Kikero112:


So...what do you want him to do?

What do you think that GEJ would have done if he was still in charge.?

What the CBN has done is the best of two bad choices. The other one.....straight devaluation....would have crashed our naira further.

We are paying the price for an oil dependent economy. And it is going to take more than seven months and lots of hard work to get off the oil dependency.

olanshi:

This one go pass Greece economic crisis

amtaken:
Why do you keep referring to GEJ whenever Buhari runs into trouble, didn't he promise us CHANGE or is it GEJ that should help him do so??

GenBuhari:
No need to panic.
This will only discourage imports.
FG is still maintaining fuel price N86 per litre.
No shaking !!

ZKOSOSO:
Buhariiiiiiiiiiiiiiiiiiiiiii. Wake up.
Economy on fire.

ultrazone:
www.punchng.com/naira-crashes-to-300-against-dollar/

chidextec:
Why won't the dollar go up.... PDP were busy sharing billions of dollars to every dick and Harry that promise to deliver vote for them during d last election. Now there's no money left in our foreign reserve. PDP and the SaTanoids have left Nigeria in tatters. What a country.

chidextec:
Why won't the dollar go up.... PDP APC were busy sharing billions of dollars to every dick and Harry that promise to deliver vote for them during d last election. Now there's no money left in our foreign reserve. PDP APShits and the SaTanoids BuhariSTANis have left Nigeria in tatters. What a country.

scribble:





Dollarization Of The APC Primaries: How Amaehi Vanquished Atiku #saibuhari

The blogosphere was inundated with reports of the excessive sharing of dollars at the All Progressives Congress which took place during the latter part of last week.

One APC supporter and Special Adviser to Osun Governor on Environment, BolaIlori had blown the scandal open after he saw the beginning stages of the dollarization in action.

He took to his Facebook page and scribbled, “Crazy things are happening here!!! Some of these cannot represent the change Nigeria is yearning for. Excessive dollarization by one of the aspirants to is to say the least obscene. I have been involved in political process for decades now, I have never witnessed this volume of raw dollarization of party primaries. I only read about this kind of things in PDP primaries. A question been asked by conscientious delegates is that whoever can be giving out between $2000 to $5000 to…delegates certainly does not represent the kind of change Nigerians want…those who contributed to the pauperization of Nigeria now revel in dollarization… majority of Ondo delegates are still standing with Buhari but have been reduced from 85% to 70% within 24 hours…the remaining has gone with dollars ooo.!!!!!”

One has to wonder how Buhari was able to win the primaries in this era of stomach infrastructure where dollars are like the Biblical manna that God sent down from heaven to nourish the Israelites as they made their way to the promised land.

Sources close to the APC with knowledge of the way the Primaries unfolded have revealed that it was Rivers State Governor, Amaechi who flew back to Rivers State and returned to Lagos on Thursday morning with enough dollars to make Benjamin Franklin blush.

It has been revealed that Atiku offered the delegates $5000 each, but Amaechi doubled it to $10000 a pop. Thus turning the tables in favour of General Buhari.

Since his adventure into the APC, Amaechi has gone out of his way to prove himself a party loyalist, always the first to shoki or azonto at the many events the APC holds, which he himself is usually the chief sponsor.

According to party insiders, Amaechi has overtaken Tinubu as the major financier of the party. One does not need to wonder why he is always at President Jonathan’s throat over misappropriated oil wells or other such business. Anything that diminishes from the State’s coffers will have a ripple effect on his funding budget for the APC.



Joe Francis wrote in from Port Harcourt.


http://www.theheraldng.com/dollarization-apc-primaries-amaehi-vanquished-atiku-saibuhari/

GenBuhari:
No need to panic.

This will only discourage imports.

FG is still maintaining fuel price N86 per litre.

No shaking !!

Sincere9gerian:
This government keeps fumbling and wobbling and moving from one misstep to another. The only thing they're good is blaming the past government, even when they have been in charge for 8 months. When will the current government begin to take responsibility?

chi4ik4:
Buhari should resign already!!

