Buhari’s policy document says Jonathan grew the economy despite decline in oil sector growth

Wednesday, 21 February 2018 04:18

Buhari’s policy document says Jonathan grew the economy despite decline in oil sector growth - Kuromiema Miabiye

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I am doing a review of the present Macroeconomic Framework of the Federal government focusing on 2018 in particular. All the policy documents I saw are so disjointed that even a 300L economics student will grade the government low. I couldn't get anything concrete to work with, so I decided to take a look at the much talked about Economic Recovery and Growth Plan with the hope that it would capture the main components of an microeconomic framework.

Though I was impressed with the architecture of the main headings, I got the shock of my life when I read through the review of the Real Sector between 2011-2015. The fact that this government takes pleasure in deceiving not just its brainwashed half wits supporters but itself became more obvious. It dawned on me that deception is a cardinal policy of this government.

Do you know that Buhari’s government acknowledges that:

1. Between 2011-2015 Nigeria's economy grew steadily?

2. The economy grew by 4.8% annually?

3. The non oil sector fueled the economic growth.

4. The non oil sector accounted for 90.4% of total GDP.

5. The non oil sector grew by 5.8% annually.

6. The biggest contributor in the non oil sector include services (53.2% of GDP including wholesale and retail trade.), Agriculture (23.1%), and manufacturing (9.5%).

7. The oil sector on the other hand did not grow under GEJ.

8. The oil sector contracted by annually by 4.5% under GEJ.

These figures are not from an opposition website, neither were they extracted from a Pro Jonathan blog. They are found in page 37 of BUHARI'S Economic Recovery and Growth Plan.

Yet, what we see on Television every now and then is how the economy is collapsing because the price of crude oil went down under Buhari. We are bombarded everyday with narratives of how the economy is in shambles because it was mismanaged by Jonathan.

A government that prides itself on integrity would come clean and bandy the above figures everywhere instead of standing the truth on its head.

If indeed they have an iota of integrity, they'd admit the damage they have done to an economy that was designed to put nigeria on the path of economic prosperity and growth.

If they have integrity, they would ask Buhari to resign for driving the economy into recession and stagnation.