₦airaland Forum

LegendHero:
This is exactly what Jonathan did that suddenly turned Nigeria to the highest GDP in Africa then.

Jonathan rebased the economy on the growth of new industries, specifically the development of the ICT and telecom industries. I did not agree with GEJ's rebasing of the economy, but there was some logic in his decision. I

In the case of Tinubu, there are no new sector or economic growth warrants any economic rebasing; in fact, Wale Ebun recently decried the domination of the import and informal sector as a drain on the Nigerian economy.

The economy is tanking due to the floating of the Naira, high inflation, and Nigeria's growing debt profile. Nigeria's GDP currently stands at $199 billion and will fall to $99 billion by the end of 2025.

Rebasing the economy against the unproductive informal sector doesn't make any sense

There has been an ongoing conversation about rebasing Nigeria’s gross domestic product (GDP) data to better capture the informal sector.

The federal government is set to rebase the country’s Consumer Price Index (CPI) and Gross Domestic Product (GDP) by 2025 to enhance policy accuracy and boost investor confidence.

This was disclosed in a statement on the official X (formerly Twitter) account of the Ministry of Finance following a meeting between the Statistician General of the Federation, Adeyemi Adeniran, and his team.

According to the Ministry, Adeniran met with Minister Wale Edun to provide a comprehensive update on the ongoing rebasing of the CPI and GDP.

There has been an ongoing conversation about rebasing Nigeria’s gross domestic product (GDP) data to better capture the informal sector.

According to estimates, Nigeria’s informal sector, which is only faintly reflected in the GDP, contributes about 60% of the country’s economic activities.

Rebasing GDP and inflation data involves changing the methodology used to calculate these figures, a move expected to enhance accuracy in policy-making decisions.
Interestingly, under the current methodology, Nigeria’s GDP has dropped significantly in dollar value, causing the country to slip from its previous rank as 1st in Africa to 4th place.

In 2023, the Nigerian Bureau of Statistics (NBS) updated its unemployment data methodology to include casual and self-employed workers. This change led to a significant drop in the unemployment rate from 33.3% to about 5%.

While this adjustment has faced criticism for not reflecting the true unemployment situation in Nigeria, the NBS has defended its position, stating that the methodology aligns with global best practices.

https://nairametrics.com/2024/11/16/fg-to-rebase-inflation-gdp-data-in-2025-to-drive-policy-accuracy-investment/

Caseless:
Hmmmm...

You'd know the external forces working to hold this country down are not doing too much to achieve that, only need to have the wrong guys in office and all their wishes are met. If not so, how can you explain this?

These neo-liberal economies would tell our headless leaders what to do, because they have white skin, our leaders take everything hook, line and sinker - they'd implement, throw their people into poverty net and the same institutions come back to tell us how that policy is not working.

They told us this many years down the line when IBB and Olu Falae promoted SAP and forced it down our throats - they said it failed because it was not fully implemented(as Farooq Kperoggi recalled in one of his articles). I wonder which part of the SAP was not implemented.


As a Nigerian, I've had the foretaste of what Hell feels like, I want God to remember this face and save me a place in paradise.

It's high time we started arresting those good for nothing economists who come on air to preach the benefits of a policy and they turn out bad for our country. . Start with Arise Rotus and Rewane bismarck we are still waiting for the right value of the Naira. There should be a law that ban World Bank and IMF from Nigeria TV station

vanitybutiwanti:
what do you mean by unthinKing Robot? If you get a public office what will you do different? It seems you kids on nairaland are yet to understand that it's all about the money, there is nothing any public officer in Nigeria can do to satisfy the overwhelming population. Make una go hustle and tone down your unrealistic expectations. Every man for himself, these men have made way for themselves

There lies the problem in Nigeria. Don't complain when thieves and kidnappers raid your house.

Tellmeastory:
THE UK ANNUAL BUDGET IS 2 TRILLION DOLLARS.

NIGERIA’S ANNUAL BUDGET IS 30 BILLION DOLLARS.

STOP COMPARING APPLES AND ORANGES.

