Generous fuel and food subsidies have been slashed, new taxes introduced, and social benefits axed.
The years when oil cost $100 a barrel and generated $1 trillion in export revenues are gone, and the oil-rich Gulf nations and their people are being forced to accept a new reality.

Here are some of the painful measures they've introduced:

Kuwait
Kuwait enjoys one the world's lowest oil production costs. The country also boasts one of the oldest sovereign wealth funds.
Still, the collapse in crude prices is forcing Kuwait to think the unthinkable: tax company profits.
The plan for a corporate tax rate of 10% follows a move by all Gulf states to roll out a 5% sales tax during 2018.
"The fact that Kuwait is going down the taxation route for corporates is a very different form of ... revenue generation," said Monica Malik, chief economist for Abu Dhabi Commercial Bank.


United Arab Emirates
The UAE was the first Gulf country to target fuel subsidies when it introduced market pricing for petrol last summer.
Robin Mills, CEO of oil consultancy Qamar Energy, said the move triggered a domino effect. "Once one country feels able to take the step of removing subsidies as the UAE did in this case and that seems to go okay, then other countries get some confidence in following them," said Mills.
All six countries in the region are now cutting subsidies, raising prices at the pump and the cost of water and power.

Saudi Arabia
Ratings agency Moody's downgraded its outlook for the Saudi banking system on Wednesday.
It highlighted Saudi Arabia's 14% reduction in public spending this year as a key factor behind the move.
The region's largest oil producer has already introduced deep spending cuts, cut subsidies, and even slashed its foreign scholarship program.

DickDastardly:
Yea ... we know.... excuses for the dulllard is normal ... but tell the skinny granny to sit up

DropShot:

I guess the article is too much for comprehension ability.

DickDastardly:

Dropshot go and sit down jor

DropShot:

I live abroad in panya and I know what I'm talking here.

989900:
This is the reality of the times we live in, and our situation is worse, courtesy of failed leadership of about 30 years now, and more

DickDastardly:

[s]Why not characteristically reduce it to 6yrs of GEJ. Minions will remain minions [/s]

989900:
This is the reality of the times we live in, and our situation is worse, courtesy of failed leadership of about 30 years now, and further selfishness and banditry in the last 16 years.

That said, the Buhari administration has not lived up to expectation, and could actually have made the sufferings less killing.

The people voted out PDP cause they are well aware of the party's evil ways, and they voted in APC, not to regurgitate the failed leadership of the PDP, but voted in APC to fix it.

The people want to see words backed with action and the gov't's urgent sense of purpose in alleviating their sufferings. They want to feel a good deal of dedicated professionalism, to be rest assured they actually made the right choice.

Lest I chip in -- the people have to play their part too. You can't be sabotaging the system and still complain about the same system.

modath:



Nothing to add, How ya doing?





P.S

BTW, when are we selling, dashing or leasing off some of the PJs in the presidential fleet?, proceeds will be like a drop in the ocean but we are in austere times, we should all "sacrifice"

989900:


Hey Mo'

onespecial:
Keep the excuses rolling, u won't mention measures they took to curtail the situation apart from taxation, unlike u and ur dullard that have no policies except to exploit the public of their hard earned money just to service debts u ran ur campaign with.


They are taxing companies only but u and ur dullar are taxing companies and masses withnothing to show for it



Countries u mentioned understood their situation and care about their masses, unlike u and ur dullard that assumed the position of almighty sheriff( mr know it all and mr all powerful). Countries u mentioned are employing all ways to earn more from the little they could export. U and ur dullar wouldn't let the sleeping dog lie just to show ur arrogance. What stopped buhari from neglecting activities in NigerDelta just for now in order to enjoy revenue we can get from the oil money we could have sold, then engage them when he must have done his diversification, but no. He has no plans and came with a vindictive mind to rule.



He piloted a whole Nigeria six months without cabinet and economic team, guess u and ur dullllard never knew that the economy was sinking then.



Zombie.

989900:
This is the reality of the times we live in, and our situation is worse, courtesy of failed leadership of about 30 years now, and further selfishness and banditry in the last 16 years.

That said, the Buhari administration has not lived up to expectation, and could actually have made the sufferings less killing.

