This is exactly my view too OP.

Many people don't know the great help that this administration has done for this country by reducing our expenditure, reflating the economy with big spending especially in the area of infrastructural developments, reducing spending on recurrent outlays, etc.

It might not be good enough but far better than going down the drain as we were heading before May 2015.

We smile at last I believe.

obailala:
Diversifying the economy does not mean abandoning your only source of income; for example, I presently have a paid 9-5 job which meets my daily needs, but I still desire to open more sources of income by the side. My desire to create other sources of income to supplement my salary does not mean I should resign or stop working hard in my present job. Oil prices are down from what it used to be, but that does not mean oil is USELESS. There is nothing wrong in trying to expand earnings from oil by continuing with exploration activities.

Diversification in your words is not getting a job of 7 AM to. 8 PM to increase your income... It's only a fool who does more of same for diversification or change..... Hence Buhari is grossly incompetent in that aspect... More so building railway lines and roads with loans while still round tripping petroleum products is a sacrilege and a crime against the State.

searchng4love:

Those points are a cause for retardation....moreso the discovery of oil in Chad basin will not impact on the developmental aspirations of Nigeria... Buhari needs to be disciplined for us to get to our destination. All I see him doing is a change of the looters from the south with those from the north.... That's all!

Well that's what you see but I know it doesn't exist. The people you call looters aren't.

searchng4love:

Diversification in your words is not getting a job of 7 AM to. 8 PM to increase your income... It's only a fool who does more of same for diversification or change..... Hence Buhari is grossly incompetent in that aspect... More so building railway lines and roads with loans while still round tripping petroleum products is a sacrilege and a crime against the State.

So much for the wisdom of a person insulting others!

It's only a fool that will throw away his only source of income because he 'believes' he needs to get more income sources.

My point was very simple and commonsensical, diversification does not mean you should abandon your present source of income; diversification means seeking additional sources of income whilst you still maintain what you have.

searchng4love:

Am not interested in the past government... The commoner is not...all Nigerians are interested in why is APC government synonymous with falsehoods and propaganda?
Y are they glaringly incompetent compared to PDP government..

You lies would shame the devil

obailala:
It is pathetic how people keep making comparisons about how Nigeria's economy was wonderful under GEJ but now dead under Buhari; while these people claim to possess some intellects, one can't help but wonder why their intellects doesn't put the drastic fall in oil prices into consideration when drawing up their analysis about a country whose income is 90% from oil.

MyBro No insults meant please but your brain needs to apologise to you for letting you down if you really think that low oil price is responsible for the really bad state of the Nigerian economy.. the fact is that low oil prices a country from 25 percent of the problem the rest 75 can be attributed to poor vision , lack of wisdom of Buhari himself ..make no mistake Buhari doesnt have what it takes ..shei we will all be here in 2019 . . Regards Sir

Nigeria is a country of riff-raffs, rogues and mad people. Citizens like the OP who are enemies of the common man.
Venezuela was already in a deep economic quagmire long before oil prices crashed due to a combined effect of an incompetent dictatorship and grippling american sanctions that has further destroyed their economy.
GEJ for all his mediocrity and corruption handed over a much better Nigerian economy to buhari which has deteriorated sharply in a space of 2 years. That is inexcusable. Nigeria is also not under any economic sanctions unlike venezuela, so there is no possible genuine comparison between both.
It is unfortunate though a lot of poor simple and ignorant Nigerians would unfortunately fall for these hideous and despicable charlatans in their excuse and defense of a failed president and his clowns in power.

PaulIdu:


MyBro No insults meant please but your brain needs to apologise to you for letting you down if you really think that low oil price is responsible for the really bad state of the Nigerian economy.. the fact is that low oil prices a country from 25 percent of the problem the rest 75 can be attributed to poor vision , lack of wisdom of Buhari himself ..make no mistake Buhari doesnt have what it takes ..shei we will all be here in 2019 . . Regards Sir

You were earning N300, 000 last year.......... all of a sudden, you were slashed to N100, 000.

How effective do you think you'll be trying to operate at the same level you once did?

It means you're now almost 70% less effective.

Thank God this nation is still functional.

