Pesuzok:


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

The point is that in wake of all that OBJ was able to inspire foreign direct investments and confidence so much Nigeria actually grew then instead of crashing ..There was no single democratic structure on ground but OBJ plagued with low oil prices and total uncertainty found a way to grow Nigeria ..All I am saying is that Buhari inspires hopelessness by his actions and body language ..three things that nuked the economy were

1: the ridiculous MTN fine

2: Sudden implementation of TSA

3: Declaring Tompolo wanted

If these three things were well thought out Nigeria would be doing well now

wallay77:

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

Check NBS or world Bank annual statistics for past years. Or you can easily read 4play post above us.

Before i respond to this barefaced lie, I need to know how OLD you were in 1985 when Buhai was removed from power? Its very important to know before I can take you up for lying in the public domain.

And while you are at it please educate us on what you mean by "twice he has led us out of recession"? When were these two times?

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

seunmsg:


We earn all our forex from crude oil. 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.

God bless you for this submission. If comments by most people og NL represents the thinking level of our youths, then I'm sorry Nigeria is doomed. I find it difficult to believe a lot of Nigerians do not even understand how the economy works. Many people fail to see the relationship between crude oil earnings and 'health' of our economy since ours is an import based economy.....sighs. Pathethic

Hello babies
How are you?

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.

This has to be the stuuuupidest, most dishonest insult to Nigerians.

It takes a very very stuupid or very very dishonest and a very very condescending mind to conjure up this ill- logic as a consolation to 180m Nigerians for this most unprecedented show of gross ineptitude of this present government.

I wonder what kind of an educational experience that enables a mind to use a hypothetical situation( if Jonathan had won the election) to compare with the real life catastrophic economic events of this regime that Nigerians are currently facing.

This says soooo much , not only of the people currently in government, but much more about their praise singers. They are so conspicuously and unabashedly DISHONEST.

That we should be happy that Jonathan did not win, otherwise things would have been worse than they currently are , are the stuff one sell to bona fide lobotomized Zombies( if zombies really do exist), people who have had parts of their brains irreparably damaged or surgically removed.

If this poster thinks that he is doing good PR or image laundry for the people in power, then he is deluding himself, because, he is indirectly mocking those in power.

Pesuzok:


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

Granted we are heavily import dependent, we have always been right from the 80s when we destroyed our productive systems for easy oil money. But we equally have other forex earners; agriculture, solid minerals, gas, technology and remittances from our citizens in diaspora. If the government handled well the difference in market when they were earlier advised to, other earners wouldn't have been adversely affected as we are seeing now. This is more like instead of amputating a limb, allowing the gangrene of an infected limb bring harm to the whole body

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.

Brilliant! You couldn't have said it better. If you're married your husband indeed has a brain with him.

seunmsg:


We earn all our forex from crude oil. 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.

keep blaming.OBJ to came in 1999 with only $3.7 b in foreign reserve and oil price was at $8 but what did he do? he immediately sought and appointed the best technocrats in persons of Prof Soludo and Dr.Iweala to navigate us out of the trouble sea within a short frame of time.we never went in recession at that period in review. what is happening now with $30b and crude oil price at $44 and you are there crying.the point is that a stark illiterate soldier with his half baked ministers is hugely clueless and this sucks mehn!

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.

And it is your sour post that will solve the problems? Enjoy your whining,, Nigeria will prosper under this leader Godwilling.

seunmsg:


We earn all our forex from crude oil. 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.

This your statement contains enough holes that I'm not sure if you wrote this in all honesty. Where you here last year when the FG and states shared about $3.5 billion dollars? That money came from NLNG proceeds in fact do you even know we are more of a gas country than a crude oil country? Now tell me how will your economy grow when no new investments are coming in and even the IOCs are not bringing back their forex earnings into Nigeria because of the unstable currency policy? Put this at the back of your mind even if we had $500 billion in forex reserves with the way these guys are going they would have ended up using more than half of that to defend the currency by 2019, tell me if that is not fiscal / economic mismanagement? Do you know that if not for the sound economic measures in place back then that we would have been in worse crisis than this during the global financial crisis of 2007/2008? Tell me in all sincerity do you think if Buhari was the president then, AMCON would have been birthed and that crisis averted?

seunmsg:


We earn all our forex from crude oil. 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.

If jonathan had left about $100b and the price of crude oil keeps falling below $40/barrel for 4yrs or more, won't the country be in recession? You guys should start thinking out of the box.

