5 Countries Crushed By Oil Price Collapse - CNN - Politics (5)

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5 Countries Crushed By Oil Price Collapse - CNN - Politics (5) - Nairaland

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Re: 5 Countries Crushed By Oil Price Collapse - CNN by darlenese(f): 11:51am On Dec 31, 2015

yapapa:
your mumu is epic...lmfao. feeling suicidal over d shame of your useless father ? abeggy..go siddon.
and its obvious not only he is useless but definition of dumbness and stupidness as well. you are truly his child cos u possesses those qualities perfectly well.

That feeling , when u wanna die and u keep saying poo that u don't even understand , hahahhahaha

It would have been better if u came to this life as a tooth pick

I pity ur useless,poverty stricken, bush father grin

Re: 5 Countries Crushed By Oil Price Collapse - CNN by lagosrd: 11:56am On Dec 31, 2015

Geesarki:

I quoted a guy who blamed d current govt whc was den opposition to hv been d cost of the drop in oil prices. Am fully aware of the trend nd causes.

That is my good friend, isooriite

1 Like

Re: 5 Countries Crushed By Oil Price Collapse - CNN by jmichlins(m): 11:57am On Dec 31, 2015

holar2ge:

It seems u didn't watch the presidential chat, because you could ve seen the reply he gave when asked abt d #4billion allocated to buying of Bmw cars.

yes mate I was unable to watch it. Maybe you should enlighten me

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Kennydoc(m): 12:00pm On Dec 31, 2015

Asiwaju9ja:
People don't understand the situation Buhari inherited. I hope this will shed some light on the situation and let them know that we are not alone in the mess.

The oil money was being looted and wasted by previous governments. Now there's is no money to loot neither to waste. This is a very hard times for the present Government to manage.

With this in mind, lets see how the government will steer us out of these turbulent waters

Even in countries where the money wasn't looted, are their economies better now?
The issue of Nigeria is failure to diversify the economy since independence, and that is not what you blame Jonathan for. All those other Nations like Venezuela, Saudi also have the same situation.
Buhari is only being blamed for his response to the present situation, and also looking at some aspects of the 2016 budget, especially with the 4bn naira BMW cars.

Re: 5 Countries Crushed By Oil Price Collapse - CNN by zionglory(m): 12:08pm On Dec 31, 2015

jmichlins:
In Michael Jackson voice "You are not alone Nigeria" I don't blame Buhari for the current economic woes but I will blame him for his attitude towards the nosedive. This is the time I had expected him to pump money into the capital angle of the budget so as to create enabling environmen to diversify the economy but instead he choose to use #3B to buy BMW cars thereby sending already scarce forex awol. 2019 please be fast.

Re: 5 Countries Crushed By Oil Price Collapse - CNN by zionglory(m): 12:09pm On Dec 31, 2015

jmichlins:
In Michael Jackson voice "You are not alone Nigeria" I don't blame Buhari for the current economic woes but I will blame him for his attitude towards the nosedive. This is the time I had expected him to pump money into the capital angle of the budget so as to create enabling environmen to diversify the economy but instead he choose to use #3B to buy BMW cars thereby sending already scarce forex awol. 2019 please be fast.

Where is the money,as if jonah left anything in office

Re: 5 Countries Crushed By Oil Price Collapse - CNN by jowhyte(m): 12:18pm On Dec 31, 2015

Demmocrats:

Even world power like Russia is having major economic turmoil because of the drastic fall in oil prices, imagine Nigeria then. For those set of dudes that blame my Sai Buhari for bad economy should know even Venezuela is in a similar mess or even worse. We all need to understand that this man in Aso rock met the country in a terrible mess and the best we can do is work together irrespective of religion, tribe or language as one to move this nation forward.

I believe in my Sai Buhari and i still believe in this great nation called Nigeria, he will truly make this nation great again.

Sai Buhari.

Will you also say the former government of Russia, Saudi Arabia et al also left a terrible government now that they are hit by the low crude price a barrel?