PaulIdu:


MyBro No insults meant please but your brain needs to apologise to you for letting you down if you really think that low oil price is responsible for the really bad state of the Nigerian economy.. the fact is that low oil prices a country from 25 percent of the problem the rest 75 can be attributed to poor vision , lack of wisdom of Buhari himself ..make no mistake Buhari doesnt have what it takes ..shei we will all be here in 2019 . . Regards Sir

no insults bro, never new you are this senseless sometimes cos when crude oil was $140 per barrel you said our economy was good,so tell me the vision and wisdom of previous govt that can not save and look beyond oil, but now that oil is less than $50 and govt must pay salaries without reduction in salaries and others expenditure yet want this govt to perform miracle within a year in power ah ha bros borrow some brain nah.

PaulIdu:


MyBro No insults meant please but your brain needs to apologise to you for letting you down if you really think that low oil price is responsible for the really bad state of the Nigerian economy.. the fact is that low oil prices a country from 25 percent of the problem the rest 75 can be attributed to poor vision , lack of wisdom of Buhari himself ..make no mistake Buhari doesnt have what it takes ..shei we will all be here in 2019 . . Regards Sir

A country loses almost 70% of its income but someone who prides in the effectiveness of his own brain thinks oil price isn't a problem but rather Buhari is.

Mr Brain, we have gone past the political season where we link everything to political sentiments and betray common sense. Anybody with a bit of intelligence knows what the biggest problem in Nigeria is today. But then, I don't have the strength to go back and forth with emotional folks or unintelligent people, so YOU WIN! Buhari is the one responsible for Nigeria's present economic downturn, we should have voted Jonathan to come and transform our lives, a man who couldn't transform anything when there was excess, maybe his goodluck could have miraculously transformed things now we are in lack.

ba7man:
You were earning N300, 000 last year.......... all of a sudden, you were slashed to N100, 000.

How effective do you think you'll be trying to operate at the same level you once did?

It means you're now almost 70% less effective.

Thank God this nation is still functional.

Very Good if I was earning 300k and my salary was slashed to 100k but I then decide to start burn down the company warehouse in a bid to find rats that ate a receipt booklet who would you blame for the hardship that would follow ..Os it my reduced salary or the fact I knew my salary had reduced but yet I burnt down the warehouse because of rats ..that's exactly what Buhari did.. he knew oil price had fallen instead of maximising output like Saudi Arabia did he chose the same time to raise tensions in the Niger delta because of some university fraud which is Akin to burning down warehouse just because rat ate reciepts

PaulIdu:


Very Good if I was earning 300k and my salary was slashed to 100k but I then decide to start burn down the company warehouse in a bid to find rats that ate a receipt booklet who would you blame for the hardship that would follow ..Os it my reduced salary or the fact I knew my salary had reduced but yet I burnt down the warehouse because of rats ..that's exactly what Buhari did.. he knew oil price had fallen instead of maximising output like Saudi Arabia did he chose the same time to raise tensions in the Niger delta because of some university fraud which is Akin to burning down warehouse just because rat ate reciepts

Your analogy is wrong.

It's more like ignoring your kids that steal out of your money when it was still adequate.

Now it's been slashed and some still want to continue at the same rate or the last salary was badly looted and you see them buying toys and sweets in your presence.

Will you let them continue or teach their leader that knows how to jump into your bedroom to open the door from the inside for them to come in and loot?

Abagworo:
[s]http://www.economiccalendar.com/2016/07/03/venezuelas-economic-collapse-becomes-humanitarian-crisis/

The combination of political mismanagement, corruption and plunging commodity prices have dealt a near fatal blow to the Venezuelan economy, as the country’s economic decline has quickly devolved into a humanitarian crisis.Weak commodity prices over the past two years have accelerated Venezuela’s decline. Once known as “Venezuela Saudita,” or Saudi Venezuela, the Latin American economy has fallen into the throes of recession amid the halving of oil prices since 2014. Oil accounts for 95% of the country’s exports, making it especially vulnerable to price swings in the commodity markets.

