Is Jonathan Or Buhari To Blame For Poor Economy? - Politics - Nairaland
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| Is Jonathan Or Buhari To Blame For Poor Economy? by kahal29: 7:26am On Aug 15, 2016 |
Rather than apportioning blame, I would consider the factors that are responsible for the economic challenges. There are two major factors to consider – external and internal problems. The external factors are outside the control of the country but they have serious impacts on our economy. The collapse of the global oil market has a direct implication for the Nigerian economy. About three years ago, a barrel of crude was over $100. Now the same barrel is about $40. Oil is the main source of the revenue of the country. Also related to this is the crisis in the Niger Delta, which has drastically reduced the volume we were producing a few years ago. We used to export over two million barrels per day. Now, we export 600,000 barrels below that quantity. Secondly, the United States has become a major producer of crude. That used to be our market. The Nigerian Natural Liquefied Gas is not doing well as it used to because there are many other countries that operate in the market. Apart from that, the global economy has slowed down. If the global economy was doing well, there would be more demand for oil and gas. Demand for both oil and gas has fallen while supply has increased, causing a crisis in the market. Because of several reasons, the inflow of foreign capital has gone down. That is another extraneous factor that is responsible for the current problems. But more fundamental are the internal factors. And some of these factors originated from the immediate past administration. That is where I would blame the past administration for part of the problem. One, we did not prepare fully for the kind of economic crisis that we are confronted with now. Both our external reserve and excess crude account reduced drastically during the Goodluck Jonathan administration. Many of the states are insolvent today because they went borrowing without much check by the Federal Government. Corruption was high while the Petroleum Industry Bill that should have been passed to lay a strong foundation for investment in the sector was stalled. There were challenges. But the current administration cannot continue to hide under those challenges. We are over a year into the administration of President Muhammadu Buhari. Yet, people are still asking – what is the economic direction of the country? Where is the document that one could look at to see our objectives, strategies and the coordination of the economic programmes that would take us to our destination? I cannot see any concerted effort or blueprint that would take us out of the problems. Every government meets challenges. The responsibility of the government is not to emphasise those challenges but to bail out the country. President Barack Obama met challenges; the US’ unemployment rate was about 11 per cent when he came into the office. But that has dropped to about five per cent. There were policies and programmes to address the challenges. In the case of the Buhari administration, I have not seen any sense of urgency to get out of the challenges. We expected to see an economic document like the one developed by ex-President Olusegun Obasanjo when he came into power in 1999. The economic policies (of the government) do not have linkages. Look at the exchange policy. You don’t even know what policy it is. Is it deregulated, controlled or regulated floating exchange rate? We have all kinds of markets; the existence of unofficial and official rates is an indication of the inefficiency of the monetary authority. At the black market, it is about N390/dollar; at the official market, it is about N300/dollar. I understand there is also a window where you can get N199/dollar. That creates uncertainty among investors. Prof. Adeola Adenikinju (Director, Centre for Petroleum Energy Economics and Law, University of Ibadan) I do not think this is the appropriate time to blame anybody. We may do that later. Political governance is a continuous thing. President Muhammadu Buhari started where his predecessor, Goodluck Jonathan, stopped. Jonathan might not have done his best, hence, Buhari was elected to right what went wrong in the six years of Jonathan’s administration. So far, I think Buhari is doing well. The fight against corruption is a good way to reposition the economy. Also, we need to guarantee the safety of lives and property in order to have a robust economy. I would give good marks to Buhari in the area of security. Yet, there are certain things I think the President needs to do to fast-track economic recovery. He needs to encourage local production. The economy also needs to be diversified and our infrastructures need to be fixed. So far, we have not seen much effort in this regards. Abudullahi Etsemeuno (Acting Registrar/National Coordinator, Institute of Chartered Economists of Nigeria) The economic challenges were caused by the Goodluck Jonathan administration. This is because there were supposed to be sufficient savings for the rainy day. But the administration squandered the savings left by the administration of Chief Olusegun