The people voted out PDP cause they are well aware of the party's evil ways, and they voted in APC, not to regurgitate the failed leadership of the PDP, but voted in APC to fix it.

The people want to see words backed with action and the gov't's urgent sense of purpose in alleviating their sufferings. They want to feel a good deal of dedicated professionalism, to be rest assured they actually made the right choice.

Lest I chip in -- the people have to play their part too. You can't be sabotaging the system and still complain about the same system.

DropShot:

I guess the article is too much for comprehension ability.

DropShot:

It's obvious you're frustrated with life.

The present regime, unlike the previous ones, is actually forcing Nigeria to look inward to solve their problems. By banning certain goods from coming to Nigeria, a policy of growing and producing those goods is firmly in place.

It's clear you're so empty and you feel fulfilled once you're able to call the word dullard.

Poorly educated fellow you are.

Firefire:


Up till now no single policy direction. Nothing to show we are diversifying away from oil.

Where is the blueprint on economic direction?

Despite our dwindling oil revenue there still exist monumental waste of the scarce economic resources.

- Bloted cabinet comparable to the last administration.

- Avoidable expenditure: holding unto the fleets of Presidential jets despite promising to convert same to National carrier.

- Several bad and inconsequential economic policy: Monetary and Fiscal policies moving in different direction.

- Failure to take appropriate action with the sense of urgency.

What more can we attribute the several policy somersault of this administration to ? Neither here nor there.

Simply put, the road ahead is very rough and the driver seems lost.

Who will rescue Nigeria?

DropShot:

I live abroad and I know what I'm talking here.

DropShot:

I guess the article is too much for comprehension ability.

onespecial:




It is not about shouting there is a policy on ground. Pls tell us the policy and its workings so far.



You left the points i raised and said rubbish..


Why don't you tell us how causing instability in NigerDelta to distrupt our oil production when its price is low is a way to make us look inward when u have put no structure on ground to make us look inward.


Why don't u tell us wat u and ur dulllard had in mind running a government on the grounds that new sheriff is in town for 6 months, stating that there was no need to install his cabinet as they are just noise makers.


How come recession always come with Buhari ?

omenka:
Comprehension is an ability reserved for living things bro.

I could remember doing a similar article on this some time back but it never hit home.

I hope the mods do the right things this time.

I laugh at the extreme ignorance of some people when they try to pin what we are passing through on the current leadership- if anything, the criminal called Jonathan should be rotting in jail for supervising the greatest state sponsored heists ever recorded in humanity.

What hurts one more is some idiots that run to town farting all over the place calling for a return of that regime.

Such a shame one is forced to share a country with such lot.

DropShot:

You're empty!
Diversification and new policy direction don't have effects overnight. Even you god NOI knows that and castigated the Ineffectual Buffoon for lacking the political will to !o the right thing.

Is Buhari the leader of NDA that is causing instability in Niger Delta?
You no sabi book at all.

989900:


If you stay close to the news and do some digging and appraisal, you will see the 'long term' is very bright if we do not derail. The only problem (and a big one at that) we have is the short term/mid term (the now).

The only part I'd agree with (the rest are not true), is the policy somersaults (especially monetary), and sluggishness (and this looks like we are gaining some momentum/tempo lately . . . Q4 will deliver the results)

Maybe a few imperfections (it is not a theocracy),
asides that, we are making progress.

989900:


If you stay close to the news and do some digging and appraisal, you will see the 'long term' is very bright if we do not derail. The only problem (and a big one at that) we have is the short term/mid term (the now).

The only part I'd agree with (the rest are not true), is the policy somersaults (especially monetary), and sluggishness (and this looks like we are gaining some momentum/tempo lately . . . Q4 will deliver the results)

Maybe a few imperfections (it is not a theocracy),
asides that, we are making progress.

Izonpikin:
dropshot isn't a living thing..if he is let him come back to nigeria and let's enjoy our own peculiar economic recession together..him dey abroad dey enjoy mild recession dey yap there..let him come back and enjoy buhari..such a hypocrite..

Firefire:


In addition, the government need to communicate clearly its policy direction to all stakeholders.

Btw: any update on the last news about the Renminbi?

I mean the Nigeria-China currency swap deal that hit the media in April and that was meant to reduce pressure on USD?