What is our own??
Cheers,
M.K. Saidy
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70% Nigerians live below poverty line -- KALU
By Deba Uwadiae
FORMER Finance Minister, Dr. Kalu Idika Kalu said yesterday that 70 per
cent of the Nigerian population were now living below poverty line.
Dr. Kalu, who spoke in Lagos at the Champion Newspapers 3rd Annual Better
Society Lecture Series said, "the proportion of the Nigerian population
below the poverty line was 65 per cent in 1996, and would have probably
increased to about 70 per cent by April 1999 at the current level of
economic decline.
"The World Bank statistics based on the household daily consumption
expenditure of US$1.00, indicates that Nigeria lags behind other sub-
Saharan African countries such as Ghana, Kenya and Zimbabwe," the World
Bank consultant explained, adding, "the greater majority of the population
of working age is unemployed. The Gross Domestic Product (GDP) went down
to 2. 4 per cent in 1998 from about 3.8 per cent in 1997," he stated.
In the lecture entitled, "Issues in Nigeria’s socio-economic currents:
Moral and ethical values, for the nascent dispensation," Dr. Kalu said
"published statistics and indeed casual observation show how far millions
of Nigerians have been impoverished through macro-economic and socio-
political mismanagement."
According to him, "millions of Nigerians are suffering from many years
of little or no growth and a reinforcing dynamic cycle like low growth,
low income, low consumption, low savings and low investments."
He urged the incoming administration to "make a meaningful start on
reducing the level of poverty when it comes out with policies that will
positively impact on income, savings, investments, production and
employment.
"For instance, if the incoming government maintains the tempo of the
current efforts by the monetary authorities to control the so-called
liquidity problem which is restrictive as well as maintain the tax
stance of the government it may end up aggravating the hitherto
existing conditions of poverty in the country.
"The government should be less obsessed with achieving laudable micro-
economic statistics such as single digit inflation, low budget deficit,
and ‘stable official’ exchange rate that do not reflect humane living
standards of the people."
On public debt management, Dr. Kalu said, "the country’s debt standing
is at a worrisome level of about 70 per cent of its GDP.
"With uncertainties in our oil revenue, there is need for the country
to embark on an early negotiation with the Paris Club, by concluding
the outstanding macro-policies required by its creditors."
The former Finance Minister urged the incoming government to "work with
both the International Monetary Fund (IMF) and the World Bank to
facilitate our integration into the international economy and as source
of sound economic prescriptions to achieving macro-economic stability.
"By not staying within the international financial circle for most of
the past 15 years, Nigeria has lost quite a lot both in foreign
investment financing and credits which would have increased domestic
foreign exchange, thus preventing the sharp decline in the exchange
rate and the high level of local interest rates."
Speaking at the lecture, the Executive Chairman of Champion Newspapers,
Chief Emmanuel Iwuanyanwu said "the Champion Better Society Lecture
Series is aimed at providing an intellectual fair, nourished by the
cross-fertilisation of ideas from different individuals and interest
groups within the country and outside and will be a high profile annual
event."
Present at the lecture were Prof. Jubril Aminu, Prof. Sam Oyavhaire,
Mr. Sam Amuka, Amb. Olusegun Olusola, Justice Allagoa (rtd.) and Chief
N.U. Akpan, former Secretary to Eastern Nigeria Government, among others.
-- Vanguard Transmitted Friday, 21 May, 1999 --
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