Michel2013:





keep blaming.OBJ to came in 1999 with only $3.7 b in foreign reserve and oil price was at $8 but what did he do? he immediately sought and appointed the best technocrats in persons of Prof Soludo and Dr.Iweala to navigate us out of the trouble sea within a short frame of time.we never went in recession at that period in review. what is happening now with $30b and crude oil price at $44 and you are there crying.the point is that a stark illiterate soldier with his half baked ministers is hugely clueless and this sucks mehn!

You are the stark illiterate here my friend. OBJ appointed Joseph Sanusi as CBN governor and Adamu Ciroma as finance minister respectively in 1999. Okonjo Iweala joined the OBJ govt in 2003 while Soludo joined in 2004 when crude oil price was already around $40.

Again, comparing the situation of the country in 1999 with the situation today shows you are clearly an illiterate when it comes to economics. It is like comparing oranges with apples, they are different. Our national budget in 1999 is not even up to N1trillion, today, we have to finance a budget of N6trillion. Our monthly forex requirement in 1999 is just a few million dollars monthly, today, we require over $2billion monthly to meet our import bills. Now, how are the two situation the same?

Bihari apologize for plagiarising Obamas speach
Www.naijaclan..com

maclatunji:


And it is your sour post that will solve the problems? Enjoy your whining,, Nigeria will prosper under this leader Godwilling.

No sir, it is a call to people to look harder at what they have brought on themselves. How do we know God is willing that Buhari should lead this nation. The God I serve allows the creation to thrive and prosper. Unfulfillment, lack and tension has been the hall mark of this government. One thing about past administrations of OBJ, Yar Adua & GEJ is that Nigeria was a very attractive hub for investor and we recorded giant strides in development. Now we are a pariah. For the first time people have started committing suicide because of hunger. being honest and religious doesnt qualify you to lead a nation; competence and character qualifies. our president lacks both. Let us put religious sentiments aside.

kross01:


Granted we are heavily import dependent, we have always been right from the 80s when we destroyed our productive systems for easy oil money. But we equally have other forex earners; agriculture, solid minerals, gas, technology and remittances from our citizens in diaspora. If the government handled well the difference in market when they were earlier advised to, other earners wouldn't have been adversely affected as we are seeing now. This is more like instead of amputating a limb, allowing the gangrene of an infected limb bring harm to the whole body

Let us be realistic, what did the government do that stopped the other forex earners. Diaspora earning has always been paid in local currency, nothing nothing has really changed. What changed is the drop in the forex earnings

Pesuzok:


Let us be realistic, what did the government do that stopped the other forex earners. Diaspora earning has always been paid in local currency, nothing nothing has really changed. What changed is the drop in the forex earnings

Diaspora earnings are REMITTED in local currency they are not earned in local currency, no? If someone sends you money from USA via WU, the banks or WU agent gets the dollar but they remit to you in local currency, isn't that forex earning? What has government done that stopped other forex earners ; policy inconsistencies. That is the reason why Exxon Mobil for example will earn $50 million dollars from exports and decide to only bring back $10 million into the economy because they feel that the current exchange rate does not give them the true value of their cash for what it is. I will give you an example of what policy inconsistency can cause, few years back CBN launched cashless / cash light society because the cost of minting cash is much and they wanted you and I to do more electronic payments instead, infact you will be penalised for over the counter cash withdrawals in banks and within a year Nigeria recorded impressive investment and gains in tech payments from the mobile money to the Internet banking systems. Fast forward to last year or so, the same CBN introduced #65 fee when you transact with your ATM on another institution's machine and destruction of any card stuck in ATMs. This year the same CBN mandated a #50 collection on every #1000 online transfers or so, does all these policies appear as promoting non cash dealings? Do you know how much prospective investments in that sector these inconsistencies denied this country? Now imagine how similar policies affect our economy

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 company 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.

See mismanagement of thw economy every where

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.

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 company 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.

Bros, pls don't be ignorant. Oil directly accounts for about 20% of our GDP. However, when considering our service sector (banking, insurance, shipping) which accounts for roughly 45% of GDP and noting that its major revenue is from oil related sources, how won't we not be in a recession? Even the agric sector stills gets it direct investment from oil related revenue. Be informed that Oil is accounting for over 90% of our foreign exchange earnings and this earnings are used to finance our imports used by the oil and non-oil sectors.

kross01:


This your statement contains enough holes that I'm not sure if you wrote this in all honesty. Where you here last year when the FG and states shared about $3.5 billion dollars? That money came from NLNG proceeds in fact do you even know we are more of a gas country than a crude oil country? Now tell me how will your economy grow when no new investments are coming in and even the IOCs are not bringing back their forex earnings into Nigeria because of the unstable currency policy? Put this at the back of your mind even if we had $500 billion in forex reserves with the way these guys are going they would have ended up using more than half of that to defend the currency by 2019, tell me if that is not fiscal / economic mismanagement? Do you know that if not for the sound economic measures in place back then that we would have been in worse crisis than this during the global financial crisis of 2007/2008? Tell me in all sincerity do you think if Buhari was the president then, AMCON would have been birthed and that crisis averted?

