zamfara was given N10.020 billion.


The loans repayable at an interest rate of nine per cent over a 20-year period, also showed that Abia State is expected to get N14.152 billion, while Adamawa State will receive N2.378 billion; Bauchi – N8.60 billion; Bayelsa – N1.285 billion; Benue – N28.013 billion; Borno – N7.680 billion; and Cross River – N7.856 billion.


In addition, Delta has got the central bank’s approval to receive N10.036 billion; Ebonyi – N4.063 billion; Edo – N3.167 billion; Ekiti – N9.604 billion; Enugu – 4.207 billion; Gombe – N16.459 billion; Imo – N26.806 billion; Katsina – N3.304 billion; Kebbi – N0.690 billion and Kogi – N50.842 billion.


Nasarawa is also expected to get N8.317 billion, while Niger will receive a total of N4.306 billion; Ogun – N20.00 billion; Ondo – N14.686 billion; Oyo – N26.606 billion; Plateau – N5.357 billion and Sokoto will get N10.093 billion.


The source, a senior central bank official, stressed that with the disbursement of the N338 billion to the 27 states that applied for the special intervention fund, economic growth would be stimulated through the payment of outstanding salaries to workers who have been owed for months.


He explained: “Once salaries are paid, we expect consumption to increase nationwide and this will go a long way in stimulating economic activities.


“After disbursing to Kwara, Osun and Zamfara, more states which applied will get their funds this week, and we have ensured that we kept the interest rate low at 9 per cent and loans repayable over a 20-year period.”


As part of the federal government’s resolve to end the lingering crisis of unpaid workers’ salaries in the country, especially in several states of the federation, President Muhammadu Buhari had approved a comprehensive relief package designed to salvage the situation.


Part of the relief package was the CBN's special intervention fund to be offered to states, which would be in the form of soft loans available to states to access solely for the purpose of paying the backlog of salaries.


The approval of the special intervention fund was sequel to the decision by the National Economic Council (NEC) at its meeting of June 29, 2015, that had requested that the CBN, in collaboration with other stakeholders, should appraise and consider ways of liquidating outstanding workers’ salaries owed by state and local governments.


The conditions for accessing the facility included resolutions of the respective state executive councils (SECs) authorising the borrowings and state Houses of Assembly consenting to the loans, as well as issuance of Irrevocable Standing Payment Orders (ISPOs) to ensure timely repayment at source from the states’ Federation Account allocations.

http://www.thisdaylive.com/articles/bailout-cbn-injects-n338bn-in-27-states-to-stimulate-economy/218955/

Most APC psycophants are just pathetic and mischievous.

Initiation into Bubuism is now a major cause confusion and mental disorderliness.

People all over Nigeria are mourning because of Law enforcement agencies recalcitrance to act against the fourth most murderous terrorist organization in the world and sycophants are here to applaud the Murderers patron for giving orders under pressure.

Why must Security agencies be "ordered" to act against Fulani herdsmen if there is no prior order shielding them from persecution? Keep the deception on.

Standing5:
Your Papa-Ganja is not working. If the Jonathanians couldn't rig election, how will you guys ever rig reality against Buhari n APC?

As usual, change the narrative for want of common sense.

Answer the questions I put to you or get lost.

Dund, you come to Nairaland to twist facts and turn the truth upside down.

Standing5:
Jonathanians won't like this too much . . . Nigeria is becoming more governable under the 'certificate-less' man of integrity.

Between Jonathanians and you, who wanted Bokoharam defeated?

Why was APC supporters called Janja-weed? Tell me I pray thee why Seun auto-corrected Janja-weed to "Supporters of APC"?

Bunch of hypocrites.

Hungerbad

Actually, Aisha wasn't feeding him well but now he has the pleasures of eating from a billion Naira food budget.

^^

I think it was APC that started the dollarization when Amaechi and Tinubu were matching Atiku's handouts dollars for dollars in a bid to get corrupt APC delegates to vote for Buhari.

The truth is that every dollar owned by Nigerians that is domiciled anywhere in Nigeria is part of our foreign reserve. It's all about government policy to make use of it.

The foreign currency depletion was anticipated when Buhari was elected hence I don't see why you are surprise. He changed the colors of Nigerian currencies in 1984 and would've done it again if Emefiele didn't warn him and told him how he was beaten in his own game by PDP politicians and businessmen alike who exchanged all their Nairas for dollar for fear of witch-hunt by Buhari, the master dribbler himself.

modath:
Madam, what happened to the "Lady" part?
What is hard to "understand" is that the BH excuse as the reason for squandering billions is untenable....



http://theeagleonline.com.ng/jonathan-gave-me-approval-to-withdraw-2b-from-eca-okonjo-iweala/

https://www.naij.com/377870-jonathan-administration-ran-nigerias-economy-down.html

http://www.premiumtimesng.com/news/168645-jonathan-gets-approval-to-borrow-1billion-to-fight-boko-haram.html

https://www.nairaland.com/2438214/jonathan-noi-governors-excess-crude




She vehemently opposed because the imperialist tendencies she is part & parcel of is to cut wages below "poverty" levels, reduce spendings on health care & welfare

A Level 14 civil servant who has spent more than 20years in the civil service receives about 100k+ after deductions, that is too much in your madam gele's books!

