₦airaland Forum

"... Soludo accused the coordinating minister of the economy of running the country’s economy aground and blaming the state governors for failure to save for the rainy days whereas the federal government has benefitted more from sharing the Excess Crude Account (ECA) savings.

“I hereby challenge your attempt to blame others for not saving for the rainy day. It is not a virtue when you are quick to appropriate all the credit when things are going well, but shift the blame when they go wrong,” Soludo stated.

“You blame the state governors, who, according to you, have taken the federal government to the Supreme Court – not that a Supreme Court judgement forced your hands. For your information, the governors have never agreed to savings and always threatened court action even under Obasanjo. Why did we save under Obasanjo but not under Jonathan? Two keywords explain it: leadership and integrity.”

According to Soludo, the Governor Chibuike Amaechi-led NGF insisted on sharing the funds because they found out that the federal government was illegally fiddling with the savings.

“So, as Nigerians still wonder, if billions of dollars are now ‘missing’ under your nose, why should governors trust you to keep their money?” said Soludo.

“Do the states that have taken the federal government to the Supreme Court and refused to save also include the PDP governors, who are in the majority? If so, then it is fatal: even governors of your own party, PDP, do not trust you to keep their money! Furthermore, did the governors also stop the federal government from saving part of its share? If you ran a surplus budget at the federal level, you would have had credibility to blame others or to say they did not listen to your advice.”

“The key point is that since you were running huge deficits yourself, it was also in your own interest to share the ECA. You did not show leadership or credibility, full stop.”

DickDastardly:

The Crooks that has benefitted immensely from the system will never let us be.
You Mr Soludo, okonja iweala, jonathan etc should let us hear pls. Criminals!

LouisVanGaal:
Is that what you can make from the. Article Mr Dickhead??

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!

tuale4u:
SOLUDO TO NGOZI OKOJO IWEALA



http://leadership.ng/news/408685/soludo-fires-okonjoiweala-n30trillion-stolen-watch

Excerpt starting from Paragraph 7.

Soludo made this statement in Feb 2015. It is important to re awaken it following d current attempt of wailers to start using d same excuse for Jonathan.

Copyright Nairalander SamsuRana

LadyExcellency:
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 fact and make sure that preconceived notions are assumed.

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 stern from refusal of Jonathan 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.

modath:
Soludo go hear the story of how hin ancestors take "crawl" reach Anambra!!

He is castigating Hero of our time & madam textbook economist.



*This thread go sweet die*!!

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

Furthermore, did the governors also stop the federal government from saving part of its share?

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!!

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.

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!!

Disciples of the Legend of the Hero, in simple ingrish; what happened to the 52% share of the FG?. Amaechi is not a signatory to the Federation account nah..

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!!

Disciples of the Legend of the Hero, in simple ingrish; what happened to the 52% share of the FG?. Amaechi is not a signatory to the Federation account nah..

LadyExcellency:
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

LadyExcellency:
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 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.

LadyExcellency:
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

modath:
Soludo go hear the story of how hin ancestors take "crawl" reach Anambra!!

He is castigating Hero of our time & madam textbook economist.



*This thread go sweet die*!!

OLADD:
Ignoring your kind of stupid post would have been the most preferable option but it's a disservice to commonsense if that's done. Which 52% were you expecting the FG to save from? Should the FG opt to save money at the expense of its developmental strides and other financial obligations? Should they be keeping money aside and allow Boko haram to subdue the entire country? Should they be saving money and allow the nation to be grounded because of inability to meet fuel marketers' subsidy demand? Even if there's no corruption, the 52% FG share can't solve the numerous problems facing the nation in the areas of road construction, health care delivery, security services, salaries etc. No matter what Soludo or any other sycophants say, the bulk of the blames goes to the greedy governors (led by long throated Ameachi) who held the FG by the jugular thereby forcing the later to deplete the ECA. Let's be sincere Iin our comments.

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! !!

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

LadyExcellency:
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 Nigeria 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.

OLADD:
Ignoring your kind of stupid post would have been the most preferable option but it's a disservice to commonsense if that's done. Which 52% were you expecting the FG to save from? Should the FG opt to save money at the expense of its developmental strides and other financial obligations? Should they be keeping money aside and allow Boko haram to subdue the entire country? Should they be saving money and allow the nation to be grounded because of inability to meet fuel marketers' subsidy demand? Even if there's no corruption, the 52% FG share can't solve the numerous problems facing the nation in the areas of road construction, health care delivery, security services, salaries etc. No matter what Soludo or any other sycophants say, the bulk of the blames goes to the greedy governors (led by long throated Ameachi) who held the FG by the jugular thereby forcing the later to deplete the ECA. Let's be sincere Iin our comments.