UK Budget is $700 Billion

Nigeria's budget is small because the country has wasted it oil money on useless fuel subsidies and controlling the Naira when it should have been investing in infrastructure.

flokii:
NNPCL can't stop importation of petroleum products as there is presently no refinery operating in Nigeria in the face of the law

Dangote situating his refinery in a Free Zone means the refinery is technically in a Free Zone outside the Nigerian Customs territory.. if Dangote want, we go open book for am.
He has no legal claim or right to anything in Nigeria's Petroleum Industry and cannot quote any of the provisions contained in the Petroleum Industry Act, 2021 in the Nigerian courts.

The Petroleum marketers should better shine their eyes and protect their investments.
When we are ready to play by the rules laid down in the PiA, NNPCL will see to revival of our four major refineries, not a private business owner coming to quote Government laws as if he is the Government.

When willthe NNPCL revive its four refineries, despite recently spending $4 billion.

givedemwotowoto:
You pushed out GEJ from office with a mock coffin, propaganda, hate, threats of violence, and bigotry. For 8 years you praised Buhari and lied to the country that he was fixing the economy, when in fact he was destroying the economy. Less than one year after he left office and you betrayed him, telling Nigerians that he destroyed the country. The same man you lied about for 8 years.

Now you’re extending the same fake friendship to the SS with a fraudulent project that will never be completed once you get their votes. As betrayers and backstabbers, don’t we all know what’s going to happen if you get their votes?

Not just are you betrayers, you’re also cowards! Rather than apologize for using tribal and religious bigotry to destroy the country, you’re trying to shift the blame to others

GEJ was useless, the coward couldn't stand by his judgement of removing fuel subsidies.

Chucks13:
You are right somehow but also remember if by mistake 4,000 souls perish in that hole bro the whole wold will go against SA just take tgat from me it's not going to be funny anylonger.

A sensible government with no hate mind should take this situation as opportunity to arrest them all and go after those who hired them prosecute them and deport those deserve deportation and jail hose that deserve to go to jail, and the govt should permanently shut down the illegal mini site forever.

How many Africans perish in the Sahara deserts and the Mediterranean Sea? Do you think the West cares about black Africans when their government doesn't care about them? Nigeria's government continuously destroy people's homes and pushes millions of Nigerians into homeless destitution. Do you think anyone cares?


There are just too many Africans and little capability to development them.

Chucks13:
You are right but are you saying 4,000 human like you should starve to death simply they are illegal miners, is that a solution to miners illegality problem?

Maybe the next 4000 will not embark on illegal mining.

9ja4live:
These people are wicked oh

They are not you !

You illegally go to their country, commit crimes, destroy their environment and then expect the government to help them. You are wicked after destroying your country with illegal mines; you then carry your nonsense to another country. When they are hungry, they will come out.

Nigeria should do the same to the illegal Chinese, Malian and Nigerien miners that are destroying our local habitat.

AfonjaConehead:
That's not happening bro.... during endsars,the north was outside. If Nigerians wanna protest for say, regionalism or toal restructuring,or resources control,the north will never partake in it.
The last protest against the hardship,the west and SE did not partake.... Only the east have been protesting to opt out of naija......there's nothing we can ever do together in this Nigeria....

Nigerians oughttave been protesting against power outage, activities of agberoes,killer herdsmen,bad roads, monopoly of certain items,commodities by the likes of dangote,etc,many many years ago but affiliations keep holding us down

Ango Abdullahi recently said that Nigeria should be renegotiated and that the 1914 British-Nigeria contract expired in 2014. As the country continues to fail the ability to share oil returns diminished every region will wake up to the reality that Nigeria cannot work

God1000:
N47.9trn was big money before, but it's nothing under this government, our currency has truly lost its value

This is just $28billion going by the current exchange rate


I believe this money will achieve a lot if it is well utilized, but half of it will be mismanaged and embezzled

$28 billion for 220 million Nigeria.