18k minimum wage too much in a major oil producing nation, when after deductions it's just around 15k at most!!!!


There are some opinions we should endeavour to suppress even when we feel we may burst or aspirate if we do! !!

You didn't make any reasonable point to challenge my assertions and secondly, it's not a must to reply.

I put it to you that the current minimum wage is the only reason why Yar'dua could pay salaries (N7,500) when Oil price collapsed in 2008/2009 while Buhari and present Governors can't cope paying N18000 in 2016 under the same condition. Don't forget the Governors have vehemently complained and wish for a downward review.

I have made up my mind not to defend any politician again. However, I will always provide a balance in any discussion if need be.

idensko:
For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s). Even on corruption perception, Nigeria is far better
today than in 1999, and PDP created the two major anti-corruption agencies — ICPC and EFCC, and as at 2014 TI scored Nigeria 2.7 and ranked 136 out of 175
countries. PDP secured debt relief for Nigeria, thereby relieving Nigeria from the stranglehold of the IMF/World Bank policy conditionalities. APC does not have to
negotiate with Washington on many economic policies. The list is long. PDP passed the 2015 Administration of criminal Justice bill, a perfect document in
fighting corruption The point therefore is that despite the fall in oil price, APC is starting from a much stronger base than PDP did in 1999 and the challenge now is to do far better.
In the coming years, Nigerians will be asking APC to show us their figures!

By SOLUDO.


Soludo is a respected Igbo Son, but it seems like he is just. Trying to score Cheap Political Points dis dayz.

D problem with dis Yoruba folks is trying to create another Okonjo Iweal out of kemi.

Kemi Adeosun is just like a cashier or better still a finance Minister on auto-pilot.

She is only good for a State material. Under her watch, Ogun State sank deep into debt that will be hard for future generations of Ogun State citizens to liquidate. What then makes her different from this discussion?

modath:
This is the part that we've always asked Jonathanians to EXPLAIN but because they do not have any logical or intelligent argument to put forth they either;

1. Curse their present & unborn generations.

2. Wail about their collective Nigthmare; Chibuike Rotimi Amaechi AKA "The slayer of the IB", "Ijaya PDP" "The lion of Ubima"

Or

3. Derail the thread!!

The amount spent on Bokoharam was Federal Government savings under Jonathan.
Why is it hard for you to understand?

If I may ask, Obasanjo/Okonjo Iweala saved while Jonathan/Iweala didn't? Where were you when Okonjo Iweala vehemently opposed 18,000 minimum wage, specifically the multiplying effect on senior staff even before she became a minister under Jonathan? If I may remind you her words, she said it will drain Nigeria savings and broke the gradual assimilation of middle-class spending power into the system.

tuale4u:
[s]For sure PDP under OBJ tried. OBJ govt saved $22billion that help us not to feel 2008 and 2009 global recession.[/s]

Stop making up statistics and quoting fictitious figures from your head

You mean like Yar'dua who only allowed 25% annual budget performances on the premise of savings?

How much did Tinubu and Fashola saved in Lagos State? Why is Lagos State debt competing with that of pan Nigeria, not forgetting that of Southwest APC's States?

Who do citizens of APC control States blame for subjecting their children unborn to debt? May be Jonathan

Don't forget his previous publication on why APC should stop telling Nigerians stories and start the business of governance.

When you form an opinion, do it based on facts and make sure that preconceived notions of the writer/speaker are unearthed.

While Soludo defends PDP achievement, he is particularly obsessed on painting Jonathan's achievements black though he prefers the statistics and uses than when he talks about Nigeria before the international communities.

My understanding of these show of antagonisms emanated from Jonathan's refusal to hand him the Governorship of Anambra State notwithstanding being the preferred candidate of Peter Obi and APGA Leadership who begged him to decamp to APGA to achieve his noble dream.

I learnt Jonathan told Peter Obi to anoint another candidate to receive his support as he fears that Soludo will follow the footsteps of Rochas Okorocha whom he/PDP supported his election but he turned back and stabbed them on the back by decamping to APC

PDP Handed Nigeria Over In A Better State Than It Met Nigeria - Soludo


Every team serious about ‘change’ starts with a clear identification of the baseline from which it measures deviations/progress. Nigeria has had 16 uninterrupted years of democracy with the PDP controlling the federal government as well as majority of the states. APC is now in charge at both the centre and majority of the states.

A minimum standard for measuring ‘change’ is the extent to which APC government beats the record of the PDP in measurable terms. As the saying goes, if you can’t measure it, you can’t improve/change it!

Government must strengthen the National Bureau of Statistics (NBS) and preserve its independence to produce and publish credible national statistics. It needs serious funding. I really wish our policymakers can be a little less careless or casual about the use of official statistics. I criticised the last government for relying on ‘estimates’ by World Bank staff instead of the NBS statistics. When I hear the narrative so far in the media by the new government regarding the economy, I take it largely as the kind of ‘usual propaganda’ new officials deploy to show that their predecessors “did nothing” and therefore lay the ground for claiming that they are “doing everything for the first time in our history”.

Fortunately also, there are many people as well taking a hard look at the numbers and recording scores. At AfriHeritage, we are developing a template for measuring government performance.

