barcanista:
We need a change in government. Our Fiscal Policy has been counter-productive due to high rate of corruption plus high cost of running government. Nigerians save your future, kickout the incumbent with your votes..plssssss

I really pity this your Akigbemaru (He who screams to slim down) job oh

Perhaps you are not aware of the Russian Central Bank's response for even an economy that has some industrial base unlike ours.

The ruble tumbles with the oil price

The Russian currency has lost a great deal of value, and the central bank in Moscow can no longer afford to prop it up. Russia's dependency on commodity energy exports has become more apparent than ever.

More from: http://www.dw.de/the-ruble-tumbles-with-the-oil-price/a-18058437

Thankfully the economic foresight of the dynamic duo of Jonathan/Sambo team that has led to growth in our agricultural and automobile sectors etc will make the impact less than it would otherwise have been when the clueless federal governments that we had previously did NOTHING concrete to sustain, talk less of expand, our industrial base.

BTW, may I advise you to find a better way of earning your livelihood!

barcanista:
bros I will rather have a genuine program to rise the GDP and ultimately the economy that doing some "Recalculation" of my accumulated GDP since 1990 just to score some none existing point. It would have been different if the Government had sound policy in place before rebase. The President, Finance Minister and Minister for National Planning owe Nigerians lots of explanation

Exactly that is the primarily responsibility of the Hon. Minister of Finance. However, you need to calculate the GDP figures right so that you know the sector to stimulate in order for it to grow, hence the rebasing. However, a year-on-year GDP increase should be the main factor. Now it clearly shows that our target for 2015 will not be realised. We have been in recession but many years, nobody realised this and our government did little to get us our of this constant recession.

LouisVanGaal:
I can't understand it anymore! As if it's now rocket science to vote this man out...Majority claims he has underperformed, yet they are willing to still give another 4 years..

The Problem is Nigerians are denied quality education. You know education enlightens one, the leaders rather give us half baked education so that it will not have any effect on our cognition and behaviour(while their kids are sent to the Best of the Best Abroad). Our people need to drop sentiment and see that our economy is even worse than they make it appear

barcanista:
The Problem is Nigerians are denied quality education. You know education enlightens one, the leaders rather give us half baked education so that it will not have any effect on our cognition and behaviour(while their kids are sent to the Best of the Best Abroad). Our people need to drop sentiment and see that our economy is even worse than they make it appear

Given that the vast majority of Nigerians or citizens of any country end their education at secondary school level, it should be obvious to you that your identified fault on education lies squarely with the 36 state governors and 774 LGA chairmen who are constitutionally responsible and even receive extra money from the federal administration through UBEC to ensure ALL children are educated free for nine years.

RockMaxi:



You don't need rocket science to know that the party mentioned has no plan for this country beyond enriching their cronies and personal pocket. PDP have been in government for 15years now, oil prices have always been on the increase until now.

There is no political party that can save our economy from this crisis. APC is not even going to do it because indirectly they all contributed to this bogus and unrealistic recurrent expenditures that have been crippling this economy.

We only pay lip service to economy diversification and poor enough we have almost nothing to attract appreciable volume of dollars that can keep us afloat.
We need the divine intervention of God.

Intelligent comment, very astute. We need divine intervention to keep us afloat within our present recession not further down to a depression because it seems we might arrive there. I noticed seeing some write up on automobile and agricultural policies, we need to stop kidding ourselves here. These policies are at their nascent stage and will require 8 - 15 years to generate the growth we truly want. Has anybody truly ask why PIB is yet to be signed into law and why it was delayed till next year?

Boss13:


Exactly that is the primarily responsibility of the Hon. Minister of Finance. However, you need to calculate the GDP figures right so that you know the sector to stimulate in order for it to grow, hence the rebasing. However, a year-on-year GDP increase should be the main factor. Now it clearly shows that our target for 2015 will not be realised. We have been in recession but many years, nobody realised this and our government did little to get us our of this constant recession.