The government should prioritise developing the LNG sector and Fertiliser

anonimi:
So why did you make excuses for Fashola's failures in your comment that I quoted

Because I am fed up making excuses for docile Nigerians. How can 220 million people be held very few people. I believe that Fashola had no clue about the state of Nigeria's electricity and was playing politics when he said he could fix it in 6 months. Still, the gullible Nigerians believed him, and the rest is history. Nigeria cannot generate a basic 3000MW in 2024.

anonimi:
What do you gain from making excuses for the gross incompetence of overpaid politicians?
If oyinbos make similar excuses for their politicians, will we have their countries to run to since we are too clueless to fix our own country?

Did Britons not have five PMs in six years because four of them failed to do what they promised and were elected to do? From David Cameron in 2016 to Rishi Sunak in 2022

Fighting me will not solve the problem. Nigeria has had an acute electricity problem since the 1970s, and the government has continued with the same solution of building a national grid system that is beyond Nigeria's capability.

The patients' raising their voices forced the hospital to react to what they had been doing for 17 days. Praying in the night, Virgil.

In 2022, Buhari signed a law allowing states to build electricity infrastructure to generate, transmit, and distribute electricity within their state. Nothing happened until this year when the grid collapsed 11 times. My point is that blaming the politicians when the people are docile is a waste of time;

I would rather blame the people who are not protesting against the hopeless service. I live in the UK, where electricity started in regions such as Northern Electricity and Scottish and then grew into national electricity.

Nigeria has been importing refined oil for 40 years at the expense of investing and developing local electricity. In 2012, the NLC and opposition politicians protested against removing fuel subsidies.

The only way Nigeria will fix it electricity is when there is no electricity to supply as bad as Tinubu is, his hopeless leadership will force Nigerians to standup or die

AfonjaConehead:
This is what Nigerians oughttave been doing years ago all over the country.
But tribalism will never allow their brains grow cells...and they keep suffering and smiling in darkness of ebinpawa..

It has less to do with tribalism and more to do with the docile nature of Nigeria. Only Tinubu can force Nigerians to wake up and revolt against this failed country. Very soon, Nigerians will start killing politicians and government officials.

ogolemati:
fashola was making noise those days,having steady light is not rocket science.they made him minister of power both rocket and science we no see.a country of 60something years can't have steady light.please the criminal that build Lagos should build nigeria na

I don't think Fashola understood the vested interest that has held electricity to ransom.

Recently, states in the South have decided to create their own electricity grid, yet the North is now resisting the plan to Balkanise the energy grid; Nigeria should have state and regional grid independent of TCN , with TCN acting as a backup between regional grids.

God go punish that fraud Mele Kyari and his lies



Nigeria’s daily crude oil production increased from 1.39 million barrels per day (bpd) to 1.43 million bpd in October 2024.

This is according to the November 2024 monthly oil market report from the Organization of Petroleum Exporting Countries (OPEC), which reflects supply data for the previous month.

The report indicates that Nigeria added approximately 35,000 bpd to its crude production. Data sourced from secondary channels also confirms that Nigeria remains Africa’s leading crude oil producer despite not meeting its OPEC production quota.

https://nairametrics.com/2024/11/12/nigerias-crude-oil-production-rises-to-1-43-million-bpd-in-october-2024-opec/

NNPC’s claim of the production of 1.8 million bpd of crude oil comes a few days after OPEC released its monthly data, showing Nigeria’s crude output for October only grew to 1.43 million bpd.

Is04970:
Dasuki is a free man today.
Ill equiped soldiers are dying in the hand of terrorists.
New terrorists organization are being formed.
Nigeria has wasted billions of dollars and lives of personel fighting Islamic based terrorists in the North.
Muslims should look at themselves in the mirror. It's no longer funny.

Let the North manage their affairs in the North

As Long As Nigeria Operates Under 1999 Constitution, No Angel Can’t Save It – Anyaoku

Speaking at the launch of The Noble Academic and Patriot: A Biography of Emeritus Professor Akinjide Osuntokun at the Nigerian Institute of International Affairs in Lagos, Anyaoku criticised the constitution as a major impediment to Nigeria’s unity, stability, and development.

Former Commonwealth Secretary-General, Chief Emeka Anyaoku, has called for the abolition of Nigeria’s 1999 Constitution, warning that its continuation will prevent the country from realizing its full potential.