As Nigeria has largely evolved into a two party state in a democracy, I prefer to frame the discourse on the baseline as ‘PDP’s legacy and the APC’s challenge’!
Since it is the practice to blame the PDP for every ill that befell our country in the last 16 years (and there are many of them) it is also fair to credit them with the positive ones.

According to data from NBS, one outstanding legacy of the PDP is that in 16 years it held sway, it more than doubled the GDP of Nigeria (indeed with average year-on-year GDP growth rate in excess of 6% over the past 12 years, the GDP actually doubled within the last 12 years. It met average annual growth rate of about 2% and raised it to 6-7%, led by the non-oil sector[/b]. Yes, non-oil sector, and the “diversification” reported in the recently re-based GDP happened within the last 16 years.

Will the economy more than double in the next 12 years under the APC? For me, if only the APC can double the size of GDP from about $550 billion to $1.1 trillion in 12 -16 years, and further half the poverty index, Nigeria will indeed be on course to be one of the largest 10 economies in the world by the end of this century.

As at 1999 when PDP came to power, Nigeria was largely a pariah state still lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO and restiveness in many parts of the country.

On corruption, Transparency International scored it 1.6 out of 10 and ranked 98 out of 99 countries in 1999. Nigeria was listed among four countries that were non-compliant on the anti-money laundering rules by the Financial Action Task Force (FATF). We could not service our external debt and relied on stressful rescheduling, with all the intrusive donor conditionalities. Poverty was estimated at 70%, and unemployment at nearly 20%.

The 1990s will go down in our economic history as the decade of stagnation: when per capita income growth was zero. [b]Average oil price in May 1999 when President Obasanjo took over was $15.24 while stock of reserves was about $5 billion.

After 16 years, several challenges remain and some have even worsened (especially insecurity). Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government. Yes, it should have left more than $100 billion in reserves but left only $30 billion (still about six times of what it met).

We also wish that Jonathan’s team did not leave Nigeria with unprecedented rate of debt accumulation. But, according to statistics from NBS, the PDP handed over a $550 billion economy (largest in Africa and 26th in the world), with 7.5% unemployment rate (better than European Union, France, Sweden, Belgium, etc although the underemployment figure is much higher); 32%?? poverty rate (as claimed by the former Finance Minister, or 61%??: NBS needs to clarify this claim); a stock of reserves of $30 billion; GDP growth rate averaging 6% over last 12 years; a relatively more diversified economy, with ICT penetration from 0.2% to over 60%, and a new contributory pension scheme now with trillions of Naira in pension fund. Our external debt is down although total debt stock is escalating. Our Gini coefficient (degree of inequality) is not different from China’s. Nigeria has consolidated and stronger banking system that currently finances both government debt and the private sector, with a relatively vibrant capital market. The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover.

For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s). Even on corruption perception, Nigeria is far better today than in 1999, and PDP created the two major anti-corruption agencies — ICPC and EFCC, and as at 2014 TI scored Nigeria 2.7 and ranked 136 out of 175 countries. PDP secured debt relief for Nigeria, thereby relieving Nigeria from the stranglehold of the IMF/World Bank policy conditionalities. APC does not have to negotiate with Washington on many economic policies. The list is long. PDP passed the 2015 Administration of criminal Justice bill, a perfect document in fighting corruption

The point therefore is that despite the fall in oil price, APC is starting from a much stronger base than PDP did in 1999 and the challenge now is to do far better. In the coming years, Nigerians will be asking APC to show us their figures!

An APC candidate was openly demanding a refund from INEC Official in the just concluded Rivers State "Legislatorship" elections rerun and the Government and law enforcement agencies overlooked it because it was all about sacred cows who can't be held responsible for their actions.

Aluko confessions about lying under oath is being swept under the carpet on the premise of my enemy's enemy is my friend.

Can all these distractions ever stop?
It is either Ekiti, Rivers, Akwaibom, Delta or Bayelsa.

APC should control the preferences of their lap dogs, EFCC and DSS to avoid overheating the polity.

I am a firm believer of taking responsibility for ones actions either to suffer or to ripe the consequences but Justice must be blindfolded and administered equally on every social class, group, people or person in a way that seems balanced, incorrigible (uncontrollable) and consistent.

Pidggin:
Show evidence instead of posting false information

Buhari just came back yesterday and dollar is already down even when no evidence of the China deal is on ground? Smh

Don't see it that way.

Made-in-China products importers will used it as a bargaining chip which may really pay off.

It's all about the degree of necessity, anticipation and availability of options.

In the absence of a consensus, Nigeria should give Nnamdi Kalu a chance.


Nobody should ban me, it's just a opinion

Peter Obi

These Officials must be joking. There is a reason why Buhari has not condemned their dastardly acts across Nigeria and moreover, the Minister for Interior has already spoken in defense of the herdsmen.

Arresting armed Fulani herdsmen will surely come with adverse collateral damage on the part of Nigerian Police and nothing will still happen after a called is put through from Abuja under the orders of the grand patron.

PassingShot:
Keep your sermon and advice to yourself.

Where were you Gus when those terrorists were blowing pipelines up and down? And you also have the gut to blame the president for poor electricity supply!

Hypocrites everywhere.

Continue deceiving Buhari in repeating Obasanjo's failed policy.

