Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,195,420 members, 7,958,247 topics. Date: Wednesday, 25 September 2024 at 11:20 AM |
Nairaland Forum / Nairaland / General / Politics / Is Nigeria Jumping From Frying Pan To Fire? (2388 Views)
They Said Nnamdi Kanu Is Jumping From Frying Pan To Fire...review / From GEJ To PMB, Did We Move From Frying Pan To Fire? Read This Report +photos / Charles Okah Attempts Jumping From Court’s Third Floor (2) (3) (4)
Is Nigeria Jumping From Frying Pan To Fire? by crudeoilagent: 9:22pm On Jan 18, 2016 |
Honestly speaking I am confused with the way things are going in this country. Nigeria was not like this two years ago. The question now is; are we heading to our glory or we are heading to our doom. I am not a prophet of doom but if things continue this way we are headed straight to a trailer which ll show no mercy in crushing us like cockroach. Please I want to know if I am the only one with this fear of doom. Please your comment is highly welcomed. 5 Likes |
Re: Is Nigeria Jumping From Frying Pan To Fire? by baralatie(m): 9:26pm On Jan 18, 2016 |
Nigerians are heading not for doom but a big shining glory just be optimistic! 2 Likes |
Re: Is Nigeria Jumping From Frying Pan To Fire? by jcross19: 9:33pm On Jan 18, 2016 |
baralatie:that's the problem of african countries why they are backward, the country is going down nothing is done , you said "be optimistic" well you are like a man that fire was burning his buttock and keep shinning teeth. A government won't focus on one thing , if this administration is fighting corruption in the economy and 75% of the economy is sinking then what's the usefulness of the fight. 10 Likes 2 Shares |
Re: Is Nigeria Jumping From Frying Pan To Fire? by baralatie(m): 12:57am On Jan 19, 2016 |
jcross19:Be optimistic |
Re: Is Nigeria Jumping From Frying Pan To Fire? by oduastates: 1:08am On Jan 19, 2016 |
crudeoilagent: You were like this 3 years ago. You probably did not notice. Nigeria has been on this downward trajectory since the British left in 1960. If you are talking about the current economic malaise,Jonathan owns this baby. do you think all the fraudulent acts and acts of mismanagement do not have implications? Nigeria lived beyond hers means,the leadership stole most of her wealth, did not spend the little not stolen on anything fruitful and the devil has come to collect his debt. 4 Likes 1 Share |
Re: Is Nigeria Jumping From Frying Pan To Fire? by baralatie(m): 1:38am On Jan 19, 2016 |
oduastates:And this is the kind of thinking people should practically avoid 1 Like 1 Share |
Re: Is Nigeria Jumping From Frying Pan To Fire? by Nawa4nl: 2:00am On Jan 19, 2016 |
If Nija remains as it is geographically, then Nija at this rate is going to jones big time I mean appoint ministers problem. Do budget problem. |
Re: Is Nigeria Jumping From Frying Pan To Fire? by Tranquill: 2:50am On Jan 19, 2016 |
oduastates: You better carry that baby to your house or the present occupant of Aso rock and leave Jonathan alone. They have programmed your sense to so believe all the dummy sold to you since they took over. I am trying to imagine your level of education and would be surprised if it's beyond OND. Canada held their election in October 2015 and the new Prime minister was sworn in November 2015. Currently the Canadian dollar is at it's lowest value in the past 13 years and the economy is not fantastic but you never hear the present liberal government blame or refere to the last government as the reason for the fall of their currency, or any other present economic situation rather they have started working and implementing what they promised the electorate during the campaign. Instead of your lord Buhari to own up that his views of Nigeria through yesterday's lens and thinking that he could apply yesterday's solution to the present day problems is not working and seek genuine help beyond his almajiri circle, he is busy blaming jonathan knowing buffons like you will keep repeating the chorus. 11 Likes 3 Shares |
Re: Is Nigeria Jumping From Frying Pan To Fire? by fallout87: 2:51am On Jan 19, 2016 |
oduastates: Foolish and irrational thinking 4 Likes |
Re: Is Nigeria Jumping From Frying Pan To Fire? by otokx(m): 3:47am On Jan 19, 2016 |
Nigeria will only get better though things may appear worse, we give thanks to the almighty. |
Re: Is Nigeria Jumping From Frying Pan To Fire? by arresa: 4:23am On Jan 19, 2016 |
Tranquill: Nigeria is not Canada and Canadians are not talking about their past administration because the past administration did not openly looted the Canadian treasury or shared billions of dollars public funds between the president, his cronies and his party. Please keep your bogus and crooked comparison to yourself. You iPods are not Nigerians so why lose sleep over Nigerian issues?... We are not doomed, you are... 3 Likes |
Re: Is Nigeria Jumping From Frying Pan To Fire? by anonimi: 5:03am On Jan 19, 2016 |
