sarrki:



[b]Over 20 billion dollars unremitted to federation account. Nigeria economy will crumble if nothing is done ...........HRH Emir Sanusi Lamido Sanusi .
Bingos: He is an alarmist.
Whoever wins 2015 will never find it easy. Over 30 trillion is mismanaged, unaccounted for or missing under Jonathan. ...... Prof Charles Soludo.
Bingo's : He is desperate .
Our reserve is depleted and our savings squandered. Our nation is in trouble. ... Dr Oby Ezekwesili.
Bingo's : She is an alarmist looking for appointment.
For seven months, NNPC did not remit any money into federation account. When I called as a sitting governor and major oil producing state, Deziani Alison Madueke refused to take my call....... Senator Godswill Akpabio.
Bingo's : He is trying to please Buhari.
I wanted to save but Jonathan have no political will. That is why we are in crisis because we squandered our boom. .... Okonjo Iweala. ...
Bingo's : She doesn't want to be arrested
Dear Noisy Bingo's,
Whatever is the state of economy today was prophesied by our own Nigerians long time ago.
The only problem is that your memory capacity is less than 1 milibyte.
Prof. Soludo wrote to Nigerians what they will suffer irrespective of the party that will win.
Why then are you celebrating IMF recession?
You ignored Emir Sanusi warning
You ignored Oby Ezekwesili warning
You ignored Prof Soludo warning
You ignored Akpabio confession
You ignored Okonjo Iweala testimony.
You are now celebrating naira free fall
Your thinking is damn scary[/b]

bro but this is not an excuse for telling the public that N1 will be made equal = 1USD

.
.
.
.
.
.

Jombojombo:
Buhari is the worst thing to have befall Nigeria... We never had it this bad

You forget too quickly. The fact that you can say this considering that we've have leaders like Obj, Abacha, Babaginda, and Jonathan undescores the deep denial and how clueless Nigerians are regarding their country. This is what happens in a country where corruption has eaten every facet of life. What surprises me is, Nigerians are surprised that their country is the way it is. Lol. Funny. Their condition is like a student who refuses to study but expects to graduate with honors. Nigeria had more than 50 years to plan for a rainy day, but they were busy looting their own country. Smh. In Nigeria, from the panel beater all the way to the president, are all looking for ways to shaft their own country. Keep up the good work.

SamMilla1:


Anuofia,
Did oil price fall only in Nigeria?
You mean if Jonathan is still the President, Dollar would have jumped from 200 to 375 naira?
El Dullard and his band of rogues knows what they are doing with our dollars.
How convenient it is for you to blame Jonathan for what is happening many months after he left office for your certificateless stubborn Illiterate

1.If GEJ was in charge.....YES.

And it won't be because of the bad or good economic team.....it would be because thanks to falling oil prices, we do not have the dollars to buffer the naira...Hence the fall

2.Most other oil exporters are having economic troubles. Saudi Arabia has lost nearly 200bn USD of its savings in buffering their currency. The UAE has raised taxes, Venezuela is in virtual crisis, and many oil producers too have issues. Even in US and UK...jobs are being lost in the oil producing parts of those countries


The problem is, our revenue is based on oil....whose price we do not control. An average Market trader has it better than Nigeria....he can set his price.

LETS FACE THE FACTS. We are a consumer nation. we buy (import) almost everything,from toothpick to the best luxury car , how long will you sustain the lifestyle when your earning is dropping everyday. NDA to no dey help matter. we were able to mask these these things when dollar was high ,we can't now.

banmee:


You forget too quickly. The fact that you can say this considering that we've have leaders like Obj, Abacha, Babaginda, and Jonathan undescores the deep denial and how clueless Nigerians are regarding their country. This is what happens in a country where corruption has eaten every facet of life. What surprises me is, Nigerians are surprised that their country is the way it is. Lol. Funny. Their condition is like a student who refuses to study but expects to graduate with honors. Nigeria had more than 50 years to plan for a rainy day, but they were busy looting their own country. Smh. In Nigeria, from the panel beater all the way to the president, are all looking for ways to shaft their own country. Keep up the good work.

