Nigeria's development dilemma

Soon Nigeria will be hitting a hundred years as one nation wielded together by the force of colonialism. many of us have asked whether this would be counted as an achievement; and if so whether we should roll out drums in celebration. not many have answered in the affirmative, and not a few have seen much grace in any merriment. for me, I think we should thank God rather than celebrate for leaving us in one piece despite our self efforts to destroy one another. fortunately we still remained a nation in spite of our extremes. the tool of geographical entities and the effects of some religious fanatics. from my writing perspective I could be branded a being too circumspective to hold the warning that come what may, Nigeria is the proverbial beetle where " there is no killing". I am not saying that we are a failed state but lets examine some of our major issues. 1. we have transited from a country of peace loving people, people bound together by decent cultures and character attributes to a nation of blood-thirsty nation where we kill for God, kidnap for ransom,assassinate to gain vantage political positions.we have witness men like James Ibori, the Babangidas of this world, the Obasanjos, the various and previous, out gone and incumbent governors and ministers of the federation of Nigeria. join next for more update. NIGERIAN ECONOMY Okonjo-Iweala Blasts Governors For Depleting Nigeria's Huge Savings. Federal Government was compelled to share$16.4billion accumulated in the excess crude account prior to the global economic depression, because they believed it was unconstitutional and illegal to save. **excess crude revenue account from $20billion in 2003 to about $3.6billion today was shared by state governors. The Minister for Finance, +Ngozi Okonjo-Iweala, says Nigerians should hold the governors of the 36 states of the federation responsible for depleting the excess crude revenue account from $20billion in 2003 to about $3.6billion today. The minister said Nigeria was able to survive the negative impact of the global economic crisis because it was able to augment its budget deficit and continue with most of its development program mes with revenues from a healthy Excess Crude Revenue Account. But, Mrs. Okonjo-Iweala, who is also the Coordinating Minister for the Economy, told a meeting of civil society organizations on Thursday in Abuja that the country might not survive another global economic downturn, with a depleted Excess Crude Revenue Account. The Minister said the 36 state governors should be held responsible for the massive draw down on the account, as the Federal Government was compelled to share over $16.4billion revenue accumulated in the excess crude account prior to the global economic depression, because they believed it was unconstitutional and illegal. “The Excess Crude Revenue Account was developed at the time we had some semblance of fiscal balance in our economy between 2003 and 2007,” the minister said. “That was when we started saving up to about $20billion. When the crash came in 2008, oil prices fell from about $147 per barrel to about $38 overnight. We were able to go to that pool to smooth-en our expenditures. “We were able to pay salaries and continue to pay for our capital investments in those two or three difficult years (2008 to 2009). That is why the Excess Crude Account, which has metamorphosed into the Sovereign Wealth Fund (SWF), is very important. “But, we have the governors saying no, it is illegal. In fact, it was a fight to even get $1billion paid into the Sovereign Wealth Fund. We managed to save $20billion the last time, but now the governors are saying it is illegal. So, the country is not able to save, and what is left in the Excess Crude Revenue Account today is only about $3.6billion. “Every month, we have been dipping hands and sharing it, instead of moving that money into the Sovereign Wealth Account, because the governors say it is illegal. We have shared until it is at the rock bottom. Should the oil price crash today, what it means is that we have no cushion, because $3.6 billion for this economy is nothing that can take us for any length of time.” The Minister, who spoke on the various components of the government’s current reform agenda, stressed the need for the country to continue to create safety nets in the form of savings in order to cushion any potential negative effects of the volatility in the international oil market on the domestic economy should there be any further depression in the global economy. In view of recent developments in developed economies such as the United States and Europe, +Mrs. Okonjo-Iweala, said the country was facing increasing challenge controlling its expenditure and maintaining fiscal discipline to allow for sufficient money to be left for the development of critical infrastructure that would help position the economy on sustainable path of inclusive growth in the years ahead. Describing the Federal Government efforts to diversify the country’s economy as the only viable option open to pursue in the face of dwindling revenues from crude oil exports as well as increasing volatility in the global oil market, the minister said ongoing transformation program-mes