Now this is someone talking. We have the resources, A serious government would have fixed all our existing Refineries and add one or two new ones. With that done, we will not be exporting our crude abroad to be refined only to import the refined product back, spending and wasting trillions on Imports, Exports and Subsidy. We will also be in position of exporting refined Product which will increase our revenue. Millions of Jobs will be created, support industry will spring up, it makes it easier to develop the manufacturing, Tourism, Agric sectors and infrastructure. Bros, a serious government only need 3 Years to put Nigeria back to the pedastal. Corruption, greed, Over-bloated cost of government, lack of vision and political will is what is killing us....Not forgeting illiteracy

barcanista:
The Problem is Nigerians are denied quality education. You know education enlightens one, the leaders rather give us half baked education so that it will not have any effect on our cognition and behaviour(while their kids are sent to the Best of the Best Abroad). Our people need to drop sentiment and see that our economy is even worse than they make it appear

Yea a big problem but not the only problem. If everybody had access to quality education, we would been able to engage in productive activities that we can export to the rest of the world. It is also unbelievable how we have been able to survive ever since. However, we must give some little credit to Obasanjo on the telecommunication and banking boom era - democracy dividend indeed.

Now, the lip service of the power industry must stop and real work must commence. If the plan was to have constant supply of power by 2020, that plan should be shorten to 2016. Adequate resources must be assigned and the wastage must stop.

RockMaxi:



You don't need rocket science to know that the party mentioned has no plan for this country beyond enriching their cronies and personal pocket. PDP have been in government for 15years now, oil prices have always been on the increase until now.

There is no political party that can save our economy from this crisis. APC is not even going to do it because indirectly they all contributed to this bogus and unrealistic recurrent expenditures that have been crippling this economy.

We only pay lip service to economy diversification and poor enough we have almost nothing to attract appreciable volume of dollars that can keep us afloat.
We need the divine intervention of God.

Good Comment

Boss13:


Yea a big problem but not the only problem. If everybody had access to quality education, we would been able to engage in productive activities that we can export to the rest of the world. It is also unbelievable how we have been able to survive ever since. However, we must give some little credit to Obasanjo on the telecommunication and banking boom era - democracy dividend indeed.

Now, the lip service of the power industry must stop and real work must commence. If the plan was to have constant supply of power by 2020, that plan should be shorten to 2016. Adequate resources must be assigned and the wastage must stop.

I can tell you that there are too much wastage in the system. I have always been on the opinion that "Nigerians Have No Business With Poverty" going by our resources and potentials. We should even be in the position of giving grants to some unfortunate country and not be the recipient. We need a government that will stop lip service and work... I don't see what the challenge here really other than some group of people who are bent on maintaining the status quo so as to protect their selfish political and financial interest at the detriment of the entire population

E ku iroju.

barcanista:
Now this is someone talking. We have the resources, A serious government would have fixed all our existing Refineries and add one or two new ones. With that done, we will not be exporting our crude abroad to be refined only to import the refined product back, spending and wasting trillions on Imports, Exports and Subsidy. We will also be in position of exporting refined Product which will increase our revenue. Millions of Jobs will be created, support industry will spring up, it makes it easier to develop the manufacturing, Tourism, Agric sectors and infrastructure. Bros, a serious government only need 3 Years to put Nigeria back to the pedastal. Corruption, greed, Over-bloated cost of government, lack of vision and political will is what is killing us....Not forgeting illiteracy

Well I must admit that I agree with this - Our problems are enormous and boils down deep to sentiments (religion, ethnicity and nepotism). We have wasted our resources and enriched the financial sectors of developed countries through money laundering. It is painful that the sins of our leaders will be paid by the populace.

It is not rocket science to build refineries and it does not take decades to build one but our government will rather pay subsidies to their proxies or friends than build one. Rather than us also smiling that international oil prices is coming down, which will translate to cheap fuel products (PMS, Kerosene and Gasoline), we are now crying because our government has been deceiving us from the real situation of things by subsidizing these products

barcanista:
The Problem is Nigerians are denied quality education. You know education enlightens one, the leaders rather give us half baked education so that it will not have any effect on our cognition and behaviour(while their kids are sent to the Best of the Best Abroad). Our people need to drop sentiment and see that our economy is even worse than they make it appear

Lolzzz! On the education ish...funny enough, it's the sad truth..take a look @ what's currently happening in NY city, the civil protest of a white policeman murdering a black teen...and their jury freeing the policeman; it's because of the level that their educational system has attained that made the citizens to recognise their right and protest for justice..till Obama came into the case

barcanista:
I can tell you that there are too much wastage in the system. I have always been on the opinion that "Nigerians Have No Business With Poverty" going by our resources and potentials. We should even be in the position of giving grants to some unfortunate country and not be the recipient. We need a government that will stop lip service and work... I don't see what the challenge here really other than some group of people who are bent on maintaining the status quo so as to protect their selfish political and financial interest at the detriment of the entire population

