Chinom:
How in the world do we have a recession and rising inflation at the same time?!!. Cement is now being sold at +N2000. A bag of rice is nearly N20,000. Shouldn't there be a slump in prices?.

ONLY IN NIGERIA. Given all the incentives he gets from the FGN, Dangote should reverse that Cement price hike ASAP. It's intolerable.

piperson:
who's to be blamed? buhari or fall in oil price?

Quakertellicus1:


1.In 1982....oil prices crashed. When Buhari took over , it was getting bad, and it got worse. We removed Buhari and replaced with IBB...and it continued to get worse ...because we were not earning enough from oil.
By 1986...when IBB was in charge...we had to accept SAP. By 1989....we devalued the naira.
Our economy went on a downward trend until 2003...when oil started shooting up again after staying low.

Also, in the 1980's the US bought most of our oil. Today they buy 3 % because they are self sufficient in oil.

2.Buhari has not done well in the sense that he is not running a full austerity government. He did that back in 1984...and that may have kept an already bad situation from getting worse.

3.GEJ and Shagari should have saved in 1982 and 2014 respectively. But even with savings....things would have gotten worse.

4.For now...any leader of this country has to run a full blown austerity government, and get Nigeria industrialized.That is what APC needs to do, instead of waiting for oil to rise again.

petsolo15:
"IN MONTHS TO COME, A TOYOTA CAMRY
WOULD BE OFFERED FOR N50.000 JUST TO
FEED THE FAMILY
In 1984, just months after the military takeover
by General Buhari, the country ground to a halt;
just like today! He came with the same song-
and-dance: THEY ARE CORRUPT!!


In a matter of months, mothers were selling
their jewellery to send their children to school.
Thieves were stealing food at gun point, just
like today.
Within months, there simply was NO FOOD. The
government gathered the little there was and
restricted purchases.


Whether you were 100 or ONE in your family,
every household had a card with which they
went to military manned cooperatives to
purchase rationed, “essential commodities”.
These included Rice, Beans, Yam, Bread, Milk,
Sugar, and so on. Everything was rationed. It
was war-time in peace-time!! Nigeria became
like Somalia.

We lived like refugees.
And of course, a lot of children were simply
pulled out of schools because feeding was
priority number ONE! Going to school became a
luxury, even for middle class families.
And ANDREWS & JANES started checking out.
People suddenly remembered they had British
and American passports, and simply left the
country!


Those who are not aware of all these, ask
anyone who was born on or before 1984. They
should be old enough to remember. It was that
harrowing.
The most baffling aspect of all this was that,
the people he said were corrupt and stealing,
were presiding over an economy where the
Naira was 1:1 with the US Dollar, and N2 to £1
Sterling!
An economy where we were buying Volkswagen
Beetle at N400 from Volkswagen of Nigeria. An
economy where my entire family, all 7 of us,
travelled for summer hols on tickets purchased
for N280 and BTA of N400 (official – we
managed to sneak more out for shopping naaa)
.
An economy where everything was robust and
vibrant and growing. Then a man comes in and
says he took over because people were corrupt
and he needed to sanitise things.
In a matter of months, the Dollar was N15 and
the Sterling was N40. A VW Beetle sold for
N8,000 (up from N400) and that N8,000 simply
was not available anywhere!
Children dropped out of school, businesses
closed, parents became destitute, food was
NOT available and we queued for rations at
cooperatives like refugees in a warring
country!!!


Fast forward to 2015!! The same man comes
with the same song-and-dance.
We tried to remind our peers and elders of
those days, and we tried to educate the
younger ones.
However, the wind of change, that wind that
always tells us that the grass is greener on the
other side, deafened them all!
And once again, within months, everything that
happened in 1984 and 1985 – EVERYTHING –
is all being repeated.


I have just come from a home where my
friends have owed two terms’ school fees. They
have just made the difficult decision to leave
Abuja, relocate back to their village and take the
two younger children out of sc

hool, at least
temporarily.
The older boy will stay with friends and they
will use the savings on rent and the likes to try
and get him across the line (WAEC).
Feeding is now a major task. Infact, people are
complaining of their kitchens and farms being
raided for food – DAILY!!
Yet again, this is happening just months after
Buhari takes over with screams of corruption
and stealing.
Corruption and stealing, yet that my family
friend who was not corrupt, not stealing and
not anywhere close to the corridors of power
was paying his rent, feeding his family and
sending all three children to school.
Corruption and stealing yet businesses were
opening daily, economy was vibrant, people
were healthy, GDP was growing and so on!
In 1985, we were rescued by IBB and
Dogonyaro. Immediately, people experienced a
reversal.
Within a very short time, the cooperatives
closed, food became abundant again, the Naira
stabilised, mothers stopped selling their
jewellery, and so on. It makes one wonder!
If there were no reference points, Buharists may
claim that “if only he had been president”, but
the mid-80s proved that the worst period in
Nigeria’s history were the 20-odd months he
was in power, sandwiched between two periods
of plenty and growth.
Therefore, they cannot bring the argument that
today’s sufferings and impoverishment were the
fault of the past regime – because we will
counter with “TAKE HIM OUT NOW LIKE IBB
DID IN 1985 AND SEE IF BY THIS CHRISTMAS,
YOU WILL NOT BE SMILING AGAIN.
Someone told me today that he predicts that by
this Xmas or next Easter at the latest, a person
will come and offer a Toyota Camry in
exchange for N50,000, just so that his family
can eat and make merry over the holidays!!
Nigerians simply don't refer to history! And I
have run out of every single drop of sympathy
in my body.
SO, LIKE I SAID BEFORE, KEEP STEWING IN
YOUR BROTH. MAYBE NEXT TIME YOU WILL
SHELVE PARTISANSHIP, TRIBALISM,
ETHNICISM, RELIGIOUS BIGOTRY, HATRED,
INTEREST AND ALL THAT –

