Facts show that transport minister, Chibuike Amaechi was wrong about Nigeria’s electricity generation reaching 7,000mw under President Buhari
Analysis shows that recession did not start under Jonathan because there was only growth from 2010 to 2015, when he was in power
According to IMF, World Bank and other economic bodies, it is impossible to hide a recession
Transport minister, Chibuike Amaechi’s ‘facts’ about the state of Nigeria’s economy under former president, Goodluck Jonathan and his successor, President Muhammadu Buhari have been proved as false.
According to analysis by TheCable, Amaechi’s claim that the current recession started under Jonathan but was hidden away from Nigerians was not true. Also untrue was his claim that the country produced 7,000mw of electricity under the Buhari administration within one year before the activities of Niger Delta militants.
“Don’t forget that until these so-called Avengers began to bomb, we had got to 7,000 megawatts, and what he promised was ten at the end of the first term,” Amaechi had said.
“By the time the avengers, or whatever they call them started bombing, the minister of power, had driven the thing to 7,000 megawatts. Unfortunately, they began to hit the gas facilities, so what would you do?” TheCable quoted Amaechi as saying after the launch of the Kaduna-Abuja railway line last week.
But analysis showed that Nigeria has never, in its 55-year history, generated that much amount of power.
According to the federal ministry of power, the highest level of power generation in the country, in the space of over half a century, was recorded on February 2, 2016, when the country generated 5,074 MW which falls 1,926 MW short of Amaechi’s claim.
This data was confirmed by minister of power, works and housing, Babatunde Fashola in a speech at The Royal Institute of International Affairs, Chatham House on August 1, when he said power generation for Nigeria peaked at around 5,000MW for 2016.
Also, Amaechi’s claim of recession starting under Jonathan was just as false as statistics put forward by TheCable showed.
“If you remember as governor, I said we’re broke. The minister for finance (Ngozi Okonjo-Iweala) came to my office in Abuja here and pleaded with me that I shouldn’t say it again.
“So I knew as chairman of governors’ forum, that we had gone into recession under Goodluck (Jonathan),” TheCable quoted Amaechi as saying. Analysis proves this to be untrue.
According to Central Bank of Nigeria data, there was never a single quarter of negative GDP growth from May 5, 2010 to May 29, 2015, when Goodluck Jonathan was president. The data shows that no “two consecutive quarters of decline (negative growth) in the country’s real (inflation adjusted) gross domestic product (GDP)” which is what the International Monetary Fund (IMF), CNNMoney and New York Times among other leading economic bodies agree easily identifies a recession.
It was also untrue that the recession was covered up because it is impossible to hid a recession because it is widespread and seen in every aspect of the society.
Quoting the National Bureau of Economic Research (NBER), a private research organisation, TheCable reports that a recession cannot be covered up.
The NBER’s Business Cycle Dating Committee defines a recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators”.
Contrary to Amaechi’s claim, the opendata project of the World Bank and the National Bureau of Statistics (NBS) showed that Nigeria experienced annual economic growth ranging from 7.8 percent in 2010 to 2.7 percent in 2015.
We recalls that Amaechi recently claimed that former minister, Ngozi Okonjo-Iweala begged him not to tell the world that Nigeria was broke during the administration of former president, Jonathan.
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