You have forgotten to mention that this political ruling class or the elitists continue to misinform the Nigerian public and inciting them to hate themselves, through ethnicity and religion. Rather than we asking the right questions and demand for quality leadership, we fight ourselves over stupid issues and allow these people to continue to milk the country dry. We applaud our government for abuse of power and wastage of resources because such was carried out on the opposition. We turned a blind eye and now criminals are ruling us.

LouisVanGaal:
Lolzzz! On the education ish...funny enough, it's the sad truth..take a look @ what's currently happening in NY city, the civil protest of a white policeman murdering a black teen...and their jury freeing the policeman; it's because of the level that their educational system has attained that made the citizens to recognise their right and protest for justice..till Obama came into the case

Did the judge free the man? Oh what a shame. Ferguson will never remain the same again.

Boss13:


Well I must admit that I agree with this - Our problems are enormous and boils down deep to sentiments (religion, ethnicity and nepotism). We have wasted our resources and enriched the financial sectors of developed countries through money laundering. It is painful that the sins of our leaders will be paid by the populace.

It is not rocket science to build refineries and it does not take decades to build one but our government will rather pay subsidies to their proxies or friends than build one. Rather than us also smiling that international oil prices is coming down, which will translate to cheap fuel products (PMS, Kerosene and Gasoline), we are now crying because our government has been deceiving us from the real situation of things by subsidizing these products

In January 2012 the President and his team told us that the existing 4 Refineries will be fixed before the end of that year. They Promised to Build 3 New Refineries- Each in Kogi, Bayelsa and Lagos States. I saw lots of sense in it and I had faith in them(that was after the N97 pump price was announced). We are barely a month into 2015 and the situation is worse than it was. Nothing was fixed, nothing was built. This is an example of insincerity!!! Idealy, fall in oil price should lead to Jubilation, sadly, whether we like it or not the Oil Price cannot be exorbitant forever, not when the United States is set to be an exporter. We need to act fast

LouisVanGaal:
Lolzzz! On the education ish...funny enough, it's the sad truth..take a look @ what's currently happening in NY city, the civil protest of a white policeman murdering a black teen...and their jury freeing the policeman; it's because of the level that their educational system has attained that made the citizens to recognise their right and protest for justice..till Obama came into the case

Just days ago the court freed Ogwuche on technical ground. What happened next? A section of Nigerians took to social media to blame APC and Buhari rather than demand for the resignation of the Attorney General and protest for an appeal, and pressure the Government not to give up on the trial. Nigerians are not enlightened enough, our crass ignorance and illiteracy is deadlier than ebola virus

Boss13:


You have forgotten to mention that this political ruling class or the elitists continue to misinform the Nigerian public and inciting them to hate themselves, through ethnicity and religion. Rather than we asking the right questions and demand for quality leadership, we fight ourselves over stupid issues and allow these people to continue to milk the country dry. We applaud our government for abuse of power and wastage of resources because such was carried out on the opposition. We turned a blind eye and now criminals are ruling us.

I hope it gets better

barcanista:
In January 2012 the President and his team told us that the existing 4 Refineries will be fixed before the end of that year. They Promised to Build 3 New Refineries- Each in Kogi, Bayelsa and Lagos States. I saw lots of sense in it and I had faith in them(that was after the N97 pump price was announced). We are barely a month into 2015 and the situation is worse than it was. Nothing was fixed, nothing was built. This is an example of insincerity!!! Idealy, fall in oil price should lead to Jubilation, sadly, whether we like it or not the Oil Price cannot be exorbitant forever, not when the United States is set to be an exporter. We need to act fast

I have to be honest and I do not want to create an issue amongst loyal supporters of the president but I think Jonathan is a lying president. He has promised us some many things and even had deadline for them. However, we have not seen the shadows of those promises.

barcanista:
I hope it gets better

It would not get better. Don't you see the fight going on here in nairaland. It is a replica of what the country is. First, I believe the opposition should take over. Not that they will be any better but it makes the competition intense because each political party will have to sit up and their candidate will start to think. They will leave their stomach infrastructure thinking and begin to ask what they people truly wants. We will also feel empowered because we now believe that if you do not deliver on your promises be rest assured you and your political party shall not occupy that office again

Boss13:


I have to be honest and I do not want to create an issue amongst loyal supporters of the president but I think Jonathan is a lying president. He has promised us some many things and even had deadline for them. However, we have not seen the shadows of these promises.

