Scoring the PDP

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

  1. On corruption, Transparency International scored Nigeria 1.6 out of 10 and ranked 98 out of 99 countries in 1999.
  2. Nigeria was listed among four countries that were non-compliant on the anti-money laundering rules by the Financial Action Task Force (FATF).
  3. We could not service our external debt and relied on stressful rescheduling, with all the intrusive donor conditionalities.
  4. Poverty was estimated at 70%,
  5. Unemployment at nearly 20%.
  6. The 1990s will go down in our economic history as the decade of stagnation: when per capita income growth was zero.
  7. Average oil price in May 1999 when President Obasanjo took over was $15.24
  8. Stock of reserves was about $5 billion.

What PDP left

  1. 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.
  2. in 16 years it more than doubled the GDP of Nigeria the GDP actually doubled within the last 12 years.
  3. 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.
  4. left $30 billion about six times of what it met
  5. The PDP handed over a $550 billion economy (largest in Africa and 26th in the world),
  6. A 7.5% unemployment rate (better than European Union, France, Sweden, Belgium, etc
  7. 32% poverty rate? (as claimed by the former Finance Minister, or 61%??: NBS needs to clarify this claim);
  8. Stock of reserves of $30 billion;
  9. A relatively more diversified economy, with ICT penetration from 0.2% to over 60%,
  10. A new contributory pension scheme now with trillions of Naira in pension fund.
  11. Our external debt is down .
  12. Our Gini coefficient (degree of inequality) is not different from China’s.
  13. A stronger banking system that currently finances both government debt and the private sector, with a relatively vibrant capital market.
  14. The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover.
  15. For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s).
  16. PDP secured debt relief for Nigeria, thereby relieving Nigeria from the stranglehold of the IMF/World Bank policy conditionalities.