Average Production (2011 - 2015) 2.4 million barrels per day.

Average production in the last three months is 1.6 million barrels per day.

Did She commit any crime?

Every supposedly alleged crime leveled against her as a result of her function as Minister for petroleum still persist with no end in sight.

NNPC continues withholding money meant for Federation account.

NNPC has been declaring loses in hundreds of billions each month since May, 2015.

Crude Oil swap that was aborted was still marred in corruption allegations.

Subsidy payment is no more a scam.

Oil theft continues

Etc.

Judging by are performance, she was the best Petroleum minister Nigeria ever had. QED.

NaijaTalkTown:
Why would a legitimate government negotiate or even play the diplomacy card with a group of militants that chose to bring down the economy of the whole country? Rivers, Akwa Ibom, and Delta are among the top 5 paid states in Nigeria according to their IGR so why can't those militants confront their state governments?

The thieves making billions from illegal mining of gold never receive the same treatment rather the FG spent another million to treat them of lead poisoning that threatened to wipe them off.

Why is the Government not bombarding thieves and Economic saboteurs mining Nigerian gold illegally in Northern Nigeria and Osun State?

https://punch.cdn.ng/wp-content/uploads/2013/02/Nigeria-loses-N8tn-to-illegal-gold-miners-360x225.jpg


The country lost $50bn (N8tn) in the last two years to neighbouring countries as a result of illegal mining and exportation of unprocessed gold.

The Permanent Secretary, Ministry of Mines and Steel Development, Mr. Linus Awute, said this on Wednesday during an interview on the sidelines of the Nigerian-Brazil Investment Forum in Abuja.

He described the loss as monumental, adding that the activities of illegal gold miners were far beyond control.

Awute, however, added that the Federal Government had put in place mechanism to address the problem.

He said, “What the country loses to illegal mining is tremendous; but the truth is that the amount of gold that left this country because of the illegal mining activities was more than $50bn in the last two years.

“The amount of unprocessed gold that has left this country through the neighbouring countries, Ghana in particular, and being processed in Ashanti, is enormous.”

Awute, however, said the Federal Government had begun the process of formalising the operations of illegal miners in the country, adding that such a move would help to generate revenue in the form of royalties to the government.

He said, “The solution to informal mining or illegal mining is to get them formalised and that is what we are doing right now. We have over 600 groups that formed themselves into cooperative societies.

“The most exciting thing is that there is tremendous increase in the percentage of accruable royalties to the government through the regularisation of their activities.’’

Awute pointed out that a road map for the development of the mining sector had been produced by the ministry, adding that the framework would help to set out vital programmes to be implemented in the short, medium and long term.

The permanent secretary said a new policy that would help to enhance performance and regulate the sector adequately had been put in place.

He also said the ministry had forwarded a draft Metallurgical Bill to the Ministry of Justice to provide a veritable tool to regulate and monitor activities in the metal sector.

The bill, according to him, will ensure efficient operations in the industry in line with world best practices as well as improve the working conditions of the people.

He said, “If the sector is well developed, it will provide alternative sources of internally generated foreign exchange that can be used to fund critical infrastructure projects.

“It will also aid the creation of economic activities and organised settlements in the rural and semi-urban centres as well as create employment opportunities.’’


http://www.punchng.com/news/nigeria-loses-n8tn-to-illegal-gold-miners/

LAGOS— Federal, states and local governments are losing about N50 trillion annually from untapped resources that abound in the nation’s soil. Nigeria is estimated to be losing about N8 trillion annually from untapped gold. The estimates are monies that should have accrued to the federation account from royalties, taxes, charges and other fees from companies and individuals operating in the solid mineral sector if the Federal Government had paid enough attention to the development of solid minerals in the country.


Going by this, Nigeria should not have had any financial crisis any time crude oil prices face southward. In fact, states in the country would have been well off financially and would not have been talking about bail out.

However, the Mining and Mineral Act of 2007 which puts the exploration and exploitation of mineral resources in the exclusive list has hindered state from developing mineral deposit in their jurisdiction. Nigerians put the blame at the feet of federal politicians that have paid lip service to fiscal federalism.

The Nigeria Extractive Industries Transparency Initiative, NEITI, audit report of 2012 suggests that there are about 40 different kinds of solid minerals and precious metals buried in Nigeria soil waiting to be exploited. The commercial value of Nigeria’s solid minerals has been estimated to run into hundreds of trillions of dollars, with 70 per cent of these buried in the bowel of Northern Nigeria.

Nigeria loses N8trn annually
President of Miners’ Empowerment Association of Nigeria, Mr. Sunny Ekosin, told Vanguard that Nigeria loses a whopping N8 trillion annually in unexploited gold alone. He also says that Ajaokuta remains the key to Nigeria’s industrialisation and that getting it back to work is a matter of patriotism for President Buhari and his team.

Ekosin, in an interview with Vanguard said: “If Nigerians were taking data seriously, assuming we build a database where we have authentic information, in 2012 the Permanent Secretary of the Ministry of Mines and Steel came before the nation and said from precious metals alone, specifically from gold exploitation alone, Nigeria is losing N8 trillion ($50 billion) annually.