Guy I like ppl that say it as it is.

sarrki:



It is well with you.

Don't insult someone's father coz u won't be happy when they do same to you.

Pls enlightened us on what we can do better as a country if you can't proffer a solution I think you should go back to sleep thank you.

I know u insulted GEJ...Is he not someone father?

Spirit1:


Thank you so much for shedding light into the true reason for the state of our economy.
With the way PDP and Jonathan were looting the economy, Nigeria would have been plunged into a civil unrest/war and total anarchy by now, had they won the election.

I think most people don't understand that Buhari can't steal or spend money we don't have. We wasted out opportunity to save and diversify the economy during the PDP administrations for 16 years!!!

We should be thanking our God someone like Buhari is there today.

It will get better, but we have to unfortunately go through this hardship to start looking inwards.

I like ppl with matured open minds like you. please join my team , we'll earn dollars , deliver ourselves and Nigeria at large

sarrki:



It is well with you.

Don't insult someone's father coz u won't be happy when they do same to you.

Pls enlightened us on what we can do better as a country if you can't proffer a solution I think you should go back to sleep thank you.

You are the one who deserve to go back to sleep

This Cbn governor should take a rest now , his done his best .. Yes oil prices may be low . But the delay of this careless government to make fiscal policies after comin to power is the cause of all this wahala , modern economic waits for no one .. Imagine the United States without cabinet ministers for 2days just imagine how much will be lost in Wall Street .. Besides no country has be successful using the floating system introduced by the Cbn .. This measure is a short term process in other to stabilize a currency and not seen as a permanent solution.

SamMilla1:
Anuofia,
Did oil price fall only in Nigeria?
You mean if Jonathan is still the President, Dollar would have jumped from 200 to 375 naira?
El Dullard and his band of rogues knows what they are doing with our dollars.
How convenient it is for you to blame Jonathan for what is happening many months after he left office for your certificateless stubborn Illiterate

This is an example of illiteracy we talk now, Try to read up on how other oil economies are suffering
below is whats going on in Venezuela

http://money.cnn.com/2016/04/12/news/economy/venezuela-imf-economy/

[size=18pt]Venezuela: the land of 500% inflation[/size]

Venezuela’s bolivar fell past 1,000 per U.S. dollar in the black market as world’s fastest inflation erodes the value of the South American nation’s currency.
That means that the country’s largest denomination note of 100 bolivars is now worth less than 10 U.S. cents
http://www.bloomberg.com/news/articles/2016-02-03/venezuela-bolivar-falls-through-1-000-per-dollar-in-black-market

This is Saudi Arabia
[size=16pt]Saudi Arabia’s non-oil sector slips into recession[/size]
http://www.ft.com/cms/s/3/cdb02eee-4915-11e6-8d68-72e9211e86ab.html#axzz4FCrGlKCa

AmAlbert:
Please FG help us here in Togo, Imagine I changed Naira today only to see that exchange rate now goes for 916 cfa to 1000 naira, please nau you people should help us, Nigerians hardly comes to Togo nowadays to purchase goods cos of the exchange rate... Please help o

That is a good development. Come back and make the stuff they purchase from there over here. We can no longer support the Togolese economy at our expense. We are not Saudi Arabia. Why should we help you there in Togo. Why. Every damn country in the world makes a living at our expense. Do we have a trade surplus with any country, no. Every other nation is getting rich at our expense, and we should continue like this?

The penultimate paragraph says it all and the last paragraph is the clincher. The market must be made perfectly liquid. This is the crossover point where our economy transits from boyhood to manhood, where it begins to take responsibility and pay its bills. We may not like to leave the comforts of home but at some point we must and this President and this generation will take the credit for making this important decision in our history. We MUST stay the course and weather the storm. If President Bunari can, he will have my full support going into any future election vbecausr the threat to reverse the course will only bring about calamitous results. We will absorb the hardship and the CBN should further let the naira go. Then we will begin to see the kinds of non oil sector investments we need to found this economy and diversify its base. The world is watching and waiting in the wings to intervene only if we get it right.