The loyal Supporters of the President need to tell their oga the truth because the actions and inactions of the President do have effect on us

This is more reason why pdp and the drunkard in charge of the devilish party must go come three months from now

I will even vote a pig instead of jonathan

Boss13:


It would not get better. Don't you see the fight going on here in nairaland. It is a replica of what the country is. First, I believe the opposition should take over. Not that they will be any better but it makes the competition intense because each political party will have to sit up and their candidate will start to think. They will leave their stomach infrastructure thinking and begin to ask what they people truly wants. We will also feel empowered because we now believe that if you do not deliver on your promises be rest assured you and your political party shall not occupy that office again

A candidate that has no loyalty whatsoever to the looting class is what I so look forward to as President. Someone that will enforce Executive discipline, reduce cost of running government and enforce thorough fiscal policy with effective supervision of the monetary policy of the Central Bank. When there is more money for capital expenditure positive development can be witnessed. It may not be perfect, but it will set a bar for incoming administration and political parties.

barcanista:
A candidate that has no loyalty whatsoever to the looting class is what I so look forward to as President. Someone that will enforce Executive discipline, reduce cost of running government and enforce thorough fiscal policy with effective supervision of the monetary policy of the Central Bank. When there is more money for capital expenditure positive development can be witnessed. It may not be perfect, but it will set a bar for incoming administration and political parties.

Exactly and not flying millions over private jets

barcanista:
The loyal Supporters of the President need to tell their oga the truth because the actions and inactions of the President do have effect on us

Do you have another job for them? They have families and bills to pay and moreover they are only doing their jobs - lying to/for the president

barcanista:
Imagine such silly term, stomach infrastructure. They have automatically turned Nigerians to beggars, now the plan is to give us food to eat without providing means to eat. What a wicked government and party

It is indeed tragic. The only solution to the impending economic doom is to amend the constitution to eliminate unnecessary offices.

There is absolutely no need to have 36 or more ministers in the cabinet; who in turn, hire an army of SAs.

Secondly, knowing to switching to a unicameral federal legislature is near impossible, the total earnings of NASS members has to be cut by, at least, 60%. Ditto for Governors, and the President.

Moreover, a diversified economy in which non-oil exports account for 45% of foreign exchange earnings is the way to go.

Boss13:


Did the judge free the man? Oh what a shame. Ferguson will never remain the same again.

It's really a sensitive issue..which can make or man America's unity! Although Obama has promised to look into the case through their Attorney-General before he goes on retirement shortly

When Sanusi was busy defending our Naira with our reserve and at this same time maintaining slow rise in foreign reserve calling for NNPC to remits some unreconciled amount now pegged at $10bn acknowledged by NNPC and Minister of Finance to be in private accounts of some people, while working towards a single digit inflation rate, some ignorant dumbs call him unfavorable names while the current Federal led government see to his exit ....

In real Nigeria economy as an import dependent country, two major things control prices of goods and services: the oil pump price and exchange rate. A clear example, imagine a laptop sold at $500 and exchange rate is N10, this means you can buy a laptop in Nigeria around N6,000 (including cost of transportation and custom), if exchange rate is N100, it will cost around $60,000, etc. On pump price of petroleum products, we all known that any increase in this will affect other prices including the price of firewood and garri. It should be also noted that the exchange rate affect the cost of importing of crude oil.

Lending rate increament, is another anti-masses policy, the immediate past CBN Governor (I am not praising him but acknowledging the CBN policies implemented under his administration) is work hard to see that the lending rate reduces because his overrall aim is to make more funds available to real sector and to encourage more SMEs which will indirectly reduce employement rate in Nigeria. Now that banks are currently lending at 20-25%p.a on loan, if they will react to this change is means that the rate will be range between 25%-30%, meaning on every N1,000 that one is expected to pay more than 13% more in terms of interest e.g. at 20%p.a on N1,000 is N200 (current interest charge) will now be N200 x 13% or more, which will now be N226.