According to the World Bank, Venezuela’s economic downturn has yet to bottom out, sign that more pain may be on the way.One of the biggest pain points is the relentless surge in inflation, which according to the International Monetary Fund (IMF) will rocket above 700% this year alone. A 6,000% rise in petroleum pump prices and further monetizing of the public deficit are expected to feed into the inflationary spiral, further denting consumption and economic output.President Nicolas Maduro has attributed the deepening crisis to an “economic war” led by private businesses and foreigners, who are hoarding food supplies to undermine the government.

Maduro’s government has tasked local citizen committees with distributing scarce food supplies in a country experiencing severe shortages of basic goods and services. This has created optimal conditions for the black market to fill the void.On May 19, 2016, President Maduro officially declared a state of emergency where he blamed the so-called imperialist forces, such as the US Central Intelligence Agency (CIA), for undermining his administration.

The Venezuelan economy contracted more than 8% over the past year. It is forecast to decline another 10.1% in 2016, according to the latest World Bank outlook. The economy is expected to contract by a further 3.4% in 2017 before finally escaping recession.Underscoring Venezuela’s struggles are deepening internal divisions and limited regional allies to provide support to the economy. Venezuela’s right-wing opposition coalition won a landslide victory in the December election and has since vowed to strip Maduro of his presidency. The United States has already voiced support for a “fair and timely recall referendum” on Maduro’s leadership.Thousands of Venezuelans have signed petitions requesting a recall referendum against the president.

More than 1.3 million Venezuelans have offered their signatures, far exceeding the 200,000 required to move the process to the next stage. The election council has rejected nearly half of those signatures. After authenticating the signatures, the opposition would be able to conduct a second official signature drive, where they would have to collect nearly 4 million signatures to trigger the recall[/s].

Don't you have shame

CSTR12:
Nigeria is a country of riff-raffs, rogues and mad people. Citizens like the OP who are enemies of the common man.
Venezuela was already in a deep economic quagmire long before oil prices crashed due to a combined effect of an incompetent dictatorship and grippling american sanctions that has further destroyed their economy.
GEJ for all his mediocrity and corruption handed over a much better Nigerian economy to buhari which has deteriorated sharply in a space of 2 years. That is inexcusable. Nigeria is also not under any economic sanctions unlike venezuela, so there is no possible genuine comparison between both.
It is unfortunate though a lot of poor simple and ignorant Nigerians would unfortunately fall for these hideous and despicable charlatans in their excuse and defense of a failed president and his clowns in power.

GEJ handed over a n economy that was borrowing for recurrent expenditures.

searchng4love:
Op... Nairaland is populated by people vast in knowledge of different fields....be careful when you're producing selective analysis of issues in here..... Now go and correct the jibber jabber up there.

Starting with Hugo Chávez and his constant quarrels with the West.....
Go into how cancer limited his performance and effects of his perennial hold on to power...

His socialist policies...which left the country in economic ruins...

Now how do they correlate with Nigeria APC government who lost the largest economic position inherited from PDP government in less than a year?
How does that correlate to the reckless speeches of @Buhari about Nigerians being corrupt in international fora meant to market the prowess of Nigerians and Nigeria's economy?
How does that correspond with @Buhari's inability to appoint ministers to coordinate the economy and consolidate on the PDP gains?
How does that correlate with the 95% n 5% speech on Aljazeera or CNN interview of @Buhari?
How does that correlate with the fact that FDI in Nigeria is virtually nonexistent?
How does that correspond with the fact that two years later @Buhari still finds it palatable blaming the former administration for his self inflicted woes?

NOW Go and CORRECT YOURSELF UP THERE!

Fantastica oga! Pls, can u enlighten me on how GEJ n NOI were planning on paying FG salaries n bailing out those states who couldn't pay as at then? Can u explain why it took d coming of d 2015 election for BH to face any sort of resistance from d Naija army? Keep it real!

searchng4love:
Op... Nairaland is populated by people vast in knowledge of different fields....be careful when you're producing selective analysis of issues in here..... Now go and correct the jibber jabber up there.

Starting with Hugo Chávez and his constant quarrels with the West.....
Go into how cancer limited his performance and effects of his perennial hold on to power...

His socialist policies...which left the country in economic ruins...

