obailala:

I will give you a simple analogy; a man's salary increases from 10k to 100k and then he marries more wives and births more children after several years. Now after many years and many more wives and children later, his salary is slashed suddenly from 100k to 30k. Of course it is only commonsensical to know that his general standard of living cannot remain the same as before, especially since he cannot chase away his new wives and new children. In summary, Nigeria of today is totally different from what it was during the days of OBJ's; so your comparison of things being 'fine' during the $20 days of OBJ vs the situation of things now is baseless, except you are suggesting Buhari to sack half of the federal civil service and reduce minimum wages to N3000.

Do you know why this argument does not wash with Nigerians? Because the state of the economy today is significantly worse than it was in say the first 5 months of 2015 when GEJ was in power. It's that rapid deterioration in living standards that Nigerians are bemoaning. Oil prices today are not significantly different from oil prices in the first quarter of 2015, yet we have seen a substantial currency collapse since then.

Another thing to bear in mind is that the government is a victim of the expectations it helped create. People were told that the previous government was composed of Olympian thieves (purportedly stealing $49bn or $20bn within an 18 month period). Now that those thieves have been kicked out, and presumably the theft has stopped, the reduction in the theft of oil revenues should offset some, if not all, of the reduction in oil revenues arising from lower oil prices and disruption in oil production.

4Play:


Do you know why this argument does not wash with Nigerians? Because the state of the economy today is significantly worse than it was in say the first 5 months of 2015 when GEJ was in power. It's that rapid deterioration in living standards that Nigerians are bemoaning. Oil prices today are not significantly different from oil prices in the first quarter of 2015, yet we have seen a substantial currency collapse since then.

Another thing to bear in mind is that the government is a victim of the expectations it helped create. People were told that the previous government was composed of Olympian thieves (purportedly stealing $49bn or $20bn within an 18 month period). Now that those thieves have been kicked out, and presumably the theft has stopped, the reduction in the theft of oil revenues should offset some, if not all, of the reduction in oil revenues arising from lower oil prices and disruption in oil production.

When you cut a tree from its root, all the leaves dont wither immediately, it could take as much as a week or more for all the leaves to lose nutrients, start drying up and falling off. This is common sense 101.

A man loses his source of income today does not mean the hunger and starvation would visit his family today. It takes time for the consequences to creep in. This is also vommon sense 101.

As early as december 2014 when oil prices were still $70, NOI already warned Nigerians of an impending crisis and turmoil if oil prices did nit revert; she admonished Nigerians to tighten their belts for the tsunami that was coming. I dont need to remind you that oil prices unexpectedly fell further to as low as below $30 and contrary to most predictions back then, the price slump has lasted far more than expected (over 2 years now).

PaulIdu:


Very Good if I was earning 300k and my salary was slashed to 100k but I then decide to start burn down the company warehouse in a bid to find rats that ate a receipt booklet who would you blame for the hardship that would follow ..Os it my reduced salary or the fact I knew my salary had reduced but yet I burnt down the warehouse because of rats ..that's exactly what Buhari did.. he knew oil price had fallen instead of maximising output like Saudi Arabia did he chose the same time to raise tensions in the Niger delta because of some university fraud which is Akin to burning down warehouse just because rat ate reciepts

All I just wanted to do was read comments and laugh at the way people display ignorance. Your example is perfect for that unintelligent write by that commenter who doesn't know it cost the taxpayers heavily to prosecute corruption cases, the PMBs administration told us they've recovered loots yet they didn't tell us the cost of the recovery, they saved a whopping 3 trillion from TSA yet can't pay salaries, now the means of our survival is lowly priced at international market yet he raised tension in the area he gets it which has further depleted our output and they call him man with a vision. They don't even know it would cost more to mobilise logistics to battle front than persuade the warring factions in the Niger Delta after all what they want we know unlike the boko haram, whose purpose we are yet to know. I rest my case brother people who understand governance are very few even our leaders. Imagine promising heaven during campaign now what we hear are excuses, blames and counter blames.

peterjero:

All I just wanted to do was read comments and laugh at the way people display ignorance. Your example is perfect for that unintelligent write by that commenter who doesn't know it cost the taxpayers heavily to prosecute corruption cases, the PMBs administration told us they've recovered loots yet they didn't tell us the cost of the recovery, they saved a whopping 3 trillion from TSA yet can't pay salaries, now the means of our survival is lowly priced at international market yet he raised tension in the area he gets it which has further depleted our output and they call him man with a vision. They don't even know it would cost more to mobilise logistics to battle front than persuade the warring factions in the Niger Delta after all what they want we know unlike the boko haram, whose purpose we are yet to know. I rest my case brother people who understand governance are very few even our leaders. Imagine promising heaven during campaign now what we hear are excuses, blames and counter blames.