Obasanjo. The administration, at a point, was borrowing money to survive. That should not have happened. The current administration inherited problems; it did not know the magnitude of the problems until it assumed power. It did not realise that the country was already borrowing before it came in. when ex-President Olusegun Obasanjo was leaving office, we had about $50bn in the reserve. When Jonathan assumed office, it was still above $40bn. The administration should have built on the reserve because the prices of oil were still high. But the public officials were busy stealing money when they should have been building on the reserve. The government did not develop the infrastructure. Yet, it blew away the reserve and started borrowing as soon the prices of oil fell. Sheriffdeen Tella (Professor of Economics and former Vice-Chancellor, Crescent University, Ogun State) The current administration is grappling with perennial economic challenges. However, the administration lacks the focus and the appropriate expertise to handle the challenges. The fact is that there is no country that does not have challenges. Every country finds a way to manage its challenges. That is what this administration has not been able to do. There has to be a sound economic team at a critical time like this. The administration seems to have good economic programmes but it appears to lack competent individuals required to implement them. You cannot say that you are fighting corruption and you put the economy on suspension mode. The Buhari administration is using military tactics to lead a democratic country. That is the challenge. For me, the administration has the responsibility to put the economy on the path of growth, which it is not doing. It has continued to complain of lack of funds. What has it done with the loots it recovered from corrupt politicians? That money should have been channeled to the productive sectors of the economy. Ken Oteje (Economic analyst) The administration of Goodluck Jonathan did not do what was required to avert the problems we face today. The money the the past administration earned from crude some years back was not properly used. The reserve was wasted; that was the money the government should have used to fix the infrastructure and diversify the economy. But we cannot exclude the current administration entirely. We are like a country that is on a battlefield. You cannot send naval officers to the desert to fight neither would you send those who should be operating fighter jets to the sea to fight and expect a good result. The administration needs to put the right people in strategic positions if we must overcome the economic challenges facing us. As an economist, I consider economic stabilisation the most crucial in every decision I analyse. We must be able to stabilise the economy. The government needs to sustain the growth we have recorded after which it could think about growing the economy. If the President had put in place his cabinet and put the right people in sensitive positions much earlier, we would have probably averted some of the current challenges. • Friday Udo (Port Harcourt-based economist/accountant) http://punchng.com/jonathan-buhari-blame-poor-economy/ 1 Like |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by kahal29: 7:32am On Aug 15, 2016 |
Incisive... .. Only for sound economic minds. |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by modath(f): 7:45am On Aug 15, 2016 |
This thread will not end well...  However, the blame remains squarely the fault of Low oil price + Low reserves, that have been acting as band aids on the festering and gangrene sore called Mono product, import dependent economy. We've never had a productive and viable economy, we've been coasting because of strastropheric( majorly between '10-'13) oil prices... Not appointing cabinet on time, previous administration almost obliterating the foreign reserves, manipulating FX & such wouldn't have mattered if record high oil proceeds were still rolling in to cater for our kind of non productive, consumptive lifestyle!! We are free to continue to speak oyinbo sha. 1 Like |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by MadamExcellency: 7:53am On Aug 15, 2016 |
Why did Buhari contest Presidential Election when Jonathan was seeking re-election? Buhari and APC knew they got nothing upstairs in terms of managing a diverse Country with religious and ethnic fault lines and were best and profitable to Nigerians opposing Jonathan and making him sit up, yet were never contented with that hence they raised Nigerians expectations with socialist agenda and unusual propaganda ever known to man. Buhari's inexperience in democratic governance exasperated Nigeria's woes. Why hire a man who failed Economics and Mathematics (and never at anytime sought to improve on himself) at a time of austerity? 1 Like 1 Share |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Bari22: 8:17am On Aug 15, 2016 |
The Ineffectual buffon, is surely the one to blame for our economic worse, at the time of oil boom he did'nt only fail to save but depleted our foreign reserve with nothing to show in his 5 years rule. |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by omenka(m): 8:26am On Aug 15, 2016 |
