This Datolee guy too get knowledge.....thumbs up

datolee:


See it this way, The official exchange rate of naira to dollar according to CBN is 168 (selling) 167 (buying) as at december 18 2014..http://www.cenbank.org/rates/ExchRateByCurrency.asp

However, you and I know that, you cannot get this rate at any bank in Nigeria (in fact, according to http://www.exchangerates.org.uk/, it was 184 naira to a dollar on December 18 2014).. the price you get at the bank which is from 180 up is the parallel market (PM) which is the true value of naira

shawl:
I think the comparison should be done with the government of IBB that followed.

Using your own figures from N1.7 (buhari) to N21.9 (IBB) shows a 1135% depreciation. Do the math.

That is using percentage comparison.

When you use the shift in decimal position, then it is 1 naira maximum for GMB and over 20 naira for IBB. Even GEJ's government has surpassed this 20 naira shift now which is what really matters because it is easy to establish higher percentages when the figures are really small, a strategy which you are using to hoodwink the unsuspecting reader.

Lovely Post. You are right. Look at the big difference between what buhari left and what IBB turned it into. IBB really messed up.

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.

You are right.

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

You are very correct.

Doyin2:


Another mischief.

Why are you deceiving yourself?

What was the price of oil in 1983-85?(about $27) compare to GEJ's administration that averaged about $100 before now?A whopping 270% increase!

Are you aware that due to the enormous revenue from oil during GEJ administration(strictly due to high oil price and not any economic prowess),our very high foreign reserves was being used to stabilise the forex rate.Are you aware??

Yet the official exhange rate worsened from 151 in 2011 to 168 in 2014.

Even at that on a weighted scale,Buhari's administration performed better!

You are too correct..

What i want now is a comparison of the level of corruption and number of prosecutions and convictions during the GMB regime, OBJ regime and GEJ regime.

Collynzo9:

Learn to relax when issues beyond your brain capacity are being discussed.

Had to share this!!!!!

It came out so hot and I saw blood everywhere

chemali:

The PDP has had an opportunity at it for 16 years and they failed. Why is it so hard to give the APC 4 years and see what could happen? At least excellent growth in IGR has being achieved majorly in APC controlled states.

Which APC states? apart from Lagos enjoying the status of Nigeria's economic heartland and Rivers, which other APC state, has a better IGR. The 2014 budget is the first budget trying to decouple oil from government spending.

I will give APC a chance if their leading candidate had any record of success. Unfortunately, I am not ready to hire an analog technician, in this new world of digital technology.

Collynzo9:

Learn to relax when issues beyond your brain capacity are being discussed.

Chai.... you bad

aare07:
Once to everyman and nation comes the moment to decide; in the strife between truth with falsehood, for the good or the evil side.” J. R. Lowell, 1819-1891, (VANGUARD BOOK OF QUOTATIONS,VBQ, p 254).
For great nations, the choice comes once or, at most, twice. For Nigeria, the choice had come several times. And, the fact that, today, the failure of a country which was more advanced than South Korea, Malaysia and Thailand, among others, in 1965, is unanimously attributed to the lack of purposeful leadership is an indictment of the leaders as well as the followers.
To the best of my knowledge, nobody had been elected into office, either at the Federal, or State, level who had not enjoyed some significant measure of support. Even when the votes were supposed to have been rigged or bought, with “Stomach Infrastructure”, fellow Nigerians had been involved in the deals. Nobody alone can impose himself on a nation of 170 million people. As Joseph de Maistre, 1751-1820, in VBQ p. 80, has warned us, “Every country has the government it deserves.”

