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Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich - Business (2) - Nairaland

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Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Onyiibazz: 1:28pm On Feb 14, 2016
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Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Emekamex(m): 1:29pm On Feb 14, 2016
The truth is that it is affecting everyone, atleast the SUPER RICH have fall back plans and investments while the poor have nothing at all.

2 Likes

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Walexz02(m): 1:29pm On Feb 14, 2016
Yeah every body is feeling the heat. I pray that we all survive this hard time. It's not easy sad
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Walexz02(m): 1:30pm On Feb 14, 2016
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by godoluwa(m): 1:32pm On Feb 14, 2016
Joeace3000:
while us who earn in dollars have reasons to smile in the midst of hopelessness
you are a joker except you used paypal. neteller is not an option & card payment is daylight robbery

1 Like

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by anonimi: 1:34pm On Feb 14, 2016
Why did we replace Goodluck with Buhari Badluck
Who is to blame for our mistake?
Abi, shebi na season of blame na im we dey.
For sure, those of us who could see far ahead the DISASTER in electing Buhari warned but were dismissed as Wailers.
Who is wailing now



www.nairaland.com/attachments/2091052_2084712obama4jpeg0846bececdee51cd258847b713b916e6_jpegd27f893bccf38657d36ce7d37daaa943



www.nairaland.com/attachments/2196652_2192613img20150308wa0022jpeg01d2abf99c3dde19432e34d0ef297c64_jpeg_jpeg08307746a74cf7c65e51b0aba2ff242d

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Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Honesty007(m): 1:37pm On Feb 14, 2016
Those who trust in their wealth and boast in the multitude of their riches, none of them can by any means REDEEM HIS BROTHER,NOR GIVE TO GOD A RANSOM FOR HIM.
FOR THE REDEMPTION OF THEIR SOULS IS COSTLY AND IT SHALL CEASE FOREVER.
Nigeria is getting to the US state now, Equality in treatment, Fairness,dignity,integrity are beginning to take shape as all the Proud ones would be brought to naught

3 Likes

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by dikeigbo2(m): 1:45pm On Feb 14, 2016
eleojo23:
This may not sound like a good prayer but somehow I wish that all the oil wells will dry up. It will be for our own good and for the good of future generations.

We have wasted our potential as a country because of oil.

Let it dry up.
Without oil, we will begin to see real development because we will start using our heads to think and make use of the numerous resources that have been lying waste all these years.






You can still think when the oil is there because the hunger that scrach alhaji, catch aboki Na die straight grin
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by akigbemaru: 1:55pm On Feb 14, 2016
oil moguls lament.
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by ezenaija(m): 2:05pm On Feb 14, 2016
[quote author=anonimi post=42913980]Why did we replace Goodluck with Buhari Badluck
Who is to blame for our mistake?
Abi, shebi na season of blame na im we dey.
For sure, those of us who could see far ahead the DISASTER in electing Buhari warned but were dismissed as Wailers.
Who is wailing now

Was Buhari the reason your master and his ilks raped the country's treasury dry?If GEJ who ruled during an oil boom era had increased our reserve to $100billion and diversified our income,will Nigeria be in this mess? GEJ was already borrowing to pay salaries by 1st quater of 2015..proof that the hardship was from him.Stop spreading your ignorance in public.

1 Like

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by dikeigbo2(m): 2:07pm On Feb 14, 2016
dikeigbo2:







You can still think when the oil is there because the hunger that scrach alhaji, catch aboki Na die straight grin



Mods,nawao,I said the hunger that scratches Alhaji, catch a commoner Na die straight grin

2 Likes 1 Share

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by skj1377(m): 2:16pm On Feb 14, 2016
godoluwa:
Negative effect of Buharicomis. You dont expect me to buy an item at the rate of 325naira & expect me to sell the same item at the rate of 198naira. before you shout ban importation, we can never produce all our daily needs even America do import but we can place ban on irrelevant goods e.g cloth, shoes, drinks, frozen foods etc. we cant ban importation of tv, radio, raw materials that we cant get here etc. The 'Buhari led CBN policy' will do us more harm than good. a nairalander once said & i quote 'when the rich starve, the poor dies'. The current policy will never affect the people in government but common man.
that's not true. Let me give you a simple example. When the NBC placed a cap on radio stations playing foreign music in 1998 , fast forward 5 years and local music industry picked up another 10 years today am sure you know the rest.
Placing a ban will make importers poor but will make exporters and local producers very rich besides it will lead to massive employment of local youths and build technology base of production in nigeria over time.

