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Recession: 5 Facts Before President Buhari Took Over Power In 2015 - Politics - Nairaland

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Rebuttal - Recession: 5-facts-before-president Buhari Took Power / Read This Before President Osinbanjo Deletes It. / I Have Not Been Sick Like This Before - President Buhari (1) (2) (3) (4)

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Recession: 5 Facts Before President Buhari Took Over Power In 2015 by progress69: 8:57am On Dec 30, 2017
In the face of the recession Nigeria is currently coming out from, there have been several attacks on the current administration.

Here are 5 indisputable facts before the current government came into power. Recall that as at Dec 2014, oil price was still above $64/barrel.

1. 27 state governors were owing back log of salaries as at May 2015 when this government took over hence the bail out funds approved for governors. Despite this bail out funds, many refused to meet their obligations.

Buhari in ‘bailout’ meeting with governors- June 23; 2015

With a view to breaking the ice over the “salary crisis” in most of the states, President Muhammadu Buhari‎ will on Tuesday meet with the 36 state governors, Femi Adesina, presidential spokesman, has confirmed through his Twitter handle.

https://www.thecable.ng/buhari-bailout-meeting-governors

Why have Governors refused to pay salaries, allowances in spite of bailout funds? - Dec 30, 2015

Some states are still defaulting in their financial obligations to their workers in spite of the bailout funds by the Federal Government to assist them to pay outstanding salaries and allowances. Recall that the Federal Government released N338 billion to 27 states as bailout funds to pay their workers backlog of salaries and allowances.

Read more at: https://www.vanguardngr.com/2015/12/why-have-governors-refused-to-pay-salaries-allowances-in-spite-of-bailout-funds/

2. Federal Government was borrowing to pay 2015 salaries.-May 6, 2015

Nigeria borrows to pay salaries with cash crunch worsening. (Vanguard)

A cash shortage caused by low oil prices has forced Nigeria to borrow heavily through the early part of 2015, with the government struggling to pay public workers, officials said Wednesday. “We have serious challenges. Things have been tough since the beginning of the year and they are likely to remain so till the end of the year,” said Finance Minister Ngozi Okonjo-Iweala.

Nigeria typically sets its benchmark crude price between 75 and 80 dollars, and is supposed to deposit excess revenue in a savings account. But even when crude was selling above $100 last year, Jonathan’s administration struggled to build savings. Critics say the excess crude account has been repeatedly raided by powerful political actors.

Read more at: http://www.vanguardngr.com/2015/05/nigeria-borrows-to-pay-salaries-with-cash-crunch-worsening/

3. Oil marketers were owed billions, led to a fuel scarcity that paralyzed Nigeria, even banks were closing before time, telecoms operators were sending texts about expected disruptions (never in Nigeria have this happened until 2015)

Nigeria fuel shortage cripples businesses, banks and flights - 25 May 2015
Nigeria is being crippled by the fuel shortage that the country has been experiencing for more than a month.

Nigerian banks have shortened opening times, flights have been cancelled and phone companies may restrict services.

The party of President-elect Muhammadu Buhari has accused the outgoing government of "sabotage" for failing to deal with the crisis.

The wholesale fuel sellers have been withholding petrol as they say they are owed $1bn (£625m) by the government.

http://www.bbc.com/news/world-africa-32873349

4. Okonjo-Iweala who many people in the opposition believe would have done better or saved the economy warned of tougher times as oil slipped low to about $76.

Brace for tougher times ahead, Okonjo-Iweala tells Nigerians -NOV 2014

Nigerians should brace for tougher economic times ahead, the Minister of Finance, Ngozi Okonjo-Iweala, has said as crude oil prices slipped to a four year low on Wednesday.
The Federal Government had attributed the declining revenues to the fall in prices at the international oil market.

After drawing from the ECA, Minister of State for Finance,
Bashir Yuguda, said the balance in the account had dropped further from $4.1 billion to about $1.34 billion at the moment.
But Mrs. Okonjo-Iweala said in Lagos on Tuesday that the economic indicators show there are tougher times ahead.

According to her, Nigeria would begin to feel the impact of the dropping oil prices at the international oil market, which commenced since the first half of the year.

5. Falling Foreign Reserves

Nigeria’s foreign reserves drop to $29.13 billion

Nigeria’s foreign reserves fell to $30.04 billion by Thursday, November 26, the Central Bank of Nigeria has said.

The bank disclosed this on its website on Monday.

Nigeria’s foreign reserves oscillated between $28 billion and $36 billion in the last one year.

The reserves hit $36.3 billion in October 2014, fell to $32.4 billion in January 2015, and stood at $28.6 billion by May 2015.

Under the new government of Muhammadu Buhari, the reserves gained marginally to $31.9 billion by July, before sliding again to $29.9 billion by September.

