Vice President Yemi Osinbajo on Monday stated that
the APC Government met an economy that was
already in a meltdown, due to certain wrong

decisions that were taken in the past.

He assured Nigerians that Muhammadu Buhari
administration is doing its best to save the situation,
adding that the country did not adequately exploit the
oil boom era to invest in infrastructure and in the
area of diversifying the economy.

The Vice-President, who disclosed this while
inaugurating the agricultural sector road map titled,
'The Green Alternative: Agriculture Promotion Policy
2016 – 2020', in Abuja, said, "The present
administration came into office to meet an economy
essentially in meltdown."

He said the Federal Government had concluded that
before the end of September this year, the Bank of
Agriculture would start giving out single digit interest
loans to farmers in Nigeria.

On the issue of economic recession, he expressed
worry that during the period when oil was sold for
over $100 per barrel, the country did not increase
investment in infrastructure.

"We knew that we had to set alright the economy and
put it back on the path of sustainable growth with job
opportunities for our teeming population. So, one of
the critical components of that plan is to position
agriculture as the arrow-head of our economic
recovery efforts. If we get agriculture right, we will
get our economy right."

Osinbajo stated that the road map identified two key
challenges and that the first was the inability to meet
domestic food requirement.

He said this is a productivity issue driven by Nigeria's
inefficient input systems and farming models.

He said the second challenge was the inability to
export at levels required by the market and that this
was due to an inefficient system, weak inspectorate
measures and poor coordination among relevant
agencies.

"The Green Alternative has set out strategies for
resolving these challenges. I'm personally impressed
that the road map does not dismiss the agricultural
policy of the past," he added.

The Vice-President noted that the plan in the road
map aligned with other economic policies of the
Federal Government.

He said, "Just to give some obvious examples, we
cannot have a policy of encouraging local production
of food and on the other hand have a high tariff on
imported agricultural equipment. There is no way
that we can encourage local production while we
allow unbridled importation of the same things that
we are trying to produce."

Osinbajo observed that the financing of agriculture
was also a crucial policy, adding that "with double
digit interest rate at the moment, we have developed
some funding options in the short term."

He stated that the anchor borrowing programme of
the Central Bank which allowed farmers to get loans
at single digit interest rates had been very useful, as
it was pivotal in enabling rice farmers in Kebbi State
to increase their production considerably.
"
The Ministry of Finance has concluded plans to
recapitalise and re-engineer the Bank of Agriculture.
We expect that before the end of this quarter, the
BOA should be able to give single digit interest rate
loans to farmers," he said.

The inauguration of the agricultural road map had
various ministers and heads of different agencies of
government in attendance.


Source: www.naijcrackgist..com

Rant of a failure.

U for no talk ooo

Cant dis set of slowpuke jez shut da f**ck up and work to turn things around even if na for 1 week...

You are the architects of our current economic melt down and no one else.

Who our foriegn reserves epp under this Buhari govt?

For 6yrs, the Jonathan administration was able to maintain a stable forex rate for the naira which hovered at around 156 to the USD.

This feat was achieved through a steady supply of forex sales into the local economy by the CBN .

The last immediate Governor of the CBN, by estimation, provided $100bn to local businesses during his 5yr stint.

This huge amount was made possible due to high oil receipts to govt coffers buoyed by a strong and growing confidence in our economy.

The naira began its decline through a deliberate and well thought out policy move by the CBN to devalue it on the heels of lowering oil prices.

The naira then saw a dip to 178 naira during the twilight years of the past administration in the closing quater of 2014. This policy was borne out of both necessity and commonsense.

Further decline in the naira was recorded in the buildup to the 2015 general elections not out of fiscal constraints but owing largely to an unstable political atmosphere. Investors being rightfully wary of the careless rhetrioc and threats of unleashing violence by the opposition party and it's candidate (just as Buhari promised and executed in 2011 after he lost out), led to most investors fleeing for safety. The stock market was heavily hit and the naira was not spared as well which saw the naira dipping to as low as 210 to the USD.

After the vagabonds secured their mandate in May, 2015 the naira gradually regained some value to 199. This wasn't out of any economic masterstoke by the Buhari adminstration but merely due to the fact that Nigeria had survived one of her most tense political situations in her history.

This value remained stubbornly and artificially stagnant for over one year leading to the greatest disparity between the official rates to that of the parallel market.


Fig 1: Naira trend from Jan 2011 to Jan, 2015


The politics of the naira had now taken precedence over the economics of its true value

Despite several calls to float the naira, the arrogating mediocre at the helms refused to do the needful.




The naira took several hits further when the man at the helms refused to announce a cabinet and issue any economic road map. Rather, the man in charge went on a global pilgrimage tour prophesying his mythical Puritan sainthood while denouncing his fellow country men as indisciplined criminals and preaching to whoever had time to waste that Nigeria was broke. If there was ever a worst demarketing agent, here came Buhari to out shadow him at the task of rubbishing our nation to which he was elected to promote.

The Buhari govt will then set out to try old and discarded rubbish fiscal policies that have never worked and will never work in trying to buoy his artificial currency. He introduced import restrictions on items without providing insentives to promote alternatives within our local manufacturing sector. He isolated our economy from the rest of the world by introducing silly restrictions on individual consumption and use of their ATMs while abroad and on the net. He favored his cronies and family members with subsidized forex gotten from the CBN with a note from him which they dumped on the parallel market to get huge returns. He then decided to stop all ongoing govt projects and payments to contractors in order to keep our foreign reserves hovering at $26bn (down from $30bn he inherited on May,29).

Not stopping there, he squandered much needed forex in compensating his theiving governors who supported him in the last election. I know you will say that both APC and PDP controlled states got a bailout but why should Osun state get a bailout of 40bn naira - an amount 400% higher than the next highest state recipient! The osun bailout was nothing but anavenue to compensate Bola Ahmed Tinubu since the rascal governor of osun did not use the huge sum - which amounted to a year's earnigs for the state to offset owed civil servants' salaries.



Fig 2: the Dullard's voodoo tricks effect on the naira

Not only did he squander the LNG funds in compensating his theiving accomplices, he forced banks through his bailout agreement to reschedule debts owed by states. This led to a huge shortfall in liquidity flows to banks since the states where their biggest debtors. The antecedents were shaky banks that led to a lot of branch closures, staff retrenchment and a spike in interests rates further contracting the economy.

The dullard will later apply for a 2 trillion naira supplementary budget based on loans in late November , 2015 claiming the inherited budget he met "was no more feasible in light of harsh economic realities". Now what exactly did he do with the 4.5 trillion budget and the additional 2trillion naira supplementary budget for 2015? Not a damn thing!

It gets worse. In early 2016, the dullard issued another draconian decree on our economy restricting forex sales to local manufacturers; declaring they "source forex from other sources" - the black market to be precise which his cronies where now supplying forex to. This saw the naira crashing at well over 320 to a dollar.

So who exactly is our forex for since Buhari has restricted virtually every one but himself, his cronies, family members , political jobbers and newly acquired business affiliates to forex access ?

As things stand now our foreign reserves is just sitting fallow in foriegn bank accounts servicing foreign interests and businesses.

So who in God's holy name does our foriegn reserves epp?