perrychemical:
I think some Nairalanders did not understand economy issues. There is virtually little the president can do, becos they inherited a bad economy from the past administration.Based on my own understanding, Jonathan is a bad leader that squandered our economy. We all have to go and have a clear understanding on how economy is being ran, b4 u open ur mouth in this forum. I can categorically say whoever justify Jonathan from the present economy reality we are facing today is a dullard and doesn't have understanding. Pls if u really go to school ,go and read and talk sense abt the state of our economy. Economically, Jonathan failed to contribute anything to our economy, he ended depleting our reserved, despite high revennue earned during his administration. I learnt he claimed naija is d largest economy in africa during his tenure, I don't know d metrics he used, the country that is exporting crude and importing finished product,talkness of diversyfying into the other sector of the economy .whoever justify jonathan, I pray that God should run the affairs of his/her entire family the way jonathan ran the affairs of this country. Amen

onojiwizardgmailcom:

Are you forgetting so soon the law suit instituted by Amaichi and other APC governors against the government, forcing the sharing of the excess crude reserve. I want to correct the assertion above, foreign reserve depletion or accumulation in not in the control of government, it is the exclusive preserve of the CBN to deplete and accumulate foreign reserve.

Tokt:


1) did Amaechi and co asked them to also share the FG part of the sum money which takes the Lion share of over 50%? Majority of the money went to FG and the fool squandered it.
2) Are the majority of governors not PDP governors who also don't trust Jonah-daft and Ngozi to keep their money for them? If so then this is more troubling.
Jonah-daft was a crook.

davoremix:
People are always quick to scream blame game, useless government and all when the former government is berated by the present one for making things harder for the good people of this nation.
The main source of income is oil, when oil was booming, one hat headed dumbass and his cohorts embezzled all they could lay their hands upon and then a new government came in and suddenly oil is almost a liability now with no favourable forecast of price increase anytime soon. And then you want the new government to create money out of thin air and fulfil campaign promises. APC are handicapped. Buhari is under pressure (remember the BBOG saga). Instead of just attacking the present government unnecessarily, we should work together to help ourselves out of this or else we will all sink together and the funny thing is that it is you people who are attacking this government that will suffer it the most. #David

fitzmayowa:



What the present administration can do is to turn things around, remember they campaigned on the slogan of "CHANGE" and nigerians bought in to it...


Are we going to applaud them(APC) for under-performance because PDP messed up Are we going to continue to cheer them on when all they do is blame GEJ/PDP all the time To rule a country like nigeria is not easy and they already knew what they were coming into, this is not the time to start throwing blames, because throwing blames won't solve a thing....

Its 8 months into APC's government, we are getting tired of the blame games already...SMH

PassingShot:

By pronouncing severally that we must go back to farming and mining, yes he has.

By making sure the 2016 budget is far less dependent on oil, yes he has.

By tasking ministry of solid minerals to explore mining to the maximum, and by the minister clearly saying that each state is now at liberty to explore mining without much hinderance, yes he has.

He has taken the first needed steps towards diversification.

PassingShot:
It's unfortunate that we just have to look back given the present situation of our economy. The situation has been brought about by GEJ's failure to save during windfall from oil sale of average of $100 a barrel. He instead reduced foreign account fromm $44bn in 2011 to $29bn in 2015. The question is, what did he do with the $15bn difference and the excess dollars earned in that period?

Can any supporter of GEJ sincerely answer that what he 'achieved' commensurates with what we earned?

The hardship of today is a result of poor decisions of years past.

I don't envy PMB and his team at all. They inherited a hemorrhaging economy at a time oil price is crashing on daily basis.

igboboy3:
[size=13pt] Fellow Nigerians, better brace up for the next four years. This government is clearly clueless about the way to lead this economy.
Buhari has written to the Senate to withdraw his budget. That means January is already lost to us. A man who desired power for 12 years has no idea what to do with it.

Even Fashola, the super-mnister, seems to be overwhelmed with his portfolio. Amaechi is only interested in installing Dakuku and humiliating Wike.

People said GEJ was clueless, but at least his plan for Agriculture was hailed globallly. Mr. Integrity has no economic plan. I repeat, he has no economic plan. He woud have been more effective as the head of EFCC.

Keep blaming Jonathan o!!


[/size]

PassingShot:
It's unfortunate that we just have to look back given the present situation of our economy. The situation has been brought about by GEJ's failure to save during windfall from oil sale of average of $100 a barrel. He instead reduced foreign account fromm $44bn in 2011 to $29bn in 2015. The question is, what did he do with the $15bn difference and the excess dollars earned in that period?

Can any supporter of GEJ sincerely answer that what he 'achieved' commensurates with what we earned?

The hardship of today is a result of poor decisions of years past.

