naijaboy756:
don't get me wrong.. Its not about been a hausa or ibo. It is about the suffering in my dear country. With all the mouth APC made, I thought by now we would have been a great country. And the irony is that there is no hope from their activities. Must we anticpate the worst If Chiroma, Soludo or Ngozi can help out, let's keep pride aside and approach them. All we want is the betterment of our country...

Ok! Ciroma it must be then, after Kemi Adeosun has had her fair time of 4years to correct the damage caused by the past government.

StOla:


I agree that the governors requested for their due share since Okonjo-Iweala and Fortunato were already stealing the money behind their back and without approval.

Kemi Adeosun should resign because she has not solved the problem caused by PDP in 4months?

You are a joker.


Did Okonjo-Iweala resign when the Naira fell from N170 to N240 between November 2014 and February 2015?

Did you call for her resignation?

oooooooooooooooo!!! All these Children on NL. Who has asked her to resign? We only asked her to seek for help. She needs help. Even a disciple asked Jesus for help when he tried to walk on the sea. Seriously she can be helped for the sake of greater Nigeria.

lalasticala mynd44 afam4ever obinoscopy front page please.

we don't need okonjo, okonjo is messenger of world bank. okonjo couldn't manage $100/bbl that lasted for 4yrs, she borrowed money to pay salary few months after oil price dropped.

ExplorerReturns:


why are you people like this? was it not your amaechi that was shouting that do the excess crude should be shared among the states. intact it was this sharing stuff that caused the crisis of Nigeria governor forum. who created the sovereign wealth fund which was used to bail out states

The excess crude account was an illegal account. The case was in court .
The federal government was entitled to run a FEDERAL GOVERNMENT EXCESS CRUDE ACCOUNT
in fact not only was it entitled to do so it was obliged to do so having set a bench mark for the budget .Once the budget is passed it is law and so when the ECA is being shared the FG had to continue to save its share. So there is no excuse for WHY the FG spent its own share of the ECA without appropriation.

This excuse of governors shouting to share the ECA is the most stupid thing I have heard. If a man dies and his sons insist on sharing the property that is their right. One person cannot insist on saving for others

The question is where is the FG's share of the ECA
A woman who could not manage a period of plenty ($100 oil) is being asked to manage a period of shortage?

StOla:



Ok! Ciroma it must be then, after Kemi Adeosun has had her fair time of 4years to correct the damage caused by the past government.

ok o.. I agree. Just afraid that there might be no economy again for ciroma to supervise. At this current rate, Nigeria will have entered recession such that cannot be recovered from

naijaboy756:
oooooooooooooooo!!! All these Children on NL. Who has asked her to resign? We only asked her to seek for help. She needs help. Even a disciple asked Jesus for help when he tried to walk on the sea. Seriously she can be helped for the sake of greater Nigeria.

how are you sure she's not getting relevant ideas, or must everything be listed on social media for you to see?

Remii:
how are you sure she's not getting relevant ideas, or must everything be listed on social media for you to see?

I pray so because the signs and realities say otherwise.

naijaboy756:
child!!! Oya get into your room. You didn't hear when Fashola,Oshiomole and Amaechi were shouting 'share the savings' share share share. Go into your roon before I flog you now. Children of nawa days... Mtchewww!!!

what did fgn do with its own 52% of the fund?

naijaboy756:
oooooooooooooooo!!! All these Children on NL. Who has asked her to resign? We only asked her to seek for help. She needs help. Even a disciple asked Jesus for help when he tried to walk on the sea. Seriously she can be helped for the sake of greater Nigeria.

Help on how to provide unallocated funds for political party "warfare"?

Or is it help on how to approve import waivers to cronies of the government?

Or how to lie when accused, but then succumb in the face of unrelenting evidence, and admit that indeed I lied previously?

Why didn't she render the help to herself and build our foreign reserves with increased oil revenue? Or is the ECA funds the same as foreign reserve?