With the above facts, every sane discerning mind will see that Nigeria was already in a mess before the change of power.

The question everyone should be asking now is where are the infrastructural developments that can justify all the money Nigeria made in the past 16 years of PDP's rule particularly in the last 7 years of PDP's rule when Nigeria made alot of money from crude oil sales?

139 Likes 27 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by progress69: 8:57am On Dec 30, 2017
madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.
my brother, we all know the havoc terrorists caused on oil pipelines and and installations. for almost a year the president had to deal with that issue with oil price going as low as $28/barrel. Now crude oil have started picking up, and we are getting more revenue from diversification efforts, we can see some improvement with Nigeria gradually sliding our of recession. This is not about being a Buharist, we have to be fair. Our National reserves have started growing despite all the harsh conditions, things are gradually beginning to improve. by the end of 2018, much difference would have been notice. All i want now is for Baba to put an eagle eye on desperadoes like Atiku who will do anything to sabotage the government to grab power that he can never reach. Sai baba

113 Likes 12 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by madridguy(m): 9:02am On Dec 30, 2017
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

68 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Guestlander: 9:04am On Dec 30, 2017
For many of Buhari's critics none of these ever happened. Even if it did, Buhari should have used the magic wand he got on inauguration day to conjure up more dollars and set everything right by now.

78 Likes 9 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by tobillionaire(m): 9:07am On Dec 30, 2017
overdependent on oyel crushed everything

9 Likes 2 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by khadaffi(m): 9:38am On Dec 30, 2017
progress69:



With the above facts, every sane discerning mind will see that Nigeria was already in a mess before the change of power.

The question everyone should be asking now is where are the infrastructural developments that can justify all the money Nigeria made in the past 16 years of PDP's rule particularly in the last 7 years of PDP's rule when Nigeria made alot of money from crude oil sales?




Every sane Nigeria saw that we were already in a mess except your Buhari who promised to change everything. Except you want to blame Nigerians for trusting him. Was ur prdsident not aware of everything you highlighted before promising change?

Are Nigerians now wrong for expecting him to fulfill his promises?

Put in mind that the factors you listed were in place before he made his campaign promises. And most of his party men were in the last administration so they knew the state of the economy before lying to Nigerians. Infact if you can recall even Gej said Buhari will not be able to change anything immediately he (Gej) lost

All these nonsense propaganda will not help him. Its not too late he can still win the peoples heart if he sincerely want to.

179 Likes 11 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by superstar1(m): 9:45am On Dec 30, 2017
Pigidiotic Ipods, children of hatred, Looting PDP, Professional Wailers, FFK, Reno and Fayose can run but can never hide from the obvious truth.

Jonathan and his bandit of 40 looters crashed a once vibrant economy with their insensitive, insane, reckless and wanton looting.

48 Likes 5 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by hypertension(m): 9:48am On Dec 30, 2017
Seem like madridguy is nolomger a BMC...

Or probably he is now feeeling the recession....

I still dont know the way forward for nigeria because after next election we will have same criminals and we will continue to keep wailing..

If you put the country in a microscope, its hard to find a diagnosis.

Even sane minds cannot get it right.

But God willing, we will get there.

11 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Toketimt: 9:48am On Dec 30, 2017
madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

U are right on point however there is need to constantly remind Nigerians where we are coming from knowing fully well that my country men are highly forgetful.
Much is expected no doubt but will take appreciable time.

22 Likes 1 Share

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Jaideyone(m): 9:53am On Dec 30, 2017
good one OP. Saudi Arabia had over 500b dollars in foreign reserve during the oil boom. Saudi was able to defend it's economy with it's foreign reserve. Nigeria refused to save during the oil boom and there was nothing w would use to defend the economy when oil started selling at $40per barrel.

the recession was unavoidable!!!

56 Likes 3 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by madridguy(m): 9:54am On Dec 30, 2017
Sai Baba till final whistle.

hypertension:
Seem like madridguy is nolomger a BMC...

Or probably he is now feeeling the recession....

I still dont know the way forward for nigeria because after next election we will have same criminals and we will continue to keep wailing..

If you put the country in a microscope, its hard to find a diagnosis.

Even sane minds cannot get it right.

But God willing, we will get there.

21 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by rottennaija(m): 9:57am On Dec 30, 2017
The Akwa ibom state government is still owing backlog of salaries and promotions arrears.

Below is what has been said by one of udoms supporters. It really reveals how much udoms things of the ordinary civil servant. Let me quote him directly.


yaki84:

so udom hasn't paid dec salary n u guys r still working?
Dont u have resign in ur dictionary, or ur teacher didnt teach u what resign means?
So u mean the state govt should use the entire monies coming to akwaibom to satisfy an insignificant number of civil servants who dnt contribute nada to the economy of the state...
Akwaibom has a population of 4million plus n a paltry civil service workforce of lessthan 50thousand workers who r mostly ineffective, redundant n useless contributing nothing to the state but r so greedy, they want everything for themselves without considering the other 4million citizens that r mostly unemployed but r still buying from d same market with these greedy thieves.

