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“If Nigeria was the way it was on May 28 1999”
Let us remind ourselves how Nigéria was as at 1999. Just so we do not forget; Nigeria was a pariah state lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO, death of MKO
Let us remind ourselves how Nigéria was as at 1999. Just so we do not forget; Nigeria was a pariah state lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO, death of MKO
2. As at 1999, On corruption, Transparency International scored Nigeria 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).
Nigeria was listed among four countries that were non-compliant on the anti-money laundering rules by the Financial Action Task Force (FATF).
3. As at 1999 our London and Paris Club burden was about $36bn. We could not service our external debt and relied on stressful rescheduling, with all the conditionalities.
By 2001, the debt stock as percentages of total export and GNP was 14% and 83% respectively
By 2001, the debt stock as percentages of total export and GNP was 14% and 83% respectively
4. Poverty was estimated at 70%, and unemployment at nearly 20%. NBS reported Poverty increased from 28.1 percent in 1980 to 65.6 percent in 1996
“The 1990s will go down in our economic history as the decade of stagnation: when per capita income growth was zero.” Soludo
“The 1990s will go down in our economic history as the decade of stagnation: when per capita income growth was zero.” Soludo
5. As at May 29, 1999 our foreign reserves was about $4.8bn barely able to cover 6months of import.
6. As at 1999, Pension liabilities accumulated over the years had ballooned to unsustainable levels. Pension coverage in Nigeria was 1.3% compared to Mauritius 60%
In 2001, N6.4b was needed for payment of military pensions but only N2.1b was released, leaving a balance of N4.3b
In 2001, N6.4b was needed for payment of military pensions but only N2.1b was released, leaving a balance of N4.3b
7. As at 2014 when PDP left office, unemployment rate was 7.5% against 20% in 1999.
Poverty rate had fallen from 70% to 32% according to NBS and World Bank reassessment of poverty
Poverty rate had fallen from 70% to 32% according to NBS and World Bank reassessment of poverty
8. As at 2014, a contributory pension scheme was in place to resolve the huge deficit in funding pension obligations. The 2004 Contributory Pension was revolutionary and created a new pool of funds for infrastructure investment. As at 2018 over N5trillion is in the kitty
9. As at 2015, Foreign reserves was at $30 billion against the $4.8bn of 1999
GDP growth rate averaged 6% over last 12 years of PDP rule with a relatively more diversified economy against the 2% growth level of 1999
ICT penetration rise from 0.2% in 99 to over 60% as 2014
GDP growth rate averaged 6% over last 12 years of PDP rule with a relatively more diversified economy against the 2% growth level of 1999
ICT penetration rise from 0.2% in 99 to over 60% as 2014
10. As at 2015, Our external debt was down. PDP secured debt relief for Nigeria, thereby relieving Nigeria from the IMF/World Bank conditionalities. Debt payment was possible due to transparent saving of oil windfall, fight against corruption. We had $18bn cash to pay!
11. As at 2015, The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion in 1999 to N12 trillion as at 2015. For the first time Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s).
12. As at 2015, On corruption perception, Nigeria was far better than in 1999
PDP created the two major anti-corruption agencies— ICPC and EFCC
As at 2014 TI scored Nigeria 2.7 and ranked 136 out of 175 countries against 1.6 out of 10 and ranked 98 out of 99 countries in 1999
PDP created the two major anti-corruption agencies— ICPC and EFCC
As at 2014 TI scored Nigeria 2.7 and ranked 136 out of 175 countries against 1.6 out of 10 and ranked 98 out of 99 countries in 1999
13. As at 2015, from PDP created the Sovereign Wealth Fund with over $1bn
Created Excess Crude Account for saving revenue windfalls to manage fluctuations transparently
Created the Debt Management Office and enacted the Fiscal responsibility Act for sustainable debt management
Created Excess Crude Account for saving revenue windfalls to manage fluctuations transparently
Created the Debt Management Office and enacted the Fiscal responsibility Act for sustainable debt management
14. As at 2015, the Banking Consolidation initiated by @OfficialPDPNig had led to emergence of stronger Banks able to go continental and fund big ticket projects.
Consolidation moved Nigeria from 89 banks to 25 banks that is enabling economic growth and expanding globally
Consolidation moved Nigeria from 89 banks to 25 banks that is enabling economic growth and expanding globally
15. To compare Nigeria of 1999 to 2014 is a sad reminder that selective amnesia is still an ailment plaguing many. The active twitter generation are mostly in their 30s and do not know Nigeria of the 90s. Ask Obasanjo, Tinubu, Soyinka, Gov. Fayemi where they were in 1995 to 1998?
16. In 1999, Abuja-Keffi, Abuja-Lokoja, Abuja-Airport, Abuja-Zuba were all single lane roads.
Air passenger traffic grew from 419,700 in 1999 to 0ver 4.4M in 2014
Airports grew from about 23 in 99 to 31 in 2014
Air passenger traffic grew from 419,700 in 1999 to 0ver 4.4M in 2014
Airports grew from about 23 in 99 to 31 in 2014
17. I wish to acknowledge Prof Soludo for some of the data and the attached screenshots for support materials.
