LordAdam:


Shut up!

Is today the first time oil is falling to $35? Did oil not fall from $145 to $32 in one year in 2008? Did the PDP government of Umaru Musa Yar'Adua (may his soul rest in peace) not handle the situation better than the current APC government of PMB is doing presently?

And then the whole world was in a financial mess. Hundreds of thousands of people lost their jobs in America. The European fell into crisis, and more than 10 countries in the EU needed bailout including giants like Italy and Spain. Even till this day the EU is not out of the mess, there are widespread reports that a growing percentage of women in Greece prostitute themselves for food not even money because of economic hardship.

Even here in Africa, SA felt the punch. But Nigeria stood tall. I remember the CBN bolstering our banks with $5b in bailout funds, and all-round the economy cushioned the effects of the global financial crisis and the plunge in oil prices. Do you know why? Because the coordinator of the economy then was GEJ as the vice president and sound economic policies were made.

So you, PMB, and APC should shut your mouths. Your asses will be jealous of the amount of shit that come out of your mouth.

GEJ left a $35b reserve and a foreign debt ratio of 12 percent. If PMB cannot use that to cushion the effect of falling oil prices then he is USELESS. We could as well declare the office of the presidency vacant.

I'm sick of the lies you guys are peddling. I'm out for you bunch.

-Lord

nice one. u took that illiterate to the cleaners

EternalTruths:

Instead of Buhari to kill the lust the North has for Southern oil, he made himself petroleum minister and invested 35billion naira in searching for oil in the North.
Penny wise pounds foolish

And the idiot said the victorious U-17 team players deserve only N150,000 per person, because N750,000 is too much. Big fool! How much does Zahra Buhari spend in a week that $3500 is too much for someone that represented Nigeria in an international competition and came home with the golden trophy.

And while we are at that, the foolish fool called Fashola wants to introduce toll on dilapidated federal roads and increase electricity tariff by 40% when some workers in some states have not been paid in 13 months. While the DULLARD PMB is nodding his head.

And blind mor.ons like the one I quoted in my previous reply will have the effrontery to shift the blame to oil prices and GEJ's government. Why on earth will any sane person increase the cost of living when the economy is at its direst moment?

Let's not get started on the finance minister who wants to borrow $3b in ONE year from external sources when OBJ, YARADUA and GEJ borrowed $7b from external sources in TEN years.

Or the deranged ekpa of a transport minister who re-commissioned trains already commissioned by the previous government. A person that did not know trains operated in Nigeria was appointed as a transport minister, and we are wondering whether the President is normal. He is an illiterate.

-Lord

[quote author=obailala post=41098654][b]Oh dear, ignorant people keep shouting economic blueprint as if an economic blueprint can perform a miracle and turn fortunes around instantly even with the prevalent rock-bottom oil prices?...

Funny thing is that it is mostly PDP agents and PDP supporters that have been shouting 'economic blueprint,' an economic blueprint which they could not implement in 16 years, an economic blueprint they could not apply in the last 5 years of plenty when oil prices where averaging $100 per barrel. The moment oil prices dropped in November 2014, the first thing the PDP did was to officially devalue the naira. Oil prices fell to ~$65 per barrel as at May 2015 when PDP was still in charge yet the exchange rate at the parallel market as at May 29th was in the range of N251 to $1; the almighty PDP magicians could not apply this wonderful economic blueprint.

Now they keep shouting that this administration is not applying 'economic blueprint' to magically turn the slumping Naira instantly when oil prices have just dropped to an 11-year low of below $35.

For anyone that cares to know, there is absolutely nothing that can be done to stop the continuous nosedive of the Naira in the short term, oil prices are rock bottom and Nigeria hardly has any other means of foreign exchange earnings. Enough of this political baseless rants about 'economic blueprint.'[/b][/quote

Shut up! It's obvious we have people in government who have no clue what they are doing]

obailala:
[b]Oh dear, ignorant people keep shouting economic blueprint as if an economic blueprint can perform a miracle and turn fortunes around instantly even with the prevalent rock-bottom oil prices?...

