chemali:


How do you diversify when you squander revenues in period of high prices and now start firefighting in a low price regime? The only basis to attack Buhari was if his government saw a boom and a bust but he came into power in time of a bust and he steered Nigeria right. This conclusion can be gleaned from what happened to Nigeria's economy after he was overthrown.

OEmperor:

You are comparing a military government which was overtaken from a corrupt government to one which took over of booming economy. Obasanjo left a buoyant economy for yar a dua and Gej. What did Your president do when oil sales where booming. Did he invest. Missing money here and there. Even with fuel subsidy the economy was not in trouble under obj. But what did Gej do with the money. So how can you compare a government which took over from corruption to one which caused the devaluation of naira within the past years.

FastShipping:
At least it wasn't $1 to 196 Naira under Buhari's watch.

Don't just come here and give us manufactured numbers. Show us prove showing the naira depreciated by 107% between 1983 and 1985. You cannot just manufacture number out of thin air. What was the exchange rate under Shagari administration? You also failed to tell us the inflation rate at the time which Buhari reduced to about 5%. Don't just come here with half baked information and want people to believe your garbage economic data.

theshadyexpress:
When we keep trying to emanipate innocent nigerians from the chains of ignoramus they r subjected to by the team of progrethieves led by tinubu and GMBitch they tag us as anti progress
@datolee pls keep exposing the lies that poor nigerians are been fed with on a daily basis by this good for nothing apshit

Nigeria is changing for the beta under GEJ we will not let our impatience and over anxiety allow us to open the floor again for past deficient,illiterate,and directionless leaders that brought us to the point wwe are currently fighting to emancipate ourselves from

No to bokoharam
No to buhari
No to apc

All we earnestly demand is GEJ till 2019

atlwireles:


For the size of this economy, it is a crime against humanity, that Nigeria still depends on oil and gas, for 80% of government spending. The economy is diversified already. Oil and gas represents only 18% of the GDP.

erico2k2:

My guy some Nigerians are the true definition of ignorance they seem to think something that increased from N2 to N4 is better than something that increased from N60 to N100 they lack the capacity to recognize that 2 to 4 means %100 increase and 60 to 100 means %40 increase..Plz Vibrant youth of the day, be wise,do not encourage selfish elders

FastShipping:


Don't just come here and give us manufactured numbers. Show us prove showing the naira depreciated by 107% between 1983 and 1985. You cannot just manufacture number out of thin air. What was the exchange rate under Shagari administration? Don't just come here with half baked information and want people to believe your garbage economic data.

I am waiting for the data....

OEmperor:

You are comparing a military government which was overtaken from a corrupt government to one which took over of booming economy. Obasanjo left a buoyant economy for yar a dua and Gej. What did Your president do when oil sales where booming. Did he invest. Missing money here and there. Even with fuel subsidy the economy was not in trouble under obj. But what did Gej do with the money. So how can you compare a government which took over from corruption to one which caused the devaluation of naira within the past years.

ajayiopy:
I think is better to ask some questions before you post some topic on line, I see this topic as a public display of ignorance or mediocrity, what determine the stability of any currency is importation and exportation of goods and services from my elementary economic even though I did not like the subject. As long as Nigeria is not ready to build his manufacturing sector the situation will remain the same irrespective of the president acumen, if Nigeria can produce 80% of what we are consuming we don't need a prophet to tell us that dollar rate will fall. In as much we keep importing everything including tooth pick, things can never be better is a simple maths. This is exactly what buhari did in his tenure as president. China did the same and they move out of terrible situation to an enviable economy.. Vote for change

Firefire:


@ Doyin2,

see that Buhari government is worst and Buhari is a very bad economic manager

GMB (1983-1985)
Official Rate 0.724
Official Rate 0.89 23% Devaluation
Parrellel Mrkt 1.5 40% Official Rate @ devaluation vs Parrallel Market
107% Initial Official Rate vs Parrallel Market


GEJ (2014)
Official Rate 155.0
Official Rate 168.0 8% Devaluation
Parrellel Mrkt 185.0 9% Official Rate @ devaluation vs Parrallel Market
19% Initial Official Rate vs Parrallel Market

so what the datolee have shown represent the facts and nothing but the facts.

datolee:


So in effect, you support depleting our reserve just to defend the naira, yet, you will go on another thread shouting how our external reserve has be depleted by the "clueless" one?

By the way, the fall of Russian ruble to dollars is also as a result of missing billions and billions?

chemali:

Then you have not read APC's manifesto!

