chucky234: Coming from a known documented derailed chronic goon.

oddy4real:
all these one na filmtrick. They still cannot syand the firepower of the PDP. the PDP would give them the beating of their miserable lives in 2015. then, the APC would dismantle, re-merge and would keep losing.
i choose to vote the PDP over these thieves turned 'progressives'. when the door of my house is faulty, i would not call a thief to repair it for me.

thegoodjoehunt: IMF gave Nigeria certain conditions which must be met. In 1984 when the naira exchanged for $1.34, the IMF demanded a minimum of 60% devaluation of it. Buhari refused, agreeing only to a "crawling peg"—a mechanism whereby government would realign the currency gradually, forestalling or minimizing economic and social dislocations because of such drastic devaluation of its currency. In addition to the devaluation of the naira, IMF demanded that government took other drastic actions:

(a) The government must remove its subsidy on petroleum.
(b) It must curtail its expenditure.
(c) Government must rationalize its tariff structures.
(d) It must put a freeze on its wages.
(e) It must put a total end of non-statutory transfers to State governments,
(f) Government must at least institute a 30% raise on interest rates

Government resisted this because the decline in its revenue earnings and its debt obligations made it almost impossible to raise interest rates without triggering inflation (West Africa, May 14, 1984).



The Nigerian government and veteran economists in Nigeria (like Aluko, Onosade, Okigbo, etc) could not make sense of being asked to devalue its currency when Nigeria’s imports were in dollar and its export (fixed quantity of oil) was also in dollar. The implication of devaluation was that Nigeria would pay more to import lesser quantity of goods than it did prior to any devaluation. It would also export the same amount of oil it exported before any devaluation and derive lesser revenue than it received before any devaluation. The impacts of it debt payment would have harsher effect on the citizenry if the naira was devalued.

This did not make any economic sense to Buhari; it struck him as an insult on the intelligence of the African. Finance Minister Onaolapo Soleye and Alhaji Abubakar Alhaji who led the Nigerian delegation to the last negotiation in Washington were chewed out by US Federal Reserve Chairman, Paul Volcker, for presenting the Nigerian governments rejection of most of these recommendations. For rejecting the IMF conditions and the loan, the Buhari administration got into the black book of Washington. Already, it had earned the dislike of 10 Downing Street for cutting down Nigeria’s imports from the UK by about 350%. In any case, without the IMF loan, government was still in a bind as to how to finance capital projects and pay for imports, especially spare parts for local industries, food items, etc. At this juncture, the genius and resourcefulness of Buharinomics illuminated to the delight of the African.


[b]First, the administration sent Oil Minister Tam David West to OPEC to seek a raise in the quantity of oil that Nigeria could export. If OPEC agreed, Nigeria would expect to generate extra revenue in the long run from any increase of its oil quota and this would assist tremendously in augmenting the shortfall in the nation’s purse. Professor West came back empty handed—the US and Britain had put pressure on their puppets in OPEC (like Saudi Arabia) to refuse Nigeria’s request.

To counter OPEC’s bluff, the Buhari administration entered into a $2 billion barter trade agreement with four countries. Nigeria daily bartered 200,000 barrels of oil as follows:

(a) completely knocked down parts for automobiles from Brazil.
(b) Construction equipment from Italy
(c) Engineering equipment from France, and
(d) Capital goods from Austria.

This barter trade took care of the administration’s need to have borrowed money but it intensified the ill will the US and Britain had for Nigeria. By bartering this oil, Nigeria was:

(a) solving those needs which the proposed IMF loan was geared toward. Doing so without borrowing or feeling the pains of spending the meager amount generated from its OPEC approved 1.3 billion a day oil export is the stuff an economic wizard is made of.

(b) Britain had been cut off as Nigeria’s major supplier of the goods which the countries in the barter agreement sent to Nigeria.

(c) The US usurious money lenders were denied the chance to suck Nigeria dry through the IMF loan.

(d) American and British oil companies were irate that the oil being bartered would flood the oil market, cutting in on their profits.

(e) The oil being bartered was oil that used to be illegally bunkered before Buhari put illegal oil bunkering artist out of business. For once, an African country had put positive economic mechanism in place to salvage its ailing economy without swallowing IMF’s poison pills.[/b]

http://www.elombah.com/index.php?option=com_content&view=article&id=5720:is-general-buhari-the-problem-with-nigeria&catid=36:pointblank&Itemid=83

wellmax: I wish and pray that they succeed in dislodging the PDP.

ayox2003:

Let me add one more point, under Buhari's regime, the price of rice went up because importers/sellers hoarded it. They had the impression that it would sky-rocket. You know what Buhari did? The government ordered those who had bought long before the price went uo to sell at a standard price and those who couldn't, the government bought it from them at a high price and distributed it to civil servants who were below level7. Three folks shared a bag of rice. That's what I call responsibility. Food was made available!

Thanks for bringing this up, bro.


