The result from new policy by Ag president Osinbajo has been positive resulting to the drastic fail in dollar, an evidence that Buhari is not competent to rule and it is his presidency that brought economic calamity to the country and not actually the stealing of the GEJ government.

460 mbok

The problem of Nigeria at the moment is buharis incompetent. It is a self imposed recession by buharis government. But I somehow believe if Osibanjo continues from now and buharis remains in London, things will improve. So long Osibanjo uses his God given sense and not that of Bulgari.

When we told Zombies Buhari alone was responsible for the recession they argued , today I have been vindicated . .Buhari's is responsible for 70 the entrenchment of corruption in Nigeria and the rot Nigeria has become since independence and I can prove it anywhere

Buhari , abeg London fit u well well u hear, Osibanjo is not doing bad for here, so feel free to rest well. Merry 2017 Xmas in advance

You speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS ACCORDING TO ECONOMISTS

ERockson:
The result from new policy by Ag president Osinbajo has been positive resulting to the drastic fail in dollar, an evidence that Buhari is not competent to rule and it is his presidency that brought economic calamity to the country and not actually the stealing of the GEJ government.

ezenaija:
You speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS ACCORDING TO ECONOMISTS

Well said. How do you expect those who sell gala and table water in traffic to know this except they would continue to shout Buhari is incompetent

People hardly understand things in this county. If the president is around, it'd surely happen like that.

"The presidential election next month will be won by either Buhari or Jonathan. For either, it is likely to be a pyrrhic victory. None of them will be able to deliver on the fantastic promises being made on the economy, and if oil prices remain below $60, I see very difficult months ahead, with possible heady collisions with labour, civil society, and indeed the citizenry."
Prof Chukwuma Charles Soludo, Jan 2015

'We have come full circle. If the experience under Shagari could be excused as an unexpected shock, what Nigeria is going through now is a consequence of our deliberate wrong choices. We have always known that the unprecedented oil boom (in both price and quantity—despite oil theft) of the last six years is temporary but the government chose to treat it as a permanent shock."
PROF CHUKWUMA CHARLES SOLUDO, JANUARY 2015


Read more at: http://www.vanguardngr.com/2015/01/buhari-vs-jonathan-beyond-election-charles-soludo/

SalamRushdie:
When we told Zombies Buhari alone was responsible for the recession they argued , today I have been vindicated . .Buhari's is responsible for 70 the entrenchment of corruption in Nigeria and the rot Nigeria has become since independence and I can prove it anywhere

"If oil prices remain between 40- 60 dollars over the next two years, the current policy regime(OF JONATHAN) guarantees that foreign reserves will continue the precipitous depletion with the attendant exchange rate depreciation, as well as a probable unsustainable escalation in debt accumulation, fiscal retrenchment or taxing the private sector with vengeance. The scenario does not look pretty."
PROF CHUKWUMA CHARLES SOLUDO, JANUARY 2015

Read more at: http://www.vanguardngr.com/2015/01/buhari-vs-jonathan-beyond-election-charles-soludo/

peteregwu:
The problem of Nigeria at the moment is buharis incompetent. It is a self imposed recession by buharis government. But I somehow believe if Osibanjo continues from now and buharis remains in London, things will improve. So long Osibanjo uses his God given sense and not that of Bulgari.

"The poor choices made by the current (JONATHAN's) government have mortgaged the future, and the next government would have little room to manoeuvre and would inevitably undertake drastic but painful structural adjustments. Nigerians loathe the term ‘structural adjustment’. With falling real wages and depreciating currency, I can see any belated attempt by the government to deal with the bloated public sector pitching it against a feisty labour. I worry about regime stability in the coming months, and I do not envy the next team."
PROF CHUKWUMA CHARLES SOLUDO, JANUARY 2015

Read more at: http://www.vanguardngr.com/2015/01/buhari-vs-jonathan-beyond-election-charles-soludo/

SalamRushdie:
When we told Zombies Buhari alone was responsible for the recession they argued , today I have been vindicated . .Buhari's is responsible for 70 the entrenchment of corruption in Nigeria and the rot Nigeria has become since independence and I can prove it anywhere

We are seeing dollar crashing against naira immediately a good policy is applied and some fools cannot see the difference between trial and error policy of PMB and that of Ag president. Ride on Osinbajo

Now 440

as low as N300 in Abuja. Blame game on the past administration didnt help matter the questions is what actions did this administration take to help matters. All talk no action? Or taking actions that was compounding things? Some fiscal actions took place in the last few days by the CBN/this government which must have helped. What am I saying ? Government of today roll up your sleeves and get to work to make things better and not look for who to blame.
well done. A huge relief we are getting there

Osinbajo has always been in charge of economic policy.
So you may as well argue that he was to blame for the Naira crash to start with.