Funny thing is that it is mostly PDP agents and PDP supporters that have been shouting 'economic blueprint,' an economic blueprint which they could not implement in 16 years, an economic blueprint they could not apply in the last 5 years of plenty when oil prices where averaging $100 per barrel. The moment oil prices dropped in November 2014, the first thing the PDP did was to officially devalue the naira. Oil prices fell to ~$65 per barrel as at May 2015 when PDP was still in charge yet the exchange rate at the parallel market as at May 29th was in the range of N251 to $1; the almighty PDP magicians could not apply this wonderful economic blueprint.

Now they keep shouting that this administration is not applying 'economic blueprint' to magically turn the slumping Naira instantly when oil prices have just dropped to an 11-year low of below $35.

For anyone that cares to know, there is absolutely nothing that can be done to stop the continuous nosedive of the Naira in the short term, oil prices are rock bottom and Nigeria hardly has any other means of foreign exchange earnings. Enough of this political baseless rants about 'economic blueprint.'[/b]

stop lying, dollar was 187 as at 29th May. if u had known dat u can't manage d economy why not live it with d pdp. we never had it ds bad for pdp 16yrs rule. oh, I wasted my vote on apc. omg

LordAdam:


Shut up!

Is today the first time oil is falling to $35? Did oil not fall from $145 to $32 in one year in 2008? Did the PDP government of Umaru Musa Yar'Adua (may his soul rest in peace) not handle the situation better than the current APC government of PMB is doing presently?

And then the whole world was in a financial mess. Hundreds of thousands of people lost their jobs in America. The European fell into crisis, and more than 10 countries in the EU needed bailout including giants like Italy and Spain. Even till this day the EU is not out of the mess, there are widespread reports that a growing percentage of women in Greece prostitute themselves for food not even money because of economic hardship.

Even here in Africa, SA felt the punch. But Nigeria stood tall. I remember the CBN bolstering our banks with $5b in bailout funds, and all-round the economy cushioned the effects of the global financial crisis and the plunge in oil prices. Do you know why? Because the coordinator of the economy then was GEJ as the vice president and sound economic policies were made.

So you, PMB, and APC should shut your mouths. Your asses will be jealous of the amount of shit that come out of your mouth.

GEJ left a $35b reserve and a foreign debt ratio of 12 percent. If PMB cannot use that to cushion the effect of falling oil prices then he is USELESS. We could as well declare the office of the presidency vacant.

I'm sick of the lies you guys are peddling. I'm out for you bunch.

-Lord

On point! With this, I rest my case on this thread.

LordAdam:


And the idiot said the victorious U-17 team players deserve only N150,000 per person, because N750,000 is too much. Big fool! How much does Zahra Buhari spend in a week that $3500 is too much for someone that represented Nigeria in an international competition and came home with the golden trophy.

And while we are at that, the foolish fool called Fashola wants to introduce toll on dilapidated federal roads and increase electricity tariff by 40% when some workers in some states have not been paid in 13 months. While the DULLARD PMB is nodding his head.

And blind mor.ons like the one I quoted in my previous reply will have the effrontery to shift the blame to oil prices and GEJ's government. Why on earth will any sane person increase the cost of living when the economy is at its direst moment?

Let's not get started on the finance minister who wants to borrow $3b in ONE year from external sources when OBJ, YARADUA and GEJ borrowed $7b from external sources in TEN years.

Or the deranged ekpa of a transport minister who re-commissioned trains already commissioned by the previous government. A person that did not know trains operated in Nigeria was appointed as a transport minister, and we are wondering whether the President is normal. He is an illiterate.

-Lord

Imagine cutting down salaries and increasing tariffs/taxes

What kind of economic logic is that

At least if they plan to cut down salaries , they should have cut down tariffs/taxes

And

If they want to increase tariffs/taxes, they shouldn't have cut down salaries.