What exactly did Okonjo-Iweala achieve under Don Fortunato?

Remii:
what did fgn do with its own 52% of the fund?

ask Fashola who attested that GEJ has built more roads than others. Ask Amaechi who confirmed that he didn't know we had speed rail. Ask the Almajiris. Ask the new Federal Universities. Ask sure-p and youwin beneficiaries. Ask yourself about the improved power supply. Ask ask ask!!! Child.. Ask!

StOla:


Help on how to provide unallocated funds for political party "warfare"?

Or is it help on how to approve import waivers to cronies of the government?

Or how to lie when accused, but then succumb in the face of unrelenting evidence, and admit that indeed I lied previously?

Why didn't she render the help to herself and build our foreign reserves with increased oil revenue? Or is the ECA funds the same as foreign reserve?

What exactly did Okonjo-Iweala achieve under Don Fortunato?

u want repititions. Signs that you are feeling sleepy. Sleep and contribute meaningfully tommorrow.

Remii:
we don't need okonjo, okonjo is messenger of world bank. okonjo couldn't manage $100/bbl that lasted for 4yrs, she borrowed money to pay salary few months after oil price dropped.

naijaboy756, Ugonnax, what do you have to say to this about the sterling Okonjo Iweala?

I believe this borrowed money to pay salaries was under the same period the Naira was on a freefall.
What happened to all the oil revenue when Brent crude was above $100pbbl?

Why would Okonjo - Iweala need to borrow funds of about N470B by her own admission, to pay salaries within the last 3months of the Jonathan administration?

Yet you still wonder why Kemi Adeosun is not a magician in 4months, and Nigeria needs to beg Okonjo-Iweala to come and do what exactly?

Are you guys high or what?

http://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html


In the face of dwindling oil revenues, Minister of Finance, Ngozi Okonjo-Iweala, said the Federal Government has borrowed about N473billion to pay salaries and fund the 2015 budget.

The Minister, who was speaking in Abuja on the details of the N4.493trillion appropriation already passed by the National Assembly, said the federal government had to raise its borrowing level from N570 billion to N882 billion to enable it meet its financial obligations to workers and contractors.

The minister blamed it on the decline in oil revenue in late 2014, which accounted for 50 per cent cut in the total federally collectible revenue as well as the low revenue receipts from non-oil sources.

Despite past efforts to reduce government borrowing level, she said the acute cash flow problems forced government to take the decision to curb the negative impact of revenue crunch.

The Minister said about N380billion came from external sources, while the balance is for domestic borrowing.

“We have tried to work within the budget,” she said. “Last year, the borrowing came down to about N570 billion. But, this year, because of the very difficult cash flow situation, we have provided N882billion in borrowing.

“About N380billion of that is external borrowing and the balance of N502 billion is for domestic borrowing. All we have borrowed so far is N473billion, which is within the

StOla:


naijaboy756, Ugonnax, what do you have to say to this about the sterling Okonjo Iweala?

I believe this borrowed money to pay salaries was under the same period the Naira was on a freefall.
What happened to all the oil revenue when Brent crude was above $100pbbl?

Why would Okonjo - Iweala need to borrow funds of about N470B by her own admission, to pay salaries within the last 3months of the Jonathan administration?

Yet you still wonder why Kemi Adeosun is not a magician in 4months, and Nigeria needs to beg Okonjo-Iweala to come and do what exactly?

Are you guys high or what?

can one be high on the truth or stating the obvious?

arresa:



One man's food is another man's poison. They can keep that worthless, corrupt and incompetent bloated and overfed loser.

Listen to urself and u will realize how foolish u sound. #imbec...... Complete the rest bro

Men its nobody's fault. APC promised heaven and earth such that we all wished and anticipated our dear country to become the new America of Africa. Sadly we are towing the path to become like Sudan. It hurts. I weep!!! Mehn I'm ouuta here...