I don't envy PMB and his team at all. They inherited a hemorrhaging economy at a time oil price is crashing on daily basis.

tiwiex:


That's because they were using our foreign reserve ( savings) to defend it. GEJ did not save a penny in 6 years despite earning so much. Intact, he was using Yaraduas saving to keep us at 200. That defense won't last 4 months.

cktheluckyman:
Bunch of irresponsible elements, keep blaming Jonathan till your four years are over

PassingShot:
It's unfortunate that we just have to look back given the present situation of our economy. The situation has been brought about by GEJ's failure to save during windfall from oil sale of average of $100 a barrel. He instead reduced foreign account fromm $44bn in 2011 to $29bn in 2015. The question is, what did he do with the $15bn difference and the excess dollars earned in that period?

Can any supporter of GEJ sincerely answer that what he 'achieved' commensurates with what we earned?

The hardship of today is a result of poor decisions of years past.

I don't envy PMB and his team at all. They inherited a hemorrhaging economy at a time oil price is crashing on daily basis.

minifuworld:
dont you know that its our external reserve that GEJ is using to defend the dollar then and that is we citizens dont feel it much but now that the external reserve as gone so low what can the present administration do

coolzeal:
The crashing oil price is as a result of America surplus production of shale oil in North Dakotan and less demand in the world. I hope Nigerians are not really gullible or lazy to do some research. I think it's an economic war going on around the world for supremacy within nations.

cktheluckyman:

Oil price fell from 120 to N50 under GEJ yet the naira never went above N200 during GEJ 's regime, in barely seven months, the Nepa Bill certificate holder have shut down our currency to exchange for N305 to a dollar!! A government with no economic direction and an incompetent finance minister!!

Chubhie:
Who even take Apc blame game serious? Their blame game is only but to deceive the gullible and buy time while wishing some miracle happens.

Nigerians should demand total fulfilment of the social contract Apc signed with them.

grandstar:
Gej is not to blame. Soludo and Sanusi have both condemned Buhari statist economic policies. The organised private sector has beeb crying their hearts out.

fitzmayowa:



APC's Modus Operandi


1. When you fail to fulfill your campaign promises blame GEJ/PDP

2. When you are asked for accountability blame GEJ/PDP

3. After running government for 8 months and people are still not feeling the "CHANGE" blame GEJ/PDP

4. When you make bad economic decisions blame GEJ/PDP

5. When you take forever to appoint ministers blame GEJ/PDP

6. When you can't tell nigerians that you won't be able to fulfill some of the bogus promises blame GEJ/PDP

7. When you are in doubt blame GEJ/PDP

8. When you junketeer around the world with no tangible result blame GEJ/PDP

I wonder when APC will stop this blame game and face governance squarely, APC led government has turned democracy to "blamemocracy"


Nigerians elected them to solve the problem of the country and not start throwing blames...SMH

tuale4u:
Oil price is 28 dollar today. It was 100 dollar under GEJ.

GEJ and oil price is to blame.

PassingShot:
It's unfortunate that we just have to look back given the present situation of our economy. The situation has been brought about by GEJ's failure to save during windfall from oil sale of average of $100 a barrel. He instead reduced foreign account fromm $44bn in 2011 to $29bn in 2015. The question is, what did he do with the $15bn difference and the excess dollars earned in that period?

Can any supporter of GEJ sincerely answer that what he 'achieved' commensurates with what we earned?

The hardship of today is a result of poor decisions of years past.

I don't envy PMB and his team at all. They inherited a hemorrhaging economy at a time oil price is crashing on daily basis.

GettysBurg:


Honestly, you have raised some important points. In particular, the issue of the foreign reserves drop in GEJ's tenure. But let's take a dispassionate look at the points and the circumstances again.

1. The claim by Apc and their cohorts, that the economic collapse should be blamed on the Jonathan government is irresponsible. Why did the economy stay fine throughout his 6 years in office? How come that government successfully managed the economy for their 6 years in power to the extent Nigeria was the toast of investors globally? Nigeria was an economic phenomenon during the last government, for instance:

- Our stock market was consistently rated top 3 performing in the world.

- We grew to become Africa's biggest economy, overtaking South Africa , no mean feat.

- We never had petrol queues as products came in constantly and consistently, and at official price. We even had a reduction in price by 10 naira to reflect the crash in global crude prices. (In Apc government, we have a massive crash in global crude prices, yet they reduced the price by 50 kobo!!! Fraud!!!)

- The issue of Jonathan saving excess monies: Do we all remember how Dr Okonjo Iweala kept crying and screaming about the need to save in a Sovereign wealth fund? Do we remember how the governors forum led by Amaechi stood against the idea and even went to court about it? Now the chickens have come home to roost!!!!

- There's neither magic nor shortcuts in managing an emerging complex economy like Nigeria's. Same way there's neither magic nor shortcuts to carrying out a major brain or heart surgery. Surgeries are performed by highly trained, skilled and experienced surgeons. Not even by 'normal Doctors (GPs). And this answers the questions about how and why the economy was buoyant under PDP and suddenly begins to crash under Apc! It's knowledge, Simple!!!