I make 800k from streets every 25 days.. 800k cash.
Im my own boss.



Dollar has favored me.

To all my naijabois,i salute.
All ma naija boiz, i Yahoo

Keep up the blame game. If he was voted in to change things like he claimed, where's the change?
If he couldn't do it, why claim that he could only to get in there and start blaming GEJ up and down.

Zombie.

sarrki:



Over 20 billion dollars unremitted to federation account. Nigeria economy will crumble if nothing is done ...........HRH Emir Sanusi Lamido Sanusi .
Bingos: He is an alarmist.
Whoever wins 2015 will never find it easy. Over 30 trillion is mismanaged, unaccounted for or missing under Jonathan. ...... Prof Charles Soludo.
Bingo's : He is desperate .
Our reserve is depleted and our savings squandered. Our nation is in trouble. ... Dr Oby Ezekwesili.
Bingo's : She is an alarmist looking for appointment.
For seven months, NNPC did not remit any money into federation account. When I called as a sitting governor and major oil producing state, Deziani Alison Madueke refused to take my call....... Senator Godswill Akpabio.
Bingo's : He is trying to please Buhari.
I wanted to save but Jonathan have no political will. That is why we are in crisis because we squandered our boom. .... Okonjo Iweala. ...
Bingo's : She doesn't want to be arrested
Dear Noisy Bingo's,
Whatever is the state of economy today was prophesied by our own Nigerians long time ago.
The only problem is that your memory capacity is less than 1 milibyte.
Prof. Soludo wrote to Nigerians what they will suffer irrespective of the party that will win.
Why then are you celebrating IMF recession?
You ignored Emir Sanusi warning
You ignored Oby Ezekwesili warning
You ignored Prof Soludo warning
You ignored Akpabio confession
You ignored Okonjo Iweala testimony.
You are now celebrating naira free fall
Your thinking is damn scary

No let them keep blaming GEJ.

The president waited months to make any decisive moves and they are surprised our economy is failing. We are even lucky it's still up to this extent. No modern nation's economy will survive a week of stagnation..

Miles300:
This Cbn governor should take a rest now , his done his best .. Yes oil prices may be low . But the delay of this careless government to make fiscal policies after comin to power is the cause of all this wahala , modern economic waits for no one .. Imagine the United States without cabinet ministers for 2days just imagine how much will be lost in Wall Street .. Besides no country has be successful using the floating system introduced by the Cbn .. This measure is a short term process in other to stabilize a currency and not seen as a permanent solution.

Miles300:
This Cbn governor should take a rest now , his done his best .. Yes oil prices may be low . But the delay of this careless government to make fiscal policies after comin to power is the cause of all this wahala , modern economic waits for no one .. Imagine the United States without cabinet ministers for 2days just imagine how much will be lost in Wall Street .. Besides no country has be successful using the floating system introduced by the Cbn .. This measure is a short term process in other to stabilize a currency and not seen as a permanent solution.

So what is your solution. Where will you find the dollars to give the CBN. Mr man. There are only three ways a government can have forex. By exports, by investment and by debts, choose which one you prefer....thoughtfully.

The only export we have, oil is down (for various external and intransigent socio-economic reasons which are impossible to surmount), investment is down (due to various politico-economic reasons, which can be corrected) and debts are not desirable at all and are not easy to obtain (because of the global slow down and the horrendous long term effects). From the above you can clearly see that investmemt is the easiest path out of the quagmire but the good thing about economic fundamentals is that once you can get one going by diversification of production, two will come a lot easier and faster.

