There is this article trending now on the social media with the title “Time to end the “Nigeria is rich” myth”.
But, methinks, the myth that is more urgently required to be ended in Nigeria is the “lack of fund” myth that our leaders at both state & federal levels are quick to use as an excuse for their non-performance and failure in governance.
If truly there is a lack of funds as our leaders are quick to say, where are they getting the big and outrageous funds they have been stealing from? Where did they get all the stolen funds from?
Everyone knows, even a primary school pupil knows Nigeria is a poor third world country. But the country is rich enough not to be in this present parlous state.
And contrary to what the author said, a big-budget figure does not signify a rich country.
Iceland budget is $9 billion. Qatar budget is $54 billion. Kuwait budget is $61 billion. Singapore, rated among the best performing economies in the world has a budget of $56 billion. Ireland budget is $87 billion. As you can see these countries budgets are less than South Africa’s. Is South Africa richer than these countries?
India’s budget is $725 billion. Would one say it is richer than Russia whose budget is $287 billion or Sweden or Belgium whose budgets are $269 billion and $260 billion respectively?
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Algeria, Angola, Egypt, Libya, Morocco and South Africa having a bigger budget does not signify they are richer than Nigeria. It only signifies how bold and aggressive they are about their economic development.
Nigeria at its current GDP could have a budget as big as these countries’ or even bigger if you have sound selfless managers in the pilot’s seat of the country. The country can use appropriate debts instruments to fund a bigger budget if it wants.
Note also, Nigeria’s money that has been stolen is close to $1 trillion. If such humongous amount is still available for Nigeria’s use, and with good mangers, at the helms of affairs our annual budgets should be hovering around $400 billion.