Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,357 members, 7,815,756 topics. Date: Thursday, 02 May 2024 at 05:47 PM

Good News! Buhari Breaks 50 Years Economic Record - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Good News! Buhari Breaks 50 Years Economic Record (6039 Views)

Buhari Breaks Silence On Southern Kaduna Killings / Buhari Breaks Fast With Ooni Ogunwusi And Other Traditional Rulers / Buhari Breaks His Fast With APC Leaders (2) (3) (4)

(1) (2) (Reply) (Go Down)

Good News! Buhari Breaks 50 Years Economic Record by Everfrank(m): 2:29am On Jul 31, 2016
The Central Bank of Nigeria increased its lending rate from 12% to 14%. Thanks to President Buhari.

The principal reason behind this is to lure foreign investors and prop up the naira.

The ministry of finance had stated that Nigeria is “Technically under recession.” The CBN is working to prevent this from happening.

Oweing to shortages in crude production and fluctuating oil prizes, the Buhari administration refocused the nation’s revenue stream.

President Muhammadu Buhari plans to decrease Nigeria’s dependency on crude oil by any means possible.

Two strategies that seem to be working is attraction of foreign investors and increasing the nation’s internally generated revenue.

One of these seem to working.

Read Also: PDP congratulates Buhari for commissioning railway built by GEJ.

Before President Muhammadu Buhari took over, crude oil contributed to 85% of our national revenue.

As at today, that value has dropped to a miserly 30%.

Last month, 70% of N559.03 billion, representing N391 Billion, shared by the federation came from non-oil revenue sources.

This is happening for the first time since the civil war.

After the President reorganized the Federal Internal Revenue, FIRS, over 700,000 new corporate accounts have been added to their database.

The plan is to register a minimum of 10 million additional taxpayers by December 2016.

If this is happens, the revenue generated this month from non-oil sources would be doubled.

This will be enough to fund the 2016 budget with zero input from crude oil sales.

Now this is a feat and the Buhari’s administration seem poised to accomplish this.

Read Also: The presidency and the corrupt ‘Legislooters’.

The good news is this: Nigeria will be completely independent on oil revenue for the first time after the era of groundnut pyramids.

This is going to be game changer and signifies a very bright future for Nigerians.

Buhari’s second strategy is to lure soft investors so as to increase FOREX.

To this, the Monetary Policy Committee within CBN, increased the key lending rate to 14.

The committee “Noted that the negative real interest rates did not support the recent flexible foreign-exchange market.

“We observed this since foreign investors’ attitude remained lukewarm, showing unwillingness in bringing in new capital,” CBN governor said.

“The only reason why the Buhari administration is doing this is to attract foreign portfolio investors.

“This will give the Nigerian market some credibility and allow a takeoff of our FOREX market.

Read Also: Ike Ekweremadu’s ouster concluded.

This will boost the economy and further release more cash to fund the budget,” Bloomberg reports.

“The liquidity levels there are very low, so it would be good to have those foreign investors back.”

“I think the interest rate decision will be supportive of foreign-exchange inflow.

“That indirectly could support growth. Whether it will work immediately, that is another thing,” Bloomberg says.

By and large, President Muhammadu has achieved a feat. If this steam continues, Nigeria will be out of the woods in no distant time.

http://codex-ng.com/good-news-buhari-breaks-50-years-economic-record/

4 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by 4kings: 2:40am On Jul 31, 2016
Hail Buhari

3 Likes

Re: Good News! Buhari Breaks 50 Years Economic Record by Everfrank(m): 2:44am On Jul 31, 2016
4kings:
Hail Buhari
The slayer of corruption!

6 Likes 2 Shares

Re: Good News! Buhari Breaks 50 Years Economic Record by Sweetlemon(f): 2:46am On Jul 31, 2016
Buhari inherited a global low oil price sales in a country where oil is the main (infact, only) source of revenue. Coupled with militancy, give me one possible and solid reason why the economy won't crumble like a pack of cards?
GEJ started borrowing to pay salaries before he left so I wonder why people feel things would have been better if he won.