Buhari and Jonathan
So if Nigeria, a potentially rich, but, actually poor country, has a government in which a Minister can purchase two bullet-proof cars, at inflated prices, that is what we deserve. If another Minister can spend billions of naira leasing a jet for her official use; and, then go to court to stop anyone from asking questions, because her “boss” never did, that is what we deserve too. If the BOSS himself runs a Presidential Airline with nine aircrafts, while the Presidents of France and Brazil and the Prime Ministers of Japan and Britain manage with one each, that is what we also deserve.
By contrast, we now have a challenger, who was a former Minister for Petroleum Resources (he leased no jets) and a former Head of State (no Presidential Airways then). Yet, he could state, without fear of contradiction as follows: “While others who have occupied those same positions have grown mysteriously rich, I still live on my army pension. I own no foreign bank accounts, I own no companies profiting from government contracts.”
To me the difference is clear; as clear as drinking tea or coffee with milk; or drinking mud water. Let those who had become mysteriously rich explain the source(s) of their wealth to Nigerians – including how much tax they paid on them….

Yes, I buy your idea. Well so much money has been spent on this administration by those whom we suppose to learn from very bad. Even as a purported member of PDP am still not happy with these ministers.
But, what if there lives were at threat. Could remember an APC kingpin taking Alison to court over kerosene.
Buhari ruled for a year and could not even control his govt till now a former military do not command authority and relied solely on Tinubu.
Truth if Buhari ascend that position, he will throw Nigeria in a state of chaos and will grow from army pension to multimillionaire or more.
The truth remains under military he has the backing of idion( sorry for the name spelling if wrong) and as soon as he left for Muslim pilgrims Buhari was overthrown even Jonathan do travel under a shaken govt yet not easy to oust him but Buhari.

datolee:
Sometimes I feel for the “poor” Nigeria voters who are constantly fed with half-truth and in some instances, outright lies. We are at it again, being told how perfect, stable Naira was under Buhari. To even quote GMB, . http://www.thecable.ng/exclusive-interview-im-opposed-muslim-muslim-ticket-says-buhari/2

Two things are involved here:

1. At no point during the administration of IBB was naira N80 to a dollar, the highest it was at parallel market was N21.90

2. When Buhari took over in 1983, the Naira was exchanging for N 0.724 to a dollar, by the time he left office, the Naira was exchanging at between N1.5 to 1.7 in the parallel market. We will make use of the N1.5 exchange rate.
From 1983 to 1985, the Naira moved from 0.724 to 1.5 representing a 107% depreciation of the Naira!

The question therefore, with 107% depreciation of naira from 1983 to 1985, how stable was the naira under Buhari?

Regardless of what u say Gen.buhari was a better manger of the countries economy than Dr. Goodluck jonathan

0rlando0woh:


A Fresh busting on a specially dedicated thread is needed.
They still use that lie on jinles they play everyday on TV.

Fully endorsed.

Good

bnovative:

First time I see a sensible post from an apc supporter. Now I expect u to post the % depreciation during Gej's and probably show how much the price of crude has fallen. We want to see who was/is a better manager.

For me, %deprerciation is irrelevant in determining who the better manager is. In my books, if as a manager, your subordinates steal by the billions of naira with impunity through NNPC, Fuel Subsidy, ordering unauthorized bullet proof vehicles...the list goes on and on....then sir, that Oga at the top cannot be a better manager. Sir, this is who GEJ is, unfortunately, regardless of depreciation.

WhiteTechnology:



Did GMB diversify the economy.?

If yes, what steps did he take.?

Ur over simplification shows absolute ignorance of d type of hand dat Buhari was dealt when he became head of state. We ar talking of someone inheriting an economy dat was practically dead & resuscitating it & u thru ignorance of d depth & magnitude of d problem u ask whether he diversified an economy dat was practically dead. d NPN crooks looted d country to bankruptcy. No food, no money. Soap, milk, sugar etc popularly called essential commodities disappeared frm d market. Fed govt couldn't pay salaries & u ar here talking of diversification. smh

Lieten to Buhari, he says we should vote GEJ

obayaya:


Give it a rest bro!!!

I gave you EIA's official data and you're giving me some dumb graphs?

If you must know That Energy information Administration (EIA) is an authority when it comes to energy matters

That Data was adjusted to suite inflation, it even stated at the button na wah sha for people

nduchucks:


For me, %deprerciation is irrelevant in determining who the better manager is. In my books, if as a manager, your subordinates steal by the billions of naira with impunity through NNPC, Fuel Subsidy, ordering unauthorized bullet proof vehicles...the list goes on and on....then sir, that Oga at the top cannot be a better manager. Sir, this is who GEJ is, unfortunately, regardless of depreciation.