arresa: You mean the last 36 state governors and Amaechi who shared $$$$$$$$$$$$$$$$$$$$ so Buhari could triumph over Atiku at the APC convention, not so Or maybe APC style na to nicodemously loot our treasury FG, States, LGs Share N568.4 Billion for Oct www.nairaland.com/attachments/2578022_iweala_jpeg0858fd35c7757170d8155dae6623e1c2 scribble: 4 Likes 2 Shares |
Re: Is Nigeria Jumping From Frying Pan To Fire? by grandstar(m): 5:26am On Jan 19, 2016 |
jcross19:Sanusi and Soludo have both condemned Buharis economic policies. Buhari is now the CBN governor.Emefiele is jusr a figurehead.By mid next year, the naira will hit 500 if these policies remain unchanged. 3 Likes |
Re: Is Nigeria Jumping From Frying Pan To Fire? by grandstar(m): 5:37am On Jan 19, 2016 |
oduastates:GEJ does not own this baby.In 2009 when the price of oil sank to $35 from 148 the previous year, there was $60b in the foriegn reserves and $20b in the excess crude funds. This did not still stop a devaluation of the naira from 120 to 150. Buhari refuses to devalue despite strong market signals. That has fed excessive demand at the official rate which can obviously not be met. That has compelled demand to rise at the parallel market leading to a crash of the naira in that market. Soludo and Buhari have both condemned Buharis statist economic policies. The naira should touch 400 by year ending. The economy is finished 2 Likes |
Re: Is Nigeria Jumping From Frying Pan To Fire? by Bevista: 5:40am On Jan 19, 2016 |
Tranquill:First of all, suggesting that you have superior intellectual capacity over another or using derogatory terms on others is totally unnecessary in a public forum. --- Secondly, while what you said about Canada is true, you forgot to mention that Canadian citizens do not blame their current PM for the predicament of their economy and currency. That is because the citizenry is enlightened enough to understand that as a major oil exporting nation, there is direct correlation between oil price and their currency/economy. But in Nigeria, current economic discussions are centred around love/hate for either PMB or GEJ. Comments on national issues are guided by bigotry and parochial considerations, with very little intellectual input. You ignorantly or mischievously criticize PMB of being responsible for our current economic woes and you don't think the government would defend itself and deflect that criticism to who truly deserves it. --- You think your blueprint is more modern than that of PMB? Why not propose it instead of making shallow comments. 1 Like |
Re: Is Nigeria Jumping From Frying Pan To Fire? by omenka(m): 5:47am On Jan 19, 2016 |
crudeoilagent:What "things" are you referring to?? If you are talking about the economy, watch more of international news, cnn, aljazeera etc, and you'd understand what is going on. Had PDP diversified our economy during the boom years, we wouldn't have been in this mess. This time last year, oil sold for over 100dollars pb, what did Jonathan do with all that money? Nigeria has NEVER earned as much as it did during the years of Jonathan (due to record oil prices), did we witness a commensurate growth in the economy?? They rather shared the proceeds amongst themselves, "stealing and bleeding the country dry" (in the words of Amanpour during her interview with Jo). Without much savings, we can hardly cushion the effect of the fall in oil prices as it affects even most advanced economies. Stop trying to blame whatever you are going through on the present admin. Try to make the most of the situation. 1 Like
|
Re: Is Nigeria Jumping From Frying Pan To Fire? by grandstar(m): 5:57am On Jan 19, 2016 |
arresa: Tranquill is correct. The reason why the Canadian $ has lost value i because it is a massive commodities exporter like Nigeria. With less forex coming in due to lower prices for its commodities, this has led to its currency losing value despite their economy being much larger than Nigeria. Buhari has refused to devalue. This is purely insane and the markets as equally gonee nuts. The curse of price controls has taken over. Nobody is doubting Buharis integrity or his incorruptible nature but his economic policies stink. Soludo and Sanusi, the latter who is a strong Buharist has comdemned his economic policies. Emefiele is a mere figurehead. I predicted in a thread I started that the naira would touch 300 by 2019. I was flabbergasted it touched early this year. The naira will touch 400 year ending if things don't change. 5 Likes |
Re: Is Nigeria Jumping From Frying Pan To Fire? by anonimi: 6:19am On Jan 19, 2016 |
oduastates: Buhari said he has recovered plenty of the "stolen" money, not so Why should that not remedy the situation that you described above, if true? Can we CRITICALLY engage our leaders so they don't take us for a mumu ride always 3 Likes 2 Shares |
Re: Is Nigeria Jumping From Frying Pan To Fire? by Bevista: 6:21am On Jan 19, 2016 |
