smithsammy:
you live in a bush I see. I have been boarding train since my tender age. Na so you comment this nonsence for one thread like that.

victorazy:


Is he the first Nigerian president?

"           "

dedarkman:
Please can someone tell this my president not to say anything again to the public without me approving it,I can do better than all his advisers.everything he does not is making him loose more people to Gen Buhari

LMAyedun:
I will still vote for the clueless One come 2015. I still prefer the clueless One.

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

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

Public debt: Public debt stock is much higher than at any time since the Paris Club debt exit of 2006. In 2007, total public debt fell to N2,678b ($3.5b external debt from $36b, and N2.2b domestic debt). But as of end 2013, public debt has increased by more than 300 percent to N8,423b ($8.2b external, and $60b domestic). (Figure 3). If AMCON debt and other agencies are included, the total debt burden is now over N1 trillion. By end of 2014, Nigeria’s total debt should easily approach over $100b, most of which were accumulated in the past 6 years. Given the well-established negative correlation of debt and economic growth, how has growth been so strong?

Debt service: According to 2013 federal budget data, close to 20 percent of recurrent expenditure is devoted to servicing debt alone, a contrast to 2007, when only around 10 percent of recurrent expenditure was spent on debt service. The major conundrum is the lack of clarity on why debt accumulation should be so high in the presence of historically high oil prices, and what exactly the debt is financing. Furthermore, government’s policy of accumulating debt at average interest rates of 13-15 percent when the same government is receiving less than 3 per cent on its savings (foreign reserves) beats economic logic. Why not use some of the savings to finance the needs and save 10 percent? It will also be interesting to find out why debt accumulation is bad in 1999-2007, but is now a good thing.

Foreign reserves: Nigeria’s foreign reserves have followed a pattern similar to the other indicators since the beginning of civilian rule. In the Obasanjo and Yar’Adua periods, reserves high enough to finance, on average over 7 and 10 months of imports respectively. However, in the six years of President Jonathan, it has declined to about 6.3 months of imports. (Figure 4). When compared with other oil exporting African countries, in the first two periods, Nigeria’s foreign reserve accumulation was stronger than those of other countries. However, in the recent period, Nigeria is just about catching up with others. Although stabilization funds exist, the federal government has struggled to replenish them, despite high oil prices.

UchihaMadara:
Mr. President,

How can we have one of the biggest economies in the world and still not have electricity?

Please Mr. President, what exactly is the problem with electricity in Nigeria? Why also haven't we resumed the mining of coal and made is a major fuel source for power?

UchihaMadara:
Mr. President,

How can we have one of the biggest economies in the world and still not have electricity?

Please Mr. President, what exactly is the problem with electricity in Nigeria? Why also haven't we resumed the mining of coal and made is a major fuel source for power?

Collynzo22:

From where to where?
What trains were you boarding in 2007?

robinsoncrosoe:
u must be a big fool to think GEJ will solve all nijas problems in 5 yrs

LMAyedun:
I will still vote for the clueless One come 2015. I still prefer the clueless One.

smithsammy:
oga come to southwest and see things for yourself.

chimere66:
http://www.ngrguardiannews.com/news/national-news/191401-nigeria-s-economy-is-among-largest-in-the-world-says-jonathan

robinsoncrosoe:
u must be a big fool to think GEJ will solve all nijas problems in 5 yrs

smithsammy:
oga come to southwest and see things for yourself.

adewasco2k:
Trash!

We need to see things changing physically

netizenbuzz:


Pls stop spreading false rumours. Those trains are an eye sore. Stupid engines even North Korea used in the 1990s -____-

LMAyedun:
I will still vote for the clueless One come 2015. I still prefer the clueless One.