Ugonnax:


Ok. Let me see if we can have an intelligent discussion. She came in 2010 when dollar was 160-165. In 4yrs dollar to naira hovered between 160-175, it was only around November 2014 that dollar began to go up and settled at 210 when she left. Now, realistically 160-210 in 5 yrs is reasonable. However under Kemi Adeosun barely 4 months in office, Dollar has skyrocketed from 210 to 305 in only 4 months...Jesus, this is disastrous and an invitation to anarchy. And if we implore linear regression...conservatively with current increment, dollar to Naira in one yr would 500 naira. I don't want to get too technical in monetary and fiscal analysis...I'm a student of Keynesian economics. Don't get me started...

you igbos most times make one marvel at your low sense of reasoning. Maybe it's cos you cloud it with tribalism that's why it never makes sense.

You said she met the naira at 160 to a dollar and left it at 210 which someone says it was actually 215 she left it at. How come you applaud such awfulness? During her service, the price of crude oil was at an all time high. If at all there was a time the naira shouldn't have depreciated against the dollar, it was during her tenure. Yet, the naira sunk against the dollar. The period you claim the naira hovered between 165 and175 was the period global oil price was at an all time high.

I don't understand why you tribalistic folks feel you now need to blame the new minister of finance by claiming she is not competent cos the naira has become 305 to a dollar. Don't you know the price of crude oil in the market- $28? It means the economy of any nation that is based on crude oil will crash.

Instead of blaming the ogun state born minister, blame Ngozi okonjo iweala for not diversifying the economy and for also looting the treasury with her cronies.

bloodyBLOGGER:
you igbos most times make one marvel at your low sense of reasoning. Maybe it's cos you cloud it with tribalism that's why it never makes sense.

You said she met the naira at 160 to a dollar and left it at 210 which someone says it was actually 215 she left it at. How come you applaud such awfulness? During her service, the price of crude oil was at an all time high. If at all there was a time the naira shouldn't have depreciated against the dollar, it was during her tenure. Yet, the naira sunk against the dollar. The period you claim the naira hovered between 165 and175 was the period global oil price was at an all time high.

I don't understand why you tribalistic folks feel you now need to blame the new minister of finance by claiming she is not competent cos the naira has become 305 to a dollar. Don't you know the price of crude oil in the market- $28? It means the economy of any nation that is based on crude oil will crash.

Instead of blaming the ogun state born minister, blame Ngozi okonjo iweala for not diversifying the economy and for also looting the treasury with her cronies.

At this time Nigeria needs NOI, stop deceiving yourselves.... She performed so well despite the huge project expenditures, global oil crash, and national insecurity during her tenure...swallow your pride and pray.

naijaboy756:
don't get me wrong.. Its not about been a hausa or ibo. It is about the suffering in my dear country. With all the mouth APC made, I thought by now we would have been a great country. And the irony is that there is no hope from their activities. Must we anticpate the worst If Chiroma, Soludo or Ngozi can help out, let's keep pride aside and approach them. All we want is the betterment of our country...

your grouse is that your dear ngozi okonjo has been booted out and replaced by a Yoruba lady, that's all!

Or, how many times do you want to be told the favourable conditions those above names worked? How many of them existed when the price of crude oil became 28dollars per barrel?

Pls stop reasoning like a boy high on tribalism.

bloodyBLOGGER:
your grouse is that your dear ngozi okonjo has been booted out and replaced by a Yoruba lady, that's all!

Or, how many times do you want to be told the favourable conditions those above names worked? How many of them existed when the price of crude oil became 28dollars per barrel?

Pls stop reasoning like a boy high on tribalism.

Its a shame you are still playing opposition even while you are supposed to take responsibility for your actions. Let's see how trbalism will move this country forward....thank God for self determination..