Please bring back corruption.

How did this thread end up in culture of all places?

LordAdam:


Shut up!

Is today the first time oil is falling to $35? Did oil not fall from $145 to $32 in one year in 2008? Did the PDP government of Umaru Musa Yar'Adua (may his soul rest in peace) not handle the situation better than the current APC government of PMB is doing presently?

And then the whole world was in a financial mess. Hundreds of thousands of people lost their jobs in America. The European fell into crisis, and more than 10 countries in the EU needed bailout including giants like Italy and Spain. Even till this day the EU is not out of the mess, there are widespread reports that a growing percentage of women in Greece prostitute themselves for food not even money because of economic hardship.

Even here in Africa, SA felt the punch. But Nigeria stood tall. I remember the CBN bolstering our banks with $5b in bailout funds, and all-round the economy cushioned the effects of the global financial crisis and the plunge in oil prices. Do you know why? Because the coordinator of the economy then was GEJ as the vice president and sound economic policies were made.

So you, PMB, and APC should shut your mouths. Your asses will be jealous of the amount of shit that come out of your mouth.

GEJ left a $35b reserve and a foreign debt ratio of 12 percent. If PMB cannot use that to cushion the effect of falling oil prices then he is USELESS. We could as well declare the office of the presidency vacant.

I'm sick of the lies you guys are peddling. I'm out for you bunch.

-Lord

point of correction our reserve as at may 29, were $29.1 b. get your fact right.

LordAdam:


Shut up!

Is today the first time oil is falling to $35? Did oil not fall from $145 to $32 in one year in 2008? Did the PDP government of Umaru Musa Yar'Adua (may his soul rest in peace) not handle the situation better than the current APC government of PMB is doing presently?

And then the whole world was in a financial mess. Hundreds of thousands of people lost their jobs in America. The European fell into crisis, and more than 10 countries in the EU needed bailout including giants like Italy and Spain. Even till this day the EU is not out of the mess, there are widespread reports that a growing percentage of women in Greece prostitute themselves for food not even money because of economic hardship.

Even here in Africa, SA felt the punch. But Nigeria stood tall. I remember the CBN bolstering our banks with $5b in bailout funds, and all-round the economy cushioned the effects of the global financial crisis and the plunge in oil prices. Do you know why? Because the coordinator of the economy then was GEJ as the vice president and sound economic policies were made.

So you, PMB, and APC should shut your mouths. Your asses will be jealous of the amount of shit that come out of your mouth.

GEJ left a $35b reserve and a foreign debt ratio of 12 percent. If PMB cannot use that to cushion the effect of falling oil prices then he is USELESS. We could as well declare the office of the presidency vacant.

I'm sick of the lies you guys are peddling. I'm out for you bunch.

-Lord

Why would't Nigerian youths just read? instead they choose to base all arguments on flimsy hearsays?

In 2008, oil prices fell from $147/barrel to $38/barrel but Nigeria was able to survive it beause $20 billion from Nigeria's foreign exchange reserve was used to wedge the effect of the global economic crisis in 2008. The Nigerian foreign reserves dropped from $62 billion in mid-2008 to $42 billion in 2009. Such a massive bailout from the reserves could also be risked because a further $20 billion was stashed as savings in the ECA account. And and all that was a combination of savings made by (the useless) OBJ's regime and about $20 billion which was saved by Yaradua in just about 1 year when oil prices skyrocketted.

http://www.edinburghjournalisminternational.com/business-finance/why-nigeria-largely-escaped-the-global-financial-crisis.html

...The sharp fall in crude oil prices during the financial crisis also affected Nigeria’s economy. Crude oil prices dropped from a peak of $147 in July 2008 to about $41 in March 2009. Nigeria’s federal government, which earns about 90 percent of its revenue from oil sales, saw its revenue drop by 44 percent during the same period. The government dipped into its reserves to make up for this fall in revenue. Consequently, Nigeria’s oil savings dropped from about $62 billion in third quarter 2008 to about $42 billion in first quarter 2009.

