By Levinus Nwabughiogu
ABUJA – The inability of the previous government to plan and save for the future during the crude oil price boom is why Nigeria is presently going through economic turbulence, president Mohammadu Buhari said on Monday.

He also said that the country is paying dearly for incompetence in managing high revenue that accrued from oil, particularly over the past decade, and for allowing the decay of critical infrastructure.

The president spoke while receiving the Chief Global CEO of Unilever, Mr Paul Polman at the Presidential Villa, Abuja.

He however assured better days ahead, stating that his administration was putting measures in place to change the structure of the Nigerian economy battered by several years of mismanagement.

”We refused to save for the rainy day. Now the rain is beating us. No money, no savings, nothing. And we are thoroughly wet from the rains,” he said.

President Buhari said Nigeria was paying the price for turning herself into a mono economy, but assured that the country would soon be able to feed herself, and even export, with the current emphasis placed on agriculture.

He assured that the Federal Government would fast-track the implementation of strategies to ease doing business and attract more investors into Nigeria.

“We want to create jobs, and supporting manufacturing is one way to do it. As soon as we have stabilized our budget, I would personally be interested in the manufacturing sector, particularly in the generation of essential raw materials,” the President said.

The Chief Global CEO of Unilever said the conglomerate had been in Nigeria for 93 years, making it the oldest manufacturing concern in the country.

He added that Unilever had invested about N15 billion in Nigeria in the past 3 years.

“Our products are more Nigerian than other Nigerian brands. Despite the economic downturn, there are opportunities to further advance our business here.

“The situation to invest and continue to invest here is very encouraging,” Mr Polman said.

http://www.vanguardngr.com/2016/06/economy-rain-beating-us-now-buhari/

meaning

kingsman66:
meaning

As Bubu na.

true talk sha even though wailers will still shout blame game . . .

I think is high time we move forward as a nation.

If rain beat you get an umbrella.

”We refused to save for the rainy day. Now the rain is beating us. No money, no savings, nothing. And we are thoroughly wet from the rains,”

Thanks to IB.

the country is paying dearly for incompetence in managing high revenue that accrued from oil,

Brainless wailers refuse to accept this pure fact! Hopefully, things will be better. Losers can continue their callous campaign and hateful vituperations, it won't change anything, Buhari will remain president!

hucienda:
The excuses continue ... one year in.

Watch out for two years in and three years in.

Imagine, it seems they don't know that they were elected to solve problems no to blame blames.
When they were in opposition, they used Amaechi’s governor’s forum to harass and blackmail FG to share every kobo meant for saving.
Today, they're making noise.
The reality is that APC's only blue print was how to grab power not how to rule.

Buhari is simply a fool

Rain is beating us now because this govt is still dwelling on the past.
It is true that mistakes were made in the past and the reason why they were voted in was to correct the mistakes.
But it seems that the voters made even a bigger mistake by voting them in because all that they have to offer is whining and blame game.

Buhari has spent a year as the president without any meaningful impacts. just like his first shot at the presidency in 1983, he has been busy intimidating, harassing, witch hunting, and fighting perceived political enemies while rewarding corrupt political cronies. Nepotism and favouritism has become the order of the day.
Rain is beating us because you have quit governance and now going after political enemies. you don't give a damn if Nigerians perish or not so long as you achieved your unforgiving creed. That's the main reason rain is beating us.

[quote author=PhockPhockMan post=46995644]

Imagine, it seems they don't know that they were elected to solve problems no to blame blames.
When they were in opposition, they used Amaechi’s governor’s forum to harass and blackmail FG to share every kobo meant for saving.
Today, they're making noise.
The reality is that APC's only blue print was how to grab power not how to rule. [/quotes]
Please stop this talk
Who stops for from saving their own part of the savings??
So u think economy is something u can't fix in 3yeaes??
I am still waiting for anybody to tell me what Buhari would have done different

GEJ's umbrella would have prevented this "rain" but zombies preferred taking shelter under a broom.

We all know that's why we are where we are today. But due to the hatred of some people, they'll call it the blame game. But deep down they know you are right sir.

USELESS THREAD


How does the picture posted relate to the write-up

The inability of the previous government to plan and save for the future during the crude oil price boom is why Nigeria is presently going through economic turbulence, president Mohammadu Buhari said on Monday.

Well, while we should have saved more....at the end of the day , it won't have made much difference....it would have just delayed the hard times by a little longer.

The fact is, even if we saved....we would have ended up with about $60-100bn in the savings. And that is just enough for ........one extra year of health. Which with oil prices being as they are.....means we would be having this conversation next year.

He also said that the country is paying dearly for incompetence in managing high revenue that accrued from oil, particularly over the past decade, and for allowing the decay of critical infrastructure.

That is true, especially regarding electricity.....and transport.

Having said that there is only one solution

[size=14pt]Running an austerity government, while spending money on transport, education and power....with the sole aim of stimulating more industrial growth in the next ten years.[/size]

Nigeria is not a rich nation. Time we faced that fact. Even if we saved....we would have gotten just $100billion....which is the amount Saudi Arabia spent to buffer its currency in one year (2014-15). And now them Saudis are singing about diversification (When you lose $124bn in one year.....on legitimate things...not on corruption...know that problem dey.....with capital P.).

Story story

Buhari is so stupid at his old age. He can never truly be a leader

Alright sir

Move forward with loots in the pocket of the few.

Buhari is lucky dat he has a fixed tenure of 4years. If bunuhari was a recruited employee and up to a year u kept using d former employee as an excuse for ur incompetence, do u tink ur boss wld write u letter of hw grateful he is to u n how he ll exercise some non-outstretchable patience or a sack letter? Zombies pls answer dis simple question. My point : was buhari expecting dat d ruling govt u unseated be happy to roll out d red carpets for his govt or a packaged treasury dat wld make his work smooth in his administration such that ppl gives him credit thereby forgetting about d past govt's performance? Buhari n Apc were campaigning but had no contingeny plan for governance even for a scenario where the treasury might be looted?

After a year plus APC is still blaming GEJ. I guess there is no end in sight in this blame game.

Truth died, Resurrected and now Hurts.....

We have heard times without number, how it's the fault of the past government that naija is fecked, it's over a year of laying blames, move on already and bring the expected change, haba!

Keep d true talk going till 2019

Standing5:
true talk sha even though wailers will still shout blame game . . .

Let de brainless terrorist of a stupid president hold amechi,fashiola,oshomole,kwankwaso nd other apc idiots who insist dat de money saved unde GEL be shared or heaven will face.idiot president nd his bunch of confused house boys

Anybody looking for a proof that Buhari is dumb should come and see one here.

You inherited an economy valued at $600 billion & $40 billion in cash savings and still complain that enough money was not saved for you to spend.

You hope to come in and spend what you did not earn in other to fulfil the foolish campaign promises you made to deceive gullible Nigerians to vote you into power.

APC is a fraud.