okosodo:
I can pick lies from this long epistle. Mexico. Angola , UAE are not in recession. If you believe anybody from the north can bring us out from this, then you should have your head examined. We should wait for 4 or 8 years for hausa/fulani masters to take us back as usual before any reasonable thing can happen.

Read it again.


Nigeria, like other major oil producing counties like Venezuela, Canada, Iran, Algeria, Ecuador, Brazil, Iraq, Russia, Libya, Azerbaijan, Kazakhstan are also in recession while others like: Qatar, Mexico, UAE, China, Angola and Saudi Arabia, according to the June/July edition of Worldatlas, Bloomberg, are at the brink of recession.

Is this an epistle to the church at Macedonia?

You are not a student of history, twice he was President twice he as lead us out of recession. He as always taken over at point of recession and always he leaves us far better.

nnachukz:
All talks and no tangible action. Twice the president and twice led the country into recession. That can't be a coincidence, just a brazen display of incompetency.

But the good news is that Buhari has been humble and straightforward enough with Nigerians to admit that the economy is in a very bad shape and that it requires urgent surgical operation.

I thought they said it isn't true and only PDP loyalists are claiming that the economy is in shambles?

Only two weeks ago, one of their cronies said the media is over hyping the recession issue. Even their finance minister recently claimed recession is only a word.

I don't see and straightforwardness here. If he is being straightforward he should acknowledge he brought us where we are with a lackadaisical approach to the economy in his first six months, unguided utterances , wrong policies and general incompetence. He should be straightforward enough to know that the job is too much for him and his brothers to handle and resign proudly.

What happened in 84 and now isnt a coincidence and they shouldn't bother spinning that way. Buhari is the common denominator both times, that just shows he is destined to fail everytime.

dealslip:
Let us not be fooled. Buhari doesn't have what it takes to lead a complex economy like Nigeria. He would have done well as the EFCC chairman. The focal point of his campaign was corruption, Nigeria didnt look too hard that all Buhari's economic plans for Nigeria was handouts. All he was promising was food to little Children and 5k to the youths. That is a typical almajiri thinking as it is a culture in the north. There wasnt any talks about industries and innovations. No talks about human capital development. His major source of income to manage the economy was recovering loots to handle economic issues. It is like planning to pay you child's school fees with the money someone owes you which you aren't sure he will pay you. He has no idea of how a nation works or what to do and he leans on Kith and Kin for direction and not professionals. It is no coincidence that the economy always goes into hard and biting recession every time he ascends the throne. I also think that, he has a bit of bad luck. Everything that could possible go wrong has gone wrong under him. There is something about him that brings sadness, tension and lack all the time. Under Buhari people are never happy and free. They feel stifled. Honestly Buhari isn't a creative person and lacks the ability to bring out creativity in people or allow people to blossom in creativity.

Well said!!!

We told you guys to think Four yourselves beyond propaganda but you changed the right path Nigeria was heading to during GEJ era. This government is as corrupt as GEJ's and at the sandals not doing anything economic wise to savage the economic woes.

blackpanda:
Nigerians should rejoice that Buhari won the last election. It could have been far worse than it is now. God gave us exactly what we needed at the time we needed it.

When we read the comment of those who were in the first recession presided by Buhari, one just wonders if Nigerian children/citizens are not recircled.

nnachukz:
All talks and no tangible action. Twice the president and twice led the country into recession. That can't be a coincidence, just a brazen display of incompetency.

It's beyond COMPETENCE, sir.

It's LACK OF GRACE.

dealslip:
Let us not be fooled. Buhari doesn't have what it takes to lead a complex economy like Nigeria. He would have done well as the EFCC chairman. The focal point of his campaign was corruption, Nigeria didnt look too hard that all Buhari's economic plans for Nigeria was handouts. All he was promising was food to little Children and 5k to the youths. That is a typical almajiri thinking as it is a culture in the north. There wasnt any talks about industries and innovations. No talks about human capital development. His major source of income to manage the economy was recovering loots to handle economic issues. It is like planning to pay you child's school fees with the money someone owes you which you aren't sure he will pay you. He has no idea of how a nation works or what to do and he leans on Kith and Kin for direction and not professionals. It is no coincidence that the economy always goes into hard and biting recession every time he ascends the throne. I also think that, he has a bit of bad luck. Everything that could possible go wrong has gone wrong under him. There is something about him that brings sadness, tension and lack all the time. Under Buhari people are never happy and free. They feel stifled. Honestly Buhari isn't a creative person and lacks the ability to bring out creativity in people or allow people to blossom in creativity.

u are absolutely right. it is not a matter of hatred for the president, it is a matter of having the capacity to deliver. i doubt if the president ever brainstorm on how to critically improve the nation. No leadership vision at all from him, no projections and bench marks. zero leadership qualities.