Re: 5 Countries Crushed By Oil Price Collapse - CNN by jmichlins(m): 12:21pm On Dec 31, 2015

zionglory:

Where is the money,as if jonah left anything in office

you sound as if a pro jona. I voted Buhari even when am Igbo and convinced my folks to do same. All am saying is Buhari should have used tha money to improve our indigenous care firms instead of pushing them abroad. What we face now is the problem created by Jona but we won't continue the blame game rather start clearing the mess

Re: 5 Countries Crushed By Oil Price Collapse - CNN by ttmacoy: 12:33pm On Dec 31, 2015

Oposition coming to power has nothing to do with oil price fall. It is very simple, Nigeria missed an opportunity to use the oil boom wisely and judiciously. We didn't use the opportunity to diversify the economy or invest in infrastructure or save for a rainy day.

The likes of Dubai used oil funds to develop the country and diversify into tourism, real estate and financial centers. Saudi built a huge reserve to weather low oil prices (over $700bn for about 30 million people while we had under $30 for about 150 million people ). Look at the likes of Norway saving oil funds for future generations, but we choose to steal, squander and waste.

khassy:
Venezuela...opposition won and oil prices fell

Nigeria....opposition won and oil prices fell

Okay...

Re: 5 Countries Crushed By Oil Price Collapse - CNN by yapapa: 12:34pm On Dec 31, 2015

darlenese:

That feeling , when u wanna die and u keep saying poo that u don't even understand , hahahhahaha

It would have been better if u came to this life as a tooth pick

I pity ur useless,poverty stricken, bush father

a toothpick is much more useful..but u and your Father is as useless as teats on a boar..and did I hear u say poverty? pls,your Father is not mine..and If you behave yourself,I might consider helping your family out somehow.I'm very serious about that.

Re: 5 Countries Crushed By Oil Price Collapse - CNN by ttmacoy: 1:03pm On Dec 31, 2015

There really isn't anything that hasn't been explained.

President Nixon in 1973 promised that America will become oil independent after the oil crisis of 1973 where Arab nations intentionally caused oil shortages to punish the West.

Since then America has been investing in technology to harness their own oil reserved aka shale. Obama when he came in also stressed that he would focus on oil independence so I'm not sure what you are talking about as there is no conspiracy against Nigeria.

This coupled with slowing demand from China who have driven fuel demand for the past decade caused the slump. Simple demand and supply. You are producing more oil and there is less demand.

It's interesting how we are now used to high oil prices and act like it is our right and has always been. Oil sold at $21 just in 2000 and I didn't hear the Chinese or other oil importers shout conspiracy when you were enjoying the oil boom. Now it crashed suddenly there is a conspiracy against Nigeria.
As they say what goes up must come down. Oil is a commodity same as wheat and gold and will rise and fall based on demand and supply.

meccuno:
I don't trust the west.......especially USA. There is a reason for this oil price slump. We might not understand now, but we would be updated sooner or later. They are up to something

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Nobody: 1:35pm On Dec 31, 2015

The 5 main strong countries. They hate the gay right cheesy

These are strong countries. CNN is just indirectly deterring businessmen from investing here.

These are also, countries America will never help.

Re: 5 Countries Crushed By Oil Price Collapse - CNN by darlenese(f): 4:03pm On Dec 31, 2015

yapapa:
a toothpick is much more useful..but u and your Father is as useless as teats on a boar..and did I hear u say poverty? pls,your Father is not mine..and If you behave yourself,I might consider helping your family out somehow.I'm very serious about that.

Help ur useless self , I have over 15 people working for me!
Ode

Re: 5 Countries Crushed By Oil Price Collapse - CNN by valnosky(m): 4:19pm On Dec 31, 2015

debris:
TODAY IS MY BIRTHDAY.........I NEED 1,000 likes

you wan take am cook soup?

Re: 5 Countries Crushed By Oil Price Collapse - CNN by yapapa: 4:58pm On Dec 31, 2015

darlenese:

Help ur useless self , I have over 15 people working for me!
Ode

hahahah...I'm talking about helping for real..its time u quit that ashawo bizness u dey use sustain d family..free d 15underage girls and let me help you...quit illegal buisness my dear.