Now how do they correlate with Nigeria APC government who lost the largest economic position inherited from PDP government in less than a year?
How does that correlate to the reckless speeches of @Buhari about Nigerians being corrupt in international fora meant to market the prowess of Nigerians and Nigeria's economy?
How does that correspond with @Buhari's inability to appoint ministers to coordinate the economy and consolidate on the PDP gains?
How does that correlate with the 95% n 5% speech on Aljazeera or CNN interview of @Buhari?
How does that correlate with the fact that FDI in Nigeria is virtually nonexistent?
How does that correspond with the fact that two years later @Buhari still finds it palatable blaming the former administration for his self inflicted woes?

NOW Go and CORRECT YOURSELF UP THERE!

You're mumbling a lot of things together but I won't even bother myself about that. One question for you though, why was our economy certified as the largest in Africa? If you answer this, then we will see if you really know what you're saying.

CSTR12:
Nigeria is a country of riff-raffs, rogues and mad people. Citizens like the OP who are enemies of the common man.
Venezuela was already in a deep economic quagmire long before oil prices crashed due to a combined effect of an incompetent dictatorship and grippling american sanctions that has further destroyed their economy.
GEJ for all his mediocrity and corruption handed over a much better Nigerian economy to buhari which has deteriorated sharply in a space of 2 years. That is inexcusable. Nigeria is also not under any economic sanctions unlike venezuela, so there is no possible genuine comparison between both.
It is unfortunate though a lot of poor simple and ignorant Nigerians would unfortunately fall for these hideous and despicable charlatans in their excuse and defense of a failed president and his clowns in power.

Really? Venezuela? A country that was building houses for its citizens? Ok, let's even agree that you're right, what of Saudi Arabia?

PaulIdu:


Very Good if I was earning 300k and my salary was slashed to 100k but I then decide to start burn down the company warehouse in a bid to find rats that ate a receipt booklet who would you blame for the hardship that would follow ..Os it my reduced salary or the fact I knew my salary had reduced but yet I burnt down the warehouse because of rats ..that's exactly what Buhari did.. he knew oil price had fallen instead of maximising output like Saudi Arabia did he chose the same time to raise tensions in the Niger delta because of some university fraud which is Akin to burning down warehouse just because rat ate reciepts

Oh I see you're at pains a government is performing one of it's core function of law enforcement. And only the government suffers the impact of those criminals you wish are left alone?

Ovamboland:


Oh I see you're at pains a government is performing one of it's core function of law enforcement. And only the government suffers the impact of those criminals you wish are left alone?

Do not misconstrue me please. .what I meant that wasn't the time to start chasing after them he should have waited till he had leveled out the economy before going after them ..now that's wisdom but Buhari lacks it plenty

GEJ is the root caused of all these problems.If he had saved like OBJ saved, Nig would have been better. but the Otuoke clown was busy dishing out our hard earned FOREX to Dasuki, Fayose n the likes. GEJ met over $68B+crude oil sold over $100 per barrel for most part of his tenure yet he couldnot save. Anyway, the gele woman has recently said all, that their inability to save for rainy day caused the present economic woes

Suprnov3r:
Wow

Zombie logic.

I normally would ignore zombies who make sweeping generalisations without any semblance of facts in their posts or threads in defence of their lord and master buhari but I will post on this thread so as to enlighten genuine people who need to know the truth

The graphs below shows the growth rates in Nigeria and venezuela for 6 years. These data was compiled by international trade organisations and are obviously not skewed or partisan


1. As at january 2014, Nigeria had one of the highest growth rates in the world. Higher than both USA AND UK. Venezuela was already in recession

2. Nigeria still remains one of the biggest economies in Africa irrespective of what APC will tell you. The idiot we have as president declared that Nigeria is poor so that he can justify his inability to lead wisely. That is a boldface lie. The only reason why Nigeria isn't doing well now is BUHARI. HIS POLICIES ALONE AND NOT OIL PRICE IS WHAT IS CRIPPLING THE COUNTRY. With the right investment climate, Nigerians will not feel not the oil slump.


3. Nigeria thrived a global recession and meltdown affecting many countries in 2008 to 2011 under a bwtter leadership than the current buhari govt.