- Do you know what the IMF president, Christine Lagsrde, told Buhari when she visited last week? Answer: She told them there will be no loans available for Nigeria now, (as buhari was planning to take massive loans to finance his budget), as Nigeria has been delisted from critical indexes which would have allowed institutional investors reflate the economy via bonds in this critical times. When the delisting was about happening in june, buhari and Apc dismissed it as nonsense talk. They never knew how Nigeria is so interconnected to the global economy. They never knew they closed critical access to important financing windows. Okonjo Iweala would never make such mistakes. Competence is key!

- The major item that strains our foreign reserves is Fuel imports and subsidies. Jonathan, in all sincerity, called for the removal of subsidies and the nation crucified him. That would have solved this problem once and for all. Now the same treacherous Apc comes around and now removes subsidies which they earlier condemned.

I recommend this government does 2 things to salvage what will be the worst outing of the country since colonial days:

1. Look for an world class expert in development economics with critical experience in emerging markets to manage the economy, with sufficient powers given to him/her.

2. Get Buhari to liberalise his mindset and let go of his Statist and socialist ideologies. It isnt going to be compatible with number 1 above.

internetpo:


Are U daft? I am tired of ppl saying GEJ depleted our foreign reserves. where were u when he tried to save in the sovereign wealth fund as adviced by NOI but the governors took him to court and got an order to share everything. but you have conveniently forgotten cos it doesn't suit your propaganda plans.

be objective in ur analysis pls. for me, GEJ is never a god, he made many mistakes but did his best as regards the resources n systems we have here. unlike your tin god who u can never do any wrong.

APC shd keep blaming till 2019, I still have my PVC

PassingShot:
It's unfortunate that we just have to look back given the present situation of our economy. The situation has been brought about by GEJ's failure to save during windfall from oil sale of average of $100 a barrel. He instead reduced foreign account fromm $44bn in 2011 to $29bn in 2015. The question is, what did he do with the $15bn difference and the excess dollars earned in that period?

Can any supporter of GEJ sincerely answer that what he 'achieved' commensurates with what we earned?

The hardship of today is a result of poor decisions of years past.

I don't envy PMB and his team at all. They inherited a hemorrhaging economy at a time oil price is crashing on daily basis.

GettysBurg:


Honestly, you have raised some important points. In particular, the issue of the foreign reserves drop in GEJ's tenure. But let's take a dispassionate look at the points and the circumstances again.

1. The claim by Apc and their cohorts, that the economic collapse should be blamed on the Jonathan government is irresponsible. Why did the economy stay fine throughout his 6 years in office? How come that government successfully managed the economy for their 6 years in power to the extent Nigeria was the toast of investors globally? Nigeria was an economic phenomenon during the last government, for instance:

- Our stock market was consistently rated top 3 performing in the world.

- We grew to become Africa's biggest economy, overtaking South Africa , no mean feat.

- We never had petrol queues as products came in constantly and consistently, and at official price. We even had a reduction in price by 10 naira to reflect the crash in global crude prices. (In Apc government, we have a massive crash in global crude prices, yet they reduced the price by 50 kobo!!! Fraud!!!)

- The issue of Jonathan saving excess monies: Do we all remember how Dr Okonjo Iweala kept crying and screaming about the need to save in a Sovereign wealth fund? Do we remember how the governors forum led by Amaechi stood against the idea and even went to court about it? Now the chickens have come home to roost!!!!

- There's neither magic nor shortcuts in managing an emerging complex economy like Nigeria's. Same way there's neither magic nor shortcuts to carrying out a major brain or heart surgery. Surgeries are performed by highly trained, skilled and experienced surgeons. Not even by 'normal Doctors (GPs). And this answers the questions about how and why the economy was buoyant under PDP and suddenly begins to crash under Apc! It's knowledge, Simple!!!

- Do you know what the IMF president, Christine Lagsrde, told Buhari when she visited last week? Answer: She told them there will be no loans available for Nigeria now, (as buhari was planning to take massive loans to finance his budget), as Nigeria has been delisted from critical indexes which would have allowed institutional investors reflate the economy via bonds in this critical times. When the delisting was about happening in june, buhari and Apc dismissed it as nonsense talk. They never knew how Nigeria is so interconnected to the global economy. They never knew they closed critical access to important financing windows. Okonjo Iweala would never make such mistakes. Competence is key!

- The major item that strains our foreign reserves is Fuel imports and subsidies. Jonathan, in all sincerity, called for the removal of subsidies and the nation crucified him. That would have solved this problem once and for all. Now the same treacherous Apc comes around and now removes subsidies which they earlier condemned.

I recommend this government does 2 things to salvage what will be the worst outing of the country since colonial days:

1. Look for an world class expert in development economics with critical experience in emerging markets to manage the economy, with sufficient powers given to him/her.

2. Get Buhari to liberalise his mindset and let go of his Statist and socialist ideologies. It isnt going to be compatible with number 1 above.