modath: |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Pidggin(f): 8:27am On Aug 15, 2016 |
APC manifesto: Elected in to blame past administrations via sponsoring Social media agents Hahahahahahaha Nigerians see the choice you made? Now who is to blame for 1984 economic disaster?  |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by onespecial(m): 8:35am On Aug 15, 2016 |
Bari22: How come the only times we have wirnessed recession as a country are under the dullardd ? Can't u see a pointer there ? Goodluck and his friends are to be blamed tooo, reason i don't pity them in this their political witch hunting, cos they stole our collective wealth and provided nothing for us. But, Buhari with all his promises has not made any step to better us. It's as if he has an agenda so important to him he considers more than the nation's welfare. He is acting like someone on a planned mission that got the chance to execute it now or never again. Buhari in his age and nearness to grave should reconcile Nigeria and bring the best hands on board to have a great Nigeria, but no, he is wicked,vindictive, nepotic and cares not of interests of our diversity. 1 Like |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by modath(f): 8:40am On Aug 15, 2016 |
Pidggin: There is no way in "heyell" that it can be as deeply regretful & painful as the one made in 2011, which some of you almost selfishly blackmailed well meaning Nigerians into continuing with... Let's put things in perspective, This government isn't living (yet) up to our expectation, but no one can compare 6trn in 18mths, to 51trn in 60mths+. Hero truly is an IB!!! 1 Like 2 Shares
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| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Pidggin(f): 9:15am On Aug 15, 2016 |
modath: Haha even his detractors agreed that out of the so called 51trillion, 12 trillion was given to the ND region as derivatives . The report you quoted then questioned the use of 35 trillion remaining funds. Now let me ask you, was subsidy being paid on petroleum products or not during this period? Buhari claimed there was nothing like subsidy yet he increased fuel price from N87 to N145 Were capital projects not being implemented? Was this not the reason why our economy grew and remained stable during the time and was our budget not being funded? Mediocres will always look for who to blame, keep blaming posterity will judge. |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by obailala(m): 12:16pm On Aug 15, 2016 |
Pidggin:The economy also grew massively under OBJ and Yaradua, as a matter of fact, the 'No. 1 economy in Africa' title which we got following the rebase in 2012/2013 was a direct result of the massive growth of the NIgerian economy from the days of OBJ through to Yaradua before GEJ; GDP did not automatically multiply or instantly leap to over $500bn as soon as GEJ became president. Capital projects were carried out, but the last time I checked, capital projects were also carries out by other administrations. Can someone please prove to me that we had much more capital projects executed under GEJ than the combined years of OBJ and Yaradua?.... Some specific examples such as roads works (including the number of kilometers) would be much appreciated? Subsidies: OBJ and Yaradua also paid subsidies and even though there was a slight increase in the average price of oil between Yaradua's time and GEJ's time, how can this slight increase in oil price account for the over 1000% sudden increase in the subsidy bill paid by GEJ in 2011 (N2.13 trillion)?... These sort of payments is exactly the reason why Nigeria has no tangible achievements to show for the mega bucks made between 2010 and 2015; this was the exact sort of indiscretion that earned GEJ the boot. |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by betterABIAstate: 12:25pm On Aug 15, 2016 |
Some people have forgotten that it was actually amaechi who was then the chairman of governors forum and his APC cronies that took the GEH led administration to court and forced them to deplete the money in the excess crude oil account. Amaechi, fashola and kwankwaso all backed the sharing. .APC was and still remains the problem of the country Stop blaming GEJ, he doesnt disobey court orders like the dullard |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Babacele: 5:45pm On Aug 15, 2016 |
Pidggin:please tell us what capital projects GEJ executed vis - a vis the revenue he got? how does the $12 b ,if it were true, said to have been given to militants, most of which ended in private pockets while GEJ clapped on the way PMB seems to be clapping for Danbaza presently, affect the lives of the common man on the street? Won't a standard refinery in Otuoke, a petrochemical company in Nembe or an awesome fish farm with net cages along River Ethiopie e.g in Oghara and several many possible more with private -public partnership involvements have benefited the ordinary man on the ND streets? No, IB couldn't even evolve reforms that would have sealed him an extra four years no matter whose ox is gored but rather, he submitted our mandate to rogue elite as epitomized by Dasuki, Deziani, FFk, etc while the minister for coordinating