Frawzey

oddy4real:
all these one na filmtrick. They still cannot syand the firepower of the PDP. the PDP would give them the beating of their miserable lives in 2015. then, the APC would dismantle, re-merge and would keep losing.
i choose to vote the PDP over these thieves turned 'progressives'. when the door of my house is faulty, i would not call a thief to repair it for me.

anonimi:

That shows that the dimwit sharia exponent and BH supporter has no sense of economics for creating national value.
Importing rice rather promoting local production is definitely not the sign of a leader who has his head properly screwed to his neck.

thegoodjoehunt:

What concerns, Al Pacino? LOL. Laughter wants to kill me. You mean that actor in God Father was really a gangster? That is some education. I must take first.

afinic001:

They are all the same.

thelastPope:

When were you born that you are posting this nonsense here. We saw it with our eyes. Buhari, the illiterate sharia proponent was the beginning of Nigeria's economic mess and the decay we have today and he was a coward to boot. If he was a real man, he would not have hidden under Idiagbon's pants for 20 months. As soon as Idiagbon went for hajj, they kicked the fool out of office without a single fight. If that dolt had not truncated our nascent and budding democracy, we would have been a great country today. The idiota wanted to be a life president and had no single plan to return the country back to democracy. No wonder he never supported any of the struggle to return the country back to democracy throughout the 90s. Even people like Tinubu and Gowon at one time or the other learnt their voice to the call for democracy but Buhari was silent all along. Where was the idiotic Buhari when so many people came out to advocate to a return to democracy? He was busy frolicking and dinning and embezzling with Abacha and later declared Abacha corruption free. Now he wants to reap where he didnt sow. He wants to enjoy a democracy he vehemently truncated and fought against.

He will fail as he has always failed.

kingoflag:

Moro*n, go learn your history and stop being a enemy of progress.

Promote local production with what money?

chucky234: Buhari has never done anything positive to better this nation,I witnessed his tenure as a military head of state and being a barracks groom I know he was never good.

kingoflag:

First off: WHY ARE YOU WRITING IN HUGE FONTS?! Are you ok?

Next: WHO THE FUXXCK ARE YOU?

I hate bigots. Go die somewhere hateful, backwards, failure-loving monkey. Go ahead and vote GEJ, beast!

anonimi:

kingoflag you obviously think everyone is at the same level of being a moro*n like you.
Sorry to dissapoint you.



The same money he used to import rice, sugar, milk, vegetable oil etc
See it is very easy. You only needed to think a little bit more.

The Nigerian National Supply Company (NNSC) was selling these [size=14pt]"essential commodities" (Essenco) at "controlled prices" with long queues for ordinary citizens while those who were "connected" to the khakhi boys in charge were making crazy money from their illegal allocations of the items.[/size]
You may need to ask the elders around you for more info on the happenings of that clueless era.
Just admit that your idol is a dimwit when it comes to running a country's economy with long term goals rather than short term quick fixes like those of drug junkies.
I will give it to the Ayatollah Brouhari that he is an excellent cold blooded murderer since the counter coup of July 1966 when he massacred his Igbo officers in Ikeja cantonment.



__________________________________________
2015 - Next Level Democracy.
Join a political party in your LG ward with folks & friends NOW!

Myself2:

Hats off to you bros,your analysis and sense of history are so impeccably on point that it's only inebriated nincompoops like kingoflag that would come here and spew putrid gibberish against sound reasoning

philips70:

How does all these analysis and grammar affect the fact that politicians in this dispensation have stolen and stash away more money than was ever stolen in all the military administrations put together? How does it changed the fact that GEJ against all morality gave Alams a pardon even when telling the whole world he is fighting corruption all in the name he (Alams) is helping to curb oil theft (SMH)? How can you explain away the fact that GEJ has left a minister in the Petroleum ministry for this long despite all the monumental corruption being discovered in departments she's directly supervising? Is the Buhari government of the 80's responsible for all these? Even NOI intelligence could not cover up the shame of this nation on CNN. Maybe Ibori, Odili, Sylva, Lucky, Bode George, Bankole, Farouk etc are children of Buhari.

Myself2:

What are you babbling on and on about?
Its difficult reading few lines of incoherent text,now you've compounded the difficulty by writing a handout of incoherence

Abeg fly.

ayox2003:

Let me add one more point, under Buhari's regime, the price of rice went up because importers/sellers hoarded it. They had the impression that it would sky-rocket. You know what Buhari did? The government ordered those who had bought long before the price went uo to sell at a standard price and those who couldn't, the government bought it from them at a high price and distributed it to civil servants who were below level7. Three folks shared a bag of rice. That's what I call responsibility. Food was made available!

Thanks for bringing this up, bro.


Frawzey

thelastPope:

You are a shameless liar. A very shameless one at that. You have been laid bare for the world to see your azz lying with your 2 eyes wide open. Idiota! You think you wont be found out in a public forum?

There has been no significant construction in the Benin-Ore road since the eighties. Foolish liar! Only patch work and little expasions were done around shagamu town and ondo border when OBj brought in the toll gates. Lying dolt! Where did PTF squander over 1 trillion in todays value? shameless idiotas! OBJ took over a cuntry with complete infrastructural breakdown. Nothing was working. If Buhari and PTF had invested such some in the previous 5 years, wont we have seen it? How many years does a road last? Lying toad!

Did he build a power plant? Did he build an hospital? did he build a new university? Did he build rails? What did he do with the money? He didnt even help his almajiri army who he is now using religious sentiments to deceive into fighting for him. Why did he not build schools to take them off the street? Why! Why!! Why!!!

He simply joined the thieving cabals who stole our oil money and squandered it only for the idiota to now pretend he is a poor man. See job! 419!!! No wonder he qucikly declared Abacha corruption free, because he knows that a deep probe of Abacha will expose him. Why didnt he dare IBB? He knows IBB would have exposed him. yeye!

philips70:

It's not rocket science to know you have comprehension problem. Go back to school

thegoodjoehunt:

How can you ask me that. Was I in General Buhari's government. All I know is that he didn't loot funds and he did a lot of work with it. Let us be fair with our questions.