You my friend are banned from debating in political matters of Economics, u got no Idea at all of all pointers in Economics in a national stage,how can u say % depreciation don't count when all our lives depends on it interest rate,budgeting,infrastructure all depend on % increase or decrease

datribune:


Ur over simplification shows absolute ignorance of d type of hand dat Buhari was dealt when he became head of state. We ar talking of someone inheriting an economy dat was practically dead & resuscitating it & u thru ignorance of d depth & magnitude of d problem u ask whether he diversified an economy dat was practically dead. d NPN crooks looted d country to bankruptcy. No food, no money. Soap, milk, sugar etc popularly called essential commodities disappeared frm d market. Fed govt couldn't pay salaries & u ar here talking of diversification. smh

Where are you getting this facts from? Were Nigerians standing in line for essentials commodities before Buhari and after Buhari?

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.

I dont think this is a fair criticism of Nigeria, how about Russia?

erico2k2:

You my friend are banned from debating in political matters of Economics, u got no Idea at all of all pointers in Economics in a national stage,how can u say % depreciation don't count when all our lives depends on it interest rate,budgeting,infrastructure all depend on % increase or decrease

Oga, you raised a point about whether GEJ is a better manager than Buhari. I gave you the reason why i disagreed with you and pointed out that my disagreement has nothing to do with depreciation. Please, what part of the point I made is over your head?

DMerciful:
60 to 100 is 60% and not 40% but althesame u'u're right in ur logic. People feel its about d numbers rather than the percentage! They need to learn.

Guy dont repeat that mistake again,I assume all of us here are graduates or undergraduates and well educated, if you say something Increased from N60 to N100 it meant and increase by %40,its basic Pry 4 .N50 to N100 is an Increase by %50 hope U get the drift now?? keep up my friend keep up.

When Babangida took IMF loan in 1987/1988 he pegged the exchange rate of dollar to 2.50k to a dollar That was d beginning of our economic doom in d country But it was not like dat during Buhari/Idiagbon regime If given d chance to govern dis country once again Things would change for better though it would require a lot of sacrifices That is my submission

atlwireles:


Where are you getting this facts from? Were Nigerians standing in line for essentials commodities before Buhari and after Buhari?

Those ar d facts. Few months b4 d economic collapse chief Obafemi Awolowo warned d nation of d impending danger & d effects of d profligacy of d corrupt NPN. It's chieftains like d late Cuba Okadigbo famously labelled him PROPHET OF DOOM. And then booooom! b4 d nation knew it there was an economic crises. d NPN had looted d country to bankruptcy & no nation would borrow d heavily indebted Nigeria any more money. It was utter chaos like what we witnessed in Greece not too long ago. Thru economic ingenuity Buhari reversed d rot & stabilized d economy.

nduchucks:


Oga, you raised a point about whether GEJ is a better manager than Buhari. I gave you the reason why i disagreed with you and pointed out that my disagreement has nothing to do with depreciation. Please, what part of the point I made is over your head?

You gave a reason a Pry school pupil will give hence my reply to you in that sense, its like saying there is nothing like 2-3 we no this is true in pry school

datolee:


The same way CBN is tell you that the exchange rate as at today is 168 naira to a dollar?? Go to any bank with 168 and expect to get a dollar ok?

What are the other macroeconomic variables? crude price falling and pressure on naira isn't?

So how did he came about the figure that the dollar rose by 107% during Buhari's regime? what's the source?

I mean why he didn't talk about the most important macroeconomic variables during his regime so as to compare and contrast?

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?

This is the point most of us miss here, they should see whats happening to Almighty Russia, and learn from them,I remember when Russia threatened to turn off the Tap in Europe.Now they dont have that Say anymore, mayB nxt week their currency would be crap like that of the Chinese.

erico2k2:

You gave a reason a Pry school pupil will give hence my reply to you in that sense, its like saying there is nothing like 2-3 we no this is true in pry school

Stay focused. You will not succeed in changing the point i.e. GEJ has Presided over the most useless, irresponsible, and thieving administrattion in Nigeria's history. His days in Aso Rock are numbered. Shi kena

Collynzo9:

Learn to relax when issues beyond your brain capacity are being discussed.

