Prof Charles Soludo wrote an article title, Can a New Buharinomics Save Nigeria?, Its an excellently written piece, and should be read by all.
I have edited it, added nothing, just brought out bullet points so its easier to read and assimilate. The listed points are a target for the APC led Federal Government, their focus should be to beat what the PDP left, nothing less.
Hard facts, money talks, talk less, get to work.
| By Chukwuma Charles Soludo
What PDP met
- 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).
- We could not service our external debt and relied on stressful rescheduling, with all the intrusive donor conditionalities.
- Poverty was estimated at 70%,
- 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
- Stock of reserves was about $5 billion.
What PDP left
- On corruption perception, 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.
- in 16 years it more than doubled the GDP of Nigeria the GDP actually doubled within the last 12 years.
- Met average year-on-year GDP growth rate of 2% raised to in excess of 6% over the past 12 years, led by the non-oil sector. Yes, non-oil sector.
- left $30 billion about six times of what it met
- The PDP handed over a $550 billion economy (largest in Africa and 26th in the world),
- A 7.5% unemployment rate (better than European Union, France, Sweden, Belgium, etc
- 32% poverty rate? (as claimed by the former Finance Minister, or 61%??: NBS needs to clarify this claim);
- Stock of reserves of $30 billion;
- A relatively more diversified economy, with ICT penetration from 0.2% to over 60%,
- A new contributory pension scheme now with trillions of Naira in pension fund.
- Our external debt is down .
- Our Gini coefficient (degree of inequality) is not different from China’s.
- A 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).
- PDP secured debt relief for Nigeria, thereby relieving Nigeria from the stranglehold of the IMF/World Bank policy conditionalities.