Now contrary to the erroneous figure you stated above, GEJ after reigning over the the highest average oil prices of above $100//barrel for his 5 year reign, he succeeded in squandering the foreign reserves to $29.1 billion as at May 29th 2015 when he handed over.
http://www.cenbank.org/intops/Reserve.asp
https://www.naij.com/483629-nigerian-foreign-reserves-increases-in-just-one-month.html

May I also add that we no longer had the $20 billion savings stashed in the ECA account by the time GEJ was leaving office.

So for the love of God, what exactly are you talking about?... with what money do you expect the present regime to wedge the effect of the oil price crash?... Is it with the remaining reserve of less than $30billion dollars?

obailala:
Why would't Nigerian youths just read? instead they choose to base all arguments on flimsy hearsays?

In 2008, oil prices fell from $147/barrel to $38/barrel but Nigeria was able to survive it beause $20 billion from Nigeria's foreign exchange reserve was used to wedge the effect of the global economic crisis in 2008. The Nigerian foreign reserves dropped from $62 billion in mid-2008 to $42 billion in 2009. Such a massive bailout from the reserves could also be risked because a further $20 billion was stashed as savings in the ECA account. And and all that was a combination of savings made by (the useless) OBJ's regime and about $20 billion which was saved by Yaradua in just about 1 year when oil prices skyrocketted.

http://www.edinburghjournalisminternational.com/business-finance/why-nigeria-largely-escaped-the-global-financial-crisis.html


Now contrary to the erroneous figure you stated above, GEJ after reigning over the the highest average oil prices of above $100//barrel for his 5 year reign, he succeeded in squandering the foreign reserves to $29.1 billion as at May 29th 2015 when he handed over.
http://www.cenbank.org/intops/Reserve.asp
https://www.naij.com/483629-nigerian-foreign-reserves-increases-in-just-one-month.html

May I also add that we no longer had the $20 billion savings stashed in the ECA account by the time GEJ was leaving office.

So for the love of God, what exactly are you talking about?... with what money do you expect the present regime to wedge the effect of the oil price crash?... Is it with the remaining reserve of less than $30billion dollars?

and the solutions stares right in PMB face!
as long as he does nothing it just keep piling!

baralatie:

and the solutions stares right in PMB face!
as long as he does nothing it just keep piling!

The fact is, "there is no miracle that PMB can do"... except maybe the nigerian secret service throws some bombs in Saudi Arabian oil fields to create a crisis, and then maybe the oil prices will jump back up. Besides that, there is no miracle that can be done. The naira will keep falling because we have no other sources of foreign exchange earnings.

obailala:
The fact is, "there is no miracle that PMB can do"... except maybe the nigerian secret service throws some bombs in Saudi Arabian oil fields to create a crisis, and then maybe the oil prices will jump back up. Besides that, there is no miracle that can be done. The naira will keep falling because we have no other sources of foreign exchange earnings.

the beauty of this period and the period at which PMB finds himself.there is a whole lot that he can do and has nothing to do with oil.
infact if he follows very well or if he had been dligent by now PMB would be soaring on economic scales!
well for what I am seeing he has the biggest breakthrough ever made at his tips!
and nothing America and oil price can do to stop it.
unless he does nothing!

obailala:
The fact is, "there is no miracle that PMB can do"... except maybe the nigerian secret service throws some bombs in Saudi Arabian oil fields to create a crisis, and then maybe the oil prices will jump back up. Besides that, there is no miracle that can be done. The naira will keep falling because we have no other sources of foreign exchange earnings.

the beauty of this period and the period at which PMB finds himself.there is a whole lot that he can do and has nothing to do with oil.
infact if he follows very well or if he had been dligent by now PMB would be soaring on economic scales!
well for what I am seeing he has the biggest breakthrough ever made at his tips!
and nothing America and oil price can do to stop it.
unless he does nothing!



why is this topic in culture section!

