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Nairaland Forum / Nairaland / General / Politics / Recession: 5 Facts Before President Buhari Took Over Power In 2015 (37492 Views)
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Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:38pm On Dec 30, 2017 |
9jakohai: 1 Like
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Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by fedorahat: 2:38pm On Dec 30, 2017 |
Stycon: And you expect achievements in under 2 and half years 1 Like |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by progress69: 2:38pm On Dec 30, 2017 |
Saintp: weep all u want, it takes time to get things fixed, it is not automatic and never will it be. the global recession, do u know how many job losses happened then in America, did employment rate or economy pick up overnight, do u know how long it took to pull out of the recession and cut unemployment rates. Do u know things got worse before the economy picked up. I simply stated the facts, that can not be ignored simply because u want to pretend it never happened, Bush blamed, Clinton blamed, Obama blamed, even the orange man in white house now is the blaming on twitter everyday, it is called politics. 4 Likes 1 Share |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by adebaks(m): 2:39pm On Dec 30, 2017 |
khadaffi:one can only see as much sitting outside aso rock...besides d 16 years of a pdp rule had seen dem install cabals in key positions in d country, endorsed several industrialists signed pacts with multinationals and oda sort of antics dt wud make life difficult for d new set of people in power... if properly informed,u will realize dt d new govt has achieved quite a lot given d resources at their disposal....although, dey cud ve done better as well.. 2 Likes 1 Share |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:39pm On Dec 30, 2017 |
DLondonboiy: You think i am a Buharist....that is why you talk that way. I am for the leader who would get us industrialized to export level....not sharers of national cake like PDP and APC. So...sorry.. 2 Likes |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Pataricatering(f): 2:42pm On Dec 30, 2017 |
At this point we have such a huge infrastructural deficit that we basically have no choice but to borrow to fund infrastructural growth which in turn would create jobs and stimulate the economy. As per the high interest rate - the cbn is performing a delicate balancing act between the money in circulation and the products and services available , We don’t seem to have infrastructure to support a high level of production and if interest rates are kept low then there will be too much money chasing too few goods - inflation ! I’m no expert just my common sense opinion Stycon: 2 Likes 1 Share |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by arrestdarrester: 2:43pm On Dec 30, 2017 |
We need forward looking and responsible leaders, not backward looking and blameful ones. This in depth analysis just apportion blames no dey tire this people? |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Memphis357(m): 2:43pm On Dec 30, 2017 |
superstar1:You're filled with hate and vile. Come 2019,just like your master.....you will be eradicated. 1 Like |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:46pm On Dec 30, 2017 |
imhotep: And in response.... Nigeria's problem is our current and past admin's refusal to get us off the resource trap since independence. 1 Like
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Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by superstar1(m): 2:47pm On Dec 30, 2017 |
Memphis357: We will re-bury you and your looting masters in 2019. Mark my words. |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by malakasea(m): 2:47pm On Dec 30, 2017 |
So there are people over ther who really know our country problems and those who put us into it,am so gratefull 2 you guys may the almighty reward you for this analyzation.And this is the only truth every one shuld understand btw the APC(only 2 years) and PDP(16 years without anything to proof)every citizen shuld be awar of this,4 him to know the next step.So there are people over ther who really know our country problems and those who put us into it,am so gratefull 2 you guys may the almighty reward you for this analyzation.And this is the only truth every one shuld understand btw the APC(only 2 years) and PDP(16 years without anything to proof)every citizen shuld be awar of this,4 him to know the next step.So there are people over ther who really know our country problems and those who put us into it,am so gratefull 2 you guys may the almighty reward you for this analyzation.And this is the only truth every one shuld understand btw the APC(only 2 years) and PDP(16 years without anything to proof)every citizen shuld be awar of this,4 him to know the next step. 1 Like |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:47pm On Dec 30, 2017 |
