The Trend of Recession -By Abdullahi Garba Ramat

Engr. Abdullahi Garba Ramat

It’s arithmetically sacrosanct fact that OBJ administration earned #17trn from Crude oil within 8years and left $45bn external reserve and only $3.38bn external debt!

Yar’aduwa catapulted this reserve to $64bn within only a year in which he earned #9trn from oil, despite the world economic melt down at that time (2008/2009) for the regime political will to save the country ( Nigeria survived the melt down), he was able to left behind $47.7bn external reserve and only 3.94bn external debt. 👌👍🏻

GEJ witnessed oil boom when Brent crude sold for about $140/barrel, he earned $51trn from only crude sell, but for the nagging corruption of the regime, they did not only squander the oil revenue but depleted the reserve left by Yar’adua, leaving behind an external reserve of only $32bn and huge debt of $64bn ( yes $64bn dollars). the same crude oil fall to only $35/ barrel now, really unfortunate its for PMB regime.
According to fashola GEJ regime left behind 206 uncompleted Road projects, arrears worth #2.1trn and for over 3years the contractors where not being paid,

Even Ngozi okunjo iweala has confessed during American conference that the seed of this Recession was planted during GEJ regime due to their lack of Financial discipline, corruption, inability plus political will to serve Nigerians well!
She also confessed that they start barrowing to pay salary since 2014!

But despite the hard time, economic melt down and Recession sai-Baba only barrow to finance capital projects not pay salary!

Albeit the aforementioned sorry shambolic state of the nation economy, its still not die hard to space constraint to let commoners have some decent living for only few Nigerians could understand those facts, as yaroba man would have say “Eni ebi npa ko gbo iwaasu ( A hungry man does not listen to sermons)”

Engr Abdullahi Garba Ramat (phd) is a lecturer from kano, a public policy analyst.