Dimienedonkz:

stop lying, dollar was 187 as at 29th May. if u had known dat u can't manage d economy why not live it with d pdp. we never had it ds bad for pdp 16yrs rule. oh, I wasted my vote on apc. omg

I dont argue with obviously ignorant people please... How old are you?

The naira was officially devalued in November 2014 from N155 to N168 and then to N198 in February 2015. At an official rate of N198, the dollar sold for N222 at the market in February and it hiked to up to N250 as at May 29th in the parallel market. Even at present, the official rate is still pegged atN198 while the market rate has jumped to over N270.
http://sunnewsonline.com/new/naira-devalued-again-trades-at-n198-to-dollar/

For you to claim that the dollar sold below the official rate as at May 29th, that's a sure sign that you are either ignorant or you're just lying in an unsmart way. and yeah, stop deceiving yourself, you didnt vote for apc.

EternalTruths:


Yes we put the blame on APC

Buhari is a Northerner who can convince his people to embrace True Federalism and they will agree.

Instead of doing that, he made himself petroleum minister

and with true federalism things will turn around overnight?....

Goodnight!

baralatie:

the beauty of this period and the period at which PMB finds himself.there is a whole lot that he can do and has nothing to do with oil.
infact if he follows very well or if he had been dligent by now PMB would be soaring on economic scales!
well for what I am seeing he has the biggest breakthrough ever made at his tips!
and nothing America and oil price can do to stop it.
unless he does nothing!



why is this topic in culture section!

Truth is, there's absolutely no miracle that can be done to turn things around at least in the short term.

#I've got no idea why this topic was moved to Culture

obailala:
Why would't Nigerian youths just read? instead they choose to base all arguments on flimsy hearsays?

In 2008, oil prices fell from $147/barrel to $38/barrel but Nigeria was able to survive it beause $20 billion from Nigeria's foreign exchange reserve was used to wedge the effect of the global economic crisis in 2008. The Nigerian foreign reserves dropped from $62 billion in mid-2008 to $42 billion in 2009. Such a massive bailout from the reserves could also be risked because a further $20 billion was stashed as savings in the ECA account. And and all that was a combination of savings made by (the useless) OBJ's regime and about $20 billion which was saved by Yaradua in just about 1 year when oil prices skyrocketted.

http://www.edinburghjournalisminternational.com/business-finance/why-nigeria-largely-escaped-the-global-financial-crisis.html


Now contrary to the erroneous figure you stated above, GEJ after reigning over the the highest average oil prices of above $100//barrel for his 5 year reign, he succeeded in squandering the foreign reserves to $29.1 billion as at May 29th 2015 when he handed over.
http://www.cenbank.org/intops/Reserve.asp
https://www.naij.com/483629-nigerian-foreign-reserves-increases-in-just-one-month.html

May I also add that we no longer had the $20 billion savings stashed in the ECA account by the time GEJ was leaving office.

So for the love of God, what exactly are you talking about?... with what money do you expect the present regime to wedge the effect of the oil price crash?... Is it with the remaining reserve of less than $30billion dollars?

From the shit you wrote. You accept that the 2008 financial crisis and oil price fall was well managed by a PDP government run by Yaradua in which GEJ was the VP. Which is not something your APC masters have been saying.

You also stated that about $20b was used to cushion the crisis. And oil did fall from a high of $145 to $32 in 2008 https://en.m.wikipedia.org/wiki/World_oil_market_chronology_from_2003.

The GEJ government had been using the reserve to wedge the economy since August 2014 when the last peak was recorded. The reserve as at December 2014 was $34.2b. And the ECA of $20b is irrelevant in this discussion because it was not used in 2008. And by the way, $2b was left in the account as against the statement that you said it has been squandered.

Now to your question. $29.1b is sufficient to wedge the effects of the slumping oil prices. If PMB knew it would not be enough, why did he not step down from the race?