9jakohai:yes but the current admin is doing LESS THAN NOTHING and that is why things are getting worse by the hour. |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Pataricatering(f): 2:48pm On Dec 30, 2017 |
Designated survivor in Nigeria? You talk as if we don’t know the average Nigerian is a criminal! They have a system that works - is it this same Nigeria where justices are receiving bribe directly in their bank account - buhari wanted to cleanse the judiciary was it not the same Nigerians shouting that he was a dictator? billante: 2 Likes 1 Share |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by asawanathegreat(m): 2:49pm On Dec 30, 2017 |
Wasted generation of looters |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:49pm On Dec 30, 2017 |
progress69: We already have the facts sir...the question is....when do you stop blaming and start fixing the problem. When PMB came into office, the problem were there....and his response was to not appoint a cabinet...leaving the drifting ship in a worse state. Plus,,,,what is APC's plan to get our economy off oil? And why didn't you guys deregulate pms...since subsidy is a scam? 1 Like |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by grandstar(m): 2:50pm On Dec 30, 2017 |
progress69: No one doubts that a downturn in the economy was already underway but it need not have turned into a recession. It was Buhari's senseless pegging of the naira at 197 to a dollar despite falling oil revenue and falling oil reserves that drove the economy aground. He went further and banned importers of 41products from having access to forex from the CBN for importation of those products. Let me illustrate why the pegging wrecked the economy. Imagine everyday, the black market has $1m to sell and those buying have N1million to buy dollars. How much will the rate be? Most likely $1 to N1. What if the amount dollars for sale reduces to $500,000 a day and buyers have N1million to buy? Will the rate remain? Will the Naira appreciate or depreciate against the dollar? Answer If the sellers increase their price to N1.50 to dollar? Are they stupid for doing so? Do you feel they are wicked by increasing the price for the buyers. Can you see the need for a depreciation or not? Is the increase in price for buying dollars logical and 100% rational? Well, when Buhari came into power, his first act was to fix the exchange rate at 197 to a dollar. This was reckless for 2 reasons. 1. First and foremost, oil revenues and hence dollar inflow was plunging fast. Since the dollar inflow was dropping, the only rational thing was for the Naira to depreciate. It had already fallen from 150 from August 2014 to about 200 in May 2015. Jonathan did not interfere with the forex market. The fall in the Naira was only rational Since the oil revenues were still falling i Upon assuming power, Buhari pegged the rate at 197 despite continuous falls in oil revenues. He said he has never seen where devaluation helped any country. It's akin to saying, you don't see how 1 + 1=2 ever benefited anyone. He thought the peg would stick. However, people could not obtain enough forex at the official market, they turned to the parallel market where the value plunged, at one time hitting over 500 to a dollar. So the devaluation he didn't want now happened in the black market. To make matters worse, goods were priced at the black market rates. Because of the chronic shortage of dollars that accompanied this policy, many companies closed as they could not access enough forex to purchase raw materials, goods and services. The collapse of too many companies led to the recession. Everyone knows someone who has lost a job. Let me illustrate further. Norway, a country of about 5million people is probably the country that managed it's oil revenues best. It has a sovereign reserves akin to Nigeria's excess crude funds with over $800billion. Their budget will balance if oil prices drop to $20 per barrel. Despite this, when oil prices collapsed, their currency lost 26% of its value! How much more Nigeria! 2. Countries also have fled from pegging their currencies to the dollar or any currencies because of the dangers inherent in. Brazil and Argentina are the two best examples why you should never, ever go that route. Buhari means well but his economics is lamentable. 9 Likes 2 Shares |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Memphis357(m): 2:51pm On Dec 30, 2017 |
superstar1:Thunder roast your left blokos. |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Sike(m): 2:53pm On Dec 30, 2017 |
NIGERIA WILL BE GREAT AGAIN, I BELIEVE. |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by malakasea(m): 2:54pm On Dec 30, 2017 |
superstar1:am with you my guy. |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by PeaceGord: 2:54pm On Dec 30, 2017 |
