MrProlific95:
The last time this country worked was Under His Excellency, GEJ, give us Goodluck Ebele Jonathan

helinues:
Forward ever, backward never

May we not remain stagnant in life oo. Amen

MrProlific95:
Stagnant is even better, Tinubu and his online slaves are taking us backward

MrProlific95:
The last time this country worked was Under His Excellency, GEJ, give us Goodluck Ebele Jonathan

Airlohim:


May you die a very painful death before the end of this month if Nigeria has regressed instead of moving forward under APC

nairalanda1:


Seriously man, this is uncalled for.

Disagree, but do so without threats

MrProlific95:
Stagnant is even better, Tinubu and his online slaves are taking us backward

RingRoadMafia:


If he was confident of his lies, why then did he report the post? What was he scared of?

The curse still stands though @helinues. That guy that cursed you is probably some spiritual fellow going by his moniker, better apologise to him privately if you can.

favor914:
Please just sharap up, nonsense, person way call himself ring road mafia, that one no be curse already on that kind person?

Ring road for where, Benin City, abi na Owerri?

Xxxxtentacion2:
30k per month agent..

MrProlific95:
The last time this country worked was Under His Excellency, GEJ, give us Goodluck Ebele Jonathan

helinues:
Forward ever, backward never

May we not remain stagnant in life oo. Amen

MrProlific95:
The last time this country worked was Under His Excellency, GEJ, give us Goodluck Ebele Jonathan

helinues:


Are you willing to return back to secondary school so that this time you can pay attention to basic economics study, as we dey season of going back to where it was or supposed to be

nairalanda1:


Once upon a time, bread used to cost 50 kobo and petrol was less than ten kobo. And one naira was one dollar.

It happened under the army regime of Gowon, Murtala, Obasanjo and the civilian rule of Shagari

I hereby propose that we bring back these men to come and rule Nigeria


On a more serious note, when you are a resource dependent country, when the price of the resources you are selling is high, the economy looks prosperous. That is what happened under the four men above and that is what happened under gej and yaradua.

It does not mean buhari and tinubu are good leaders. Both men were offered a great chance to diversify our economy. Both failed

But GEJ was no better. By April 2014 , oil was crashing. By Jan 2015, NOI was warning Nigerians that hard times were here. Government was also borrowing to pay salaries and ended up leaving a subsidy claims debt that took buhari 5 years to settle


Same thing happened in October 1982. Oil crashed. By 1983, Shagari was singing austerity. Buhari came and did austerity pro max. Then ibb came and did SAP..low oil prices

Never ever put your eggs in one basket. Never ever be resource dependent

seborrhic:
You might as well resurrect YarAdua or even bring back 90year old Obasanjo if YarAdua cannot be resurrected.
I repeat,the only thing that made GEJ look good is that the people that came after him were far more incompetent.
GEJ was not a competent leader.
That the likes of Buhari and Tinubu have been disasters doesn't mean GEJ is the answer.

TheGoodJoe:


😂

Looting galore.

The only reason Goodluck looked like a reasonable person was because OBJ left a bounty in the reserves and ECA.

With increased oil revenue than OBJ, GEJ ran down our reserves and ECA, and also increased our debt profile.

Stop forcing failures down our throats.

MrProlific95:
The last time this country worked was Under His Excellency, GEJ, give us Goodluck Ebele Jonathan

RingRoadMafia:


If he was confident of his lies, why then did he report the post? What was he scared of?

The curse still stands though @helinues. That guy that cursed you is probably some spiritual fellow going by his moniker, better apologise to him privately if you can.

DMerciful:
How much was crude under Obj? About $22/barrel on average. Before then it was actually lower at some point so the country has been mismanaged.

Why are you defending Tinubu's ineptitude?

nairalanda1:


Actually times were hard under Obasanjo the civilian ruler. To the point that some people were campaigning for him by saying that ' if a leader fails, he should reoeat, and that we had to understand, army rule was so hard on Nigeria

Also the period i am referring to is the army Obasanjo of the 1970s.