When was it greedy to want what is truly yours? You worked for more than a year and was not paid. You got promoted but the promotion salary withheld from you. Now, this man above who does not know anything, who knows nothing of civil service contributions to the state is hear talking nonsense.

Whatever you are working now for udoms will end someday. And you will regret those whom you look than on. It's called karma

12 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by FOLYKAZE(m): 10:01am On Dec 30, 2017
madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

You want Buhari to perform Wonders. Is he a Magician or a kind of divine creature?

27 Likes 2 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by rottennaija(m): 10:02am On Dec 30, 2017
madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

Then give him time. It's far more easy to destroy than to build. Even Obama couldn't recover US economy in his first term. Give him time. For me, I am prepared to wait patiently, while he lays the foundation for a future Nigeria

53 Likes 3 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by FOLYKAZE(m): 10:03am On Dec 30, 2017
Guestlander:
For many of Buhari's critics none of these ever happened. Even if it did, Buhari should have used the magic wand he got on inauguration day to conjure up more dollars and set everything right by now.

One lost soul is seeking for wonder as if Buhari claimed he is a Divine being that can perform Magic.

madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

8 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by haryorbarmie83(m): 10:04am On Dec 30, 2017
President Buhari, remains the hero.

21 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by dollarcoolcat(m): 10:04am On Dec 30, 2017
God bless and further strengthen ur knowledge op.. Nigerians seems to forget in a hurry! Many things were beyond fast repairs, but we're just too forgetful and mostly hypocrite

38 Likes 3 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by NgeneUkwenu(f): 10:08am On Dec 30, 2017
lalasticlala won't even look this article..perhaps, he is busy looking what Fayose or FFK said to President Buhari.. angry angry

11 Likes 1 Share

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by FOLYKAZE(m): 10:11am On Dec 30, 2017
Thanks OP for the well detailed and articulate write up. Many damages was done by GEJ and his goons in the past years before the emergence of PMB. However, we acknowledge Buhari is trying to revamp the economy, curtain insurgency and cripple corruption. But he seriously does need to do more by increasing his tempo

29 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by 2cato: 10:13am On Dec 30, 2017
When buhari was making promise opon promise was the op sleeping I can see that buhari and his bmc are the dumbest of all humans.

24 Likes 1 Share

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by FOLYKAZE(m): 10:32am On Dec 30, 2017
2cato:
When buhari was making promise opon promise was the op sleeping
I can see that buhari and his bmc are the dumbest of all humans.

Buhari has been working and is working on his promises. I mean the one he made by himself and not one you concorted from your blocked head.

Buhari personally made three promises. He promised to work on Revamping the Economy, Fighting corruption and Improving security. These are the three promises he made and he is on track

36 Likes 4 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Toketimt: 10:33am On Dec 30, 2017
2cato:
When buhari was making promise opon promise was the op sleeping
I can see that buhari and his bmc are the dumbest of all humans.

Are u ok? Didn't Jonah-daft promised us floating cities here in ND? Did u for once asked and demanded for it?
Besides, many of these so called promises attributed to him never emanated from him. When Buhari was going around campaigning, many of ur kind were not listening because u never believed for once that he would win. U were busy chasing shadows, succking Jonah-daft cocck, looking for a certificate that was not lost, believing ffk lies and content with watching propaganda videos prepared by AIT against him and Tinubu. A documentary they have since apologised for but not to those that have been gullibly deceived.
Only a shameless fool who never believed him or voted for him will now be talking about being dissapointed. Leave the dissapointment for those that believed in him.

65 Likes 11 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Stycon(m): 10:43am On Dec 30, 2017
It's not about the state of the economy at transition, it's about the appropriateness of the current government's response to what was/is on ground.

Ofcourse, if the economy doesn't need a saving, we won't be scouting for a saviour. And it currently appears that the proposed saving strategy is more of a propaganda than a plan.

That said, we still have a year to see if the change promised was really delivered ~ retrospectively.

4 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by progress69: 11:18am On Dec 30, 2017
2cato:
When buhari was making promise opon promise was the op sleeping
I can see that buhari and his bmc are the dumbest of all humans.
typical yoot, no analytical reasoning. u are one of the reason why reasonable people have left NL for kind. Just spit garbage and get likes from ur kind. u should just STFU if u have no reasonable or meaningful thing to say. Ekpa! common sense is far from you
Stycon:
It's not about the state of the economy at transition, it's about the appropriateness of the current government's response to what was/is on ground.

Ofcourse, if the economy doesn't need a saving, we won't be scouting for a saviour. And it currently appears that the proposed saving strategy is more of a propaganda than a plan.