Lvlink:
I am the biggest scam that happens in 2015 - Buhari

Kikero112:


This joke is lame...really lame.

But...let's get serious.

The road to N1=$1 is very plain

1.Remove subsides, increase taxes, school fees fuel price, end corruption, and tighten the borders.

2.Reduce government costs by sacking excess workers, and by tightly monitoring government spending.

3.Spend more on Power generation and transmission.

4.Spend less on imports, and more on made in Nigeria goods.

5.In the short term....increase revenue generation from agriculture and mines. Note that I said short term

6.Savings,savings, savings.

7.Grant favourable concessions to local and foreign investors who will invest in industries that use Nigerian raw materials.

8.All the above will take years....but if we do it, we could have N1=$1 in ten years.


Assignment: A not so brief history of the fall and fall of the Nigerian naira.

Kikero112:


Well....if the previous administration had been brave enough to save money....instead of spending it....and if they had been brave enough to remove subsides........we would be having this conversation next year.

Nigeria has to say goodbye to oil, agriculture and mining. Innovation and industry will get us out of this mess.

Kikero112:


Well, that still indicts your PDP particlualry as most of the governors who agitiatied for the sharing of the cash....were in PDP too.

And anyway.....we also failed to remove subsides completely. We also did nothing about the importataion of fuel, and the GEJ govt was making unauthorised withdrawals from the account....which we now see revealed via dasukigate.

But it doesn't matter. Even if GEJ had saved like Scrooge.....we would be in this mess next year. The best we could have done would have reached $100bn.

The real issue is that we have to raise taxes, end corruption and tighten the seatbelts......which the govt has done the first two already (No 3 is not being done....BMW things sadly).Eventually, we are going to have to go the austerity route. If it is any consolation to you....we shouldahve made those choices back in the 1970's....and gone industrial too.

Sorry....but your PDP is partly to blame. Your governors in PDP were part of the sharing. Your government back then was not strong enough to make the hard choices that were needed, as well as to stop the massive leakages in our revenue.Pretending that it is all APC's fault is flawed thinking.

But...beyond politics.....we have to diversify away from oil.

bamite:
All the posters above me are ignoramus. The spike is due to the economic shock which always accompanies monetary policies such as these, its just a short term reaction. No need to panic, the naira will rebound in no distant time. Wailers this one no be food for una so just chill and keep sipping your cup of burukutu

Kikero112:


Well....if the previous administration had been brave enough to save money....instead of spending it....and if they had been brave enough to remove subsides........we would be having this conversation next year.

Nigeria has to say goodbye to oil, agriculture and mining. Innovation and industry will get us out of this mess.

signz:


You forgot to add the most important ingredient.

TRUE FEDERALISM. Let each state or region manage it's resources and pay 50% to the federal purse.This is the shortest way to economic prosperity of this nation.

This our current system has not worked since 1970. Let's try another system

ichidodo:
It was never about PDP but about putting square pegs on square holes,quick thinking and proactivity something this admin currently lacks.....yeah PDP was partly at fault but they gat a joker card,an ace up their sleeve thus inspite of recession 2008, people still built houses,bought cars heck sent their kids abroad for education...and that ace was Ngozi Okonjo Iweala. What does APC have? madam bail out fund? Madam Austerity? this is soooo worse than 1983 right now, why? because a coup sometime later saved Nigerians back then from queuing for bread milk and sugar.Now this Austerity will last till 2019 maybe by then 1000 naira will equal 1$ and we will all go back to the stone age-something we eeringly predicted to gullible Nigerians during the buhari's presidential campaign- LOL....

GenBuhari:
No need to panic.

This will only discourage imports.

FG is still maintaining fuel price N86 per litre.

No shaking !!

Kikero112:


Well....you also have to remember that oil prices are dropping too....which means no forex to buffer up the Naira....which can lead to the CBN holding even tighter to the dollars it does have....which makes things harder.

Fact is....Nigeria should have built an industrial economy based on raw materials ages ago. While GEJ should have saved....saving cash would have delayed this issue till next year.