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Obcglobal(m): 5:43pm On Dec 31, 2015

Does it mean that without oil Nigeria would not have make it up till now? Food for thought; nothing last forever and always have an alternative source of income

Re: 5 Countries Crushed By Oil Price Collapse - CNN by sevule(m): 5:48pm On Dec 31, 2015

gottliebglobal:
Low inflation, high unemployment, budget surplus and low growth rates indicates that Country B is facing recessionary pressures which makes it a candidate for expansionary fiscal policy.
On the contrary with Nigeria which has a Debt to GDP of 10.5% (low according to segunpee), high inflation @ 8.7%, high unemployment @ 9.9%, and a budget deficit of 2.2 Trillion out of a total budget of 6.07 Trillion. How in God's green earth would an expansionary fiscal policy pulls us out of our present economic doldrums? ??

@gottlieglobal I really enjoyed your analysis of expansionary fiscal policy. I am no sure what the difference is between expansionary fiscal policy and and expansionary budget(is there even such a thing?), but my take is that for Nigeria to escape our present economic doldrums the government NEEDS to spend HEAVILY on capital projects that would yield returns such as infrastructure and power (yes power is supposed to be privatized but that is a discussion for another day). Basically we need a budget that is more of a stimulus package.

What is your take on this? And how do you think we can escape our rather unenviable economic situation?

Re: 5 Countries Crushed By Oil Price Collapse - CNN by darlenese(f): 6:18pm On Dec 31, 2015

yapapa:
hahahah...I'm talking about helping for real..its time u quit that ashawo bizness u dey use sustain d family..free d 15underage girls and let me help you...quit illegal buisness my dear.

Lol

Because u are into illegal business , u think everyone is like u,,
Hahhahahahahahaa I laugh at your shallow reasoning !

Re: 5 Countries Crushed By Oil Price Collapse - CNN by segunpee: 6:33pm On Dec 31, 2015

gottliebglobal:

My Bros, firstly, I have passed the mark to be considered a youth in general terms. Thank you.
What you are talking about is an espansionary fiscal policy since one cannot technically claim that a budget is espansionary.
Permit me to enlighten you and other readers here.
Expansionary fiscal policy seeks to decrease tax, increase Government expenditures or try to do both with the goal of fighting inflation.
When taxes are decreased, people have more disposable income and tend to spend more. This stimulates the economy because the more people spend, GDP increases. Also, a decrease in taxes sends a message to the business community that Government is interested in reviving the economy. This increases business confidence which in turn increases private investment.
Government expenditure is a component of GDP, therefore an increase in Government expenditures increases GDP directly.
The bottom line is that the increase in GDP as a result of decrease in taxes and increase in Government expenditures is much more than the initial decrease in taxes or increase in Government expenditures due to the multiplier effect.
Let me break it down with this example.
Country A has an inflation rate of say 7%, as compared to a historical average of 3%, unemployment rate is low @2%, as compared to natural unemployment rate of 4%, budget deficit of 5% and a GDP growth rate of 6% as compared with AGR of 3%.
Country B on the other hand has 1% inflation, 8% unemployment as compared to historical average of 4%, budget surplus of 4% and GDP growth rate of 1.5%.
Which Country would one most likely recommend expansionary fiscal policy?

I found your reply both corrective technically and yet still advocating for the same line of action as I mentioned earlier. Thank You. I have the following data for you about debt to GDP ratio:
USA- 104%, India- 66.7%, UK- 87.2%, China- 41.06%, Japan- 243.2%, Germany- 76.9%, Ghana- 53.125%(2012), Chad- 24.983%, Canada- 37.338%, Angola- 38.043%, Italy- 127.9%, France- 92.2%, Belgium- 105.6%, Benin- 30.86%, Botswana- 14.450%, Cameroun- 23.932%, Cape Verde- 107.691%, burkina faso- 28.321%, Brazil- 34.107%, and Nigeria-10.4 or 13.283%(2012).