That said, we still have a year to see if the change promised was really delivered ~ retrospectively.


i wouldn't know if u are one of those who lie daily on NL. what the ipod yoots and PDP looters have always said was that a booming and vibrant economy was handed over to Buhari who crashed it. That is first the point of this thread. Yes we brought Buhari in, but he is no Magician, he dealt with a lot of challenges for almost or over a year when he came in first, from terrorists blowing pipelines, to oil crashing to $28/barrel which is below the production rate and he managed to keep the country afloat. we have seen massive improvements in Agriculture, solid and mineral resources sector and we have also seen an increase in non oil income revenue. Buhari is no magician, he may have made many mistakes, but he was and is still the wisest choice. I sometimes wonder what would have happened if PDP continued.

37 Likes 4 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by henrysam(m): 11:36am On Dec 30, 2017
One expected your Buhari to swing into action when we all realized things were in a mess as you said. But what did your god do dilly dally and junket in round the globe telling who cares to listen that the whole country is corrupt. Delayed for 6 good months to choose ministers and at the end chose round peg in a square holes as monsters and special aides

8 Likes 2 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by 2cato: 11:37am On Dec 30, 2017
Toketimt:


Are u ok? Didn't Jonah-daft promised us floating cities here in ND? Did u for once asked and demanded for it?
Besides, many of these so called promises attributed to him never emanated from him. When Buhari was going around campaigning, many of ur kind were not listening because u never believed for once that he would win. U were busy chasing shadows, succking Jonah-daft cocck, looking for a certificate that was not lost, believing ffk lies and content with watching propaganda videos prepared by AIT against him and Tinubu. A documentary they have since apologised for but not to those that have been gullibly deceived.
Only a shameless fool who never believed him or voted for him will now be talking about being dissapointed. Leave the dissapointment for those that believed in him.
demdem the chief mo.ron of nairaland how far

8 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by imhotep: 11:40am On Dec 30, 2017
progress69:
In the face of the recession Nigeria is currently coming out from, there have been several attacks on the current administration.

Here are 5 indisputable facts before the current government came into power. Recall that as at Dec 2014, oil price was still above $64/barrel.

1. 27 state governors were owing back log of salaries as at May 2015 when this government took over hence the bail out funds approved for governors. Despite this bail out funds, many refused to meet their obligations.

Buhari in ‘bailout’ meeting with governors- June 23; 2015



Why have Governors refused to pay salaries, allowances in spite of bailout funds? - Dec 30, 2015



2. Federal Government was borrowing to pay 2015 salaries.-May 6, 2015

Nigeria borrows to pay salaries with cash crunch worsening. (Vanguard)



3. Oil marketers were owed billions, led to a fuel scarcity that paralyzed Nigeria, even banks were closing before time, telecoms operators were sending texts about expected disruptions (never in Nigeria have this happened until 2015)

Nigeria fuel shortage cripples businesses, banks and flights - 25 May 2015


4. Okonjo-Iweala who many people in the opposition believe would have done better or saved the economy warned of tougher times as oil slipped low to about $76.

Brace for tougher times ahead, Okonjo-Iweala tells Nigerians -NOV 2014



5. Falling Foreign Reserves

Nigeria’s foreign reserves drop to $29.13 billion



With the above facts, every sane discerning mind will see that Nigeria was already in a mess before the change of power.

The question everyone should be asking now is where are the infrastructural developments that can justify all the money Nigeria made in the past 16 years of PDP's rule particularly in the last 7 years of PDP's rule when Nigeria made alot of money from crude oil sales?


lalasticlala
mynd44
zombie

34 Likes 1 Share

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Ovamboland(m): 11:40am On Dec 30, 2017
Stycon:
It's not about the state of the economy at transition, it's about the appropriateness of the current government's response to what was/is on ground.

Ofcourse, if the economy doesn't need a saving, we won't be scouting for a saviour. And it currently appears that the proposed saving strategy is more of a propaganda than a plan.

That said, we still have a year to see if the change promised was really delivered ~ retrospectively.






But in all honesty, do you think giving power back to those whose methods caused the problem is the way out?

What has changed with them to earn our trust?

10 Likes 1 Share

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by naijaboy756: 11:42am On Dec 30, 2017
Thread for the recipients of N30K allawi. oya tell us about the 1984 recession. Buhari holds a record with the Guiness book of records. The only human in human history to,have led an economy into recession twice even without a WAEC cert

39 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by lakpalakpa: 11:52am On Dec 30, 2017
Only IPOB and PDP E-rats blame Buhari squarely for the current state of the economy.

8 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by imhotep: 11:54am On Dec 30, 2017
lakpalakpa:
Only IPOB and PDP E-rats blame Buhari squarely for the current state of the economy.
This type of mindset will lead you to the Libyan slave market, in chains.

33 Likes

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