crudeoilagent:I'll be blunt to tell you that the future looks very bleak! --- Those blaming PMB are either doing so ignorantly or mischievously. There is an inherent leadership failure in the country that was masked because of high oil prices during the last 3 decades. Now is the time to see the unclothedness and emptiness of our leaders. --- Think about this: (1) Nigeria's average cost of oil production is around $25pb, Budget benchmark is $38pb, current oil price is $28pb. What this means is that Nigeria was expected a profit of $13pb from crude oil sales but are only getting $3pb (77% decline). This means that the crude oil revenue of ~N880bn in the 2016 budget might go down to ~N200bn. (2) Also note that most of the other tax revenue in the budget are composed of Petroleum Profit Tax (PPT) and Income tax of oil companies. So, expect much lower tax revenue to government. (3) The Oil companies support a lot of businesses, from oil servicing companies to banking to airlines to hotels, etc. So, expect much lower profits and consequently, lower taxes from these companies to government. (4) The Oil companies and all other supporting businesses will undergo staff restructuring to save cost. This will increase unemployment and lower employment tax (PAYE) to government. (5) As FX inflow from oil sales continue to decline, there will be serious pressure on Reserves. This will force the CBN to officially devalue the Naira (~N250/$) to protect Reserves. If they don't, they might choose to limit FX sales, pushing that demand to the black market. This will make the BM price hit the N350 - N400 range. (6) As the CBN continues to apply its FX controls, foreign portfolio investors (who account for 40-60% of the Nigerian capital market) will continue to exit in droves. Also, companies will report lower earnings due to contagion effect of lower oil prices. Also, demand for shares will decline due to the general low income level. The combined effect of this will be a stock market melt down (which, by the way, is already in play). The implications of this is that even the small wealth that you had in Shares will be severely eroded. Pension Funds who also invest in the market might take a hit, jeopardizing the funds of contributors. (7) As FAAC revenue to state governments decline, expect more civil servants to be out of work. Expect uncompleted projects and expect more actions from organized labour. (8.) Any effort to diversify the economy now is limited due to the small government revenue. Even successful efforts will take at least 2 years to start yielding results. Worse still, you can't even trust that our leaders will do the right thing. People who couldn't jack with $100 oil price cannot be trusted to do much with $30 oil price. (9) Expect GDP growth to decline. Expect more unemployment. Expect higher inflation. In fact, expect a Recession, or worse still Stagflation. --- In summary, what is coming is an Economic Tsunami. I wish I could be more positive but that would only be hypocritical and I'm a realist. The best this government can do is prevent an already bad situation from getting worse. This is no fault of this administration, it's what they inherited. As religious people, the other option is to pray and fast that oil goes back up to around $50-$60 for at least 2 years - in the hope that our leaders will finally appreciate the gravity of the situation and deploy the funds to diversify the economy and build infrastructure for sustainable development. 1 Like |
Re: Is Nigeria Jumping From Frying Pan To Fire? by Toosure70: 6:21am On Jan 19, 2016 |
exactly, you in particular. |
Re: Is Nigeria Jumping From Frying Pan To Fire? by trillville(m): 6:31am On Jan 19, 2016 |
grandstar: Soludo is also a strong "Buharist". Both Soludo and Sanusi would vote Buhari a thousand times before voting Jonathan. They both adviced ( not condemned) that Nigeria should devalue its currency as there are no other options. Their advice comes with a bitter pill because it will bring serious hardship to pensioners who are too old to work and are on fixed salaries. Buhari feels that this is unjust, and indeed this action is unjust considering that over a trillion naira was stolen by 55 people in the last administration. Soludo was recently qouted saying Jonathan ran the CBN like Idi Amin. |
Re: Is Nigeria Jumping From Frying Pan To Fire? by anonimi: 6:38am On Jan 19, 2016 |
omenka: Jonathan wanted to save the money but was CONSTITUTIONALLY compelled to share the money in the JOINT federation account to the 36 state governors, many of whom are with APC, not so Jonathan diversified the economy unlike the "navigator" of APC and Buhari's Advisor Plenipotentiary, the Agbaya of Owu who simply stole our money while making media noise about fighting corruption. The evidence is undeniable. www.nairaland.com/attachments/2085409_hh_jpeg07b0e6e05a4624e7545331a83b844508 www.nairaland.com/attachments/2112078_bvthridcmaabgmp_jpegcc27eb92c81ab837ea93db90ccbbd5a5 anonimi: www.nairaland.com/attachments/2098905_agriculturereform_jpega059f1921e04629987b0d142212d4df7 lomprico: [img]http://transformationwatch.files./2014/04/nissan-lagos-factory-patrol-sweet.jpg[/img] www.nairaland.com/attachments/2419425_image_jpeg9f360c5ab7736510df54c882e9dbf188 Rather than for Buhari to patronise Peugeot, Nissan or another local manufacturing company to safeguard forex, EMPLOYMENT etc he is spending N4.7 billion to import BMW cars. Anyway why should one expect anything different from a dull, daft & dumb person aka the Confused One 3 Likes 2 Shares |
