As we expect the full vice presidential selections (PDP’s Atiku had gone with Okowa, Delta state governor), it is about time to begin to examine the economic postulations of Obi, Atiku and Tinubu. Some of the finest budgets I have seen in Nigeria since 1999 remained the ones headed by Musa Yar’Adua.
His budgets were evidently Keynesian with a sharp focus on how aggregate demand could influence economic output; sure, he needed to do that since he led the nation during a global recession. And that is the beauty of Yar’Adua because during the Great Recession, he grew the economy! Between 2008 and 2010, his GDP average growth was 7.98% (OBJ, GEJ, and Buhari* averaged 6.95%, 4.8% and 0.81% respectively).
Another component was also his vision for building new centers of growth. His budget for the Niger Delta was so big that when he died, the next administration had to cut it! Reading his budget, he believed that the Niger Delta, if well invested in, could unlock more growth for the nation, well ahead of what oil & gas was providing.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
When a man can grow an economy during recession this big, a nation cannot allow his legacy to be forgotten. Some of the recent budgets we have seen are paddles of ephemeral political hacks. I am hoping that Obi, Atiku and Tinubu will give us economic visions for the future that all Nigerians will unite for.
Indeed, even in a global recession, Nigeria can keep growing because we’re very far from the optimal state. No excuses; we want growth.
Comment on Social Media Feed
Comment: Hello Prof., I have challenged and disputed these figures (for Jonathan) on another platform. Jonathan’s economy didn’t average 4.8% please. GEJ’s administration can be judged from May 2010 to May 2015 (a five years term). If you put those figures together, they’d give you an average GDP growth of at least 6.1%. That’s the true picture please. I know for your part, you state this in good faith. But there are some persons who deliberately obfuscate these numbers to belittle Jonathan. The man doesn’t get the credit he deserves in this country; at least Nigeria saw its highest overall GDP ($510bn) during his tenure. See breakdown of GDP growth in the three administrations by NBS
My Response: Yar’Adua was “alive” when 2010 passed. It was his budget and his economic vision. Jonathan took over in 2011. While Jonathan supervised the execution of that 2010 budget, it was not his vision. So, many people still attribute that to Yar’Adua.
---
Register for Tekedia Mini-MBA (Jun 3 - Sep 2, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.
You may not need to raise your expectations so high, the current regime has already codified the art of giving excuses for its underperformance, something caused poor results in every sector it’s not performing. Nothing was ever as a result of their shortcomings and talent deficits.You cannot beat that.
The bar is already very low, so whoever outperforms the current regime will be demanding for an applause and encomium.
Hold your breath for now.
Yaradua also reversed the sale of the refineries and put back fuel subsidy. How much have those two cost?