Editor’s note: It is argued that the economic recession plaguing Nigeria was caused by the fall in oil price at the international market. But some people opine that the country is facing the economic crisis because of the failure of previous government to plan for the future.
NAIJ.com gathered that a concerned Nigerian, Yakub Aliyu in his Facebook page, explains how Nigeria real net oil exports revenue: 2010-2015 under President Jonathan.
Nigeria real net oil exports revenue: 2010-2015 (under President Jonathan)
Oil price $110 per barrel average
Stable oil production at 2.4 million barrels per day
2015-$21 billion (January-May)
Source: OPEC Revenue Fact Sheet and Energy Information Administration (EIA), a statistical arm of the US Department of Energy for various years; and my estimates.
Outcomes in 5 years:
a) External reserves declined from $47 billion in 2013 to $29 billion in 2015;
b) Savings depleted from $21 billion in 2010 to $2 billion in 2015.
c) Federal Government borrowed $2 billion to pay salaries.
d) 24 States of the federation bankrupt -could not pay salaries of workers, could not repay debts and other contractual obligations.
e) Accumulated arrears of workers’ salaries and pensions, running into billions of Naira.
f) accumulated contractors debt such that all major construction works stopped.
g) NNPC technically bankrupt.
h) Foreign Direct Investment (FDI) at its all-time low. Declined to $3.1 billion in 2015 from $8.8 billion in 2011
i) Nigeria's Credit Rating downgraded
j) Massive capital flight: industries relocating to neighbouring West African countries.
Nigeria real net oil export revenue: 2015-2017 (under PMB)
Oil price $45 per barrel average
Loss of 1.2 million barrels per day due to disruption by the Niger Delta Avengers
2015-$16 billion (June-December)
2017-$10 billion (January-April)
Outcomes in 2 years:
a) External reserves boosted to $31.22 billion from $29 billion in 2015;
b) Savings increased to $2.29 billion from $2 billion in 2015.
c) Federal Government stopped borrowing to pay salaries.
d) 24 States of the federation bailed out- to pay salaries of workers, repay debts and other contractual obligations.
e) Settled fully accumulated arrears of workers’ salaries and pensions, running into billions of Naira.
f) Settled fully accumulated contractors debt such that all major contractors are now back to site.
g) Settled fully oil importers claims amounting to $400 million.
h) NNPC restructured and now solvent and liquid.
i) Foreign Direct Investment (FDI) steadily picking up.
j) Agricultural revolution taken off such that we now have small holder farmers’ millionaires.
k) Looted funds recovered running into trillion Naira mark and ploughed back into the budget.
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l) TSA the plugged loopholes of waste and swindle of public funds, now N4 trillion - to mention just a few.
a) Those looking for a magic wand, here it is. Using $52 billion or 12% in TWO years to achieve what Jonathan could not achieve with $445 billion in five years.
b) Only an incorrigible hater will say that Nigeria is not making progress under the PMB administration with the acute resource constraint and the multiplying challenges facing the country. I rest my case. May PMB/PYO succeed.
Meanwhile, NAIJ.com had previously reported that former President Goodluck Jonathan said that there were instances of corruption during his administration and admitted that he failed to plug all the loopholes.
The views expressed in this article are the author’s own and do not necessarily represent the editorial policy of NAIJ.com.
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