Spirit1:


Mr. Financial Analyst, I would have chosen to ignore your misguided rant, save for the fact that you might mislead many readers into believing true your reverse "mental enslavement" which is the main reason why our dear country has found itself where we are today.
Contrary to your reference of youths and their misguided mantra, I have personally followed the Nigerian political and economic history from the 1970's. From when we proudly produced leather hide and groundnuts from the North, to cocoa from the West and Palm oil from the East, as well as rubber from the South-South. When these produce formed the main stock of our international trade and foreign exchange earnings. I witnessed as countries like Malaysia came to Nigeria and took our palm fruits to plant in there country and as we watched them become the number one producer of palm oil in the world.
I participated in the famous Operation feed the Nation "OFN" of Obasanjo's military era. Unlike you Mr. Financial Analyst, although I live and work abroad as a healthcare professional, I still own and operate 20 hecters of Palm plantation that I cultivated through that venture.
I traded and personally exchanged dollar when it was 74 kobo to $1 in 1974 and watched as $ became out of reach through the failure of successive governments to diversify our economy and instead relied solely on crude oil sale, while our manufacturing and agricultural sectors died.
I worked in the Toyota assembly plant in Nigeria in the 1970's run by RT Briscoe and watched as several European companies resident in Nigeria packed their bags and left our economy once thought to be hope of developing countries.

Mr. Financial Analyst , yes contrary to what you think I know a lot about how Nigeria failed to seize the moment over decades to become a manufacturing economy.

Yes diversification of economy takes a long time, but 16 years of PDP waste and looting is sure enough to diversify the Nigerian economy.
Nigeria earned the most money throughout its entire history during that period and show me what we were able to do with it. Our government relies on oil exports for about 58% of its revenue!! Who does that in the world?
Oil exports fell by 50.3% in the third quarter a year ago and oil price by more than 50% - what do you think will happen? Where will Mr. Buhari steal the money to spend or the money to support our weak Naira?
Nigerians have become poorer and the few cabals have become richer.
We died in the mist of plenty.

This is not about Buhari, but about understanding that the problem we now face predates him. We were spending money we didn't have and failed to save for the rainy day.

I expected you to first take time to refute the warnings of Okonjo-Iwela, Soludo, Sanusi and many others, who were screaming about the danger of the future, well before Buhari emerged the president.

Yes, some of the economic policies of Buhari made the situation worse, but it was in a bid to please financial analysts like you. The CBN should have done what they are doing now last year. Allowed the Naira to float and rather used the money spent to support an artificial Naira exchange to invest heavily in infrastructure.

Mr Goodluck Jonathan meant well for Nigeria, but like Okonjo-Iwela said, he lacked the political will.

For once, we all have to bite the bullet and invest in our economy.

Unfortunately Mr. Financial Analyst there is no economy to analyze; dust up your boots and go into farming or any manufacturing portfolio that will boost our economy, increase our exports and reduce our imports, then you would have made a difference. Then JP Morgan index will reclassify us, based on our true economic strength.


Sadly our economic situation will get worse, because we just simply have no money and we are not making enough sales of crude oil to meet our foreign exchange needs.
Yes we depend on import to survive and export little our nothing.

Oga, stop deceiving people with this your crude oil fall in prizes. It is not only in Nigeria that crude oil dropped in prize.

By the way, how much was crude oil when Obi came into power and how much was it when he left.?

Our major problem is not crude oil prize or what the last adminisration did., it is the clueslessness of this present government.

Buhari and his team are confused on how to run the economy. They don't know what to do. Their inconsistency in policies is killing the economy more.

Upon the removal of subsidies on oil they did, they now save trillions from that which GEJ was paying for Nigerians to enjoy lower prizes of petroleum products, what has Buhari done with it. Buhari introduced stamp duty and also making billions from it, so what are we talking about.

You APC supporters should free GEJ from all your excuses for failure.

Buhari is just clueless and incompetent on how to run the economy.

You people want a leader who only knows how to recover looted funds, let's see where we get with it.