I hope this dollar availability is not a temporary feature... cos if dollar becomes scarce again, the exchange rate is going back up..it's common sense...

it's well

If they can actually release $10 Billion from part of the $28 Billion they claim to have saved in reserves, the Naira could crash back to N200/$1.

Intellectual Indolence is the act of holding to a position in a discussion, debate in spite of superior logic. Your point had been destroyed earlier with the superior argument reproduced below. If you don't have any new argument,just shut up. Don't show intellectual Indolence here..

u speak out of ignorance.
The pressure on Nairau speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS

ERockson:
We are seeing dollar crashing against naira immediately a good policy is applied and some fools cannot see the difference between trial and error policy of PMB and that of Ag president. Ride on Osinbajo

You are recommending the GEJ strategy which was condemned by economists with vision and which brought us to where we are today!
Releasing such amount will give us a temporary result because investors know that it's a cosmetic surgery. They will buy it up, wait and hold it, then sell it for over N500 because THE LOWER YOUR RESERVE, THE LOWER THE VALUE OF YOUR LOCAL CURRENCY AGAINST OTHER CURRENCIES.
Investors always BET AGAINST CURRENCIES OF COUNTRIES WITH LOW RESERVES,KNOWING THAT IT MUST DEPRECIATE. THAT'S WHAT HAS BEEN HAPPENING TO OUR NAIRA SINCE LATE 2013.

musicwriter:
If they can actually release $10 Billion from part of the $28 Billion they claim to have saved in reserves, the Naira could crash back to N200/$1.

Only a foolish manager will implement a lavish spending strategy when his sole income earning product is selling @$28 each with 1.5million barrels daily down from a high of $120 per barrel, selling 2.2million barrels per day. A wise Manager conserves resources in the days of dryness and begins to ease by gradual releases as both price and selling quantities increase. That's exactly what this government has been doing.
It's actually naive to assume that Osinbajo's decisions do not have PMB's clearance.

ERockson:
We are seeing dollar crashing against naira immediately a good policy is applied and some fools cannot see the difference between trial and error policy of PMB and that of Ag president. Ride on Osinbajo

ezenaija:
Only a foolish manager will implement a lavish spending strategy when his sole income earning product is selling @$28 each with 1.5million barrels daily down from a high of $120 per barrel, selling 2.2million barrels per day. A wise Manager conserves resources in the days of dryness and begins to ease by gradual releases as both price and selling quantities increase. That's exactly what this government has been doing.
It's actually naive to assume that Osinbajo's decisions do not have PMB's clearance.

This is exactly what most people don't get. From Dec to February CBN have raised the foreign reserved from $23 billion to almost $30 billion. And some people still believe government don't have funds to support the naira on monthly or even weekly basis.

Oil production is now about 1.8 million barrels per day and sell for $57 per barrel. This is a lot of improvement in the oil and gas sector which use to be 1.3 million barrels per day and $27 per barrel.

Nigerians are so funny.

Please don't provoke the evil gang by cajoling Buhari and praising Osibanjo else you incure their wrath and they unleash more suffering on us. In the meantime, let's watch and see what's happening and praise God for the improvement while praying for its sustainability.

The only way to defend buhari and make it real is to bring in GEJ, for god sake this man has gone 2 years ago and you are here still blaming buhari incompetence on him

ezenaija:
You speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS ACCORDING TO ECONOMISTS

ezenaija:
Intellectual Indolence is the act of holding to a position in a discussion, debate in spite of superior logic. Your point had been destroyed earlier with the superior argument reproduced below. If you don't have any new argument,just shut up. Don't show intellectual Indolence here..

u speak out of ignorance.
The pressure on Nairau speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS

the primary factor that caused low savings under the previous administration was fuel subsidy.

if Nigerians had agreed for subsidy to be removed then, we would have saved an extra $35b-$40b...