-Lord

magicalx:
Shut up! It's obvious we have people in government who have no clue what they are doing

People who were clue-ful put us in this mess in the first instance, and there's absolutely no short term solution.

This topic should be under business or economy


Please take it out of culture :oj

obailala:
Truth is, there's absolutely no miracle that can be done to turn things around at least in the short term.

#I've got no idea why this topic was moved to Culture

believe,PMB is practically looking and sitting on immediate breakthroughs that would make America jealous

LordAdam:


From the shit you wrote. You accept that the 2008 financial crisis and oil price fall was well managed by a PDP government run by Yaradua in which GEJ was the VP. Which is not something your APC masters have been saying.

You also stated that about $20b was used to cushion the crisis. And oil did fall from a high of $145 to $32 in 2008 https://en.m.wikipedia.org/wiki/World_oil_market_chronology_from_2003.

The GEJ government had been using the reserve to wedge the economy since August 2014 when the last peak was recorded. The reserve as at December 2014 was $34.2b. And the ECA of $20b is irrelevant in this discussion because it was not used in 2008. And by the way, $2b was left in the account as against the statement that you said it has been squandered.

Now to your question. $29.1b is sufficient to wedge the effects of the slumping oil prices. If PMB knew it would not be enough, why did he not step down from the race?

-Lord

this your solution will just put us into the same trouble that hit Greece!
it is not a solution at all!

obailala:
Truth is, there's absolutely no miracle that can be done to turn things around at least in the short term.

#I've got no idea why this topic was moved to Culture

No sensible person is asking for a miracle overturn. What everyone is asking for is a break of the fall.

And I entered this discussion because APC erroneously want to peg the blame on GEJ and falling oil price as if it is the first time or the worst fall in history.

Currently, the banks do not need bailout, in 2008 they did, so you can understand why $20b was used to cushion the economy in 2008 and why we do not need that much in 2015.

The current practice of an official exchange rate and controlled dollar use is a relic of the GEJ administration. What novel idea has the PMB administration initiated to cushion the slumping economy? Enlighten me!

-Lord

EternalTruths:


True

But

The greatest reward comes from God especially when it is done without intention of being praised but with the intention of people benefitting from it.

Waoh .. Eternal truth!

LordAdam:


From the shit you wrote. You accept that the 2008 financial crisis and oil price fall was well managed by a PDP government run by Yaradua in which GEJ was the VP. Which is not something your APC masters have been saying.

You also stated that about $20b was used to cushion the crisis. And oil did fall from a high of $145 to $32 in 2008 https://en.m.wikipedia.org/wiki/World_oil_market_chronology_from_2003.

The GEJ government had been using the reserve to wedge the economy since August 2014 when the last peak was recorded. The reserve as at December 2014 was $34.2b. And the ECA of $20b is irrelevant in this discussion because it was not used in 2008. And by the way, $2b was left in the account as against the statement that you said it has been squandered.

Now to your question. $29.1b is sufficient to wedge the effects of the slumping oil prices. If PMB knew it would not be enough, why did he not step down from the race?

-Lord

You wanted Buhari to step down and allow GEJ and his crew send us to helll?... God forbid you and your ideas.

Fact remains that a lot of savings are required to wedge the economy in times of trouble. OBJ saved, Yaradua saved and the moneys they saved got Nigeria out of a similar mess in 2008.

Now a GEJ who was also a part of that same PDP and who should have known the importance of saving for the rainy day decided to sleep on duty while charlatans like Dasuki was sharing billions, and you hereby have the effrontery to blame a new administration which kicked GEJ out and saved Nigeria from an impending doom?... You blame them for not being able to do anything even when you agree with me that the moneys that should have been used was squandered by their careless predecessors?... nna na wa for u oh!

baralatie:

this your solution will just put us into the same trouble that hit Greece!
it is not a solution at all!

Greece is very different. Oil does not make up 90% of Greece's revenue. Oil price will improve by this time next year.