SonOfEl:


At this time Nigeria needs NOI, stop deceiving yourselves.... She performed so well despite the huge project expenditures, global oil crash, and national insecurity during her tenure...swallow your pride and pray.

stop being childish and tribalistic. How did she perform? She borrowed N470billion to pay salaries just after few months of oil price dwindle. Is that the kind of person you want at the elm of affairs now? Someone that couldn't manage in the time of plenty now being called back by fools to come and row us in this time of little.

ExplorerReturns:


why are you people like this? was it not your amaechi that was shouting that do the excess crude should be shared among the states. intact it was this sharing stuff that caused the crisis of Nigeria governor forum. who created the sovereign wealth fund which was used to bail out states

Don't mind those people, Anambra is an example of such a state that heeded to her advice of saving and diversifying, now, Anambra is one of the most independent state in naija, both capital expenditure wise recurrent expenditures.

tolugar:


Good qus

But you'll have to go back memory lane.


Most annoying was reassuring Nigerians that the economy "was strong and stable" when oil market was going down far below budget benchmark errh. An economy that is dependent on oil.

Most of her policies though good but not ripe for the reality on ground.



I keep telling folks that what we are seeing now, started happening from the previous administration just that they polish it to keep the masses happy.

But everyone has faced reality. Now blaming it on this admistration.


Patience folk. It will get better

Lols, when u drive a rickety car, and people hear the sound of the engine and conclude that the car can not take them to a reasonable distance, and u say to them, don't worry, I ve been driving this car for sometime now, I know how to manipulate it and we will get to our destination.( u can agree to this fact that it happens).

Nigeria's economy did not just collapse in 2015, it has been long, but the good managers has been doing their abracadabra to sustain it.


Agree with me that the reason for removal of fuel subsidy was to re invest that fund into other sectors of the economy(diversify) since oil might fail, that was a good move even though the reason for that was not achieved eventually due to corruption and some forces that were working against that subsidy bruhaha. Some even said that their is nothing like subsidy then(2012) but now those same people are paying the subsidy that they believed never existed.


During NOI term, she made investors both foreign nd locally feel safe to invest and still do biz in naija pending diversification proper( all these dollar restrictions and Fx palavar).

Diversifying naija economy which has depended on oil for morethan 40 years is not something that can be achieved over night, it should be a gradual process, it can take years, more reason she created the sovereign state fund and even advised states to save for the rainy days. Peter obi adhered to her instructions and saved and even channel Anambra into other areas to generate revenues( agric sector, industrialization) even Gej brought in the automobile policy so as to shift the economy away from oil, but it can't be achieved in 1day, so many policies were made to sustain d economy while we withraw from total dependency on oil gradually.


The only problem the last administration had was their nonchalant attitude towards fighting corruption.








I might be wrong on all that I ve wrote.









But u still made valid points, kudos to ya

People like you are the problem of Nigeria,everything is tribal sentiment . you need to grow up and understand Nigeria is one entity. Your continuous segregation is a waste of time and if a break out is ever going to happen ,its to your own detriment. the oil people like you look out for is worthless so what exactly is your problem ? we have an economic crisis and the extravagant spending of the last administration especially during the last weeks of the election further exposed us . who do you think was paying those artist ? It was you and I and now we are to drink the garri,enjoy add groundnut while you are at it .

Ugonnax:
Out of hatred, gifted people like Okonjo Iweala, Stella Oteh and others will never serve this ungrateful country again. Even Soludo I believed he is being lobbied now to help out is also refusing to serve. I would prefer all Igbos in senior management position at any monetary, asset and fiscal manegement agencies to resign. Mr. Onyema of Stock Exchange...resign now and leave this ungrateful people alone.You think these best minds were playing under GEJ? They were workig their azz off. Nigeria is finished.