3 Likes

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by anonimi: 2:21pm On Feb 14, 2016
ezenaija:

Was Buhari the reason your master and his ilks raped the country's treasury dry?If GEJ who ruled during an oil boom era had increased our reserve to $100billion and diversified our income,will Nigeria be in this mess? GEJ was already borrowing to pay salaries by 1st quater of 2015..proof that the hardship was from him.Stop spreading your ignorance in public.


www.nairaland.com/attachments/3115319_fbimg1448250582417_jpegc4783182a1b9ab0ed04c3f1b5f5e1fbf


Bro, you seriously need to get some education on this matter before embarrassing yourself further, okay


FG, States, LGs Share N568.4 Billion for Oct



[img]http://cdn1.vanguardngr.com/wp-content/uploads/2015/09/412x247xOkonjo-Iweala-e1442838220305.jpg.pagespeed.ic.nz-K0adxSv.webp[/img]



Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that [size=14pt]the states had requested for $2bn[/size] to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

3 Likes 2 Shares

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by tuniski: 2:21pm On Feb 14, 2016
espn:
abundance? In d pocket of few..be realistic.
Redistribution of wealth is a must but, simply celebrating that some are having a low time even as the masses are having worst time is twisted!

Is it 5k almajiri dependency that will make the masses to be liberated? This govt is a clueless govt no one should Be cheering them

2 Likes

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Jacko1(m): 2:27pm On Feb 14, 2016
some ppl wil be busy saying even if dollar is 400 naira ma family wil nt lack pray dat crude oik price increase cos its lookin dire celebrities ur next.... Wen olamide relesa songsong ppl hiss sayin person dey find chop u dey talk music show den il laff
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by kay29000(m): 2:29pm On Feb 14, 2016
skj1377:
that's not true. Let me give you a simple example. When the NBC placed a cap on radio stations playing foreign music in 1998 , fast forward 5 years and local music industry picked up another 10 years today am sure you know the rest.
Placing a ban will make importers poor but will make exporters and local producers very rich besides it will lead to massive employment of local youths and build technology base of production in nigeria over time.



GOD BLESS YOU AND THE WOMAN WHO GAVE BIRTH TO YOU. I have copied this and posted it on my Facebook. This is so true. People need to see this.
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by mimibright(m): 2:33pm On Feb 14, 2016
LoremIpsum:
Let the Oil wells even dry up!
you must be an idiot. How poor do you think you will get if it does. These guys have made enough to travel anywhere in the world. Na your village you go pack go.
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by zsch: 2:41pm On Feb 14, 2016
kolnel:
The rich also cry
The present economic reality has more impact on the high class and maybe the medium class
The average civil servant doesn't know the exchange rate.

They may not know the exchange rate (generalizing!!) but they know that it has affected food stuff prices, electronics, clothing and so many other basic amenities thus driving their cost of living out of the window.

The economy affects EVERYONE

2 Likes

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Nobody: 2:48pm On Feb 14, 2016
U want change
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Alphamayor(m): 2:56pm On Feb 14, 2016
LoremIpsum:
Let the Oil wells even dry up!
God forbid.
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by espn(m): 3:04pm On Feb 14, 2016
TippyTop:


The poor would get even poorer, use your loaf.
what is dis 1 saying..
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by godoluwa(m): 3:06pm On Feb 14, 2016
skj1377:
that's not true. Let me give you a simple example. When the NBC placed a cap on radio stations playing foreign music in 1998 , fast forward 5 years and local music industry picked up another 10 years today am sure you know the rest.
Placing a ban will make importers poor but will make exporters and local producers very rich besides it will lead to massive employment of local youths and build technology base of production in nigeria over time.
i'm sure that you know how much is a dollar if you are withdrawing. ask people that receive dollar how much they loss on each dollar.

1 Like

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Sibrah: 3:16pm On Feb 14, 2016
godoluwa:
Negative effect of Buharicomis. You dont expect me to buy an item at the rate of 325naira & expect me to sell the same item at the rate of 198naira. before you shout ban importation, we can never produce all our daily needs even America do import but we can place ban on irrelevant goods e.g cloth, shoes, drinks, frozen foods etc. we cant ban importation of tv, radio, raw materials that we cant get here etc. The 'Buhari led CBN policy' will do us more harm than good. a nairalander once said & i quote 'when the rich starve, the poor dies'. The current policy will never affect the people in government but common man.
Is buharinomics responsible for oil selling for $35/b or people refusing to return stolen goods. The foreign reserve your hero hitherto used to service exportation needs and keep the dollar rate low has been looted by same set of people. Buhari should be asked to go do blood money for some1's stealing.
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by olajide8(m): 3:18pm On Feb 14, 2016
Money gotten from corruption/stealing manipulating and bribing authorities, would definitely not sustain, the mouth watering life style they and their families were living before.

It's so simple, if they do not get it continually "free money" they cannot pay property taxes (on their flats in chelsea or beverly hills), or luxury product taxes in the UK or U.S - imagine the taxes being paid for riding a rolls royce phantom in the UK or using £1m jewellery.