So, the issue is to weather the storm till it passes. And I believe with sound economic policies, we can do exactly that. Our reserve still hovers at about $29b.

The fact is that if we choose inaction over pro-action. Should things not get better in the short term, the pressure will grow too much that the next hit will be like hurricane katrina and paralyze the economy.

PMB is taking a huge risk with his inaction. He's hoping on his Sunni brothers in Saudi Arabia to do the right thing in the short term, forgetting that those guys have over $700b in reserves.

As they say, Delay is dangerous.

-Lord

obailala:
You wanted Buhari to step down and allow GEJ and his crew send us to helll?... God forbid you and your ideas.

Fact remains that a lot of savings are required to wedge the economy in times of trouble. OBJ saved, Yaradua saved and the moneys they saved got Nigeria out of a similar mess in 2008.

Now a GEJ who was also a part of that same PDP and who should have known the importance of saving for the rainy day decided to sleep on duty while charlatans like Dasuki was sharing billions, and you hereby have the effrontery to blame a new administration which kicked GEJ out and saved Nigeria from an impending doom?... You blame them for not being able to do anything even when you agree with me that the moneys that should have been used was squandered by their careless predecessors?... nna na wa for u oh!

I have never condoned the corruption under GEJ. Also, most of the money Dasuki shared was the returned Abacha loot (the same Abacha PMB said did not steal). And by the way looting progressed under the OBJ and Yaradua administration that you are now applauding. So close the issue of looting.

To the issue at hand. Oil started falling in August till May when GEJ handed over. That's 9 months. And the economy held steady. It's 6 months since PMB took over, and the economy is in tatters.

The fact is the PDP governments handled the economy better than the APC government.

-Lord

LordAdam:


Greece is very different. Oil does not make up 90% of Greece's revenue. Oil price will improve by this time next year.

So, the issue is to weather the storm till it passes. And I believe with sound economic policies, we can do exactly that. Our reserve still hovers at about $29b.

The fact is that if we choose inaction over pro-action. Should things not get better in the short term, the pressure will grow too much that the next hit will be like hurricane katrina and paralyze the economy.

PMB is taking a huge risk with his inaction. He's hoping on his Sunni brothers in Saudi Arabia to do the right thing in the short term, forgetting that those guys have over $700b in reserves.

As they say, Delay is dangerous.

-Lord

let us look at what you just said
1,$29bn is what Nigeria has now as a result of oil backlog savings.
2,you are suggesting Nigeria to spend the while $29bn HOPING that in 2017 oil price will get back up
3,at the end of 2017,Nigeria has $0 and cannot sustain its economy and it has to borrow and consequentially becomes like Greece.


like I said the above is not even a solution when you are looking to diversify your economy.
in short the above plan puts you into economic slavery!

PMB must pay me consultancy fee oooo! this very simple.solution that is staring at his desk so!

LordAdam:


No sensible person is asking for a miracle overturn. What everyone is asking for is a break of the fall.

And I entered this discussion because APC erroneously want to peg the blame on GEJ and falling oil price as if it is the first time or the worst fall in history.

Currently, the banks do not need bailout, in 2008 they did, so you can understand why $20b was used to cushion the economy in 2008 and why we do not need that much in 2015.

The current practice of an official exchange rate and controlled dollar use is a relic of the GEJ administration. What novel idea has the PMB administration initiated to cushion the slumping economy? Enlighten me!

-Lord

Oh yes that's right, a miracle overturn is not feasible. Without any other 'immediate' source of income, I'm afraid the trend would continue a bit longer till maybe around N350 to a dollar . The CBN may finally even decide to officially devalue the naira massively.

And yeah, nobody is here to blame GEJ for the present problems, GEJ is already a past issue and we should naturally be looking forward. However I personally get annoyed when the issue of the falling naira is mentioned and people immediately swoop into the room raining insults at buhari even when it is clear that the major problem is the oil price which has just fallen to an 11-year low. Now it is okay for Nigerians to call out the government in times like this, but I find it even more annoying that the very people with the loudest voice in this criticism are worshippers of GEJ; a man who happens to be the one who squandered the only lifeline which would have gotten Nigeria out of this mess quickly.