My annoyance with the GEJ blame is that it's borne out of pure hatred and tribalism. He's a minority so whatever he did was never good enough. No doubt we've have horrible leaders in the past (one of whom was buhari. The trend setter for the downhill state of our economy) yet for some reason GEJ was the worst thing that happened to Nigeria. Even buhari that should never smell any government seat for he rest of his life for his misrule in the 80s was considered a better choice than GEJ just because he's from the majority.

Tribalism will kill Nigeria. We are talking of corruption but tribalism is even worse. Only in Nigeria does state of origin matter when looking for a job or college admission. We have never been one. We are not one. Because we don't act like it. .

banmee:


You forget too quickly. The fact that you can say this considering that we've have leaders like Obj, Abacha, Babaginda, and Jonathan undescores the deep denial and how clueless Nigerians are regarding their country. This is what happens in a country where corruption has eaten every facet of life. What surprises me is, Nigerians are surprised that their country is the way it is. Lol. Funny. Their condition is like a student who refuses to study but expects to graduate with honors. Nigeria had more than 50 years to plan for a rainy day, but they were busy looting their own country. Smh. In Nigeria, from the panel beater all the way to the president, are all looking for ways to shaft their own country. Keep up the good work.

otukpo:




Oga, stop deceiving people with this your crude oil fall in prizes. It is not only in Nigeria that crude oil dropped in prize.

By the way, how much was crude oil when Obi came into power and how much was it when he left.?

Our major problem is not crude oil prize or what the last adminisration did., it is the clueslessness of this present government.

Buhari and his team are confused on how to run the economy. They don't know what to do. Their inconsistency in policies is killing the economy more.

Upon the removal of subsidies on oil they did, they now save trillions from that which GEJ was paying for Nigerians to enjoy lower prizes of petroleum products, what has Buhari done with it. Buhari introduced stamp duty and also making billions from it, so what are we talking about.

You APC supporters should free GEJ from all your excuses for failure.

Buhari is just clueless and incompetent on how to run the economy.

You people want a leader who only knows how to recover looted funds, let's see where we get with it.

1.It is not only Nigeria where oil prices have dropped. Many other oil producing nations too have issues with their eocnomies.

-Vennzuela is even in worse state
-Saudi Arabia has lost 200bn USD since 2014
-UAE has raised taxes.

2.Oil prices at the begining of OBJ's rule were 17.4 usd per barrel. They went up to 28.1 USD per barrel in 2003. Back then, we were in economic crisis. OBJ was always blasted in the news back then.

3.Oil went up to 61 usd in 2006. That brought in fresh dollars into our account. Then things began ''improving''

4.Oil went up to 94.I USD. Our foreign currency reserves were 60bn ....all in 2008.

5.Oil was at 107 usd in 2011....and then at 105.87 in 2013....then 94.1 in 2014....and 49.9 in 2015. Our reserves when Buhari took over were at 32bn USD.

You can see why we blame GEJ. In 2008....60BN AT 94.1....then by 2015 it was 32bn DESPITE OIL PRICES BEING HIGHER THAN 100USD from 2011-14.

Why didnt GEJ save?

Source

oil prices from 1960-2016


Foreign reserves Nigeria 1960-2016

GEJ failed this country. If it is any comfort....even if he had saved , we won't be in this mess...till next year.

cococandy:
My annoyance with the GEJ blame is that it's borne out of pure hatred and tribalism. He's a minority so whatever he did was never good enough. No doubt we've have horrible leaders in the past (one of whom was buhari. The trend setter for the downhill state of our economy) yet for some reason GEJ was the worst thing that happened to Nigeria. Even buhari that should never smell any government seat for he rest of his life for his misrule in the 80s was considered a better choice than GEJ just because he's from the majority.

Tribalism will kill Nigeria. We are talking of corruption but tribalism is even worse. Only in Nigeria does state of origin matter when looking for a job or college admission. We have never been one. We are not one. Because we don't act like it. .