Before, they were not paying Taxes or accurate Taxes to government, and when they made the payments for lifting crude, they remitted different figures, when they did actually admit to the figures they were lifting, they staggered payment to the F.G - even after they had collected full upfront payment from buyers, all this is no longer condoned, and you don't expect them to feel the pinch? - people that don't have industries/suit case business men that are billionaires with nothing to show

6 Likes

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by godoluwa(m): 3:26pm On Feb 14, 2016
Sibrah:
Is buharinomics responsible for oil selling for $35/b or people refusing to return stolen goods. The foreign reserve your hero hitherto used to service exportation needs and keep the dollar rate low has been looted by same set of people. Buhari should be asked to go do blood money for some1's stealing.
you need to be enlighten. the current policy will not favours exporter either. do you think we can get all raw materials needed to manufacture here? lets assume you buys 30% your raw materials @325naira to $1, & you source for the rest locally, you now export such finished good but your bank paid you @198naira per $1, is that a profit or loss? no banks pay you in dollars & theres no way you will carry huge hard currency in transit except you want your money to be confisticated. mind you, you cant adjust the selling price to balance with the exchange rate because you still have other manufacturer to compete with at the international market.

4 Likes

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Sibrah: 3:26pm On Feb 14, 2016
Alphamayor:
God forbid.
It can dry up if that will make Nigerians become productive. Most people hitherto just earned from oil either directly or otherwise, but with oil earning disappearing, the people have to step up their effort at earning foreign exchange(foreign money) via new means. The past govt had failed to put in place simple infrastructures like power, expertise, road, etc in order to help support efficient local production that can compete and earn forex for us...
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by godoluwa(m): 3:27pm On Feb 14, 2016
Sibrah:
Is buharinomics responsible for oil selling for $35/b or people refusing to return stolen goods. The foreign reserve your hero hitherto used to service exportation needs and keep the dollar rate low has been looted by same set of people. Buhari should be asked to go do blood money for some1's stealing.
mind you, part of the stolen fund you talked about is used to fund buharis election, no thanks to Amaechi

1 Like

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by tefund(m): 3:29pm On Feb 14, 2016
mccoy47:


Seriously? Ignorance is truly a disease!
Look that condition that would make d rich cry would make d poor WAIL!
but the poor hardly feel the effect of oil wealth,no good drinking water , the poor villagers drink from the stream,no medical care,no food on the table,the supposed fuel subsidy ended up in the pockect of the few supper corrupt rich....so let the oil dry up asap .

1 Like

Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Sibrah: 3:46pm On Feb 14, 2016
godoluwa:
you need to be enlighten. the current policy will not favours exporter either. do you think we can get all raw materials needed to manufacture here? lets assume you buys 30% your raw materials @325naira to $1, & you source for the rest locally, you now export such finished good but your bank paid you @198naira per $1, is that a profit or loss? no banks pay you in dollars & theres no way you will carry huge hard currency in transit except you want your money to be confisticated. mind you, you cant adjust the selling price to balance with the exchange rate because you still have other manufacturer to compete with at the international market.
i understand u, but we can continue to get raw materials outside forever. It has to start one day & it is unfortunate that shrinking oil price is forcing it. We can reduce foreign raw material dependence to less than 5% in my opinion. We have things like leather, cements, petroleum, lands for farming, minerals, steel which constitute bulk of raw materials for 80% of our daily needs already.
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by godoluwa(m): 3:54pm On Feb 14, 2016
Sibrah:
i understand u, but we can continue to get raw materials outside forever. It has to start one day & it is unfortunate that shrinking oil price is forcing it. We can reduce foreign raw material dependence to less than 5% in my opinion. We have things like leather, cements, petroleum, lands for farming, minerals, steel which constitute bulk of raw materials for 80% of our daily needs already.
lets wait & see how far we can go with the policy. as for me, i have suspend my all intl transactions for now. trust me within 2months time, many people will lost their jobs. before the middle of this year, most entreprenure will pack up & many business owner will loss their jobs. the embarassing part is that those in government will not feel it in any way.
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by Sibrah: 4:00pm On Feb 14, 2016
anonimi:



www.nairaland.com/attachments/3115319_fbimg1448250582417_jpegc4783182a1b9ab0ed04c3f1b5f5e1fbf


Bro, you seriously need to get some education on this matter before embarrassing yourself further, okay



Quoting articles that barely tell 30% of the story is ignorance in itself. The governors saw the looting at federal level and were equally as corrupt as those who were out-doing them in corruption. DasukiGate is one of the many stealing avenue that justified Ameachi and co request then. The picture is still unfolding, stop spaming us.
Re: Hard Times! Economic Downturn Humble Nigeria’s Oil Moguls And Super-rich by OBJlive: 4:21pm On Feb 14, 2016
I Remember The Days Of Soludo When He Gloriously Told Us Then Global Ecocnomic Meltdown Would Not Near Nigeria's Cos He's Put A Brand Of Economics As A Proof Against A Meltdown Of Nigeria's Economy.But As Soon As He Left Cracks Appeared On The Wall.Unfortunately The Poor Economic Managers That Succeeded Him Failed To Grow Nigeria's Soludonomics.Suddenly Nigeria Economy Has Become A Shock Absorber Of Every Whiff Of Global Economic Crisis.
I Pray Apc Gov Should Come To Abrupt End Cos They Contributed 70% Of This

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