If you were not on government payroll you would not have taken out time to type this trash. Go get a life you BMC ASS LICKER! |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Pataricatering(f): 2:55pm On Dec 30, 2017 |
You can never compare a private organization with a public one ! How is buhari supposed to work magic with a corrupt legislature, judiciary and executive . The private sector is not run with the kind of impunity our public sector is run with ! Saintp: |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Jaideyone(m): 2:58pm On Dec 30, 2017 |
erico2k2:Olodo if you ate earning 100naira and you refused to save won't you run into financial crisis when your salary get slashed to 35naira? Jonathan refused to save. Jonathan caused the recession. get yourself educated bloody illiterate |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by progress69: 2:58pm On Dec 30, 2017 |
9jakohai: blaming is part of politics, and it has not stopped anyone from working! Thanks |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by WhiskeyTangoFox: 2:59pm On Dec 30, 2017 |
FOLYKAZE: Well, he shld not have spoken like a magician or divine creature during campaign. He shld walk d talk 2 Likes |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by erico2k2(m): 2:59pm On Dec 30, 2017 |
9jakohai:Do you now see the reason I was asking if you was born 1983 from the list you can see Oil was never as high as in the PMB Era but IBB done much better than PMB, IM not hating jst stating facts, he (PMB) even admited he dont know how to make money! |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by tete7000(m): 2:59pm On Dec 30, 2017 |
Who are these people dragging Nigeria back like Buhari their mentor. What has all these got to do with the fact that Buhari is clueless and the man himself has accepted that fact. He said 'I don't know how to make money but know how to spend it on women'. Lo ba pari. Apa, oninakuna, akotileta. 1 Like |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by grandstar(m): 3:06pm On Dec 30, 2017 |
naijaboy756: I was in form 1 then on secondary school. Its like the JSS 1 today. I was the last of the form 1 set. Buhari then was simply throwing people especially ex politicians into prison without regard to civil rights. He was intolerant of disent and even threw 2 journalist into prison Economic policies were wacky forcing Nigerians to queue for essential commodities. He introducex War Against Indiscipline which was a policy to incalculate discipline into the hearts of Nigerians. Nigerians started queuing etc. He initiated a prize of N1m to the cleanest state in the country. Then 40k could buy you a bottle of coke. Even in 1988, a bottle of Maltina was N1.00 and a Kongo of garri was N2.80. So N1m was a lot of money then. 1 Like |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Kay25(m): 3:12pm On Dec 30, 2017 |
Stycon:U make sense die dos abokiis won't read dis ooo 1 Like |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by erico2k2(m): 3:13pm On Dec 30, 2017 |
Jaideyone:YOu did not answer the simple question rather chose to call me names.Look we are allowed to be silly sometimes but you my friend is taking the P*****ss.Where you dead when a group of State Governors took the then FG to court to share the Money?? or was you too poor to buy news papers then and B4 you start, waht did you own state governor do with his share of teh money? now for your own OLODO sake waht has slashing of salary got to do with the question I asked or you lack the ability to comprehend as well? 1 Like
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Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by misgab: 3:14pm On Dec 30, 2017 |
don't mind them, they are as stupid as they come. APC preached CHANGE the fact is they have failed. Retrospect: 1. How much did Obasanjo meet in the foreign reserve and how much was left when he left government. 2. Was Nigeria in debt when he left? 3. Abubarka then military president increased Salaries to 10k then powers shouted is too much he reduced it back to 5k. When OBJ took over how much was he paying civil servants. 4. How many public servants became car owners under OBJ and house owners? 5. Laudable programs like GSM, NHIS, NHF, PENCOM, CIVIL DEFENCE etc were established under that same government.Note: Nigerian government is owing pencom to the tune of N5tri. Lesson: You can inherit mess but what you do with it is what matters. Trust Nigerians we don't associate with failures but success. The more you keep on fishing for excuses on the failure of APC and PMB the more the disdain Nigerians will be having for them. Note: By Nigerians we mean the enlightened and open minded people that the daft yes sir types.(carrygo no shaking) 1 Like |
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by brainpulse: 3:16pm On Dec 30, 2017 |
Toketimt: |
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