Totally agree with you two ladies Coco and Otukpo but as a people we need to discuss solutions whenever we can because this country belongs to us all and we are all affected in one way or the other by its fortunes or misfortunes. Not everyone will see reason and so should not attract responses all the time. The way people respond to things should show you how low their capacity at finding solutions is and how useful they are to society. If I had a wife or a boss or an employee or a mother or father or brother that just sits there all day nagging about how his past ties down his present and future without profering any solution and taking no action, I cannot see how I can potentially relate with such a person long term.

Rick9:
Economists pls I have a question.

What causes the Dollar to Rise and Fall,
Why is the Naira losing it value.
Why can't we raise the value
Who set the exchange rate
Why is it impossible to have $1 equal to 1N as it were in the 70s
?

1. Demand and supply. If more people are demanding the dollar for importation and you do not have enough in your foreing reserve to service these needs, the currency will become scarce and expensive, meaning you will need more of your local currency - in this case the naira - to buy a unit of the dollar.

2. Of course, if your economy is structured in such a manner that you do more of imports, you will have a negative ballance of trade/ballance of payment and this leads to unemployment, currency devaluation and all the other problems Nigeria is facing.


2. Why would we want to raise the value? So you can use your N10,000 salary to buy a brand new car based on an artificial value created by the sale of oil. Of course this is not sustainable as we would be back to ground zero if the price of oil falls again. We need not be obsessed about the value of naira to the dollar. Rather, we should be thinking of how to produce what we need and be immune to whatever happens in the monetary market.

4. See above.



5. We were producing what we needed then. The regions were self sustaining through agriculture. But Gowon's counter coup laid the foundation for the destruction of Nigeria's economy. Oil became our mainstay and the 12 states Gowon created became more or less, glorified military formations fed directly by the FG. We lost our incentives to work hard and oil boom made sure this madness continued until what you have now. This is why you have calls for restructuring our fiscal federalism.

cococandy:
My annoyance with the GEJ blame is that it's borne out of pure hatred and tribalism. He's a minority so whatever he did was never good enough. No doubt we've have horrible leaders in the past (one of whom was buhari. The trend setter for the downhill state of our economy) yet for some reason GEJ was the worst thing that happened to Nigeria. Even buhari that should never smell any government seat for he rest of his life for his misrule in the 80s was considered a better choice than GEJ just because he's from the majority.

Tribalism will kill Nigeria. We are talking of corruption but tribalism is even worse. Only in Nigeria does state of origin matter when looking for a job or college admission. We have never been one. We are not one. Because we don't act like it. .

My in-law, if you are ever bored and there's nothing to do, you can go through my posts. I honestly believe Nigeria has never had a leader worthy of being called one. I just hate it when Nigerians blame their present predicament on one person but refuse to look back at their history to find out why they are where they are at the moment. I get it. The country is hard, and when something doesn't go our way, we tend to lash out at whoever or whatever is within proximity. Nigeria's problem, i honestly believe is exposure and the inability of it's citizens to ask logical questions. one being, how in the world would anyone think it is ok to loot and plunder an economy incessantly for more than half a century and not expect the present reality to be their reality? It is absolutely mind boggling. And the citizen don't make it easy either. For some jacked up reason, they refuse to understand that the change they crave begins with each and everyone of them. Remember the last recession? Americans didn't say, "well the economy is phucked, so we are not going to pay taxes or obey the law". No. Everyone stuck together and continued doing the right thing until they somewhat got of the recession. Nigerians are busy burning people in the streets, because the police do not have their confidence. They are giving and taking bribes. The are littering. etc. To them, the ends justifies the means. How can a people think like that? It just doesn't make sense. It really doesn't.

cococandy:
My annoyance with the GEJ blame is that it's borne out of pure hatred and tribalism. He's a minority so whatever he did was never good enough. No doubt we've have horrible leaders in the past (one of whom was buhari. The trend setter for the downhill state of our economy) yet for some reason GEJ was the worst thing that happened to Nigeria. Even buhari that should never smell any government seat for he rest of his life for his misrule in the 80s was considered a better choice than GEJ just because he's from the majority.