4. Buhari is killing diversification. Nigerias agricultural diversification started under GEJ govt. Nigeria was among highest producers of oil palm, groundnuts, cassava, and most food crops under GEJ. Ever since buhari became president, all his policies has been stifling industrial production and investments. Foreign investment doubled under GEJ. Private sector participation in export doubled under GEJ. In fact oil and gas sector percentage in our annual GDP reduced from 70% to 30% starting from Obasanjo to GEJ. All these statistics are on downward spiral now. Everything is jumping down under just 1 year of buhari.

I'm not a fan of Buhari and APC.. Just want to say one or two things..
Under these previous administrations, insurgency was more like the greatest threat to humanity.. Buhari is not the best, but in my opinion I think he's trying ... He's doing one thing at a time..Now the issue of boko haram has died down, if not completely...My opinion tho

Famouson:
I'm not a fan of Buhari and APC.. Just want to say one or two things..
Under these previous administrations, insurgency was more like the greatest threat to humanity.. Buhari is not the best, but in my opinion I think he's trying ... He's doing one thing at a time..Now the issue of boko haram has died down, if not completely...My opinion tho

You are right. The boko haram situation has improved considerably under buhari. Kudos to him for that

GEJ wasn't a genius. In fact he wasn't all that smart yet we saw some progress under him. The reason is simple, he was open to advice where it mattered. That's is buhari biggest failing. Buari does not heed advice. Thia is appatent in his appointments and policies. That is a greater threat than boko haram in its worst point. The long term effect of boko haram is what we are seeing now. The long term effect of buhari behaviour is obviously more catastrophic as even insecurity has increased nationwide

Suprnov3r:



You are right. The boko haram situation has improved considerably under buhari. Kudos to him for that

GEJ wasn't a genius. In fact he wasn't all that smart yet we saw some progress under him. The reason is simple, he was open to advice where it mattered. That's is buhari biggest failing. Buari does not heed advice. Thia is appatent in his appointments and policies. That is a greater threat than boko haram in its worst point. The long term effect of boko haram is what we are seeing now. The long term effect of buhari behaviour is obviously more catastrophic as even insecurity has increased nationwide

I clearly agree with you.... GEJ'S and Buhari' administration have a share in the ongoing economic recession.. ..... ... ... I'm optimistic that by this time next year Nigeria would be in good shape....

Dude dude dude, please spare us this political talk.

The major issue Nigerians have with this Administration is it's tribalism and nepotism.
Yes there is hunger, and yes people are suffering, but we would have accepted it as a global trend self for the slope-sided appointments, backdoor employment, Kyari's dictatorial impositions, and so on.

Prior to the elections, recall how all Nigerians regardless of religious or ethnic affiliations trooped out on mass to support Buhari, aren't you curious as to why the status quo has changed?

Op u need this!

veraponpo:
This is exactly my view too OP.

Many people don't know the great help that this administration has done for this country by reducing our expenditure, reflating the economy with big spending especially in the area of infrastructural developments, reducing spending on recurrent outlays, etc.

It might not be good enough but far better than going down the drain as we were heading before May 2015.

We smile at last I believe.

Reflating the economy with big spending especially in the area of infrastructural developments?? Reflating, 'kini'?? as my former teacher would say? Which infrastructural development? Where? In which local government area?? Tell us, oh!

searchng4love:

How is the government being prudent financially?
A government that is committing $40 billion dollars to oil exploration in the Chad basin instead of diversifying the economy from oil?
A government that still subsidizes pilgrimages at the expense of taxpayers?
A government that only got an economic adviser in it's second year in office?
Maybe am missing something....

ur ignorance is extraordinary! Do u know d meaning $40b? Were is ur source?

Abagworo:


Nigeria is doing pretty well if we consider the fact that over 90% of our foreign exchange is dependent on oil sales. The financial prudence of this administration is commendable.

Let me add the fact that idiots and morons are not blowing pipelines to sabotage the Venezuelan economy as they are in Nigeria.

I have always said this to people outside Nairaland. Glad to see you create a thread about it.

Another example I use is Greece that borrowed its way into insolvency.

obailala:
It is pathetic how people keep making comparisons about how Nigeria's economy was wonderful under GEJ but now dead under Buhari; while these people claim to possess some intellects, one can't help but wonder why their intellects doesn't put the drastic fall in oil prices into consideration when drawing up their analysis about a country whose income is 90% from oil.