I do not understand these folk. I thought WhonamedtheeKano 's army will soon bring down the zoo who will be the minister of Finance in Biafra if Ngozi is Minister in the zoo

IvyBelle:
[s]People like you are the problem of Nigeria,everything is tribal sentiment . you need to grow up and understand Nigeria is one entity. Your continuous segregation is a waste of time and if a break out is ever going to happen ,its to your own detriment. the oil people like you look out for is worthless so what exactly is your problem ? we have an economic crisis and the extravagant spending of the last administration especially during the last weeks of the election further exposed us . who do you think was paying those artist ? It was you and I and now we are to drink the garri,enjoy add groundnut while you are at it [/s].

Typical yoruba response...one-dimensional, subjective and warped..

naijaboy756:
Men its nobody's fault. APC promised heaven and earth such that we all wished and anticipated our dear country to become the new America of Africa. Sadly we are towing the path to become like Sudan. It hurts. I weep!!! Mehn I'm ouuta here...

Your fraudster hero was there for good 5 years when crude was $100 pb and you all still want him to go for another 4 years, yet you splashing smelly spit everywhere over a new government of 8 months when crude is $28pb. Wtf is wrong with you guys? Honestly, your hypocrisy is making me wanna cry. Gosh...

Ugonnax:


Typical yoruba response...one-dimensional, subjective and warped..

So anyone that counter you akpu eating tout must be Yoruba? You should be stoned to death for being dumb and senseless. Rubbish.

naijaboy756:
ask Fashola who attested that GEJ has built more roads than others. Ask Amaechi who confirmed that he didn't know we had speed rail. Ask the Almajiris. Ask the new Federal Universities. Ask sure-p and youwin beneficiaries. Ask yourself about the improved power supply. Ask ask ask!!! Child.. Ask!

so those projects were taken care with fund not budgeted for?

Remii:
so those projects were taken care with fund not budgeted for?

another funny child. Who said the funds weren't budgeted for?

Ugonnax:


Ok. Let me see if we can have an intelligent discussion. She came in 2010 when dollar was 160-165. In 4yrs dollar to naira hovered between 160-175, it was only around November 2014 that dollar began to go up and settled at 210 when she left. Now, realistically 160-210 in 5 yrs is reasonable. However under Kemi Adeosun barely 4 months in office, Dollar has skyrocketed from 210 to 305 in only 4 months...Jesus, this is disastrous and an invitation to anarchy. And if we implore linear regression...conservatively with current increment, dollar to Naira in one yr would 500 naira. I don't want to get too technical in monetary and fiscal analysis...I'm a student of Keynesian economics. Don't get me started...

I am an accountant but time may not permit us to analyse in details but common sense can give us a good a result.NOI left dollar to naira at 210 at black market not as an official rate with cbn. Because most people always use unofficial rate to judge standard rate which u can use to transact ur business with other countary. When you are publishing your annual account be it financial statement of a particular year what you will use is official rate but we have many rate in accounting ie opening rate,closing rate, current rate, average rate etc. Now if you look at current official rate at bank is around 199 naira to dollar.This is the official rate as at today.
Saturday 23/01/2016
DateUnited States DollarNigerian Naira
Saturday 23/01/20161 USD =198.96 NGN
Friday 22/01/20161 USD =198.96 NGN
Thursday 21/01/20161 USD =198.87 NGN
Wednesday 20/01/20161 USD =199.15 NGN
Tuesday 19/01/20161 USD =199.25. But the problem we are having is our banks and bureau de change because of their own selfishness. The 305 you mentioned is from BDC. Or black mkt. Now let us look at the difference between the two NOI met ER at 160 left it at 210 as u mentioned at the black mkt which indicate a difference of 50 naira. At the same time if you check official exchange as at april,2015 before Noi left government is still around 199 5 while in april 2014 is around 165 but the one you mentioned is black mkt. For kemi the exchange rate has not gone bad at official rate compared to what noi left it even at selling rate in banks of around 220-230 which is a bad thing from our banks who loves to cheat its cisizen. Also we should know that Kemi just started working as a minister of finance even when our economy is in dwindling situation. So,we should give her chance to perform which I believe she will when the budget is passed and signed to law. Thank u