Tribalism will kill Nigeria. We are talking of corruption but tribalism is even worse. Only in Nigeria does state of origin matter when looking for a job or college admission. We have never been one. We are not one. Because we don't act like it. .

Well, here is why I am ''angry'' with GEJ.

Between 1999=2008.....oil prices were below 100USD.....yet we saved $60bn in our foreign reserves by 2009.

From 2009-14....oil prices were above 100USD...yet we ended up with 32bn in our reserves by 2015(And GEJ was in charge from 2010-15..)

Sorry.....but I find that indefensible.....even inspite of my beleif that good savings would have delayed the bad days from starting till next year.

We opponents of GEJ are not all tribalists. Thank you.

Quakertellicus1:


Well, here is why I am ''angry'' with GEJ.

Between 1999=2008.....oil prices were below 100USD.....yet we saved $60bn in our foreign reserves by 2009.

From 2009-14....oil prices were above 100USD...yet we ended up with 32bn in our reserves by 2015(And GEJ was in charge from 2010-15..)

Sorry.....but I find that indefensible.....even inspite of my beleif that good savings would have delayed the bad days from starting till next year.

We opponents of GEJ are not all tribalists. Thank you.

You see those points you just raised? You might as well swap GEJ's name with Babangida because he did basically the same thing. Nigerians need to learn their history. These problems didn't just start today. It's cyclic. It has been happening since independence and will continue to happen till every Nigerian wakes up and smells what the Rock is cooking.

Curvinus:


1. Demand and supply. If more people are demanding the dollar for importation and you do not have enough in your foreing reserve to service these needs, the currency will become scarce and expensive, meaning you will need more of your local currency - in this case the naira - to buy a unit of the dollar.

2. Of course, if your economy is structured in such a manner that you do more of imports, you will have a negative ballance of trade/ballance of payment and this leads to unemployment, currency devaluation and all the other problems Nigeria is facing.


2. Why would we want to raise the value? So you can use your N10,000 salary to buy a brand new car based on an artificial value created by the sale of oil. Of course this is not sustainable as we would be back to ground zero if the price of oil falls again. We need not be obsessed about the value of naira to the dollar. Rather, we should be thinking of how to produce what we need and be immune to whatever happens in the monetary market.

4. See above.



5. We were producing what we needed then. The regions were self sustaining through agriculture. But Gowon's counter coup laid the foundation for the destruction of Nigeria's economy. Oil became our mainstay and the 12 states Gowon created became more or less, glorified military formations fed directly by the FG. We lost our incentives to work hard and oil boom made sure this madness continued until what you have now. This is why you have calls for restructuring our fiscal federalism.

Good one. Factual.

You didn't add our favorite pastime. Blaming 'The West'

banmee:


My in-law, if you are ever bored and there's nothing to do, you can go through my posts. I honestly believe Nigeria has never had a leader worthy of being called one. I just hate it when Nigerians blame their present predicament on one person but refuse to look back at their history to find out why they are where they are at the moment. I get it. The country is hard, and when something doesn't go our way, we tend to lash out at whoever or whatever is within proximity. Nigeria's problem, i honestly believe is exposure and the inability of it's citizens to ask logical questions. one being, how in the world would anyone think it is ok to loot and plunder an economy incessantly for more than half a century and not expect the present reality to be their reality? It is absolutely mind boggling. And the citizen don't make it easy either. For some jacked up reason, they refuse to understand that the change they crave begins with each and everyone of them. Remember the last recession? Americans didn't say, "well the economy is phucked, so we are not going to pay taxes or obey the law". No. Everyone stuck together and continued doing the right thing until they somewhat got of the recession. Nigerians are busy burning people in the streets, because the police do not have their confidence. They are giving and taking bribes. The are littering. etc. To them, the ends justifies the means. How can a people think like that? It just doesn't make sense. It really doesn't.