Speaking at the launch of The Noble Academic and Patriot: A Biography of Emeritus Professor Akinjide Osuntokun at the Nigerian Institute of International Affairs in Lagos, Anyaoku criticised the constitution as a major impediment to Nigeria’s unity, stability, and development.

Reflecting on Nigeria's pre-1966 governance structure, Anyaoku argued that the country had been on a path toward unity and growth before the military’s adoption of a unitary system in January 1966, which has since defined Nigeria's political landscape.

"Nigeria was more united, more stable, and developing towards its potential," he said, contrasting that era with the current stagnation.

Anyaoku explained that pluralistic nations thrive when they address their diversity through true federal constitutions, which allow for regional autonomy and decentralized power.

According to him, Nigeria’s 1999 Constitution fails to accommodate the country’s diverse cultural and regional landscape, stifling the nation’s capacity for cohesive development.

"As long as Nigeria continues to operate under this constitution, even an angel like Gabriel cannot save it," Anyaoku said.

Anyaoku, serving as chairman of the event, highlighted that Nigeria, like many other nations, is a pluralistic society, with a diverse population of people rooted in distinct geographical areas, each with unique histories, cultures, languages, and religions.

He stated, “The universal lesson is that pluralistic countries that have remained unified and progressive as single political entities are those that embrace their diversity with genuine federal constitutions."

Anyaoku cited India, Canada, and Switzerland as examples of nations that have successfully managed diversity through true federalism.

He contrasted this with countries that failed to do so, leading to disintegration.

He said, “Examples include Yugoslavia, which after 74 years split into seven sovereign states; Czechoslovakia, which divided into two independent states; East Timor, which separated from Indonesia; and, closer to home in Africa, Sudan, which split into two countries after nearly 3,000 years.”

“I believe that for Nigeria to achieve true unity, political stability, and effectively address its current challenges, it must adopt a truly federal constitution,” he said.

Anyaoku argued that Nigeria’s issues are not merely due to political leadership but stem from the 1999 Constitution itself, noting that “not even Angel Gabriel or Mala’ika Jibril” could resolve Nigeria’s challenges under it.

He explained, “The divisiveness, the struggling economy, widespread poverty, insecurity, and rampant corruption are among the significant issues facing Nigeria. For the sake of preserving our nation, the Federal Government and National Assembly must heed this universal lesson without further delay.”

Anyaoku called for a democratic constitution genuinely crafted by Nigerians, inspired by the principles of the 1960/63 Constitution, which was agreed upon by Nigeria's founding fathers.

“As many will recall, Nigeria was more united, stable, and on a path of development under that constitution until military intervention in January 1966 brought in a unitary system, which, in various forms, has persisted to this day,” he added.
https://forum.cybereagles.com/viewtopic.php?f=7&t=319113

Coldspice:
None from Russia. And those fools want to be a world power grin

No wonder Ukraine is giving them wotowoto.

RodgersAkpafu:
how is that related to the topic ?

The slowpoke Coldspice should focus on the Nigerian pharmaceutical industry that imports all its base chemicals and API from India and Bangladesh. Despite the country experience during covid-19, the country has failed to build a single vaccine-manufacturing plant

Please sack Kyari now! The man is gaslighting again. What is the status of the four NNPC refineries?

NNPC is presently doing under 1.5 million barrels per day and probably 250k-300k

“I need to make this clarification because of the reports in the media that our OPEC quota is 1.5million barrels per day. The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable.”

Kukutente23:
So he is implementing an unapproved budget if we are to go with your lie. Are you aware that is an impeachable offence?

You begin to understand the failure of Nigeria's education system. The new governor is a semi-illiterate with a patch-up resume leading gullible people.

How can anyone embark on a new project with authorisation from the state house of assembly on his new budget,

muykem:
You are the gullible and unintelligent fellow. Do you need contractor all the time to construct roads? What's purpose of ministry work? Have you not heard of direct labour.

Olodo, remove the EBA from your brain. Shouldn't his first job be to prepare a small budget (plan) and audit the past government before embarking on new spending?

