First, when I post things here, let us not see my posts from any political angle. I do not belong to any party and I have no party affiliation. In my village in Abia State (Ovim), they voted against PDP in the governorship election for APC, voted against APC for PDP in the presidential election, and voted against all incumbent parties in the Senate and House.
Simply, they voted against all incumbent parties! That is how free we are because Ovim does not need anything from any government. We build our clinics, send government money to run our public schools, etc.
That said, this is one plot that shows that whatever the government APC leadership is doing is not working. Why? Check the slope of the Nigeria per capita income since 2000, they stopped the trajectory, when they came in.
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Sure, you can accuse the World Bank of using “fake data” but the latest report was clear: “According to the Washington-based bank, the number of poor Nigerians is projected to hit 95.1 million in 2022. They further disclosed that the reduction of poverty in the country had stagnated since 2015, given Nigeria’s rapid population growth.”
Check all economic indicators: the inflection point was in 2015. Irrespective of your party affiliation, we need to ask why?
Comment on LinkedIn Feed
Comment 1: 100% correlation with oil prices with less abrupt changes.
My Response: That is not true. What Nigeria did not make from oil money, it covered via borrowing. So, do not equate this on availability of resources, but rather efficiency on the utilization of resources. In 2014, the national budget was N4. 962 trillion. In 2016, it was N6.08 trillion. Now, it is N17 trillion for 2022.
Even when you compensate for the exchange rate, Nigeria since 2015 has spent most money per year. So, do not rely on oil price since what was lost in oil revenue was borrowed.
I have a more detailed plot on this, picking other indicators and extracting the secondary impacts; from all data, Nigeria has not been prudent on aligning resources to growth. It is not lack of funds, it is lack of execution.
Comment 2: Average Annual crude oil price
2010……….79.47
2011……..111.63
2012………111.63
2013……….108.58
2014………..98.79( at this point we started asking questions, where did all the money saved from oil go?)
2015……….52.32 (Aug 2015, the collapse of oil price is already taking its toll on the Nigerian Economy. PDP made the budget for 2015)
2016……….43.67 (This Government created started to make moves through the budget to diversify the economy because oiloney was no longer viable)
2017……..53.27
2018………..71.34
2019……….64.3
2020………41.93 (covid)
2021……….70.68
2022……..91.82*
My Response: Plot the annual borrowing and at the end, data will tell you that Nigeria was spending more because despite not getting more oil revenue, it borrowed more. Naira is naira whether from oil or debt. The issue is this: what did you do with it?
Comment #3: The APC was actually meant to be opposition party, they were great there, it was never meant to be a ruling party, so when the lot mistakenly fell on them in 2015, they became confused, and it has been a struggle ever since.
On the other hand, the PDP which was never built as opposition party has found itself in unknown territory, and they have lost their way ever since; whatever they tried out as opposition party never worked, because they were not trained in the art.
It takes something extraordinary to be consistently unfortunate, that is exactly where both the APC and PDP have found themselves, albeit for diverging reasons.
Both our problems and solutions are heaped in one basket, and that makes it very difficult to make the right pick whenever we dip our hands inside that basket…
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