Osun State Governor Rauf Aregbesola has said Nigeria does not possess the wealth it professes to have, describing the country as “poor indeed”.

He spoke on Tuesday night at the Government House during a dinner to commemorate the 21st anniversary of the state.

He said research had shown that the Nigeria’s oil reserve would dry up in the next 50 years, stressing that the country must evolve economic strategies to meet yearning challenges when oil dries up.

“At the maxim, oil will dry up in the next 50 years. Nigeria’s problem is not political but it is economic. How are we going to survive when oil dries up,” he emphasised.

The governor said the N4tn accruable annually to the country on oil sales was grossly inconsequential when compared to what the country needs to develop.

Explaining that if the N4tn is shared among 160 million Nigerians annually, each Nigerian would end up with a few thousand naira, adding that after the sharing there would be no money to develop infrastructure and pay wages.

http://www.punchng.com/news/nigeria-not-rich-aregbesola/

We already know that.
Is Nigeria not listed as one of the 'poorest' nations in the world?
What planet does this 'intellectual pigmy' live in?

Something needs to be done about this 'Oshhhu' state of a place.
Is it only ignorance and violence that can be germinate from it's soil?
How can any stark-illiterate call ANY African country DEPENDENT on foreign aid 'rich'?
Only in 'Osssshu' state I guess!
Mtcheeeeeeeeeeeeeeeeeeeeeeeeeew!!!

Abeg classroom economist,
invest the money dont share it.

He's right, actually. A capital budget of less than N2trillion ($12.5 billion) is inconsequential in a country of 170 million people, not when a similar-sized developing country like Brazil (with a population of about 193 million) approved a 2012 capital budget of $104 billion. That's what you get when you continue to depend on economic rent rather than taxes.

PS: I deliberately left out recurrent expenditure from my analysis: It bears no significance for the common man.

He must have stolen too much to think he stole it all!

if you cant manage 200naira how can you manage 20000naira.
its not how much you have but how well you manage what you have.

@Post

Aregbesola may have a point. The problem with Nigeria is that we concentrate too much on oil. Back in the day, Nigeria depended on other resources like cocoa, palm nuts etc. However, the minute oil was discovered, we chose to place all our focus on oil while abandoning all our other resources. When the oil finally dries up, we will know what's up. Nigeria is also a consumer nation but we need to focus more on manufacturing because we are making countries like china who manufacture items rich while we continue to languish in poverty.

HNosegbe: He's right, actually. A capital budget of less than N2trillion ($12.5 billion) is inconsequential in a country of 170 million people, not when a similar-sized developing country like Brazil (with a population of about 193 million) approved a 2012 capital budget of $104 billion. That's what you get when you continue to depend on economic rent rather than taxes.

PS: I deliberately left out recurrent expenditure from my analysis: It bears no significance for the common man.

@bolded

I thought we were 150 million people? When did we get to 170 million people all of a sudden? Why do we like to grossly inflate our population? When last did Nigeria as a country conduct a population census to find out how many we truly are?

dasparrow:

@bolded

I thought we were 150 million people? When did we get to 170 million people all of a sudden? Why do we like to grossly inflate our population? When last did Nigeria as a country conduct a population census to find out how many we truly are?

I was referring to the statement by the NPC chairman. More like 167 million, actually.

http://businessdayonline.com/NG/index.php/news/latest/42305--167-million-people-live-in-nigeria-npc

dasparrow:

@bolded

I thought we were 150 million people? When did we get to 170 million people all of a sudden? Why do we like to grossly inflate our population? When last did Nigeria as a country conduct a population census to find out how many we truly are?

naija people have too many kids. Wait and in another few years we will be at 200 million