Re: Is Nigeria Jumping From Frying Pan To Fire? by anonimi: 6:44am On Jan 19, 2016 |
Bevista: No need to pray & fast. Our Superman Buhari will fix things on turbo-charge www.nairaland.com/attachments/2186280_buhari2blaugh1_jpegc35d9ea4e30142f9302718e17f58f220 www.nairaland.com/attachments/2829596_img6325197050325_jpeg_jpeg61db8b350e65ada0da8fdf4018fb03e4 1 Like 2 Shares |
Re: Is Nigeria Jumping From Frying Pan To Fire? by grandstar(m): 6:45am On Jan 19, 2016 |
trillville:Its 300 now. Buhari is simply playing the ostrich, digging its head in the sand! |
Re: Is Nigeria Jumping From Frying Pan To Fire? by oduastates: 6:48am On Jan 19, 2016 |
grandstar: In 2009, Nigeria had a total foreign reserve of $64 billion that the Obasanjo government saved starting from $16 a barrel .22 billion dollars out of the amount was the excess crude account. In 2009, before Jonathan's hand of corruption ran the economy aground, we had only 6 oil importing companies. Within a year, they ballooned to close 70.almost all the new comers his hand of corruption. In 2009, Nigeria had almost no foreign debts. Someone( obj) paid them off when oil was selling for $30 a barrel. In 2009, men without any visible source of income were not riding about in private jets. Before 2009, fresh graduates were walking into hundred of thousand of jobs in banking, insurance, telecommunications, leisure etc 1 Like |
Re: Is Nigeria Jumping From Frying Pan To Fire? by Bevista: 6:50am On Jan 19, 2016 |
anonimi:Noted. But next time you can desist from quoting me if you cannot enrich the discussion or have nothing intellectual to contribute. Much respect bro! 1 Like |
Re: Is Nigeria Jumping From Frying Pan To Fire? by Bevista: 6:55am On Jan 19, 2016 |
oduastates:OBJ left over $60bn in FR and another ~$20bn in ECA. When you consider that he paid out $12bn to Paris Club to write-off our $30bn debt and the fact that the average oil price during his tenure was under $45pb, then you will appreciate the irresponsibility and recklessness of the Jonathan administration. 1 Like |
Re: Is Nigeria Jumping From Frying Pan To Fire? by grandstar(m): 6:57am On Jan 19, 2016 |
Bevista: The only option is a devaluation. That is the foremost line of action. An overvalued exchange heavily disvourages an influx of badly needed dollars. Even those receiving $100 WU are whining how much more those who want to bring in millions? 1 Like |
Re: Is Nigeria Jumping From Frying Pan To Fire? by oduastates: 6:59am On Jan 19, 2016 |
Bevista: Like the great recession in America, there were cues to the fact that the Nigerian economy was being mismanaged. Even if you missed the fact that the London, new York investment banks were piling into commodities and creating a bubble in commodity prices.( The price of staples led to the the start of the Arab uprising), you cannot but miss the fact that some of the ridiculous salaries being paid for jobs regarded as clerical work elsewhere were on the high side. Many Nigerian repatriates came back home to pick some of those jobs. excessively paid for no jobs. When the incomes of a country whether private or public is not being effectively deployed, you can expect only One outcome. For example one of the cue before the American great recession was that, a $350,000 house bought by someone who could not afford a mortgage could only be rented out for less $500. In many cases, they could not even find tenants because those tenants too had a mortgage they could not afford. |
Re: Is Nigeria Jumping From Frying Pan To Fire? by Bevista: 7:03am On Jan 19, 2016 |
grandstar:Devaluation is very critical and long overdue. But, as I said, that will only help prevent an already bad situation from getting worse. --- Apart from crude oil, we export practically nothing, so we won't benefit that much from the devaluation but I agree, it is very expedient in the present circumstances. |
Re: Is Nigeria Jumping From Frying Pan To Fire? by grandstar(m): 7:05am On Jan 19, 2016 |
oduastates:There is still no option but to devalue. Even if $100billion was left in the reserves, their would be no option but to devalue. Brazil, Russia,Australia and Canada have all devalued their currencies. 1+1 = 2 and no matter how much damage GEJ caused, it will never make it 3. Buhari better get to work and make it 2. He desire to make it 5 is ruining the economy |
Niger Delta Avengers, Keep Bombing, Don't Stop!!! / What Borno Man Saw In Remi Tinubu Four Days Ago By Isa Gusau / The Truth About Buhari Being A Tyrant, A Reply To Reno Omokri -veraponpo
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 142 |