According to NEITI/CBN report, “total revenue from the solid minerals sector amounted to N31.449 billion in 2012. The revenue stream from the solid minerals sector is composed of 84.18 per cent of taxes received by FIRS. Mining taxes received by MID and MCO represent 3.48 per cent and 2.24 per cent respectively.

“According to the data collected from extractive companies and government entities, after reconciliation work, revenues generated from the solid minerals sector amounted to N31.449 billion. “Government revenues from the solid minerals sector increased from N26.925 billion in 2011 to N31.449 billion in 2012.

Large sector mining was higher in 2012 due to an increase of granite and limestone production respectively to 12 million tons and 18 million tons compared to eight million tons and 15 million tons in 2011. This was a result of the increase of the consumption of granite and production of cement in Nigeria during 2012.
Solid minerals accounted for 0.02% export earnings

“The solid minerals sector accounted for an average of 0.02 per cent of total export earnings for the year 2012. Zinc and lead ores account for more than 48 per cent of the solid minerals sector exports. All companies operating under a mining or quarrying license and which make payments to MID in excess of N2 million ($12,500) were required to report their payments in accordance with EITI Requirements.

“Despite the fact that gold and barites were being mined across the nation, there is no record to show that these minerals are among the mined or exported minerals. Further finding shows that barites are mined in Benue and Nasarawa states, they are also purchased by multinational oil companies as drill fluids, despite high activities of miners there are no record of royalty payments.

No evidence of royalties payment

“From the available records of the Ministry of Mines and Steel Development, there were no evidence of royalty payment on these exported minerals. The Nigeria Minerals and Mining Act 2007 requires that any exporter of solid minerals must request for permit to export minerals. But in defiance to the act, there was no available evidence of request for permit or approval to export minerals by the companies.

“The informal players are mostly artisan miners, medium scale operators and illegal miners who hardly keep any record. Some of the minerals mined in Nigeria are exported out of the country by formal and informal players.

There are no official records from Ministry of Mines and Steel Development on the actual volume of minerals exported out of Nigeria within the period under review. However, the few records available relates to transactions that were done by the formal players as they passed through the Central Bank of Nigeria, Nigeria Customs Service and Nigeria Export Promotion Council.”

Geological survey of mineral deposits
According to the geological survey of mineral deposits in Nigeria, “the schist belt that covers the western half of Nigeria has proven reserves of gold. Although gold production in this region dates from 1913, colonial mining companies abandoned their activities following the onset of the Second World War.

“The gold mines have since remained dormant, aside from an abortive attempt at extraction by the Nigerian Mining Corporation in the 1980s, which floundered due to a lack of funds. Artisan miners now account for most gold extraction, but primary deposits that could support mechanised mining have been identified in the North West and South-West parts of Nigeria.

“These deposits are of a relatively high grade, and it is estimated that extraction costs could be as low as $50 per ounce, due to the shallow depth at which they are found. An estimated 10 million tonnes of lead and zinc veins straddle eight of Nigeria’s states, with the 700’000 tonnes in Abakiliki in Ebonyi State representing the most favourable prospect.
Non-metallic minerals category,

“In the non-metallic minerals category, riches also abound: the building industry is supplied by crushed rock, gravel and sand; glass-making grade sand has been established in many parts of the country; and Niger, Osun, Kogi, Ogun and Kaduna states collectively boast up to 100 million tonnes of talc, a mere fraction of which is used in several medium-sized talc processing plants.”

Gemstone mining is one area that has seen something of a boom, though again the level of exploitation is running well below potential. Gemstones present include sapphire, ruby, aquamarine, emerald, tourmaline, topaz, garnet, amethyst, zircon, and fluorspar. Bentonite and barite – both of which are constituents in the mud used when drilling oil wells – are also in abundance, with 7.5 million tonnes of barite in Taraba and Bauchi states and 700 million tonnes of bentonite across the country.

Reserves of bitumen represent another under utilised resource, with estimated reserves of 42 billion tonnes or twice the country’s existing reserves of crude oil. Paradoxically, most bitumen used in road construction in Nigeria is currently imported. Coal and tin were among the natural resources mined on a massive scale, with the former being used to generate electricity, power the railway network and meet the demands of regional and international markets.

Lead and zinc were a significant source of export revenue, and Nigeria was the world’s largest exporter of columbite. Stagnation in the solid minerals sector cannot simply be attributed to the meteoric rise of oil: poor management by state-owned enterprises – compounded by corruption and an incoherent exploitation of resources – has also played its part.


http://www.vanguardngr.com/2015/06/nigeria-loses-n50trn-annually-from-untapped-natural-resources/

Military force is not an answer to every militant resurgence or every insurgency.

Jonathan administration produced an average of 2.4 million barrels per day and was accused of officially stealing one million barrels per day at same time by APC making it a total of 3.4 million barrels per day.

It will interest you to note that despite the "fear of General Buhari", Nigeria now produces 1.6 million barrels per day. What a reverse diplomacy.

Buhari should make himself likable and sacrifice little for stability than believing in 19th century show of force that wouldn't work in 21st century.

modath:
Lady E, ordinarily i may not even have made any contribution to this discuss because I'm seeing this as gathering the clothes from the Clothes drying line after the has stopped falling.....

You highlighted a few things that i just couldn't help but counter...

