Every team serious about ‘change’ starts with a clear identification of the baseline from which it measures deviations/progress. Nigeria has had 16 uninterrupted years of democracy with the PDP controlling the federal government as well as majority of the states. APC is now incharge at both the centre and majority of the states. A minimum standard for measuring ‘change’ is the extent to which APC government beats the record of the PDP in measurable terms. As the saying goes, if you can’t measure it, you can’t improve/change it!Government must strengthen the National Bureau of Statistics (NBS) and preserve its independence to produce and publish credible national statistics. It needs serious funding. I really wish our policymakers can be a little less careless or casual about the use of official statistics. I criticised the last government for relying on ‘estimates’ by World Bank staff instead of the NBS statistics. When I hear the narrative so far inthe media by the new government regardingthe economy, I take it largely as the kind of ‘usual propaganda’ new officials deploy to show that their predecessors “did nothing” and therefore lay the ground for claiming that they are “doing everything for the first time in our history”. Fortunately also, there are many people as well taking a hard look at the numbers and recording scores. At AfriHeritage, we are developing a template for measuring government performance. AsNigeria has largely evolved into a two party state in a democracy, I prefer to frame the discourse on the baseline as ‘PDP’s legacy and the APC’s challenge’!Since it is the practice to blame the PDP for every ill that befell our country in the last 16 years (and there are many of them) it is alsofair to credit them with the positive ones. According to data from NBS, one outstanding legacy of the PDP is that in 16 years it held sway, it more than doubled the GDP of Nigeria (indeed with average year-on-year GDP growth rate in excess of 6% over the past 12 years, the GDP actually doubled within the last 12 years. It met average annual growth rate of about 2% andraised it to 6-7%, led by the non-oil sector. Yes, non-oil sector, and the “diversification” reported in the recently re-based GDP happened within the last 16 years. Will the economy more than double in the next 12 years under the APC? For me, if only the APC can double the size of GDP from about$550 billion to $1.1 trillion in 12 -16 years, and further half the poverty index, Nigeria will indeed be on course to be one of the largest 10 economies in the world by the end of this century.As at 1999 when PDP came to power, Nigeria was largely a pariah state still lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO and restiveness in many parts of the country. On corruption, Transparency International scored it 1.6 outof 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 FinancialAction 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%, and 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. [b]Average oil price in May 1999 when President Obasanjo took over was$15.24 while stock of reserves was about $5billion.After 16 years, several challenges remain and some have even worsened (especially insecurity). Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government. Yes, it should have left more than $100 billion in reserves but left only $30 billion (still about six times of what it met). We also wish that Jonathan’s team did not leave Nigeria with unprecedented rate of debt accumulation.But, according to statistics from NBS, the PDP handed over a $550 billion economy (largest in Africa and 26th in the world), with 7.5% unemployment rate (better than European Union, France, Sweden, Belgium, etc although the underemployment figure ismuch higher); 32%?? poverty rate (as claimed by the former Finance Minister, or 61%??: NBS needs to clarify this claim); a stock of reserves of $30 billion; GDP growthrate averaging 6% over last 12 years; a relatively more diversified economy, with ICT penetration from 0.2% to over 60%, and a new contributory pension scheme now with trillions of Naira in pension fund. Our external debt is down although total debt stock is escalating. Our Gini coefficient (degree of inequality) is not different from China’s.Nigeria has consolidated and stronger banking system that currently finances bothgovernment 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). Even on corruption perception, Nigeria is far better today than in 1999, and 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.PDP secured debt relief for Nigeria, thereby relieving Nigeria from the stranglehold of the IMF/World Bank policy conditionalities. APC does not have to negotiate with Washington on many economic policies. The list is long. [b]The point therefore is thatdespite the fall in oil price, APC is starting from a much stronger base than PDP did in 1999 and the challenge now is to do far better. In the coming years, Nigerians will be asking APC to show us their figures!


http://www.thewhistler.ng/story/pdp-handed-nigeria-over-in-a-better-state-than-it-met-nigeria-soludo

Very true mr soludo but some indo mie generation will never see true in it

Perhaps.....

hmmmm

Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government. Yes, it should have left more than $100 billion in reserves but left only $30 billion (still about six times of what it met).

Soludo doing every thing possible trying to portray Jonathan/PDP as angels. So can he explain to me what the hell happen to the remaining $70 billion which is trillions of Naira.

Please they should dress the prison very well for Jonathan and his crooks and later make adjustment for OBJ, IBB and co.

Post No Bill...

still can't figure out what the APC will hand over...
either Nigeria will change or they will handover CHANGE...

Soludo has seen the light

Maradona Soludo

Whether its was handed over in a good or poor state, the fact is, we have to progress as a nation.

APC isn't in opposition again and are aware of the poor state of the nation even before purchasing the electoral forms. So?

[quote author=sexyexcalibur post=41195553] Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government. Yes, it should have left more than $100 billion in reserves but left only $30 billion].......... This sums it all up.

This is relative.

PDP took over from a military Govt.

Improvements are bound to happen as technology and opportunity advances all over the world.

What we are saying is that if our resources were properly managed, we will not be where we are today.

The amount of money stolen in 16 years of misrule would have fixed power, road and other infrastructures we are struggling with now

I was discussing with a friend who told me how they spend 16million powering generator in a month. If power had been fixed a lot of problems would av been fixed.

The UP NEPA we screamed wen we were young has been transferred to another generation. The road is still terrible. So what has PDP done self ?

Change chanters over to you

Toludo you are very correct.



I just pray Buhari won't dig your dossier and probe you.



That dullard has got no joy.

Better state

Lol..abeg I can't laff

Nairaland keeps filling up with super morons

Sai APC
Sai Buhari

Carry Go !

Demmocrats:
hmmmm




Soludo doing every thing possible trying to portray Jonathan/PDP as angels. So can he explain to me what the hell happen to the remaining $70 billion which is trillions of Naira.

Please they should dress the prison very well for Jonathan and his crooks and later make adjustment for OBJ, IBB and co.

he said that GEJ, should have left 100 billion usd does not actually mean that GEJ mismanaged $70 billion usd, he is just saying that the man could have tried and make the money $100 billion.

Now if you can't sing buhari's praise his army of morons will jump on you not minding if what you said is true or not. That is what we have gotten ourselves into. Even this Soludo also criticised the past government but knows when to give credit to whom it is due. I know somebody will say he was part of them or still remains part of them but I must ask who among those currently criticising them that wasn't part of them.

2kris:
Very true mr soludo but some indo mie generation will never see true in it

most of us that voted APC in 2015 supported PDP in 2011. we are not blind followers that will accept the looting and re-looting of our commonwealth. APC knows it has a lot of work to do or lose that support.