23 Likes 3 Shares

Re: Good News! Buhari Breaks 50 Years Economic Record by AleAirHub(m): 2:49am On Jul 31, 2016
SO

2 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by dannyben5: 3:02am On Jul 31, 2016
Mtchew...

8 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by shadeyinka(m): 3:06am On Jul 31, 2016
I wonder if we have any so-called economic experts in this country. Our problem is NOT FOREX, its not liquidity, it is not Interest rate or lending rate.

Our problem is simple.
1. We import more than we export.
2. We don't produce the consumables we use. We depend on other nations.

Solve these two problems and Nigeria is made.

35 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by eleojo23: 3:50am On Jul 31, 2016
How exactly is this an achievement?

5 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by tolzy90(m): 3:53am On Jul 31, 2016
One word: Impressive

3 Likes 2 Shares

Re: Good News! Buhari Breaks 50 Years Economic Record by Burger01(m): 5:07am On Jul 31, 2016
smiley
Re: Good News! Buhari Breaks 50 Years Economic Record by Nobody: 5:39am On Jul 31, 2016
Rubbish

8 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by dunkem21(m): 5:45am On Jul 31, 2016
Nonsense and ingredients undecided

.. a painter of rice just moved from N1200 to N1400 undecided

17 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by ConqueredWest: 5:50am On Jul 31, 2016
Increasing interest rate will destroy the economy as it causes price inflation.

Businesses will sell higher in order to be able to pay back.

This will slowdown economic activities and in turn reduce the revenue especially VAT entering government pocket

15 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by macfish01: 5:51am On Jul 31, 2016
Some of your information are bogus. For example, what do u expect when is tax season? The government makes more tax money during tax season. For the fact the government is mandating Nnpc to expedite action in oil exploration is an indication where government policies and visions are. Do not celebrate these Men because they take the easy way out, which is more oil
.money because it seems free.
I would have love to see a Nigerian government solving Nigerian problem. Eg establishing a farm settlement in all the zones. That way, you produce target cash crops and other crops which are imported such as rice. Poultry farm along side tomato farms. These will bring down production cost, revenue to government and employment to the masses.
Then on increased interest rate, Since business owners borrow from banks to run their business, the implies that the government has increased cost of doing business and the customers and consumer most bear this cost. This will lead to rise in the price of goods and services as we are already experiencing.
Anyone with better idea is welcomed.

3 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by Nicur: 5:54am On Jul 31, 2016
food for zombies!! smh

9 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by Aristo3146(m): 5:56am On Jul 31, 2016
Re: Good News! Buhari Breaks 50 Years Economic Record by Aristo3146(m): 5:58am On Jul 31, 2016
shadeyinka:
I wonder if we have any so-called economic experts in this country. Our problem is NOT FOREX, its not liquidity, it is not Interest rate or lending rate.

Our problem is simple.
1. We import more than we export.
2. We don't produce the consumables we use. We depend on other nations.

Solve these two problems and Nigeria is made.
And what did you think is the essence of attracting foreign investors?? is its not for the economy to be self sufficient foreign investors(especially in the real sector) burst a countries GDP, reduce undue pressure on forex, Creates employment opportunities and increase government revenue from taxes.

The solution to the so called our problem you mention above is foreign Investment...Take some time to read economic books and listen to analyst before commenting on sensitive topics like this...

5 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by ConqueredWest: 5:58am On Jul 31, 2016
STEPS THE GOVERNMENT CAN TAKE TO GET OUT OF RECESSION.

1) Invest in the Non-Oil sectors to expand and increase economic activities
2) Invest in Infrastructures especially electricity so that economic activities will increase. This means accepting the demands of Avengers. After all , Dasuki and Kanu shouldn't have being taken serious by government
3) Invest in non--VAT(Value Added Tax) goods and services eg Agriculture, indigenously manufactured drugs/educational materials, etc in order to crash the prices. This will reduce the money leaving people's pockets which in turn will make it possible for people to buy more VAT goods and services which in turn will see more VAT( Value Added Tax) in government pocket as economic activities increases due to increase in buying and selling.
4) When it is clear that the prices of non-VAT goods and services are down, increase salaries in order to make it easy for people to increase their spending , savings and investments. This will increase economic activities and in turn , bring more VAT into government's pocket.
5) Instruct the CBN to allow the Banks manage the TSA monies so that the Banks can give cheap loans to businesses. This will increase economic activities and in turn, see government revenue grow.
6) Reduce interest rates in order to

A= Encourage more people to borrow for business

B= Crash prices of goods and services which in turn will see more Nigerians spend on VATable goods and services.