..and yes, contrary to your assertion, this is actually the worst case of oil price fall for Nigeria because there is absolutely no lifeline to wedge it.

baralatie:

let us look at what you just said
1,$29bn is what Nigeria has now as a result of oil backlog savings.
2,you are suggesting Nigeria to spend the while $29bn HOPING that in 2017 oil price will get back up
3,at the end of 2017,Nigeria has $0 and cannot sustain its economy and it has to borrow and consequentially becomes like Greece.


like I said the above is not even a solution when you are looking to diversify your economy.
in short the above plan puts you into economic slavery!

It is conclusions like this that make people say APC supporters are zombies (sorry if that hurt you).

The nation has been on autopilot, that is why the reserve is still at $29b currently.

In no where did I say, all $29b should be used. There should be controlled borrowing, but not the kind of frivolous borrowing Adeosun is projecting.

Nigeria is still making revenues. PMB should do more to assure that our producing capacity increases back (I'm sure you heard the news that Angola has overtaken us as the largest oil producer in Africa).

Then he should impress on the state governments to pay their workers timely. This will improve current spending rate and keep more businesses open and in extension keep people from losing their jobs.

Then he should steer clear of Capital-intensive projects and focus more on projects that are nearing completion (I don't mean the "we will" shi.t that Fashola is doing).

I'm no economist, but I do know when there is a will there is a way. As I have said repeatedly on the forum, APC has a unique chance to make history in Nigeria. But they are making a mess of their opportunity.

People respect you more when you help in time of difficulty than when you feed them in time of plenty. Inaction is an expensive gamble that might cost this country a lot if it backfires and certainly PMB's and many APC party chieftain political careers if things backfire.

GEJ and PDP did what they could. They were not perfect and they made mistakes. PDP has made apologies time without number and have currently tried to be constructive. Even Nigerians have moved on from that. We are now at a stage where APC has to prove itself, and right now, they have failed woefully.

-Lord

LordAdam:


I have never condoned the corruption under GEJ. Also, most of the money Dasuki shared was the returned Abacha loot (the same Abacha PMB said did not steal). And by the way looting progressed under the OBJ and Yaradua administration that you are now applauding. So close the issue of looting.

To the issue at hand. Oil started falling in August till May when GEJ handed over. That's 9 months. And the economy held steady. It's 6 months since PMB took over, and the economy is in tatters.

The fact is the PDP governments handled the economy better than the APC government.

-Lord

I'm glad you also appreciate the fact that looting also happened under Yaradua and OBJ, but the difference is clear from a thousand miles away; there was looting, yet they were able to save massively even though they earned less revenue on the average than GEJ's reign.

Based on what indices exactly did you come to the conclusion that PDP handled the economy better?... You obviously do not know how bad things had degenerated to by the time PDP was handing over to the APC. Please dont tell me you're also in the category of those people who claim that the exchange rate was N198 as at May 29th?... May I inform you that the nation was at ground zero as at the time PDP handed over, APC has just been struggling to prevent the nation from falling off the cliff.

As at the end of the 2Q 2015, the nation's GDP growth rate had fallen to about 2.35% (it even improved against all odds in the 3Q to about 2.8%). Exchange rate was about N251 to a dollar as at May (many didnt know this), it was afterwards the CBN had to start the draconian forex restriction to wedge the fall of the naira. The forex restrictions helped at the initial stages but it no longer seems to be effective any longer. Are you also aware of all the debts left for the present administration (including the fuel subsidies since August last year)?..... Or is it the fact that the FG had to borrow to pay salaries of workers late last year and early this year?.... Please tell me exactly on what basis of comparison did you arrive at the conclusion that the PDP managed the economy better than an APC which is yet to even see an economy?