Budget Historian Insists Nigeria is Poor

A Budget Historian, Tunji Ogunyemi has stated that Nigeria is extremely poor, because most graduates do not have the opportunities to showcase their talents. Referring … Continue reading Budget Historian Insists Nigeria is Poor


A Butunji ogunyemidget Historian, Tunji Ogunyemi has stated that Nigeria is extremely poor, because most graduates do not have the opportunities to showcase their talents.

Referring to World’s Bank ratings which classified Nigeria amongst the world’s poorest countries, he stated that it was normal for World Bank to categorize the country with the likes Bangladesh, India, China, as they are “extremely populous” countries of the world with citizens living below poverty level.

Speaking on Channels Television breakfast programme, Sunrise Daily, Mr. Ogunyemi noted that the oil economy is an “enclave economy” which isolates the ordinary Nigerian, “No Nigerian owns an oil well except for the government”, he added.

He said, “Nigeria has not been able to achieve much through our budget system because most of the resources we have go on consumption”, adding that at the federal level, about 30% of the money gotten from votes, have gone into creation of wealth or the maintenance of infrastructure, “the Federal Government cannot be doing all and expect the lower level government to have the responsibility and ability to turn the situation around.”

Mr. Ogunyemi further criticized the Federal Government for covering all the fields in terms of assess, revenue, funds, amongst others. In terms of job creations, he noted that the government should provide the necessary infrastructures that would help the private sector create jobs for the unemployed, he maintained that there had been a disconnect between the private sector and the public sector and advised that both sectors should work together.

“Poverty can be reduced in the country with the conscious effort of the government creating jobs for the youth” he noted.