wetin sef started telling us to prepare for worse days ahead especially in 2014 while she let her confederates in plundering into our coffers to unleash the greatest heist on this nation . Now that the seeds of GEJ's irresponsibilities ,cos we didn't vote for Dasuki n co to whom he submitted his government the way PMB seems to be submitting to Dogara now, is ripe for all to see you don't want us to talk about it. So the N4.2 billion shared by Fayoshe , obanikoro and co has no effect on the economy? won't that have been a buffer from the external reserve or something? and you are saying we shouldn't talk about? or how do we talk about it without mentioning the man who let the thieves in? ha we can blame Obj, Hausa people but not GEJ who refused to implement UNEP report on Ogoni? are u kidding me? When you head a business or a family, you can practice mono- economy and allow the profit therefrom be looted by a few persons during bumper season and give excuses during tough times. Apart from that singular historic phone call, GEJ was a total heartbreaker! |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Pidggin(f): 6:19pm On Aug 15, 2016 |
Babacele: One thing I have noticed with many educated Nigerians is that we fail to research. This is why propaganda is being used to deceive people. Besides payment of subsidy which Buhari claimed did not exist, roads were built, railway stations were revived, aviation sector experienced a boom, contacts were awarded to expand ports like the one in Calabar etc Among all the so called looters you mentioned who among them has been convicted? Deziani who you mentioned has been aquitted and case closed. When Madam NOI was urging us to save the likes of Amaechi were threatening to take FG to court if ECA was not shared When GEJ wanted to bomb Boko Haram Buhari said an attack on them is an attack on the North The same North that gave GEJ ultimatum to bring back our girls is supporting this present government even after over a year of promio With all the investigate journalism going on why has the wasted trillions as you claim not been unraveled or traced to GEJ's foreign account? You can't bring a good man down |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Babacele: 8:23am On Aug 16, 2016 |
Pidggin:research? .....welcome Mrs research fellow! no be only research because na atomic chemistry issues na im we dey discuss, we go even go university to find out if: 1. UK AUTHORITIES isnt trying a Deziani for money laundering AND BRIBERY after catching her with 27,000 pounds sterling, nor about $1.8 b total worth in assets and cash have been seized from Her JIDE Omokore and ALUKO for illegal oil deals? Case closed by your court of law; http://www.vanguardngr.com/2016/06/oil-deal-dezianis-ally-omokore-ex-nnpc-gmd-yakubu-others-trial-july-4/ http://www.premiumtimesng.com/news/headlines/190933-exclusive-ex-petroleum-minister-diezani-alison-madueke-arrested-in-london.html 2. if stella oduah didnt steal money meant for Enugu airport some which was traced to her poor maid some days ago , nor did she buy bullet prove cars of 200m something from public funds that led to her exit as a minister; http://saharareporters.com/2016/04/10/how-fraud-perpetrated-stella-oduah-ruined-airport-remodelling-projects 3.that Olisa Metuh has not owned up , and promised to return N400m, or FFK HAVE NOT SAID HE NEVER KNEW THE N800M given to him as campaign funds was from ONSA.....;http://punchng.com/returning-n400m-not-enough-sagay-tells-metuh/ 4 Olu falae ,Omisore ,Bafarawa n co have not confessed to receiving huge sums from the office of the NSA for PDP campaigns http://www.vanguardngr.com/2015/12/stolen-defence-funds-efcc-picks-up-bafarawa-dokpesi 5.that EFCC have frozen N1.2b FAYOSHE LOOT being part of the N4.2b stolen for the Ekiti election from the $2.1b arms deal through the NSA,nor N800m siezed from Obanikoro's daughter; http://www.vanguardngr.com/2016/06/account-freezing-court-summons-efcc-adjourns-fayoses-mandatory-application/ http://punchng.com/efcc-grills-obanikoros-daughter-n800m-transaction-seizes-passport/ 6.that one former chief of air staff Adesola Amosu has returned N2.3b a part of the public funds a la $2.1b arms deal;not to talk of ATAWODI, MINIMA, Alex Baddeh AND plenty co; http://punchng.com/pension-efcc-arrests-suspended-dg-others-for-n2-5bn-fraud/ 7.THAT raw cash in dollars, about $15m were not seized in South Africa from Gej boys: a government that was forcing us to do cashless banking; 8.of course Dokpesi didnt get 2.1billion from public purse- money meant to buy weapon for soldiers being killed like rat by PDP pampered boko haram- to run the most bizarre political media campaign in the history of this nation- that that AIT OUTFIT IS STILL STANDING IS A TESTAMENT TO PMB's DEMOCRATIC CREDENTIAL; 9. Yes, we need to do some research on weather GEJ really said ' stealing isn't corruption' or it is our imagination that made up stories to discredit the shoe-less boy from Otuoke whom we had earlier fought the cabal for..... 10. THAT part of the $40M has not been seized few days ago from GEJ'S cousin Robert Aziboala..... maybe you can tell me how he got the money; http://punchng.com/dasuki-said-give-jonathans-cousin-40m-witness/ ECA was illegal but prove me wrong......and where is the savings from the 52% that accrued to the FG under GEJ that was preaching save to a better educated Amaechi? So let us assume PMB said that lie you Igbos like to sell to us, that was why GEJ now allowed the arms fund meant to fight BH be plundered by Dasuki and co as campaign funds? JESUS CHRIST! Foremost,i think we very well need a research on how you manage to think the way you think with deliberate awesome amnesia . Madam Research! |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Pidggin(f): 8:48am On Aug 16, 2016 |