Vision 20-20, which basically means Nigeria being a top 20 Economy by 2020, & what are the characteristics of a Top 20 economy? There are numerous but will restrict to a couple so this doesn't become too lengthy..

1.Access to Top notch education

2.Industrialization & almost 75% self sufficiency

3. Infrastructural Development

4. Unambiguous & fully defined GDP per capital growth

5. Strict adherence to due process

6. Law enforcement that guarantees 70-80% fairness.


Kindly tell which one Nigeria is on the path to

1. People now send secondary school age children to schools in Ghana

2. We import virtually everything even up to Pencils & toothpicks that we export timbers that are the base raw material.

3. No need starting on this, 3 pages won't come close

4. Minimum wage is 19,500, after deductions most of the people on this level don't go home with more than 15,000 which at 160 naira per dollar back than didn't even hit 100$ !!!! Less than 100$ for a whole month!!!!

5. We have a situation where contracts awarded don't go through tenders board, technical analysis, or even feasibility studies all because of cronyism & payment for such..

Payment can come from any source that the government believes is its sole preserve to act with impunity & no recourse to procurement process

6.This too is a 5 page minimum epistle....

Pray tell how 5 more years to vision 20 20 that is another conduit for corruption can even address any of this especially when no conscious effort is being put in place to check any of these!!

Vision 20 20 was/is all movement, no motion, An exercise in futility..

Polio, the past government did well with the assistance of DONOR agencies..

ICT Penetration, Pass mark but lot of work on pricing cos it isn't uhuru yet till 2 hrs streaming won't take out equivalent of a whole week's pay from one's pocket.

Pension Administration is the biggest scam Nigeria ia running after the Fuel Subsidy Scam, I can not count the no of retirees that discovered after their exit from service that more than 5 years that only their own part of the contribution made it to the PFA, government's never did, we also have extreme cases of both not even making it!! Stanbic, Trustfund , ARM are there for quick verification if the Steve Orosanye, Maina Waziri, Nellie Mayshak's Pension Scams sound far fetched.

Stock Market boom deceit, is another of the fraud that was perpetrated in this country , how many people bought downstream oil firms, Companies & bank shares between 2004-2008 based on the perception of "economic" boom that have now discovered that those Share certificates are now worthless papers today?

Portfolio companies isn't what development is about.. it is in the tangible/ real sector

Jonathan/PDP reduced Poverty by half? sure, in the lives of cronies & party faithfuls.... Obasanjo's "owo gbemu" is the only tangible of that era

12,000MW Capacity? Really? Capacity or actual end user AVAILABILITY?? Let's be clear..

Agricultural Policies? How? Giving Crony importers secret subsidies to bring in unbagged rice that is later bagged in Nigeria isn't what strides in agriculture is all about, Did the price of other food staples reduce? Garri, Beans, Maize, Yam, Wheatmeal l, Tomato, Oil, Egg, Potato etc... Did the policy impact their prices? 20% local production of one single food item isn't what should be taken on a campaign train!!!

I will however commend Jonathan for not listening to rabble rousers & "allowing" smooth transition of the country into the right hands, it may look bleak now but Rehab takes time,--one day at a time...

I may not have time to follow-up on this topic, however, as I said before, PDP and Jonathan were no saints.

Did they meet my expectations, certainly No, my score to them = barely 40%

Did PDP had a vision to make Nigeria great - Yes

Without Bokoharam, Jonathan would've exceeded expectations far above some of his landmark achievements. Though he learned on the Job, he had a pan Nigeria focus for which he evenly developed all regions according to resources available to him.

Education: what percentage of Nigerians school abroad? I bet it wouldn't exceed 0.0005% hence insignificant and moreover, some do it out of pride while some others think that the system values certificate gotten outside our shores. I know that Jonathan left 1.3 trillion in Tetfund account to boost Nigeria University/Polytechnic education including individual researchers.

You called Agriculture and Stock Market (even without annual budget) breakthroughs a fraud? Give it a break already, the facts and figures are there to substantiate the claims. World Bank, African development Bank and IMF, all corroborated in applauding the results.

Before, I sign off depending on my schedules. I leave you with these Professor Soludo's analysis which was rather a conservative scorecard and below the reality.

PDP Handed Nigeria Over In A Better State Than It Met Nigeria - Soludo


Every team serious about ‘change’ starts with a clear identification of the baseline from which it measures deviations/progress. Nigeria has had 16 uninterrupted years of democracy with the PDP controlling the federal government as well as majority of the states. APC is now in charge at both the centre and majority of the states.

A minimum standard for measuring ‘change’ is the extent to which APC government beats the record of the PDP in measurable terms. As the saying goes, if you can’t measure it, you can’t improve/change it!

Government must strengthen the National Bureau of Statistics (NBS) and preserve its independence to produce and publish credible national statistics. It needs serious funding. I really wish our policymakers can be a little less careless or casual about the use of official statistics. I criticised the last government for relying on ‘estimates’ by World Bank staff instead of the NBS statistics. When I hear the narrative so far in the media by the new government regarding the economy, I take it largely as the kind of ‘usual propaganda’ new officials deploy to show that their predecessors “did nothing” and therefore lay the ground for claiming that they are “doing everything for the first time in our history”.

Fortunately also, there are many people as well taking a hard look at the numbers and recording scores. At AfriHeritage, we are developing a template for measuring government performance.