Finally, you missed my point.

Dutch disease. Read about it.

I'm one of them who thinks Nigerians have never had good leaders because our economy has never been dependent on manufacturing, industries and innovation. Just selling resources.

DMerciful:
You guys are trying to be clever by half. It is said that rising tide lifts all boats.

If you look at the GDP numbers...it started rising from Obj's time consistently until it peaked at GEJ. It started declining from Buhari to about half of its peak under Tinubu.

APC failure is not in question, its visible even to the blind and audible to the deaf. Its simply means you guys are beyond blind and deaf

nairalanda1:


And if you look at oil prices they also started rising around the second half of obj regime., continued rising till they hit 140 dollars under yaradua and then went down before rising again above the 100 dollar mark between 2010 till 14

Now where did we see that before?

In 1973 , oil rose in the wake of the yom kippur war. And stayed higher than normal until October 1982 when it crashed.

All resource dependent countries go through boom and bust periods.

Zambia was booming in 2006-11 when copper prices were sky high . Copper is it's main export. Then copper crashed. Zambia enconomy went down too.

In 1978 we were having a strong economy. So to speak. By 1988, Nigerians were eating from dustbin. Hospitals were called mere consulting clinics.

Venezuela had the same issues . In the 1970s their economy was booming. By the 1980s their economy was a mess. Same thing that happened now. Today they blame the USA. The government in the 1980s was pro USA.

By 2014, oil was downward. By the end of that year, gej was borrowing to pay for salaries. By January 2015, NOI was warning that Nigerians would face hard times whoever won the election

That does not excuse buhari or tinubu. Buhari had a big chance to take us off oil. He should have removed subsidies totally and floated the naira. He should have fought corruption. He should have taken us on the road to industrialization. He should have effing fixed our minerals sector.

He did not. Nor did tinubu right now.

So I am not defending any government abeg. Na you wey dey miss things

helinues:
Forward ever, backward never

May we not remain stagnant in life oo. Amen

DMerciful:
Big lies. Oil prices under Tinubu on average is far higher than Obj. Oil prices under Buhari on average is higher than obj. Average oil prices of GEJ for his tenure is about $90-100!

Prove your fraudulent numbers!

nairalanda1:


That is why I said it does not excuse tinubu...read my comment.

Also, we had a period of low oil prices between 2014-21. When that happened we had to borrow to keep our heads above water. And when the oil prices go up...we end up paying the debt

As stated in this quote from this article Managing the dutch disease in Nigeria (published in 2004 by the way: https://nigeriaworld.com/articles/2004/aug/062.html

The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall.

By the time oil prices rose again, our debt had risen again. Debt servicing was eating 90% of our revenues by August 2022. That's why we have never benefitted from the oil price rises of 2021-date.

Keep in mind that the economy was hard under the first five years of Obasanjo...then we got debt forgiveness, which is a big reason why we were not using the high money from the 2010-14 period to pay off debts. Tinubu in a way has not had that benefit.

But that still does not let tinubu off the hook. Or Buhari. As I have pointed out earlier....they should have taken measures to diversify the economy. Like floating the naira totally in 2015, and removing subsides totally in 2015, fixing up the mess in the solid minerals sector, and incetivising manufacturing in the country. Energy subsides on petrol and power needed to have gone by 2016 january, so that there would have been enough profit to fix both sectors which would have fuelled industrial growth, and so forth and, which would have brought in a lot of investment and we would have been hailing them today. But they did not, and are only now tinubu is being forced to take some decisions because the years of debt and borrowing have forced him to take those decsions. And even then he is still getting a lot of things wrong.


Ultimately, resource dependency is a curse on any nation

MrProlific95:
The last time this country worked was Under His Excellency, GEJ, give us Goodluck Ebele Jonathan