Also, is what you prosposed being implemented by PDP?

datribune:


Sycophants & supporters of d clueless one ar getting desperate. Anyway u like spin it. Nigerians ar wiser than u think. They know dat Buhari's govt was a corrective govt dat reversed d rot of d Shagari years. A govt dat inherited an economy dat had hit rock bottom & thru ingenuity reversed d course of d economy & made it buoyant again. Before Buhari took over it was so bad dat d fed govt could not pay salaries. Few states were able to pay what was pioneered by Imo state wit Idika Kalu as Comm 4 Finance - half salary which became known as IMO FORMULA.
Guy, just as d General rescued nigeria frm d NPN misrule he will save d country frm d 15+ yrs of corruption & ineptitude of its mutant d PDP.

chemali:


Who has been responsible for this crime for 16 years? Oil and gas may account for 18% of GDP but our economy depends on it for survival.

datolee:


So in effect, you support depleting our reserve just to defend the naira, yet, you will go on another thread shouting how our external reserve has be depleted by the "clueless" one?

By the way, the fall of Russian ruble to dollars is also as a result of missing billions and billions?

rozayx5:

its only takes an Orlando Ole to claim that someone who conceded that Buhari built no refineries, agreed that no national debt was cleared, neither was inflation reduced was the one who "disgraced" the person that forced out such concessions.

Its one thing to bring out a bad product, but lieing about it just ticks the heck off of me and reasonable Nigerians... anyhoo, lies don't fly... is why Buhari is gonn' cry!
lol we learnt a lot from datolee, barcanista conceded defeat on some and still tried to hold ground on others but still lost
cause of him we know the following
1. Buhari Never built any refinery as Head of state
2. He never paid off any debt
3. He did not reduce inflation
4. the naira depreciated 100% under his nose

atlwireles:


Our morbid refusal to adjust our taxation policy is responsible for it. A country overrun by freeloaders and parasites. That's why everybody is crying about oil prices.

WhiteTechnology:



I have read it


No because PDP North is opposing it and I know APC North will oppose it.

nduchucks:


Please provide supporting evidence that the CBN would not had been able to ward off the recent devaluation of the naira if we had had $50billion in reserve instead of $38. Mind you the naira has been successfully defended for many years by Sanusi and Soludo when the reserves hovered around $40 billion without devaluation.

FastShipping:
At least it wasn't $1 to 196 Naira under Buhari's watch.

Don't just come here and give us manufactured numbers. Show us prove showing the naira depreciated by 107% between 1983 and 1985. You cannot just manufacture number out of thin air. What was the exchange rate under Shagari administration? You also failed to tell us the inflation rate at the time which Buhari reduced to about 5%. Don't just come here with half baked information and want people to believe your garbage economic data.

datolee:


In all your analysis, you stylishly forgot to mention the head of state who Froze wages, sacked more than 250,000 workers... and wait for this, He promulgated degree 17 of 1984 which denied those retrenched to seek compensation or redress in the court!

WhiteTechnology:



Did GMB diversify the economy.?

If yes, what steps did he take.?

Obiagelli:

Let him continue to play smart. Its a pity the mods brought this nonsense to the front page. Anything to dent buhari

WhiteTechnology:



Even if the reserve is $100b, the naira would still be devalued because we have lost some market eg US market

Do you know that US don't buy our oil again.

Now imagine how many markets we have lost or experienced reduction

Thatdave:
Buhari may have integrity but obviously doesn't understand economics and oil market

chemali:


Whose responsibility is it to make these hard choices to reform the policy? Does it look like the current administration will make these choices with billion naira donations from the elite that should pay a fair share to grow the economy as tax?

chemali:


How do you diversify when you squander revenues in period of high prices and now start firefighting in a low price regime? The only basis to attack Buhari was if his government saw a boom and a bust but he came into power in time of a bust and he steered Nigeria right. This conclusion can be gleaned from what happened to Nigeria's economy after he was overthrown.

atlwireles:


Responsibility lies with all of us. I have not heard any party come out and tell us how they intend to refinance our public budgets. Instead they want to fix the price of oil.

nduchucks:


You forget that leadership is most important. Experts in Economics are a dime a dozen. GEJ has access to these experts but allowed theft to reign with impunity.

As to the question posed by the OP, I remind lazy youths of the following:

The price of crude oil, was $86.62 in September 1982, just before President Buhari took over, and dropped to $27.61 by the end of 1985!!
Given the Economic conditions Buhari met, it’s a miracle that the naira depreciated only 106% I don’t have time to educate you people, but I’d suggest that you read up.