As Nigeria has largely evolved into a two party state in a democracy, I prefer to frame the discourse on the baseline as ‘PDP’s legacy and the APC’s challenge’!
Since it is the practice to blame the PDP for every ill that befell our country in the last 16 years (and there are many of them) it is also fair to credit them with the positive ones.

According to data from NBS, one outstanding legacy of the PDP is that in 16 years it held sway, it more than doubled the GDP of Nigeria (indeed with average year-on-year GDP growth rate in excess of 6% over the past 12 years, the GDP actually doubled within the last 12 years. It met average annual growth rate of about 2% and raised it to 6-7%, led by the non-oil sector[/b]. Yes, non-oil sector, and the “diversification” reported in the recently re-based GDP happened within the last 16 years.

Will the economy more than double in the next 12 years under the APC? For me, if only the APC can double the size of GDP from about $550 billion to $1.1 trillion in 12 -16 years, and further half the poverty index, Nigeria will indeed be on course to be one of the largest 10 economies in the world by the end of this century.

As at 1999 when PDP came to power, Nigeria was largely a pariah state still lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO and restiveness in many parts of the country.

On corruption, Transparency International scored it 1.6 out of 10 and ranked 98 out of 99 countries in 1999. Nigeria was listed among four countries that were non-compliant on the anti-money laundering rules by the Financial Action Task Force (FATF). We could not service our external debt and relied on stressful rescheduling, with all the intrusive donor conditionalities. Poverty was estimated at 70%, and unemployment at nearly 20%.

The 1990s will go down in our economic history as the decade of stagnation: when per capita income growth was zero. [b]Average oil price in May 1999 when President Obasanjo took over was $15.24 while stock of reserves was about $5 billion.

After 16 years, several challenges remain and some have even worsened (especially insecurity). Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government. Yes, it should have left more than $100 billion in reserves but left only $30 billion (still about six times of what it met).

We also wish that Jonathan’s team did not leave Nigeria with unprecedented rate of debt accumulation. But, according to statistics from NBS, the PDP handed over a $550 billion economy (largest in Africa and 26th in the world), with 7.5% unemployment rate (better than European Union, France, Sweden, Belgium, etc although the underemployment figure is much higher); 32%?? poverty rate (as claimed by the former Finance Minister, or 61%??: NBS needs to clarify this claim); a stock of reserves of $30 billion; GDP growth rate averaging 6% over last 12 years; a relatively more diversified economy, with ICT penetration from 0.2% to over 60%, and a new contributory pension scheme now with trillions of Naira in pension fund. Our external debt is down although total debt stock is escalating. Our Gini coefficient (degree of inequality) is not different from China’s. Nigeria has consolidated and stronger banking system that currently finances both government debt and the private sector, with a relatively vibrant capital market. The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover.

For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s). Even on corruption perception, Nigeria is far better today than in 1999, and PDP created the two major anti-corruption agencies — ICPC and EFCC, and as at 2014 TI scored Nigeria 2.7 and ranked 136 out of 175 countries. PDP secured debt relief for Nigeria, thereby relieving Nigeria from the stranglehold of the IMF/World Bank policy conditionalities. APC does not have to negotiate with Washington on many economic policies. The list is long. PDP passed the 2015 Administration of criminal Justice bill, a perfect document in fighting corruption

The point therefore is that despite the fall in oil price, APC is starting from a much stronger base than PDP did in 1999 and the challenge now is to do far better. In the coming years, Nigerians will be asking APC to show us their figures!

There are more to achieve and I pray APC gets it right with this record breaking 2016 budget and not give Nigerians the same excuse Yar'dua government gave when they achieve only 25% actual performance of our annual budget and claimed that it saved money for Nigeria amid infrastructural decay, under-development and wider gap between rural/urban development.

obailala:
12,000mw... Wonderful!.. Capacity (potential energy) is useless except it is converted to something useful.

Poverty reduced by half under Jona.... I remember OBJ/NOI also bragging about how they had eradicated poverty in Nigeria. Now Jona later eradicated half.

I am quoting NBS statistics

Professor Osinbajo said so himself, evacuation/transmission and gas supply is the only problem hindering supply to consumers.

Distribution capacity stands at 10000Mw to 15000Mw.

See what Soludo have to say recently though sympathetic to APC

[b]As Nigeria has largely evolved into a two party state in a democracy, I prefer to frame the discourse on the baseline as ‘PDP’s legacy and the APC’s challenge’!
Since it is the practice to blame the PDP for every ill that befell our country in the last 16 years (and there are many of them) it is also fair to credit them with the positive ones.

According to data from NBS, one outstanding legacy of the PDP is that in 16 years it held sway, it more than doubled the GDP of Nigeria (indeed with average year-on-year GDP growth rate in excess of 6% over the past 12 years, the GDP actually doubled within the last 12 years. It met average annual growth rate of about 2% and raised it to 6-7%, led by the non-oil sector. Yes, non-oil sector, and the “diversification” reported in the recently re-based GDP happened within the last 16 years.

Will the economy more than double in the next 12 years under the APC? For me, if only the APC can double the size of GDP from about $550 billion to $1.1 trillion in 12 -16 years, and further half the poverty index, Nigeria will indeed be on course to be one of the largest 10 economies in the world by the end of this century.