Babacele: It took you one full day of research to respond to my previous post or did you lack mb? No worry na the economy cause am abi? Was GEJ president in the eighties when the likes of Shagari and Co were taking our oil wealth or was he in power when Abacha stole billions of dollars, was GEJ in power when Babangida was amassing wealth for his generation yet unborn or was he the governor of Lagos state when oga Tinubu was placing his family members in key positions? PMB said Abacha never stole or have you forgotten? Nigeria was created in 1960 since then which government has not had its own share of supposed looters? GEJ is your problem because he is from a minority tribe. They own the oil but do not get to decide how oil from their fatherland is used. Well done, right now billions of dollars(federal government funds) is being used to explore oil in the North, what happened to SW and SE? Una try |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Babacele: 9:07am On Aug 16, 2016 |
Pidggin:i have businesses to attend to and it takes nothing to respond to your biases. now that i got you in a tight corner, your best bet is to go wide and wild like an illiterate market woman trying to create some scenes by lumping everybody into the effect of GeJ CLUELESSNESS? So because previous administrations messed up, the subsequent ones should take us to hell ? are u kidding me? didnt we condemn Shagari? maybe you forgot that a MOHAMMADU BUHARI booted Shagari out and had put Dikko in crate to be brought in from the Uk to chagrin of the world? didnt we condemn IBB, ABACHA, AND OBJ for our woes? so we shouldnt talk about GeJ , BECAUSE? with the immensity of influence that Godhas blessed him with, is Tinubu really using the power for selfish purposes? i challenge to name 1 Nigerian alive that is as democratic as Tinubu and has paid so much price for the survival of democracy like Numero Uno politico, detribalized, foresighted, astute men-manager strategist Jagaban of Nigeria? |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Pidggin(f): 9:44am On Aug 16, 2016 |
Babacele: Hahaha what price did Tinubu pay for the survival of democracy? While you are fighting on his behalf his wife is serving her third term as a Senator, his daughter is the Iyalode of Lagos state His son recently did his billion dollar wedding abroad I can see the Mandela of Nigeria at work indeed  Did Buhari say Abacha never stole or not? Has waving the broom not set Dogara free despite padding allegations? I can say more but I want to be discreet as people are presently being arrested and harassed for cyber stalking so let me hold my peace here 1 Like |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Babacele: 11:01am On Aug 16, 2016 |
Pidggin:iyaloja position can only be earned by a trusted and hardworking in the most complicated political environment like the Lagos market. So being Tinubu's daughter or wife means you can't aspire in life? so it was Tinubu too who made Alhaja Magaji, God bless the dead, the Iyaloja General? Remi Tinubu too has paid the price of leadership spanning 3 decades ,so why can't our Hilary Clinton become a senator or even the president because her husband is a politician or what? Are the people they represent complaining? weren't they voted for? so Bush Senior antecedents should have been used to stop Bush junior ambitions? are u this petty? We all condemn Dogara, Buratai and Danbaza and are recording against Buhari but that won't remove our gaze from GEJ's atrocities. Did you say a billion dollar wedding overseas? Jesus, where and when? a low key event held in Lagos just few days ago is now a billion dollar overseas event, Mrs educated research? I'm done ,never knew you lie this easily. |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by Babacele: 11:08am On Aug 16, 2016 |
kahal29:so with the beautiful essays, we should not talk about the stolen wealth that would have been a buffer against hard times like now in form of savings or reserve or whatever? we should forget so that we don't learn lessons such that when the fruits of the policies the experts above are recommending start yielding, a polithief won't make away with the gains? I'm simply baffled. |
| Re: Is Jonathan Or Buhari To Blame For Poor Economy? by ChimaAdeoye: 12:38pm On Aug 16, 2016 |
Soon Buhari will blame President of Cameroon or juju for his gross incompetence to manage Nigeria's economy and diversity. Just a very hopeless old cattle rearer imposed to rule an incredibly diverse and dynamic country as Nigeria. With no skills whatsoever except how to shoot AK 47, How will he be able to do it? |
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