President Muhammadu Buhari got tongues wagging on social media Thursday when he compared petrol pump price in Nigeria and other countries.
The president made the comparison in his 60th Independence Anniversary broadcast to the nation Thursday morning.
According to him, the pump price of petrol in Nigeria (N161/litre) was low compared to prices in other oil-producing countries like Chad (N362/litre), Niger Republic (N346/litre), (N326/litre), Egypt (N211/litre), and Saudi Arabia (N168/litre).
Buhari added: “It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.”
He, therefore, urged Nigerians to brace for adjustment in pump price.
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As expected, the announcement got many Nigerians talking, and many commentators urged the president to pay more attention to economic and other indices in Nigeria compared to Saudi Arabia, which is the second-largest oil producer in the world.
GDP: Saudi Arabia is easily above Nigeria in terms of Gross Domestic Product (GDP), which is the monetary value of all finished goods and services made within a country during a specific period. Nigeria is the 32nd largest economy in the world with GDP of $397.3 billion, while Saudi Arabia is the 18th largest economy with $786.5 billion of GDP.
GDP per capita is a country’s economic output divided by its population. Nigeria’s population of 195.9 million (2018, World Bank) is more than quintuple that of Saudi Arabia’s 33.7 million population. Nigeria’s GDP per capita was a paltry $2,028 in 2018 compared to Saudi Arabia’s $23,338 within the same period. Adjusted for Purchasing Power Parity (PPP), Nigeria’s GDP capita stood at $6,000 compared to Saudi Arabia’s $56,000.
Income Tax rate: Nigeria’s income tax rate is 24 per cent compared to Saudi Arabia’s 2.5 per cent.
Corporate Tax rate: Nigeria’s corportate tax rate is 30 per cent compared to Saudi Arabia’s 2.5 per cent.
Inflation (Consumer prices): Inflation rate in Nigeria is 12.1 per cent compared to Saudi Arabia’s 2.5 per cent.
Read below a full comparison of Nigeria and Saudi Arabia (compiled by GeoRank)
Gross Domestic Product & Income
| Stat |  Nigeria |
 Saudi Arabia |
|---|---|---|
| GDP | $397.3B | $786.5B |
| GDP growth, 1 year | 1.9% | 2.2% |
| GDP growth, 5-years average | 2% | 2.2% |
| Population | 190.9M | 33M |
| GDP per capita | $2k | $23k |
| GDP per capita growth | -0.67% | 0.61% |
| Purchasing Power Parity conversion factor | 110.03 | 1.58 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.34 | 0.42 |
| GDP per capita, PPP adjusted | $6k | $56k |
| GNI, Atlas method | $384.8B | $727.8B |
| GNI per capita | $2k | $22k |
| GNI, PPP adjusted | $1.1T | $1.9T |
| GNI per capita, PPP adjusted | $5.7k | $56k |
Financial system and Human development
| Stat | Nigeria |
Saudi Arabia |
|---|---|---|
| Income Tax Rate | 24% | 2.5% |
| Corporate Tax Rate | 30% | 2.5% |
| Inflation, consumer prices | 12.1% | 2.5% |
| Inflation, GDP deflator | 10.2% | 11.5% |
| Unemployment | 6% | 5.9% |
| Economic Freedom Index | 57.2 | 62.4 |
| Personal Freedom Index | 6.01 | 4.65 |
| Human Freedom Index | 6.1 | 5.66 |
| Property Rights Index | 38.1 | 64.6 |
| Judical Effectiveness Index | 32.2 | 72.3 |
| Business Freedom Index | 54.7 | 66.6 |
| Fiscal Health Index | 64.1 | 19.3 |
| Labor Freedom Index | 84 | 63.3 |
| Investment Freedom Index | 45 | 45 |
| Financial Freedom Index | 40 | 50 |
| Trade Freedom Index | 62.4 | 75.4 |
| Monetary Freedom Index | 61.7 | 81 |
| Government Spending Index | 96.2 | 61.8 |
| Tax Burden Index | 85.1 | 99.8 |
| Government Integrity Index | 22.3 | 49.6 |
| Corruption Perceptions Index | 27 | 49 |
| Life expectancy at birth, years | 54 | 74.9 |
| Suicide mortality rate, per 100,000 people | 9.5 | 3.2 |
| Mortality caused by road traffic injury, per 100,000 people | 21.4 | 28.8 |
| Intentional homicides, per 100,000 people | 9.9 | 1.3 |
| International tourism, number of arrivals | 5.3M | 15.3M |