Learn to understand that Nigerians are wiser now and won't swallow gabbage any further.

Gej has been given enough time to prove himself and its only logical and sensible to allow the people's general a chance to salvage whatever fragment is left.

24 hours power supply is possible under Buhari.

nduchucks:


Stay focused. You will not succeed in changing the point i.e. GEJ has Presided over the most useless, irresponsible, and thieving administrattion in Nigeria's history. His days in Aso Rock are numbered. Shi kena

I watched with dismay as Gej announced on a national tv that stealing is not corruption.

datribune:


Those ar d facts. Few months b4 d economic collapse chief Obafemi Awolowo warned d nation of d impending danger & d effects of d profligacy of d corrupt NPN. It's chieftains like d late Cuba Okadigbo famously labelled him PROPHET OF DOOM. And then boom b4 d nation knew it there was an economic crises. No nation would borrow d heavily indebted Nigeria any more money. It was utter chaos like what we witnessed in Greece not too long ago. Thru economic ingenuity Buhari reversed d rot & stabilized d economy.

You don't want to do this today. We have dealt with this lies already. I asked you a simple question, when did Nigerians start standing out in long lines to buy essential commodities.

Why did creditor Nations pull their loans off the table? During the Buhari regime.

Buhari and economic ingenuity, I have not heard that before

The thousands fired every night on the NTA News, still rings like a bell in my ears. The phrase "retrenchment with immediate effect", was the catch word in 1984. Families use to watch the news, waiting to hear their fate. Over 200,000 lost their fed jobs in 1984. The middle class of Nigeria then,

Is it the currency conversion policy, that crippled families and businesses?

Economic ingenuity whoa, that's a new one. NPN's 4 years in power, never had one day that was as bad as the days of buhari

Citadelbot:


Bro, Nigerian Politics is not about what you are thinking. Nigeria politics is about numbers, do you think the pepper sellers, danfo drivers, truck pushers that will queue to vote know about dollar exchange or macro economics, we are still not advanced yet in that country. Do you think people will vote the likes of Fashola, Soludo, Sanusi, Adeshina. e.t.c. People vote on sentiments and tribal line, even Obama will loose if he contest in Nigeria.

yeh but then again I can tell you the pepper seller can Top up thier mobile phone and call his supplier,something we could not dream of in 1990, so the so called pepper seller is life getting better or difficult? what would you answer be?

atlwireles:


You don't want to do this today. We have dealt with this lies already. I asked you a simple question, when did Nigerians start standing out in long lines to buy essential commodities.

Why did creditor Nations pull their loans off the table? During the Buhari regime.

Buhari and economic ingenuity, I have not heard that before

The thousands fired every night on the NTA News, still rings like a bell in my ears. The phrase "retrenchment with immediate effect", was the catch word in 1984. Families use to watch the news, waiting to hear their fate. Over 200,000 lost their fed jobs in 1984. The middle class of Nigeria then,

Is it the currency conversion policy, that crippled families and businesses?

Economic ingenuity whoa, that's a new one. NPN's 4 years in power, never had one day that was as bad as the days of buhari

These folks don't learn Bro I swear, they keep imagining stuff in their head even when the stats stands,bravo for mor Enlightment.
PS,I ban anyone using mobile phone to co ntribute to this topic cos you cant do no research onit

Naira has been depreciating since the Britain left, on if we had left them to rule more.

WhiteTechnology:


OBJ left a buoyant economy in this life or the next.?

Guy go fellowship



.

Ok what is the difference between when obj was ruling and now. Yes he stole but it was still better than now. I suggest you go for deliverance since you don't know the difference between good and bad. THUNDER FIRE YOU IF YOU QUOTE ME

Naira has been depreciating since the Britain left, on if we had left them to rule more. Not all successes is from God.