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

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

GenBuhari:
No need to panic.

This will only discourage imports.

FG is still maintaining fuel price N86 per litre.

No shaking !!

passionate88:
They removed subsidy but you'll ganged up and lied to the senseless ones that it's hardship the government is bringing to Nigerians.

Kikero112:


True federalism would increase cash for the treasury(It would certainly make the govt regulate the really unregulated mining/solid minerals sector...where Nigeria loses millions of naira monthly).

But at the end of the day.....it just means that each region is selling raw materials....to international buyers .....at prices we do not control.

In other words....back to square one.(What happens when prices of cocoa/cotton/minerals/etc drop? What happens if oil goes below $10 per barrel?)

Which is why I think industrial and scientific development is the way froward. If we produce goods that we can export....we would earn lots of forex. Plus...should we have to devalue the currency....it would make our industrial goods cheaper.....increasing the cash accruing to our local industries....and helping them grow well....including in jobs).

Also....we need to save money, and cut costs. True federalism means nothing when the costs of running the bureaucracy are still ultra high.

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.

ultrazone:

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

HzRF:



Saved


Is it not your apc saint gov that took FG to Court, forcing GEJ to share ECA

sodiamond:
This is not what Buhari promised o

Kikero112:


As you are laughing....remember that we are in this situation because the other guys ....PDP.....forgot to save enough money in the account, and forgot to diversify our economy sufficiently.

And if they were STILL in charge .....they would be doing the same thing.

The elephant in the room is AUSTERITY.....and it remains to be seen whether Nigerians and the current government are ready to make that sacrifice.

So don't laugh. Seven months is hardly enough time to reverse the mess of four years of failure to save.....and of failure to properly diversify.

Nigeria must now work for its money.

sunshine1974:
Save which money? Is it d one d governors took FG to court for? U remember dere is something called sovereign wealth fund started by obj's administration, but instead of saving, ur mumu governors spear headed by amaechi as d chairman took d FG to court dat all monies must be shared, dat nothing shld be saved......pls go and ask amaechi and stop blaming jonathan for not saving.

FullDepth1:


We'd rather put it this way:- "PDP saved this country by reviving all the Refineries in Nigeria"

trillville:
The fg is playing reactionary games and so they are always behind the curve. Government shouldn't have waited for oil to hit $30 before stopping the sale of forex to bdc's. This should have been done a long time ago.

Government needs to drastically reduce its recurrent expenditure and at the same time listen to the advice by both Soludo and Sanusi, and devalue the naira moderately.

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. Sorry who are the PDP governor's..... Hahahahaha same APC government in power now. Bad meats that want to kill Economy under GEJ but run enter APC .....

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.

zuru1991:
Why won't everything crumble, when they appoint aboki's that knows only livestock, and cattle rearing, I Laff naija youth God no say if we the youth want money na connect for this administration. Even America appointed a young Gee. As leader. BTW I laff Donald Trump.

Kikero112:


Even if PDP had saved every last bit of money...it would have only delayed things till next year.

The main issue is our resource dependency...which APC has to correct.That is what they were elected for...whether they realise it or not.

Kikero112:


In 2008....we had over $60bn in our accounts...plus we had our debts forgiven, and our banks were in a healthy state thanks to Soludoquine.And oil prices began rising again the following year.

In 2015....we have less than $30bn in our accounts, we have heavy debts, oil prices are falling, and furthermore....there is no chance of their rising again in the next five years.

Sorry....but hardly the same situation.

spartacusdove:


If PDP had not wasted all our foreign reserve for their reelection bid, we will have something now to diversify and stabilize the economy

Kikero112:


Most of the governors who took the FG to court a few years ago...were in PDP....so stop pretending it was all APC.

And how about all the unauthorized withdrawals from the treasury by the FG back then? Hmm?

How about the N12trn debt they left us in at the end of the whole show.? Hmm?

Anyway...if you have been following my posts on this thread.....you would see that I state that saving money won't have sloved the problem. Eventually....we have to diversify and industrialise.

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.

plainmirror:
Importation suffers
Exportation buffers
Politicians are looters
Leaving our economy in blisters

HzRF:

GEJ offence was that he want to save while amaechi and his Co sees opportunity loot using the fact that GEJ took frm the fund to save us from fuel scarcity (paying subsidy). Aregbesola, Amaechi headline the opposition to saving

D 12trn is both the domestic and external debt Google d break down
APC States account for the most of the debt
Fashola (Lagos) borrowed more than any States

http://www.premiumtimesng.com/news/top-news/183665-bulk-of-nigerias-63-billion-debt-incurred-by-apc-states-pdp.html