tommynico:


You'v gat no chills bro...

NameChecker:
ok

PUSH1:


How would you save it? On Nairaland?
Empty Vessels.

Sunnycliff:


join the new Nigeria vanguard.

pm me if you want to see what we are planning together to achieve as concerned Nigeria youths with pen and paper.

Sunnycliff:
Posterity will never forgive Nigeria Youths if all we do is to wail and wail without trying to form an alliance to save this nation from the hands of political cabals and cannibalistic leaders who have long outlived their political sagacity and intellectual acumen but are now in senescence!

tammie24:
Yes!!!


Buhari has done it!



Easier to destroy than to build



Congratulations.....!!!! APC



Just watch... they will soon come here and blame Jonathan

Chinom:
How in the world do we have a recession and rising inflation at the same time?!!. Cement is now being sold at +N2000. A bag of rice is nearly N20,000. Shouldn't there be a slump in prices?.

ONLY IN NIGERIA. Given all the incentives he gets from the FGN, Dangote should reverse that Cement price hike ASAP. It's intolerable.

MARKone:


Of course!! Jonathan has his on fair share of blame, read the article well it said past leaders failed woefully in diversification of the economy. From the Gowon man that once declared that the country is so rich that we do not know what to do with our wealth. To IBB who sadly and unfortunately filtered away revenue $12bil accruing to the country during the Gulf war, wasting 8 solid years!! What did we get S.A.P. To the ota farmer who spent a good number of his time fighting his deputy and scheming for a third, to the fedora hat wearing otuoke man, who wasted!! And nearly depleted our foreign reserve all in the name of seeking reelection, we have been cursed in this country with bad leaders, PMB has no reason being here, as the man and his crew are just at loss on what to do.

PaulIdu:
Nigeria has gone into full recession just twice in our history and guess who was in power both times ? Yes you are right BUHARI

aljharem:
Nigerian youths are the worst in the world.

You voted out a 54 years old man and elected a dead brain 79 years old man to govern you. Ain't you fools

weyabcom:
Wen u won wit innocent nd coppers blood nd u expect things to work fine... Buhari must be disgrace... Must happen

4Play:


I agree about the diversification point but I think people are overemphasising that. Petroleum is a small part of the economy (less than 20% off the top of my head) and its main values are as a source of government revenue and forex. For the latter, capital inflows, remittances and non-oil exports were additional sources of forex. What the decision to fix the naira at 197 to the USD caused was to reduce capital inflows (what good bringing in money at an artificially inflated level when you can't take it out?) and make non-oil exports less viable.

Re oil's dominance of government revenue, allowing the currency to fall earlier would have lifted some of the burden. All things being equal, a 50% fall in oil price would amount to a 25% fall in government oil revenue if the naira depreciated by 50%. As government spending obligation is largely naira denominated - paying workers salary for instance - depreciation would have cushioned the effect of the oil price fall.

Although, some decisions have been partially reversed - including the fixed exchange regime - there has been a precipitous loss of confidence in the economy which might take time to rebuild.

In summary, this government's actions and inactions (coupled with decades of policy ineptitude, including GEJ's government) have made a perfectly manageable situation into a full blown crisis. We need to hold these people accountable as it us who suffer for their inadequacies.

735i:
Both times Bubu has been at the helm of affairs... Nigeria slipped into recession...

Bubu is badluck...

#Bubumustgo

Solitin40:

mumu you saw 70% of the revenue is from oil and you are still saying rubbish you need help from above

Is Buhari OPEC ?

When GEJ was there why can't he save ?

It is clearly obvious that you the bad luck

Solitin40:

mumu you saw 70% of the revenue is from oil and you are still saying rubbish you need help from above

Is Buhari OPEC ?

When GEJ was there why can't he save ?

It is clearly obvious that you the bad luck

bettercreature:
APC and EMEFELE successfully destroyed Nigeria through their trial and fail policies

chinjo:

Zombie spotted. where u hide before.

shakaZuIlu:
i feel like killing all apc bastards now especially nairaland zombies.