Buhari is working. Let them keep playing the blame game

cococandy:
You didn't add our favorite pastime. Blaming 'The West'

Lol....

Quakertellicus1:


Well, here is why I am ''angry'' with GEJ.

Between 1999=2008.....oil prices were below 100USD.....yet we saved $60bn in our foreign reserves by 2009.

From 2009-14....oil prices were above 100USD...yet we ended up with 32bn in our reserves by 2015(And GEJ was in charge from 2010-15..)

Sorry.....but I find that indefensible.....even inspite of my beleif that good savings would have delayed the bad days from starting till next year.

We opponents of GEJ are not all tribalists. Thank you.

I think you fail to grasp what those ladies are saying, that the problems we face did not start in the five years GEJ was President. They are looking more at the long term structure, the way Nigeria has been run since Mungo Park discovered the source of the Niger, but you are saying what we face today is entirely his fault. Thank goodness you put a small insurance type caveat at the very end saying in effect that his savings will merely have postponed the evil day by just one year, so you are speaking in cash specifics while she is talking about principles. The problem with cash like we all experience is that it can be made and lost easily. And what we say is that money does not define a man, a company or a country.

I often use this analogy of a man having his house robbed or his account hacked. As long as he has a job and goes to work you cannot consider him a failure, just a victim because any situation he faces has a definite light at the end of the tunnel. Does the average Nigerian feel same. You say corruption has finished us, how about the principle of fuel subsidy, senseless wars in the north and south, bad policies, nepotism and tribalism, can you monetise the loses to this nation from these structural elements over the years....

banmee:


You see those points you just raised? You might as well swap GEJ's name with Babangida because he did basically the same thing. Nigerians need to learn their history. These problems didn't just start today. It's cyclic. It has been happening since independence and will continue to happen till every Nigerian wakes up and smells what the Rock is cooking.

Totally agree....and we can go on and on, ever back in history....why Obasanjo nationalised in the late 70's, privatised in the 2000's and we are begging for foreign investment today....we indeed have a chequered history of missed opportumities and misfits in governmemt, no be today. Nigeria had a bad upbringing, bad parenting, excuses for bad adult behaviour but it doesn't set aside the laws of life, of economics and certainly jail time for felony. We have to work on ourselves NOW. The only use for history is to safeguard against repetition of negativity and improvement on the positives. GEJ's administration is history. How we use it defines who we are and what we will be in future. It is merely a tool not a product.

Reference:


Totally agree....and we can go on and on, ever back in history....why Obasanjo nationalised in the late 70's, privatised in the 2000's and we are begging for foreign investment today....we indeed have a chequered history of missed opportumities and misfits in governmemt, no be today. Nigeria had a bad upbringing, bad parenting, excuses for bad adult behaviour but it doesn't set aside the laws of life, of economics and certainly jail time for felony. We have to work on ourselves NOW. The only use for history is to safeguard against repetition of negativity and improvement on the positives. GEJ's administration is history. How we use it defines who we are and what we will be in future. It is merely a tool not a product.

Well said.

sarrki:




Your thinking is damn scary

Well said and good one,but what is the present administration doing to bring us out of this perilous situations,we can't continue to blame everybody,the whole issues is affection u and I,when obama became the president america economy is shredding toward recessions,he brought them back to lime light,and economy american economy today is viable,we understand jonathan was so silly and pathetic,infant he's not fit to rule a local government because the man is cluelessssss and still clueleeeeeesss,what buhrai should do now is to bring a strong policy and work with people that can revive the economy,analytically we suppose to be better off now,price of Pms now 145,Tsa effective,no leakages again,he has no excuse time is against him.

N.B am a buhari chronic supporter,I campaign for him,I made sure my vote is counted if he's threading on bad side I will wail,cry and make my wailing heard