When I said we earn all our forex from crude oil earnings, I mean about 90%. Nobody can argue with that. We survived the 2007/2008 crisis because we had a very strong foreign reserve and huge savings in the excess crude account and not because of any sound economic measures that was in place then. In fact, the forex reserve was depleted from over $65billion to about $45billion just for the Naira to stay stable. Again, the fall in crude oil price of that period was short lived, the prices rallied back after a year. The current fall in crude price started in early 2014, it is now well over 2 years with no solution yet in sight.

About investment in IOC and gas production, you should blame the government that sold crude oil for over $100 and still, made no investment and made no savings. Blaming Buhari who only became president a little over a year ago in a period of record low crude oil price for not investing in expanding gas production is simply disingenuous.

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...

It is people like you that constitute the vast and overwhelming majority of Nigerians and that's why our country gets worse and worse every time. You believe in names and certificates. When Nigerian economy was still sane and properly run, do you know the education of our finance ministers then? One was a lawyer and the other was teacher-training certificate. Nigerians do not understand what is needed or essential to better their nation. When what they're doing isn't working, they don't question their fundamental assumptions on it; instead they double down even more. Nigeria: mumu people, mumu nation!

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.

That is a very stupid statement. Sorry for using the word but i had to use it. Dont ever say that again.

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.

Hmmmm

Okay, I see

The pictures speak for themselves , a goat under GEJ that same goat under buhari s administration

Pesuzok:


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.

What are u even saying ? Just tell him to sack all his ministers then and continue with his body language alone. You might be correct if u had said ministers are not effective under buhari and he assumes a one man squad in his government but not that ministers are not important under a government.


You zombies are funny, so he should have continued his one man show without ministers ? Congrats, you are in another level.

kahal29:


http://www.vanguardngr.com/2016/09/recession-buharis-new-thinking/

... These are long grammar.Until you totally place the blame on this current administration for this mess we are into then vanguard is simply cherry-picking.

seunmsg:


We earn all our forex from crude oil. 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.

go and read what these terms means.
Recession
GDP
Then rewrite this crap

mach7:
Bros, pls don't be ignorant. Oil directly accounts for about 20% of our GDP. However, when considering our service sector (banking, insurance, shipping) which accounts for roughly 45% of GDP and noting that its major revenue is from oil related sources, how won't we not be in a recession? Even the agric sector stills gets it direct investment from oil related revenue. Be informed that Oil is accounting for over 90% of our foreign exchange earnings and this earnings are used to finance our imports used by the oil and non-oil sectors.

gbam you hit the nail on the head, one origin for you

dealslip:


No sir, it is a call to people to look harder at what they have brought on themselves. How do we know God is willing that Buhari should lead this nation. The God I serve allows the creation to thrive and prosper. Unfulfillment, lack and tension has been the hall mark of this government. One thing about past administrations of OBJ, Yar Adua & GEJ is that Nigeria was a very attractive hub for investor and we recorded giant strides in development. Now we are a pariah. For the first time people have started committing suicide because of hunger. being honest and religious doesnt qualify you to lead a nation; competence and character qualifies. our president lacks both. Let us put religious sentiments aside.

You are actually masking your bias as objective criticism. Listing all these problems during a recession is like telling people 'Bile is bitter', it goes without saying.

Regardless of the problems, Nigeria will get out of this recession soon with God's grace. All the efforts listed in the report and efforts of hardworking Nigerians that refuse to be blindly pessimistic in the midst of opportunity plus other efforts will work.

By the way, you do not define how God works so all that 'the God I serve talk na wash'.

idupaul:


The point is that in wake of all that OBJ was able to inspire foreign direct investments and confidence so much Nigeria actually grew then instead of crashing ..There was no single democratic structure on ground but OBJ plagued with low oil prices and total uncertainty found a way to grow Nigeria ..All I am saying is that Buhari inspires hopelessness by his actions and body language ..three things that nuked the economy were

1: the ridiculous MTN fine

2: Sudden implementation of TSA

3: Declaring Tompolo wanted

If these three things were well thought out Nigeria would be doing well now

This post exposes you to be inept.

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.

hummm