Quakertellicus1:


Venezuela's problem was that

1.They were importing food they should be producing , even things like meat.

2.Crucially, govt in Venezuela runs all the farms. That means reduced productivity because of lack of profit motive. Of course, when oil prices were high, the government could over import. When the prices were low.....revenue fell....and problems start.

3.Oil rich countries are really poor countries, because their wealth depends on the unstable oil price. No defense of buhari....but we would have had this same problem if GEJ was in charge.

Dutch disease/resource curse. Nigeria had this problem from 1982-1991 and then from 1991-2003. All because of falling oil prices.

excess4luv:
Nigerians will definitely appreciate GEJ, despite the perceived looting there was plenty in the land for the ordinary Nigerian on the street.
Money was always floating and businesses thrived, living cost was affordable, there were government incentives in agriculture, companies were employing, and there was food. Today, the reverse is the case.
We will soon hear of high rate of robbery, fraud, and all other forms of crime previously rare.
APC and Buhari has got no blue print in developing the economy of this country.
Now they say there is no corruption yet they can't fund any program to alleviate hunger, employment is only for the selected few (prisons, FIRS, CBN and counting) companies are laying off employees in droves....


Today is it crystal clear that APC NOR BUHARI can't handle Nigeria.

proudly 5%

dynamite11:
It breaks my heart whenever I remember we still have 3 more years with this government, the past 1 year have been so bad it's like 1 million years in the eyes of the masses

Quakertellicus1:


Snapers, a little secret.

Even if we had gone with PDP.....the same issues would have happened.

Our wealth, such as it is, is dependent on the rise and fall in oil prices. Which is why we are in this trouble....and which is why PDP winning in 2015 won't have made things better.

The thing is....Nigeria should have, and should be.....going through a period of hardship while we make the necessary spending in power, education, and transport to become a manufacturing power. Not using oil money to over-import (PDP style) or waiting for oil to rise again (APC style).

Food prices are high because for the sixteen years PDP was in power, they were able to hide the food gap we had in this country by importing. Even then, we still had the same issues in the time of plenty. Now....oil prices have fallen....and the truth is revealed....we were never ever rich.

You can call me a APC stooge, and a Zombie.....but I would be glad if you chewed on this before you start.....rich nations are not dependent on oil money....or on money from exporting raw materials and agric productis....but by innovation innovation. High time this government realized that....and I expect you the Opposition to tell them that. Oil is a burden....not a blessing.

Seenyo:
...& the self-serving daura demon i voted/canvassed votes for DON'T GIVE A DAMN!...Buhari, cursed was the day i voted you & your heartless cohorts!

omojoshy:
Na Buhari cause am?


Very soon, when Rain no gree fall, people go still drop the blame @ Buhari's door steps.


When the past regimes were busy SHARING the Excess Crude Oil money, nobody cares about the future.

Now that most states can not pay salaries, Buhari is the scape-goat.

Quakertellicus1:


[s]I could say the same thing you said about GEJ's regime for the Gowon, Obasanjo and Shagari';s regime up to 1982.

That ie because of high oil prices....there appeared to be plenty for all.

But GEJ's prosperity.....and the prosperity of the Gowon, Obj 's first coming and Shagari was that it was dependent on high commodity prices.

Or why would Okonjo Iweala be telling people in 2015 that even in the event of a GEJ win......there would be hardship.

I hate to break it to you.....but GEJ's regime was a failure. It did not rid us of our dependency of oil It did not tell Nigeria the truth...that we were really a poor nation posing with money we did not have. And PMB too should wake up to that reality.....and force Nigeria on the path that serious nations have gone through.

The path of industries and freedom from oil dependency.(Not car assembly plants that drain our oil revenues).

Oil is not our friend.[/s]

Slymonster:
I probably wanted to say it's a lie but when I realised even I living a good life still experience some hard times more less those that don't even have..May God protect us all

Rayhutar:

Zombi, why is it that we did not have this hardship during GEJ tenure, oil is selling above $50 now, Gej tenure oil prices fluctuate, sometimes it sells at $70, when you have incompetent leader that did not have a common WEAC certificate, what did you expect Some Nigerians choses an un-educated warn out old man over a young PhD holder and the result is what they are getting, shove yours excuses!!!!

SeverusSnape:

You keep typing rubbish epistles.

Quakertellicus1:


May God bless you and your family this afternoon.

Jaideyone:
mumu comment. every oil dependent country has been battling fund shortage since the drop in oil price. how exactly do you expect the president to handle the situation? states can't pay salary, companies are retrenching workers, businesses are folding up. all these started as far back as 2014 and they are the results of years of mismanagement that dates way back even before Jonathan. our leaders failed to develop other sectors apart from the oil sector. how exactly is that big mistake buhari's fault?

Obago1000:
Dey there dey defend buhari very soon you will swap your data and fone for a plate of rice. Hypnotised zombie

otokx:
Tell Nigerians to have 1 birth per family they will not agree yet they go about shouting Buhari no money.

SeverusSnape:

You must be the guy with that 'bushdoc' moniker, Anyways, I know one thing and one thing only; The hardship being experienced by Nigerians is as a result of Buhari's nonsense economic policies, incompetence, and stupidity. Please don't blame it on oil price. Besides, Didn't he promise to stabilize oil price?

jrusky:



Bros APC stop defending your party failure I beg your pardon please what is the matter with you APC guys Can't you see Can't you feel Oh my good God so all is well in your world with Nigeria now under your party God please help some people in Nigeria their is something wrong somewhere honestly still seen people like you amazed me.

So to you as a sane man 2014 and from May 2015/16 look same according to your statement Ok nah. I presume you are likely going to be one of those still systematically milking the little left over secretly that is why you are defending this failures Lairs, Mr blammers bloody criers. Bye

omojoshy:
Na Buhari cause am?


Very soon, when Rain no gree fall, people go still drop the blame @ Buhari's door steps.


When the past regimes were busy SHARING the Excess Crude Oil money, nobody cares about the future.

Now that most states can not pay salaries, Buhari is the scape-goat.

The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy.

This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors.

With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil.

For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.

omojoshy:
Na Buhari cause am?


Very soon, when Rain no gree fall, people go still drop the blame @ Buhari's door steps.


When the past regimes were busy SHARING the Excess Crude Oil money, nobody cares about the future.

Now that most states can not pay salaries, Buhari is the scape-goat.