WHAT DO YOU EXPECT FROM A GOVERNMENT THAT WORKS HARD FOR NIGERIA'S UNITY THAN IT'S DEVELOPMENT,

kross01:
Oil contributes 15% of our GDP, how does the drop in oil price take us into recession? This is just like telling me a shareholder holding 15% shares in a country can unilaterally decide the company's future. Drop in crude prices should have only affected our earnings but could never have driven us into recession, economic mismanagement did. And the chief contributor to such mismanagement is the constant policy summersault by the present government, nothing erodes investors confidence more than that.

God bless u sir. most people keep blaming it on oil revenue alone. my question what has this govt done to protect investors and their interest in the economy. for crying out loud. 30 billion dollars was left in the treasury for this administration to begin life with, isn't that not enough to have prudently manage our economy. instead they keep wailing about empty treasury. what are they doing with the susidy money. cos we the masses have benefited from any palliatives they promised they will execute with the subsidy funds. this govt currently is worst than the outgone one interms of managing the economy. atleast the last govt were pro investor friendly, atleast we benefited a little from the partial susidy removal, with sure p, graduate internship scheme, and fertilizer susidy.

EdoBoy90:
APC is playing politics with our economy.

This meeting will yield no result as far Prof. Charles Soludo, Dr. Ngozi Okojo ziweala, Prof. Pat Utomi and Mallam Sanusi Sanusi since they are not at that meeting.

This meeting is null and void since Mrs Kemi Adeosun is still the Minister of Finance. She is doing IT with our economy.


D most dullest finance minister of the century. Award they wait you...

U just feel like talking.

seunmsg:


[b]We earn all our forex from crude oil. [/b]Once the forex from crude oil is no longer there, other sectors won't get the required forex to import and expand/maintain their operations. And once these other sectors can no longer maintain their current operating level not to talk of expansion, the economy will not grow, hence, recession. Recession simply means our economy is no longer growing.

The situation of the Naira is also as a result of the shortage of forex. The high $/N exchange rate is seriously pushing inflation to an extreme height which in effect had reduce the purchasing power of Nigerians. It had also reduce the growth capacity of other sectors that contributes to the GDP.

If only Jonathan had not squandered the huge foreign reserve and the excess crude savings he inherited, the current government would have gotten something to fall back to, investors ability to continue to invest won't be eroded, Naira won't be this bad and most importantly, we won't be in a recession today.

This is not true: We do not earn all our forex from crude oil exports. Remittances, capital inflow and non-oil exports contribute to forex inflows:

1)

The World Bank has disclosed that Nigeria received a total of $21 billion from its citizens living abroad as home remittance in 2014 saying that growth of remittance is expected to slow this year.

Source: http://www.vanguardngr.com/2015/04/nigerians-living-abroad-remitted-21bn-in-2014-world-bank/

2)

Represented by the Director, Development Finance of the CBN, Dr Mudashiru Olaitan, Emefiele blamed the decline of non oil revenue on the low level of loans to exporters which invariably contributed to the decline in non oil export revenue receipts from $10.53billion in 2014 to $4.39billion in 2015.

Source: http://www.vanguardngr.com/2016/01/cbn-blames-declining-non-oil-revenue-on-low-export-loans/

3)

For instance, figures obtained by the National Bureau of Statistics stated that as of 2013, the country had a total investment inflow of $21.32bn (N4.2tn). This figure, according to an analysis of the report, declined to $20.72bn (N4.08tn) and $9.64bn (N1.89tn) in the 2014 and 2015 fiscal periods respectively.

Source: http://investadvocate.com.ng/2016/03/07/investment-inflow-nigeria-drops-n2-3tn/

From the above 3, non-oil sources of forex in 2014 totalled $52bn -$21bn in remittances, $10.5bn in non-oil exports and $20.7bn in investment inflows. So all the Nigerian government needed to do was make sure the 3 non-oil sources of forex inflow continued to grow to offset the reduction in oil export income. Instead, by displaying a disinterest in setting a clear policy direction and implementing the boneheaded fixed exchange rate policy; 2) and 3) above declined very fast making things even worse than they ordinarily would have been.

You paid propagandists who make this half-witted exculpatory defence of the Buhari regime as merely being the victims of the oil collapse are the worst set of traitors this country has. You are damaging the country by excusing government ineptitude. Another thing that escapes most people's attention is the inconsistency of the narratives that Buhari propagandists offer: if the GEJ government was stealing all our money with reckless abandon, why the hell would a fall in oil prices in itself cause such hardship for Nigerians?

