Garba Shehu, senior special assistant to the president on media and publicity, says Nigerians are right to be disappointed on the state of the economy, but that they should direct their anger to the “right quarters”.

In a piece entitled: ‘What is President Buhari doing with the economy?’, Shehu attributed the poor situation of things to years of mismanagement and corruption.

He advised the people to “keep a fiery memory of the past” in order to avoid repeating mistakes.

“Nigerians are right to be disappointed but they must direct their anger at the right quarters. The bad management and corruption of the past are firmly to blame,” he wrote.

[b]“People are still talking about who ran governments in 1865, you want us to forget those who left government last year?

“Let us keep a fiery memory of the past so that we don’t repeat its mistakes. Look back, look ahead. The future must of necessity be built on the foundations of the past,” he said.

“To avoid repeating the past mistakes, Nigerians must come to terms with what went wrong with the past, how bad were things, what was done wrongly, what the past government should have done, before we come to what needs to be done to right those wrongs.

“Believe me, episodes from the Jonathan era can fill books, and other possibilities such as courtroom drama thriller.”

Shehu said in addition to failure to spend money on what was needed by past governments, no savings was made.

“As explained by President Buhari again and again, trumpeted by Madam Adeosun and other senior officials, we solely relied on oil, the price of which was as high as US$140 per barrel,” he wrote.

“Government simply reticulated oil revenue through personal spending by corrupt leaders, wasteful expenses and salaries. This was done rather than investing in what would grow the economy.

“Economies grow due to capital investment in assets like seaports, airports, power plants, railways, roads and housing. Nigeria has not recorded a single major infrastructural project in the last 10 years. In short, the money was mismanaged.”

The presidential spokesman explained that by the time the Buhari administration took over power in May 2015, the country’s debt had accumulated to a level it was before the Paris Club debt forgiveness.

He said in the bid to resuscitate the economy, Buhari’s government flagged off its anti-corruption fight.

“No government has ever considered the poor like this one. Under the current budget, the administration devoted N500Bn for social intervention programmes for those who need and deserve support,” Shehu said.

“There are also programmes for affordable housing with mortgages which will transform thousands from tenant status to home ownership.

“Any process that will endure, must involve some pain but things will begin to improve. There is always a time lag between policy and effect. That is why the bad effects of past policies are manifesting now.”[/b]

justice2016:
Stop deceiving your selves .Only ignorant people ll be deceived . APC govt is clueless and not prepared to rule with bunch of unqualified ministers. Stop blaming . Never in history of this countries has any incoming govt received a buoyant economy . People voted you in to make our lives better but you have made it worse . Actually during the past govt things were good with out us knowing . Gej said that if l leave office you will know how good I am but many of us did not quite believe him . I think he was right .

sheyguy:
Please let's separate politics and reality. It will help tone down the lies.
Stop calling an economy sustained on debt and unpredictable crude oil earning buoyant . We all the last govt borrowed heavily and left the economy on a steep decline. This is evident in Ngozi's warning of doom and hardship.

Pavarottii:

Don't fall to leap service to defend d hardship, u in now? The question is was the economy buoyant or not? APC has since den dstroyed the economic gains of 16years of PDP. In 2008, did the oil price not fall from about 130 to 35dollars. Did yaradua and GEJ cry like the way they r crying. Stop defending people that don't even know what they r doing.

sheyguy:
Stop combining irrelevant fact with lies. Those govts had lots of reserve fund to fall back to. Our present situation is such that the reccurent expenditure has been bloated more than 60% from the time of Yar' adua. Stop making this APC vs PDP. It will help your thinking alot.
The last admin left a declining economy and did with a clear warning.

basilo101:
I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It's also myopic to think that if Jonathan were to still be in power, we would be worse off.

The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language.

Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.

After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars. In the process of trying to flee,

Source: Facebook post

sheyguy:
Stop spamming the thread with lies.

Pavarottii:

Who is doing APC vs PDP. Is it not Garba shehu that is calling PDP. 16months after taking power. Please give me facts where. The last administration left a declining economy. Am waiting.

sheyguy:
Dollar was on a free fall already. As at March 28 2015 it sold for N225/$+, the govt was borrowing to pay salaries while owing marketters. The indice were already going down. Stop arguing with irrelevant facts and lies.

basilo101:
I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It's also myopic to think that if Jonathan were to still be in power, we would be worse off.

The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language.

Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.

After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars. In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.

Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts. That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.

To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL.

In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall.

To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.

The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge. Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians.

For your information, if your president "kontunu" with his unguided rhetoric, Naira will go down to N1000/1 $. But we thank God, he is no longer talking.


Source: Facebook post

basilo101:
I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It's also myopic to think that if Jonathan were to still be in power, we would be worse off.

The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language.

Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.

After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars. In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.

Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts. That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.

To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL.

In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall.

To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.

The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge. Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians.

For your information, if your president "kontunu" with his unguided rhetoric, Naira will go down to N1000/1 $. But we thank God, he is no longer talking.


Source: Facebook post

eleojo23:

From 225 to 414 in just one year!

What kind of free fall is that?

This kind of the thing only happens when a president like Buhari runs a direction-less government.

It is a free fall caused by cluelessness.

sheyguy:
Please let's separate politics and reality. It will help tone down the lies.
Stop calling an economy sustained on debt and unpredictable crude oil earning buoyant . We all the last govt borrowed heavily and left the economy on a steep decline. This is evident in Ngozi's warning of doom and hardship.

mrvitalis:

Lol ur economics is very bad

Have ever seen any known economics saying Buhari steps are bad?? Even NOI?? Do u know why? ?

basilo101:
I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It's also myopic to think that if Jonathan were to still be in power, we would be worse off.

The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language.

Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.

After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars. In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.

Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts. That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.

To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL.

In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall.

To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.

The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge. Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians.

For your information, if your president "kontunu" with his unguided rhetoric, Naira will go down to N1000/1 $. But we thank God, he is no longer talking.


Source: Facebook post

DropShot:
Nigerians know this fact, hence 68℅ who took part in the survey by Premium Times squarely put the current economic woes on PDP govt.

Let the 32 percenters keep masturbating on Nairaland and thinking they're making any sense. Na their wahala.

DropShot:
Nigerians know this fact, hence 68℅ who took part in the survey by Premium Times squarely put the current economic woes on PDP govt.

Let the 32 percenters keep masturbating on Nairaland and thinking they're making any sense. Na their wahala.