When they say Nigerians are backward, they are talking about you; you do not know relevant of institutions, standards, procedures and guidelines.

Omenlon:
if you don't know what to do after winning an election for over 2 months then you don't have a business in the govt house. Besides, this man have build schools and constructed roads in some communities in esan land, he didn't used animals but human beings, so you are the one that is brainless here. Run enter your hole, rat.

Olodo, remove the EBA from your brain. Shouldn't his first job be to prepare a small budget (plan) and audit the government before embarking on new spending?

When they say Nigerians are backward, they are talking about you; you do not know the institutions, standards, procedures and guidelines.

NaijaCowFarm:
Did he appoint a contractor before resuming office? Gullible Nigerians do not use their brains. Truly, some people have EBA as their brain.

Nigerians are beyond gullible. The new governor is all about gaslighting. He hasn't implemented a new budget (planning ) before embarking on new spending.

WriterNig:
👍🏻 Like for Russia-Africa, share for USA/Nazi/NATO 卍

They are all Nazis, including the corrupt and debauch president of E Guinea. It is a small country with enormous gas and oil reserves but nothing to show for its natural material wealth beyond sex video, greed and corruption.

There is something wrong with black Africans they can run shit

Osanoghodua1:
He did well for infrastructures in Edo and major reforms but for roads he did poorly. God bless you sir.

Akpakomiza is about to construct my road oooooooooooooo. Oba Erediauwa road at Uteh, repair the bad spots at Aduwawa leading to Benin -Auchi road. Construct Tenboga Ekiuwa road to Uniben, so when going to Ugbowo, no more passing through town.

Roads are infrastruture

tundegan:
The $10 billion investment needed for the power sector is a huge but necessary ask. We need to get the right investors on board and fast.

Government should also look into the existing private players, see how they can be optimized before bringing in new ones.

The end goal is to have stable power supply and we all should work towards that.

Nigeria's oil subsidies cost $10.4 per annum; Nigeria borrowed $10.4 per annum to fund the importation of cheap and dirty fuel. Now that this contract has been ended. Why doesn't the FG borrow $10 billion to fund 24/7 electricity.

The solution is that states and regions should generate, transmit and distribute its electricity. TCN and the Disco are dead.

In the statement, Adelabu said that the government alone, could not afford the $10 billion when there were other critical sectors in need of funding.

Tetrahedron:
Yet petrol cabal wants to keep importing fuel.
Girls in naija still accounting for billions of dollars every year because they keep buying imported fake human hair from china using the same dollars

We produce nothing, import everything, and then wonder why the Naira is tanking.

The government must resuscitate the Steel industry by selling it immediately, selling the NNPC refineries and create energy competition

Bullet01:
We have been using this so called dirty fuel before Dangote started production. Don't you think someone is manipulating something?

NNPC and IPMAN /PETROAN business is buying dirty fuel, this is a documented fact , I can share you a link

jiz:
Mele must GO

He is corrupt and useless. NNPC owns 7% of Dangote Refinery but owes 100% of four refineries that have not worked in 20 years despite recently investing $4 billion on them.

Bestmanfornow:
Only in west that Contractor took over national assets because Ogun state refused to pay, can you show me where contractor is having issues in Anambra state, we are not known for debt, go and check most indebted states in Nigeria then come back let discuss

I hope you have seen new Anambra State government house and lodge that's currently ongoing? Anambra state currently is huge construction site and Gov Soludo always mobilize 60% and once you complet you get the remaining, he is financial expert not the criminal in your state that's good at hyping IGR with nothing to show for

That was international politics at play. Notice that the ruling against Nigeria was in the UK, Canada, USA, and France, and this was two weeks before the China-Africa summit; the West was trying to embarrass China as a country that is exploiting Africa. Notice that the court case went quiet immediately after the conference.

BTW the governors of Ogn states are crooks , the roads are all a disgrace.

Imagine Nigeria having 37 free trade zones that generate $5 billion annually. Before anyone says Lagos was the former capital, Stuggart generates more revenue than Berlin in Germany.