This will increase the revenue entering government pocket as economic activities increases.

3 Likes

Re: Good News! Buhari Breaks 50 Years Economic Record by DamiBukola: 6:08am On Jul 31, 2016
dunkem21:
Nonsense and ingredients undecided

.. a painter of rice just moved from N1200 to N1400 undecided
Stop this nonsense, u mean u v being buying rice at 1200 and u were complaining?
I v being buying rsame at 1500 since May this year in Uyo here, you better embark on rice importation to Uyo and sell at 1450 and make yo cool money.

3 Likes 2 Shares

Re: Good News! Buhari Breaks 50 Years Economic Record by tuniski: 6:10am On Jul 31, 2016
Sweetlemon:
Buhari inherited a global low oil price sales in a country where oil is the main (infact, only) source of revenue. Coupled with militancy, give me one possible and solid reason why the economy won't crumble like a pack of cards?
GEJ started borrowing to pay salaries before he left so I wonder why people feel things would have been better if he won.

Why do u reduce governance to paying salaries and equating borrowing to poor performance, why?
Anyway, buhari is here and he is the worst in our history on all fronts. A fraud of chanji sold to gullible citizens. How I wish only the sai baba chanters suffer this incurable incompetent baba's poor judgment n governance.

5 Likes

Re: Good News! Buhari Breaks 50 Years Economic Record by dunkem21(m): 6:22am On Jul 31, 2016
DamiBukola:

Stop this nonsense, u mean u v being buying rice at 1200 and u were complaining?
I v being buying rsame at 1500 since May this year in Uyo here, you better embark on rice importation to Uyo and sell at 1450 and make yo cool money.

Nice deal, bro.

I had wanted to create a thread to advise Nigerians and NLers to buy foodstuffs in bulk and keep.

It's going to get tougher..

A big bottle of groundnut oil(1.5L) just moved from N600 to N650 and will hit N700 before the week runs out..

4 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by dominique(f): 6:25am On Jul 31, 2016
How do all these records translate to the average Nigerian that is barely feeding well at the moment.
Nigerians are still not smiling o.

5 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by Redoil: 6:41am On Jul 31, 2016
Sweetlemon:
Buhari inherited a global low oil price sales in a country where oil is the main (infact, only) source of revenue. Coupled with militancy, give me one possible and solid reason why the economy won't crumble like a pack of cards?
GEJ started borrowing to pay salaries before he left so I wonder why people feel things would have been better if he won.
a bag of rice is now 21 thousand naira what sayest thou

2 Likes

Re: Good News! Buhari Breaks 50 Years Economic Record by IVORY2009(m): 7:07am On Jul 31, 2016
[s]
Sweetlemon:
Buhari inherited a global low oil price sales in a country where oil is the main (infact, only) source of revenue. Coupled with militancy, give me one possible and solid reason why the economy won't crumble like a pack of cards?
GEJ started borrowing to pay salaries before he left so I wonder why people feel things would have been better if he won.
[/s]

What's ur point? Puton ur thinking cap "MAMA"

4 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by Abeymills(m): 7:21am On Jul 31, 2016
Welcome 2 d era of cluelesness n stupidity yeye govt

2 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by policy12: 7:49am On Jul 31, 2016
The govt seem to be unlucky when it comes to the issue of revenue generation,the only source of income has gone low beyond what the politician's anticipated. I kno som ppu won't understand my point but let look at it from this angle imagine yu receiving salary of about 145k about 2/3 yrs ago, then due to restructure in ur place of work ur salary is now 43k like what is happening presently in som state:no matter who u are ds will affect ur psychology especially if u ar d type that spend recklessly without saving,this is what is happening to this govt.

