Economist advocates payment of dues by political parties
*Decries 1.81% GDP growth
Political parties should be made to pay tax, dues and maintain a register of membership in order to stem the growing tide of the associations from becoming the hub of corruption, an economist, Mr. Olisa Uzoewulu has said. He maintained that if this is done, no one would hijack the party, because consequences would be obvious, and queries “if they want to render services to the people, why would they be killing people? The economist also picked holes in the manner Nigeria’s economy is being handled, disclosing that the country requires a minimum of 7 per cent consecutive growth for four quarters for the citizens to enjoy improve condition of living. He insisted that Nigeria has not emerged from recession in the real sense of it, saying that the 1.81 per cent Gross Domestic Product (GDP) growth recorded in the last quarter is not sufficient for the majority of the people to feel the impact of shared prosperity. Mr. Uzoewulu spoke with journalists in Abuja yesterday at a function to explain the role of his Non Governmental Organisation (NGO), ‘Awakening the Sleeping Giant Leadership Initiative’, in spearheading development in the country. He averred that the concept of the NGO is to drive solution, have a social contract with the people and share ideas on how the country can achieve the much desired development. Mr. Uzoewulu said that it would be difficult for the country to diversify its economy if Nigeria maintains the rent economy, which it currently operates. The economist said that the Oil sector, which contributed 9.38 per cent to total real GDP in Q3 2018, down from figures recorded in the corresponding period of 2017 should be restructured by ensuring that finished products are refined from the crude oil the country sells. “There is no organised transport system in the Federal Capital Territory (FCT), if we do, it would be easy to check crime and criminalities in the society. “If you sanitise the political parties, there would be structure, they should be taxed, members should pay dues and it would be complementary investment hub for the government,” said Mr. Uzoewulu. The National Bureau of Statistics (NBS) on Monday released Nigeria’s GDP growth, which stands at 1.81 Per cent (year-on-year) in real terms in the third quarter of 2018. The report shows that when compared to the third quarter of 2017 which recorded a growth of 1.17 per cent, there was an increase of 0.64 per cent points. Analysis showed that the second quarter of 2018 had a growth rate of 1.50 per cent showing a rise of 0.31 per cent points. In the third quarter of this year, aggregate GDP stood at N33.37 trillion in nominal terms, a performance that is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29.38 trillion, thus, presenting a positive year on year nominal growth rate of 13.58 per cent. The nation in the third quarter of 2018 recorded an average daily oil production of 1.94 million barrels per day (mbpd), lower than the daily average production of 2.02mbpd recorded in the same quarter of 2017 by -0.08mbpd but higher than that of the second quarter of 2018 production volume of 1.84mbpd by 0.10mbpd. Real growth of the oil sector was –2.91per cent (year-on-year) in Q3 2018 indicating a decrease of –25.94 per cent points relative to rate recorded in the corresponding quarter of 2017. Growth increased by 1.04 per cent points when compared to Q2 2018 which was –3.95 per cent. Quarter-on-Quarter, the oil sector recorded a growth rate of 19.64 per cent in Q3 2018. The Oil sector contributed 9.38 per cent to total real GDP in Q3 2018, down from figures recorded in the corresponding period of 2017 and up compared to the preceding quarter, where it contributed 9.84 per cent and 8.55 per cent respectively. Joseph Inokotong, Abuja
Political parties should be made to pay tax, dues and maintain a register of membership in order to stem the growing tide of the associations from becoming the hub of corruption, an economist, Mr. Olisa Uzoewulu has said. He maintained that if this is done, no one would hijack the party, because consequences would be obvious, and queries “if they want to render services to the people, why would they be killing people? The economist also picked holes in the manner Nigeria’s economy is being handled, disclosing that the country requires a minimum of 7 per cent consecutive growth for four quarters for the citizens to enjoy improve condition of living. He insisted that Nigeria has not emerged from recession in the real sense of it, saying that the 1.81 per cent Gross Domestic Product (GDP) growth recorded in the last quarter is not sufficient for the majority of the people to feel the impact of shared prosperity. Mr. Uzoewulu spoke with journalists in Abuja yesterday at a function to explain the role of his Non Governmental Organisation (NGO), ‘Awakening the Sleeping Giant Leadership Initiative’, in spearheading development in the country. He averred that the concept of the NGO is to drive solution, have a social contract with the people and share ideas on how the country can achieve the much desired development. Mr. Uzoewulu said that it would be difficult for the country to diversify its economy if Nigeria maintains the rent economy, which it currently operates. The economist said that the Oil sector, which contributed 9.38 per cent to total real GDP in Q3 2018, down from figures recorded in the corresponding period of 2017 should be restructured by ensuring that finished products are refined from the crude oil the country sells. “There is no organised transport system in the Federal Capital Territory (FCT), if we do, it would be easy to check crime and criminalities in the society. “If you sanitise the political parties, there would be structure, they should be taxed, members should pay dues and it would be complementary investment hub for the government,” said Mr. Uzoewulu. The National Bureau of Statistics (NBS) on Monday released Nigeria’s GDP growth, which stands at 1.81 Per cent (year-on-year) in real terms in the third quarter of 2018. The report shows that when compared to the third quarter of 2017 which recorded a growth of 1.17 per cent, there was an increase of 0.64 per cent points. Analysis showed that the second quarter of 2018 had a growth rate of 1.50 per cent showing a rise of 0.31 per cent points. In the third quarter of this year, aggregate GDP stood at N33.37 trillion in nominal terms, a performance that is higher when compared to the third quarter of 2017 which recorded a GDP aggregate of N29.38 trillion, thus, presenting a positive year on year nominal growth rate of 13.58 per cent. The nation in the third quarter of 2018 recorded an average daily oil production of 1.94 million barrels per day (mbpd), lower than the daily average production of 2.02mbpd recorded in the same quarter of 2017 by -0.08mbpd but higher than that of the second quarter of 2018 production volume of 1.84mbpd by 0.10mbpd. Real growth of the oil sector was –2.91per cent (year-on-year) in Q3 2018 indicating a decrease of –25.94 per cent points relative to rate recorded in the corresponding quarter of 2017. Growth increased by 1.04 per cent points when compared to Q2 2018 which was –3.95 per cent. Quarter-on-Quarter, the oil sector recorded a growth rate of 19.64 per cent in Q3 2018. The Oil sector contributed 9.38 per cent to total real GDP in Q3 2018, down from figures recorded in the corresponding period of 2017 and up compared to the preceding quarter, where it contributed 9.84 per cent and 8.55 per cent respectively. Joseph Inokotong, Abuja