Is this the first time Nigeria has experienced a drop in oil price. Google oil prices since the return of democracy and see how OBJ and NOI steered this country through almost $20 per barrel

edoyad:


Is this the first time Nigeria has experienced a drop in oil price. Google oil prices since the return of democracy and see how OBJ and NOI steered this country through almost $20 per barrel

VEry flawed logic!

As at OBJ's time, what was Nigeria's dollar demand?.... We didnt even have ATM cards or international mastercards to do international transactions. Unlike today when every Tom, Dick and Harry is into importation business and buying of even the most basic goods from abroad, the demand for forex by Nigerians as at the time of OBJ was ten times less than what it is today.

Also, what was the minimum wage during the time of OBJ compared to today?... Are you aware the federal civil service population has more than doubled and minimum wage has more than tripled?..... Are you also aware that the general recurrent expenditure of the nation was far far less than what it is today?

I will give you a simple analogy; a man's salary increases from 10k to 100k and then he marries more wives and births more children after several years. Now after many years and many more wives and children later, his salary is slashed suddenly from 100k to 30k. Of course it is only commonsensical to know that his general standard of living cannot remain the same as before, especially since he cannot chase away his new wives and new children. In summary, Nigeria of today is totally different from what it was during the days of OBJ's; so your comparison of things being 'fine' during the $20 days of OBJ vs the situation of things now is baseless, except you are suggesting Buhari to sack half of the federal civil service and reduce minimum wages to N3000.

You also asked if this is the first time NIgeria has experienced a drop in oil price. This is by far the longest oil price drop in recent history and this is also the first time the nation is having no savings to counter the effect of the oil price drop. THe last major oil drop was in mid-2008, the only reason Nigeria survived it was because OBJ/Yaradua had saved so much in forex reserves (up to $62billion), in 2008, it cos Nigeria roughly $20billion of that amount to survive that oil price drop which by the way lasted for only roughly 6 months (compared to the present drop which has lasted for over 2 years).

These online propagandists get emailed talking points which they promote endlessly - for APC propagandists, their recent talking points include the misleading comparison to Venezuela.

At the heart of the talking point is that the present government deserves praise as Nigeria's present economic performance is not as bad as Venezuela's, a fellow oil producer. The problem with this line of argument is that it masks a major piece of irony: if Nigeria's relative outperformance vis-a-vis Venezuala constitutes a basis for praising the present government, it is also a basis for praising the PDP government. This is because Nigeria has been outperforming Venezuala for a while. Here is an extract from a January 2014 article about the Venezuelan economy:

If there were an award for the messiest year in Latin America, Venezuela would win it by a landslide. Currency problems, drastic shortages and political wars marked a 2013 that began with the death of Comandante Hugo Chávez in early March. Since then, successor and current President Nicolás Maduro has been trying to carry on his legacy at any cost -- and many fear that is bringing the country close to collapse.

Whether Maduro's failing policies or the so-called “economic war” Maduro is accusing his opposition of waging are to blame, Venezuela entered a recession in 2013. GDP suffered a 0.4 percent contraction this year, according to estimates by Trading Economics. This, in a year when Venezuela dealt with 42 percent inflation, and the Venezuelan bolívar dropped 32 percent against the U.S. dollar.

http://www.ibtimes.com/venezuelas-economy-will-continue-suffer-2014-analysts-predict-further-recession-1535334

You can see from the above that Venezuela has been in the economic doldrums for years dating back to at least the GEJ government era. Now are the APC propagandists going to praise the GEJ government - as they are doing with the Buhari governemnt - on the basis that Nigeria outperformed Venezuela during the GEJ era?

PS: There is a facility on google that allows you to do a comparative analysis between Venezuela's GDP growth and Nigeria's -

https://www.google.co.uk/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_mktp_kd_zg&idim=country:NGA:DZA:GHA&hl=en&dl=en#!ctype=l&strail=false&bcs=d&nselm=h&met_y=ny_gdp_mktp_kd_zg&scale_y=lin&ind_y=false&rdim=region&idim=country:NGA:VEN&ifdim=region&hl=en_US&dl=en&ind=false