Now, please point to a single of these countries that have debt to GDP ratio lower than Nigeria. Answer is NO COUNTRY in the data above. I repeat our debt to GDP ratio is low and can still shoulder more debt considering d fact dt our Reserves have even shrunk. So the way forward is still to run a deficit budget wt emphasis on infrastructure devt and directly stimulating aggregate demand thru govt spending, Consumption( which I believe that d 5k welfare package of d govt seek to achieve particularly for the most vulnerable), Investment( soliciting for FDI and Domestic Direct Investment( d diff loan initiative for Enterpreneur etc, cut down on unnecessary import and boost export etc. U may disagree wt this (though u hv d right to) if u belong to otherwise schl of thot and would have us have a balanced budget or surplus in this recession( anti- keynesian). D thg abt some economists who demonstrate great grasp of definitions, terms etc and yet can't provide course of actions( policy) is really annoying. Please leave the sentiments aside and just deal wt d facts and proffer better course of action. Nigeria is our country.

Re: 5 Countries Crushed By Oil Price Collapse - CNN by gottliebglobal(m): 7:28pm On Dec 31, 2015

sevule:

@gottlieglobal I really enjoyed your analysis of expansionary fiscal policy. I am no sure what the difference is between expansionary fiscal policy and and expansionary budget(is there even such a thing?), but my take is that for Nigeria to escape our present economic doldrums the government NEEDS to spend HEAVILY on capital projects that would yield returns such as infrastructure and power (yes power is supposed to be privatized but that is a discussion for another day). Basically we need a budget that is more of a stimulus package.

What is your take on this? And how do you think we can escape our rather unenviable economic situation?

@ sevule. Thanks for taking the time to read my 2 cents.
Many people here have given up on reading lengthy meaningful comments.
As I have said before, a budget cannot be expansionary on itself.
We have an expansionary fiscal policy and it's opposite which is a contractionary fiscal policy.
There is no way to escape the problems that our adverse economic policies over the decades will deal us but we can actually decide to learn from it and set us up on a path not to repeat the mistakes of the past.
There are both short term and long term goals which must be set right.
My thoughts are:
Sharp cuts and drastic change to the budget.
There are so many unnecessary and wasteful measures in the current budget. The budget should be gone over with a fine comb, line by line and all wasteful spending MUST be removed.
Remove ALL subsidies on petroleum products IMMEDIATELY.
Levy new taxes on luxury goods e.g private jets, yachts, luxury cars, champagne, cigars etc.

Curb appetite for imported goods.

Invest heavily on Power, Capital projects and infrastructure.

Devalue the currency and allow the laws of demand and supply to determine the rate to the dollar and not by Government pegging the rate.

WEAN ourselves COMPLETELY from our dependence on oil and encourage Mining, Agriculture and Manufacturing

Start talks about practicing true FEDERALISM

Re: 5 Countries Crushed By Oil Price Collapse - CNN by yapapa: 7:57pm On Dec 31, 2015

darlenese:

Lol >:

Because u are into illegal business , u think everyone is like u,,
Hahhahahahahahaa I laugh at your shallow reasoning !

shutup and behave..don't letme change my mind.

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Abagworo(m): 9:22am On Feb 23, 2016

Our continued dependence on oil is the reason for this crisis. I believe with a strong President like Buhari staying 4 full years in power will redirect us to a positive path.

Re: 5 Countries Crushed By Oil Price Collapse - CNN by Donclaracuzo: 1:21pm On Feb 23, 2016

Write up shows hope of the hopeless!

Even world power like Russia is having major economic turmoil because of the drastic fall in oil prices, imagine Nigeria then. For those set of dudes that blame my Sai Buhari for bad economy should know even Venezuela is in a similar mess or even worse. We all need to understand that this man in Aso rock met the country in a terrible mess and the best we can do is work together irrespective of religion, tribe or language as one to move this nation forward.

I believe in my Sai Buhari and i still believe in this great nation called Nigeria, he will truly make this nation great again.

Sai Buhari.[/quote]

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