besides, you talk of logic... isn't it LOGICAL that when the cost of the raw material of a finished good reduces, shouldn't the cost of the finished good also drop? so why is the reverse the case with our PMS? it just goes to show that there are more variables in arriving at a decision than meets the eye.

furthermore, in the context of development, foreign reserves is a secondary factor. its what i call a 'variable', it is effective when other primary factors are reasonably addressed. what is the point of saving if infrastructure is terrible? for instance, you point to present savings & I say, why not build a large refinery? isn't buying PMS one of the drains on the savings? so what's the sense of saving when you would still use the savings to treat a problem you can eliminate by 'not saving' but investing...

that's the situation GEJ met & used the opportunity of high income to try to redress. Nigeria has a huge population - infrastructure deficit which dates back to the 70s when socioeconomic development stopped keeping pace with population growth, so the backlog is enormous & even if Nigeria had an external reserve of $150b without infrastructure, it would mean nothing in real development terms.

countries like Saudi Arabia, Turkey, Mexico, Brazil, Russia have higher reserves than nations like US, Sweden, Canada... but which countries are most developed?


the drop in crude oil price affected things, sure, but a lack of clear focus & planning coupled with unstatemanly utterances made what would have been a manageable situation worse.

that the previous administration had corruption issues is not in doubt, but so did every administration before it & even this present one is on course to equal if not surpass that.

every administration will have its positives & negatives.

ezenaija:
You speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS ACCORDING TO ECONOMISTS

may God bless you. one of the very few Nigerians that can be trusted with the management of the national affairs in the future if not already part of the team. the few people who have the right to say let the power come to the Youths. keep it up. unlike the majority who think that things just happen magically. below is what I posted about a month ago

Hmmmm

ERockson:
The result from new policy by Ag president Osinbajo has been positive resulting to the drastic fail in dollar, an evidence that Buhari is not competent to rule and it is his presidency that brought economic calamity to the country and not actually the stealing of the GEJ government.

Get a life, Osinbajo didn't set any policy. Do you know how many policies CBN has roled out since the beginning of this recession? They're still rolling out new policies to get the one that will bring the desired effect.

ivandragon:



the primary factor that caused low savings under the previous administration was fuel subsidy.

if Nigerians had agreed for subsidy to be removed then, we would have saved an extra $35b-$40b...

besides, you talk of logic... isn't it LOGICAL that when the cost of the raw material of a finished good reduces, shouldn't the cost of the finished good also drop? so why is the reverse the case with our PMS? it just goes to show that there are more variables in arriving at a decision than meets the eye.

furthermore, in the context of development, foreign reserves is a secondary factor. its what i call a 'variable', it is effective when other primary factors are reasonably addressed. what is the point of saving if infrastructure is terrible? for instance, you point to present savings & I say, why not build a large refinery? isn't buying PMS one of the drains on the savings? so what's the sense of saving when you would still use the savings to treat a problem you can eliminate by 'not saving' but investing...

that's the situation GEJ met & used the opportunity of high income to try to redress. Nigeria has a huge population - infrastructure deficit which dates back to the 70s when socioeconomic development stopped keeping pace with population growth, so the backlog is enormous & even if Nigeria had an external reserve of $150b without infrastructure, it would mean nothing in real development terms.

countries like Saudi Arabia, Turkey, Mexico, Brazil, Russia have higher reserves than nations like US, Sweden, Canada... but which countries are most developed?


the drop in crude oil price affected things, sure, but a lack of clear focus & planning coupled with unstatemanly utterances made what would have been a manageable situation worse.

that the previous administration had corruption issues is not in doubt, but so did every administration before it & even this present one is on course to equal if not surpass that.

every administration will have its positives & negatives.

I can't help but quote you, you made lots of sense..

denko:
The only way to defend buhari and make it real is to bring in GEJ, for god sake this man has gone 2 years ago and you are here still blaming buhari incompetence on him

He could have gone more than ten years ago, the evil that men do, live after them.

ezenaija, kudos for a job well done.

You have been timely in teaching the supporters of corruption some basic Economic lessons.

PMB/VPYO is a package, a combo and above all a team.

If the children of hate, anger and frustartion praise VPYO for the turnaround we're witnessing, it's even a more reason for us the supporters of PMB/VPYO to be happy because while we campaigned for the two upright men, they wanted us to have the IB/Samboboribodo continue destroying us.