Exactly bro .exactly

peterjero:

All I just wanted to do was read comments and laugh at the way people display ignorance. Your example is perfect for that unintelligent write by that commenter who doesn't know it cost the taxpayers heavily to prosecute corruption cases, the PMBs administration told us they've recovered loots yet they didn't tell us the cost of the recovery, they saved a whopping 3 trillion from TSA yet can't pay salaries, now the means of our survival is lowly priced at international market yet he raised tension in the area he gets it which has further depleted our output and they call him man with a vision. They don't even know it would cost more to mobilise logistics to battle front than persuade the warring factions in the Niger Delta after all what they want we know unlike the boko haram, whose purpose we are yet to know. I rest my case brother people who understand governance are very few even our leaders. Imagine promising heaven during campaign now what we hear are excuses, blames and counter blames.

Hmmn...this is deep.

Famouson:

I clearly agree with you.... GEJ'S and Buhari' administration have a share in the ongoing economic recession.. ..... ... ... I'm optimistic that by this time next year Nigeria would be in good shape....

Would you say Nigeria is in a good shape now? It's over a year already.

searchng4love:

How is the government being prudent financially?
A government that is committing $40 billion dollars to oil exploration in the Chad basin instead of diversifying the economy from oil?
A government that still subsidizes pilgrimages at the expense of taxpayers?
A government that only got an economic adviser in it's second year in office?
Maybe am missing something....

Search not just 4 love but also the truth
Where did you get this figure from?

The usual misinformation. Venezuela did not fail because of the plunge in oil price. VENEZUELA FAILED BECAUSE OF SOCIALISM.

Nigeria is NOT a Socialist State. And UNLIKE Venezuela MOST OIL PRODUCING COUNTRIES ARE NOT HAVING ANY ECONOMIC CRISIS RIGHT NOW.

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Abagworo:
http://www.economiccalendar.com/2016/07/03/venezuelas-economic-collapse-becomes-humanitarian-crisis/

The combination of political mismanagement, corruption and plunging commodity prices have dealt a near fatal blow to the Venezuelan economy, as the country’s economic decline has quickly devolved into a humanitarian crisis.Weak commodity prices over the past two years have accelerated Venezuela’s decline. Once known as “Venezuela Saudita,” or Saudi Venezuela, the Latin American economy has fallen into the throes of recession amid the halving of oil prices since 2014. Oil accounts for 95% of the country’s exports, making it especially vulnerable to price swings in the commodity markets.

According to the World Bank, Venezuela’s economic downturn has yet to bottom out, sign that more pain may be on the way.One of the biggest pain points is the relentless surge in inflation, which according to the International Monetary Fund (IMF) will rocket above 700% this year alone. A 6,000% rise in petroleum pump prices and further monetizing of the public deficit are expected to feed into the inflationary spiral, further denting consumption and economic output.President Nicolas Maduro has attributed the deepening crisis to an “economic war” led by private businesses and foreigners, who are hoarding food supplies to undermine the government.

Maduro’s government has tasked local citizen committees with distributing scarce food supplies in a country experiencing severe shortages of basic goods and services. This has created optimal conditions for the black market to fill the void.On May 19, 2016, President Maduro officially declared a state of emergency where he blamed the so-called imperialist forces, such as the US Central Intelligence Agency (CIA), for undermining his administration.

The Venezuelan economy contracted more than 8% over the past year. It is forecast to decline another 10.1% in 2016, according to the latest World Bank outlook. The economy is expected to contract by a further 3.4% in 2017 before finally escaping recession.Underscoring Venezuela’s struggles are deepening internal divisions and limited regional allies to provide support to the economy. Venezuela’s right-wing opposition coalition won a landslide victory in the December election and has since vowed to strip Maduro of his presidency. The United States has already voiced support for a “fair and timely recall referendum” on Maduro’s leadership.Thousands of Venezuelans have signed petitions requesting a recall referendum against the president.

More than 1.3 million Venezuelans have offered their signatures, far exceeding the 200,000 required to move the process to the next stage. The election council has rejected nearly half of those signatures. After authenticating the signatures, the opposition would be able to conduct a second official signature drive, where they would have to collect nearly 4 million signatures to trigger the recall.

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