As at 1999 when PDP came to power, Nigeria was largely a pariah state still lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO and restiveness in many parts of the country.

On corruption, Transparency International scored it 1.6 out of 10 and ranked 98 out of 99 countries in 1999. Nigeria was listed among four countries that were non-compliant on the anti-money laundering rules by the Financial Action Task Force (FATF). We could not service our external debt and relied on stressful rescheduling, with all the intrusive donor conditionalities. Poverty was estimated at 70%, and unemployment at nearly 20%.

The 1990s will go down in our economic history as the decade of stagnation: when per capita income growth was zero. Average oil price in May 1999 when President Obasanjo took over was $15.24 while stock of reserves was about $5 billion.

Vision 20-20

PDP took over government in 1999 when Nigeria was 94th highest Economy in the World and left it in 26th position in 2015.

The vision is realizable within the next five years.

PDP eradicated polio, ICT penetration from 0.2% to over 60%, and a new contributory pension scheme now with trillions of Naira in pension fund

The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover.

Jonathan/PDP reduced Poverty by half
Jonathan left 12000Mw power capacity.
Jonathan's agricultural policies were fruitful.

Abagworo:
Its one step at a time. Imo is the fastest growing State today outside Abuja and Lagos. There must be a reason for that.

IMO State is the 24th in Nigeria and the least in Southeast in terms of Economy and internally Generated Revenue in 2015 with just N5,472,581,634 when many others boast of double digits in billions IGR.

Okorocha needs to wake-up and restore Imo State to its lost glory.

By the way the Otamiri water scheme was destroyed by Rochas Government who openly said he preferred borehole to pipe borne water.

The water scheme was perfectly okay during Ohakim's administration

Rochas Okorocha for where?

Rochas would've been a legendary pauper had he lost 2011 election to Ohakim.

His creditors would've led him to early grave. Thank goodness the down trodden in Imo State came to his rescue and this is the true meaning of the anthem "Rescue Mission" you hear Okorocha sing always.

rockiedink:
Have you seen the card at all? And you say it not Chip & Pin...

In actual fact, the planned National ID Card is more secure than even that voters card u r hailing. Try pass your voters card near a magnet then go and use it to vote...Lai lai card reader no go sabi who u be!


SMH

He is talking of the data contained in voter card and by extension the quality of the database and not just the Card.

modath:
You didn't address the underlying issue, you only picked from the buffet table of "your opinions" & are chewing on that! So i'd leave this road to nowhere debate we would have had!

However the following facts are noteworthy.

1. The constitution does not give them the "power" to usurp the role of the executive.. if the powers of the "purse" is so unfettered, they would have the sole responsiblity & control of budgets...

2. The AGF should with alacrity approach the SC for a explicit interpretation since the clear delineation of roles isn't crystal clear to some or MORE...

3. Impeachment isn't as clear cut as you are implying & it won't be used as a bargaining chip either.... so Goodluck finding a 2/3!!

4. Buhari in his bid to shed the "dictator" toga is allowing all kinda nonsense!! Obasanjo of life!!!

Talking supplementary when the main is even in deficit!! Unpatriotic thieving Mofos backed by a group with PTSD & evil intentions..... mtcheew!

*mic drop*

All funds appropriated for capital projects are exclusively managed and administered by the Executive including awarding the constituency projects to deserving contractors hence I don't see where and how they intend usurping the powers of the Executive.

aresa:
The majority of the Nigerian electorates voted for that man to lead them and manage their affairs for 4years.

NASS are lawmakers and part of their job is to appropriate funds for the presidents agenda and priorities and not to usurp the executive's responsibilities by drawing up their own budgets and assigning funds the executive never asked for to support their own side deals. This is not their job.

The crooks at NASS have a very warped understanding of their responsibilities.

All funds appropriated for capital projects are exclusively managed and administered by the Executive hence I don't see where and how they intend usurping the powers of the Executive.

Remember, the President can still send supplementary budget as many times as he so desires provided he has (or can justify borrowing) the funds.

Even the constituency projects are now awarded by the Executive hence there should be no fear of mismanagement.

modath:
Lady E, definition of democracy ends with "for the people" because that is the most important! If it isn't serving the people's interest, why would the government made "by the people" continuing to mess with collective progress..

BTW, your example isn't tenable, you are only arguing to favour your side of bias, (which I won't fault, we are free to align as it suits us...) in what way does creation of NDDC have any relation to removing capital projects in favour of stomach infrastructure & pre emptive voter inducement

Even the NDDC is just a conduit of corruption as its function almost mirrors that of the Ministry of Niger Delta!!

It is ridiculous to argue against 469 representatives in favour of one man executive.

The Prof is basically advocating for constitutional dictatorship and thinks that Buhari will be there forever.

NASS is the representatives of Nigerian people and have the power of the purse hence the constitution even gave them the power to sack an elected President provided they get the support of 67% of their members.

The President can't sack a Legislator rather the people can recall their elected representative.

If you are not satisfied with your elected representative, there are procedures the constitution put in place to recall him/her.

If the NASS can muster 2/3rd majority, they have the constitutional backing to override the President's veto and consequently force the budget on him if all dialogue fails.

This is democracy supported by the constitution and rule of law.