The point above shu it be an excuse? This is where the govt of the day shu sit up and turn things around,let them put on their thinking cap employ the hands that can turn things around enough of excuse.

Though it's easy to....

2 Likes 2 Shares

Re: Good News! Buhari Breaks 50 Years Economic Record by biggerj(m): 7:55am On Jul 31, 2016
I just hop we re not all dead b4 everything starts runing smoothly again.

2 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by Nobody: 8:19am On Jul 31, 2016
Nigerian economy is technically in recession. Haba Aunty Kemi stop trying to sugar coat things. Nigerian economy is in depression shikenan.
All these jargons about diversifying the economy is just grammar to the ordinary Nigerian on the streets of Onitsha, Zungeru and Akure. We want to see action and people oriented policies.
What happened to the proposed 500 billion naira welfare intervention fund? this year is gradually winding down yet nothing to show for it.
The ban on rice importation without a corresponding increase in local production has been a self inflicted humanitarian disaster.
The fight against corruption and treasury looters was received with so much fanfare. A year has gone bye without a single successful prosecution. we want to see looters in kirikiri not with security aides and driving around in porsche car's they bought with their loots.
Futhermore the gains of the Tsa and other measures directed towards blocking leakages and consolidation of goverment assets have not been followed by a corresponding increase in goverment spending. Hence an apparent lack of money in the system. I don't care just find ways to release those badly needed cash to stimulate the economy.
On a final note I'm not crossing to the wailers side I'm just a pained angry and dissapointed Zombie that wants to wail.
I am still standing with #Buhari.

2 Likes 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by biggerj(m): 8:42am On Jul 31, 2016
Reski:
Nigerian economy is technically in recession. Haba Aunty Kemi stop trying to sugar coat things. Nigerian economy is in depression shikenan.
All these jargons about diversifying the economy is just grammar to the ordinary Nigerian on the streets of Onitsha, Zungeru and Akure. We want to see action and people oriented policies.
What happened to the proposed 500 billion naira welfare intervention fund? this year is gradually winding down yet nothing to show for it.
The ban on rice importation without a corresponding increase in local production has been a self inflicted humanitarian disaster.
The fight against corruption and treasury looters was received with so much fanfare. A year has gone bye without a single successful prosecution. we want to see looters in kirikiri not with security aides and driving around in porsche car's they bought with their loots.
Futhermore the gains of the Tsa and other measures directed towards blocking leakages and consolidation of goverment assets have not been followed by a corresponding increase in goverment spending. Hence an apparent lack of money in the system. I don't care just find ways to release those badly needed cash to stimulate the economy.
On a final note I'm not crossing to the wailers side I'm just a pained angry and dissapointed Zombie that wants to wail.
I am still standing with #Buhari.

2 Likes

Re: Good News! Buhari Breaks 50 Years Economic Record by Nobody: 9:39am On Jul 31, 2016
Sweetlemon:
Buhari inherited a global low oil price sales in a country where oil is the main (infact, only) source of revenue. Coupled with militancy, give me one possible and solid reason why the economy won't crumble like a pack of cards?
GEJ started borrowing to pay salaries before he left so I wonder why people feel things would have been better if he won.


The poor man's wages are blames and excuses

1 Like 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by Mologi(m): 9:58am On Jul 31, 2016
oyo teachers are suffering....AJUMOBI

1 Like 1 Share

Re: Good News! Buhari Breaks 50 Years Economic Record by CharleyCharley: 10:02am On Jul 31, 2016
monkeys and baboons have already started jumping and showcasing thier stvpidity.

1 Like 1 Share

(1) (2) (Reply)

Insecurity: Nigeria Delegation To ECOWAS Says Security Situation Satisfactory / New Anglican Road: Contractor Reassures Ugwuanyi Of Quality, Timely Completion / Nigerians React To The Planned 2nd Phase Of The #ENDSARS PROTEST

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 62
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.