This new CBN Governor policies are bank and government focused which invarably implies anti-public policies.

Nigerians need more suffering to enable the scales fall from their eyes to see the tormentor in chief.

CFCfan:

It is indeed tragic. The only solution to the impending economic doom is to amend the constitution to eliminate unnecessary offices.

There is absolutely no need to have 36 or more ministers in the cabinet; who in turn, hire an army of SAs.

Secondly, knowing to switching to a unicameral federal legislature is near impossible, the total earnings of NASS members has to be cut by, at least, 60%. Ditto for Governors, and the President.

Moreover, a diversified economy in which non-oil exports account for 45% of foreign exchange earnings is the way to go.

That is where the lawmakers come in.
Do you know if the progreTHIEF opposition have made such proposals in the amendments we made so far to our constitution

They can TALK endlessly and make fine SPEECHES but in reality do absolutely NOTHING that aligns with their dogo turenci for defrauding the unwary fellow citizens!

CFCfan:

It is indeed tragic. The only solution to the impending economic doom is to amend the constitution to eliminate unnecessary offices.

There is absolutely no need to have 36 or more ministers in the cabinet; who in turn, hire an army of SAs.

Secondly, knowing to switching to a unicameral federal legislature is near impossible, the total earnings of NASS members has to be cut by, at least, 60%. Ditto for Governors, and the President.

Moreover, a diversified economy in which non-oil exports account for 45% of foreign exchange earnings is the way to go.

Good Idea, however the constitution allows for a minimum of 36 Ministers but we have 42 Ministers at present(if I am not mistaken). We have lots of MDAs with conflicting roles that a Presidential committee recommended merging and scrapping of some. Some are even obselete, it is for the President to send a bill to NASS to repeal the law creating some of these agencies. As for the income of government officers it is just too much. A Minister for instannce have his own Special Advisers, Senior Special Assistants, Secretary, Principal Secretary, Secretary to the Secretary, PAs, Special Assistants and other bloated Aides. These Aides earn their own bloated Salaries, Allowances, and other estacodes

Devaluation of the naira was hasty.

Why the panic? Would the stock market not go into panic because it has just been devalued as well? Would this panic not further compound the woes of the currency?

After all, why would foreign capital remain in a naira denominated economy that has just been devalued. Could it not be argued that the stable currency brought foreign capital here in the first place?

And if this is true, would further devaluation not become necessary to stem further pressure on the naira? Then why create a vicious circle?

thegreatman4ww:
When Sanusi was busy defending our Naira with our reserve and at this same time maintaining slow rise in foreign reserve calling for NNPC to remits some unreconciled amount now pegged at $10bn acknowledged by NNPC and Minister of Finance to be in private accounts of some people, while working towards a single digit inflation rate, some ignorant dumbs call him unfavorable names while the current Federal led government see to his exit ....

In real Nigeria economy as an import dependent country, two major things control prices of goods and services: the oil pump price and exchange rate. A clear example, imagine a laptop sold at $500 and exchange rate is N10, this means you can buy a laptop in Nigeria around N6,000 (including cost of transportation and custom), if exchange rate is N100, it will cost around $60,000, etc. On pump price of petroleum products, we all known that any increase in this will affect other prices including the price of firewood and garri. It should be also noted that the exchange rate affect the cost of importing of crude oil.

Lending rate increament, is another anti-masses policy, the immediate past CBN Governor (I am not praising him but acknowledging the CBN policies implemented under his administration) is work hard to see that the lending rate reduces because his overrall aim is to make more funds available to real sector and to encourage more SMEs which will indirectly reduce employement rate in Nigeria. Now that banks are currently lending at 20-25%p.a on loan, if they will react to this change is means that the rate will be range between 25%-30%, meaning on every N1,000 that one is expected to pay more than 13% more in terms of interest e.g. at 20%p.a on N1,000 is N200 (current interest charge) will now be N200 x 13% or more, which will now be N226.

This new CBN Governor policies are bank and government focused which invarably implies anti-public policies.

Haba Sanusi is a wicked man - you don forget - he is tribalistic. He is a terrorist, he works for the opposition. That is the problem in Nigeria. Good men don't last long. They want someone that we extend the CBN purse to them and will be scared to talk. NNPC is still yet unaudited. Nobody is talking about the missing revenues anymore. Nigeria, a shameful country