Cc : blackpanda n related zombies

dealslip:
Let us not be fooled. Buhari doesn't have what it takes to lead a complex economy like Nigeria. He would have done well as the EFCC chairman. The focal point of his campaign was corruption, Nigeria didnt look too hard that all Buhari's economic plans for Nigeria was handouts. All he was promising was food to little Children and 5k to the youths. That is a typical almajiri thinking as it is a culture in the north. There wasnt any talks about industries and innovations. No talks about human capital development. His major source of income to manage the economy was recovering loots to handle economic issues. It is like planning to pay you child's school fees with the money someone owes you which you aren't sure he will pay you. He has no idea of how a nation works or what to do and he leans on Kith and Kin for direction and not professionals. It is no coincidence that the economy always goes into hard and biting recession every time he ascends the throne. I also think that, he has a bit of bad luck. Everything that could possible go wrong has gone wrong under him. There is something about him that brings sadness, tension and lack all the time. Under Buhari people are never happy and free. They feel stifled. Honestly Buhari isn't a creative person and lacks the ability to bring out creativity in people or allow people to blossom in creativity.

such a long epistle.
APc still padding vanguard since 1988.
I stopped reading when in my mind I felt I was reading a peice by Garba Shehu or one of doz zombies

Do u all knw wat it takes to rule a country? Let's all embrace good leadership and help dem with prayers. Every1 have his/her problems and we do knws hw long it takes us to solve dem, cum to talk abt d problems of over 180 million pple to b solved by a single person. Population is also part of our problems

kross01:
Oil contributes 15% of our GDP, how does the drop in oil price take us into recession? This is just like telling me a shareholder holding 15% shares in a country can unilaterally decide the company's future. Drop in crude prices should have only affected our earnings but could never have driven us into recession, economic mismanagement did. And the chief contributor to such mismanagement is the constant policy summersault by the present government, nothing erodes investors confidence more than that.

Pls can u tell me wat d remaining 85% comprises off...

blackpanda:
Nigerians should rejoice that Buhari won the last election. It could have been far worse than it is now. God gave us exactly what we needed at the time we needed it.

. Rejoice for hell as a gift? Is there anything worst than the hell?

nototribalist:
ok , explain this.

Your expose deserves no comment but let me say this...whenever you lose your birth certificate (or even same academic certificate) and you go back for a new one make sure to insist on getting it in the old format signed by the original LG chairman.

blackpanda:
Nigerians should rejoice that Buhari won the last election. It could have been far worse than it is now. God gave us exactly what we needed at the time we needed it.

. Rejoice for hell as a gift? Is there anything worst than hell?

The last time I checked, fall in oil price started in 2014 .so after 2015 elections, what sensible govt waits for 6 months before forming govt..

kross01:
Oil contributes 15% of our GDP, how does the drop in oil price take us into recession? This is just like telling me a shareholder holding 15% shares in a country can unilaterally decide the company's future. Drop in crude prices should have only affected our earnings but could never have driven us into recession, economic mismanagement did. And the chief contributor to such mismanagement is the constant policy summersault by the present government, nothing erodes investors confidence more than that.

I'm not even an Economist but I know that you can't spend GDP. What you need to have looked at is Nigeria's Export earnings. This is what the Federation (FG, 36 States and the FCT) share for spending and for paying salaries. Oil contributes over 80% (sometimes up to 90%) of Nigeria's Export earnings. Now with oil dropping from $140 per barrel to as low as $30 per barrel, I hope you get the recession logic.

nototribalist:
your own case requires WHO to give you your own anti zombie vaccine. 2 gbosa for your zombiesm.

Even on judgement day that idiat will still be a certified zombie

kross01:
Oil contributes 15% of our GDP, how does the drop in oil price take us into recession? This is just like telling me a shareholder holding 15% shares in a country can unilaterally decide the company's future. Drop in crude prices should have only affected our earnings but could never have driven us into recession, economic mismanagement did. And the chief contributor to such mismanagement is the constant policy summersault by the present government, nothing erodes investors confidence more than that.

Till people understand the mere presence of Buhari and his bad decisions based on poor Judgement is responsible for the recession and not any oil price

Joarams:


I'm not even an Economist but I know that you can't spend GDP. What you need to have looked at is Nigeria's Export earnings. This is what the Federation (FG, 36 States and the FCT) share for spending and for paying salaries. Oil contributes over 80% (sometimes up to 90%) of Nigeria's Export earnings. Now with oil dropping from $140 per barrel to as low as $30 per barrel, I hope you get the recession logic.