in the agricultural and entertainment industries hold the key to Nigeria’s economic development and competitiveness in the rapidly changing global market. Tag, Feel FREE to SHARE this post FG To Enforce Punishment for Failure to Give Unemployment Statistics The National Bureau of Statistics (NBS) has said it will penalize any establishment or individual that fails to give information as required President Good luck Jonathan NEVER plays to the gallery, neither does he engage in governance by drama President Good luck Jonathan is never afraid of bringing into his government technocrats or persons that are more knowledgeable than himself. He does not feel threatened by these persons. He is focused and firm on what he hopes to achieve. He does not appear DESPERATE for political or economic power. He is very approachable and likeable He is not vindictive. He is always consulting and building consensus to carry every segment of the country along Above all, he's a listening and very hardworking President. Below is some of his accomplishment:- 2ND NIGER BRIDGE (ASABA/ONITSHA) AWARDED TO JULIUS BERGER AFTER 50 YEARS ZENGERU POWER PROJECT NIGER STATE AWARDED AFTER 32 YEARS The revolution taking place in terms of infrastructure reconstruction and rehabilitation has not been seen anywhere in Africa. These are in the area of road construction that is taking place massively nationwide. AND INVESTING N3 BILLION NAIRA IN NOLLYWOOD TO BOOST THE ENTERTAINMENT INDUSTRY. Signing of the FREEDOM OF INFORMATION ACT INTO LAW THEREBY Making NIGERIANS AND THE NIGERIAN MEDIA ONE OF THE FREEST IN THE WORLD AND SALARY INCREASE OF 53% IN 2010 MAKING THE NIGERIAN WORKER QUITE COMFORTABLE. WINNING THE AFRICAN CUP OF NATIONS CUP AFTER 19 YEARS Airport reconstruction and remodeling taking place nationwide. Railway line reconstruction and rehabilitation from Lagos to Kano completed and functional. The Portharcourt to Maiduguri railway line will be coming on stream by year end. Seaport construction and expansion of existing ones. E.g. Warri port Delta State, Baro- Niger State, Kogi, Calabar, Onne etc. Building of TEN new power plant simultaneously that will significantly boast power supply in the country not forgetting the transparent privatization in that sector without any controversy that will lead to massive investment and power facility upgrade that will be beneficial to the entire nation. University education is now more readily accessible by Nigerians with nine new universities approved and functional. In addition, billions of naira is being expended on primary and post primary education to assist the entire states of the federation. These are in the building of new primary and post primary school classrooms and also for the acquisition of textbook which has been distributed to aid learning at this level. Almagiri School not excluded and UNIVERSITIES AND OTHER HIGHER INSTITUTIONS STRIKE AND SCHOOL CLOSURE HAS BEEN ELIMINATED FROMNIGERIA The agricultural revolution currently on going in Nigeria is commendable with the attendant removal of corruption from the acquisition and distribution of fertilizers. Food security is the security of Nigeria. President Good luck Jonathan has today changed the bad attitude and mentality of most Nigerian politicians and voters. This he has done through the conduct of free and fair election all over the country. Edo and Ondo states are appetizers, there are more to come. His Presidency has stabilized the polity and foster integration, Progress in the image of Nigeria abroad and Progress in emergency management (Flood control). With President Goodluck Jonathan, election in Nigeria will be one of the best in the world thereby taking away the do or die nature of our politicians and followers. Today, the Boko Haram insurgency has been reduced to occasional ambush tactics thereby putting them on the back foot. Other forms of violent crimes and criminality like kidnappings, armed robberies, pipeline vandalism and illegal bunkering are being tackled frontally and soon they will be history. Industrialization is gradually taking root thereby leading to the steady growth of the economy. His government is protecting Nigerians and Nigeria’s business interest and its citizens abroad. CURRENTLY, THE GOODLUCK JONATHAN ADMINISTRATION HAS TAKEN NIGERIA FROM A LOW INCOME COUNTRY TO A MEDIUM INCOME COUNTRY THEREBY MAKING FUNDS FOR DEVELOPMENTAL PROJECTS FROM GLOBAL FINANCIAL INSTITUTIONS READILY AVAILABLE AND ATTRACTING INVESTMENTS IN KEY SECTORS OF THE NIGERIAN ECONOMY. WITH GOODLUCK JONATHAN, NIGERIANOW HAVE 50 BILLION DOLLARS IN FOREIGN RESERVE, ONE BILLION DOLLAR IN SOVEREIGN WEALTH FUNDAND BILLIONS OF DOLLARS IN EXCESS CRUDE ACOUNT MAKING NIGERIA THE PREFERRED INVESTMENT DESTINATION IN WORLD. THE REFINERIES ARE WORKING AGAIN. DECLARING A STATE OF EMERGENCY IN BORNO, YOBE,AND ADAMAWA STATES WITHOUT TEMPERING WITH THE DEMOCRATIC STRUCTURES YET ACHIEVING THE DESIRED AIMS AND OBJECTIVES OF SECURITY, PEACE, PROTECTION OF INNOCENT NIGERIANS, STABILITY AND ECONOMIC GROWTH OF THE REGION AND THE ENTIRE FEDERATION. THE DECLARATION MAKES GOODLUCK JONATHAN A LEADER, A DEMOCRAT AND A STATEMAN. PRESIDENT GOODLUCK JONATHAN, THE BEST PRESIDENT NIGERIA HAS EVER HAD. Let’s support him to succeed