Look deep bro you will see all that is affecting the economy is Buhari. .OBJ met oil prices lower ,almost zero foreign reserve ,almost huge debt profile and no democratic structure yet there was no recession then ..Make we open eyes oo

dealslip:
Let us not be fooled. Buhari doesn't have what it takes to lead a complex economy like Nigeria. He would have done well as the EFCC chairman. The focal point of his campaign was corruption, Nigeria didnt look too hard that all Buhari's economic plans for Nigeria was handouts. All he was promising was food to little Children and 5k to the youths. That is a typical almajiri thinking as it is a culture in the north. There wasnt any talks about industries and innovations. No talks about human capital development. His major source of income to manage the economy was recovering loots to handle economic issues. It is like planning to pay you child's school fees with the money someone owes you which you aren't sure he will pay you. He has no idea of how a nation works or what to do and he leans on Kith and Kin for direction and not professionals. It is no coincidence that the economy always goes into hard and biting recession every time he ascends the throne. I also think that, he has a bit of bad luck. Everything that could possible go wrong has gone wrong under him. There is something about him that brings sadness, tension and lack all the time. Under Buhari people are never happy and free. They feel stifled. Honestly Buhari isn't a creative person and lacks the ability to bring out creativity in people or allow people to blossom in creativity.

As an individual, what would happen if your income is reduced by 50%?

kross01:
Oil contributes 15% of our GDP, how does the drop in oil price take us into recession? This is just like telling me a shareholder holding 15% shares in a country can unilaterally decide the company's future. Drop in crude prices should have only affected our earnings but could never have driven us into recession, economic mismanagement did. And the chief contributor to such mismanagement is the constant policy summersault by the present government, nothing erodes investors confidence more than that.

How does the country earn forex to meet up its import? The country is heavily import dependent. The crisis Nigeria is facing today is as a result of the exchange rate. We are no longer earning enough forex to meet up the demand. You cannot continue to dip your hands is the foreign reserve just to meet up with demand

idupaul:


Look deep bro you will see all that is affecting the economy is Buhari. .OBJ met oil prices lower ,almost zero foreign reserve ,almost huge debt profile and no democratic structure yet there was no recession then ..Make we open eyes oo

So how did he increase the foreign reserve. What was Nigeria exporting then to earn forex?

Sixfootah:
The last time I checked, fall in oil price started in 2014 .so after 2015 elections, what sensible govt waits for 6 months before forming govt..

So what would have happened, oil price continued to fall. Will the ministers have diversified the economy within that 6 months. When we had ministers in place, was the economy diversified. Our Country has had it all wrong and has been built on a shaky foundation.

okosodo:
I can pick lies from this long epistle. Mexico. Angola , UAE are not in recession. If you believe anybody from the north can bring us out from this, then you should have your head examined. We should wait for 4 or 8 years for hausa/fulani masters to take us back as usual before any reasonable thing can happen.

no where did they say Angola or UAE was in recession

Q

Joarams:


I'm not even an Economist but I know that you can't spend GDP. What you need to have looked at is Nigeria's Export earnings. This is what the Federation (FG, 36 States and the FCT) share for spending and for paying salaries. Oil contributes over 80% (sometimes up to 90%) of Nigeria's Export earnings. Now with oil dropping from $140 per barrel to as low as $30 per barrel, I hope you get the recession logic.

If you take a closer look at my write up you'll see i clearly stated it that the drop in oil price should have only affected our revenue / earnings, just like some banks whose staff salaries where slashed by 50%, that is reduced earning but that shouldn't be used as a reason for a grinding to halt of other revenue earners which is in the real sense what the recession entails and as such, prices of things sky rockets(inflation). Services, agriculture, technology are our other major forex earners for us but the government policy or absence of it made our foreign investors withhold their funds. Towards the last general elections a lot of them withdrew their funds from Nigeria because of the huge uncertainty in the air. After the elections some came back when the unexpected smooth transition took place. A lot more where still in the sidelines waiting to see the direction the new government will head in terms of policy to know the best sectors to invest their money and guess what, we wasted 6/7 precious months which we didn't have searching for ministers. No good fund manager will keep their funds un-invested waiting for the result of your ultimate search. By the time the search was over, there already existed a gap in the forex market as we were not earning much then and no new investments. Then came the call for devaluation of naira which our president stubbornly said NO to. Guess what, lots of investors held back their funds more as they needed to ensure their investments gave them real values for their money, when the government finally agreed and CBN devalued, that was an eleventh hour intervention drug akin to medicine after death. We will overcome though but truth be told, the way these guys act, it will take longer than it shouldn't have