The recession today was an inevitable event as Nigeria is a "mono revenue driven economy". More than 70% of our income as a sovereign nation comes from sales of crude oil. Hence rise and fall in global price of crude is bound to affect the Nigerian economy positively or negatively.
In this article i will be using Vanguard mostly as my reference. This is for obvious reasons

The Facts:


1. The much celebrated economist by a particular political party and some sets of people in Nigeria actually warned about a reccession in Nigeria way back in 2012 due to a slide in oil price. Oil price then was actually just abit below $80/barrel. I am talking of Madam Okonjo Iweala.
By madam Okon's assertion, Nigeria actually escaped reccession because oil price started to rise again before year 2012 ended.

http://www.vanguardngr.com/2012/06/okonjo-iweala-warns-of-economic-recession/

Oil sold below $30 ber barrel and as remained below $50/barrel for above a year now. Is it safe to say reccession was inevitable by the above assertions of the ex-minister of finance.

2. There was a steady increase in oil price from 2012 to late 2014, with oil selling @ an average of $100/barrel. But according to the ex minister of finance in person of Madam Okonjo Iweala who is well celebrated by the opposition party and some particular sets of people in Nigeria, Nigeria could not actually save at that time because the previous government had zero political Will to save.
http://www.vanguardngr.com/2016/04/nigeria-had-no-political-will-to-save-under-jonathan-okonjo-iweala/



3. It takes about $30-$35 to get a barrel of crude from the ground.
http://www.vanguardngr.com/2016/01/oil-crash-nigeria-producing-at-5-per-barrel-loss/

4. Oil price slid from about $60/barrel when Buhari came into power in May 2015 to as low as $28/barrel in June 2016.
http://www.vanguardngr.com/2016/01/oil-prices-hit-fresh-12-year-low-trade-below-28-per-barrel/

5. In view of the above, Nigeria was practically selling crude at a loss at a one point in time. (Read link in point 3 above)

6. Nigeira produced about 2.2 million barrels per day, but as at now, she only produces about 1.4million barrels per day due to terrorists activities in the Niger Delta. This simply means Nigeria is selling lesser quantity of oil with the slump in oil prices. The simple effect of this is lower revenue.
http://www.vanguardngr.com/2016/05/pipeline-bombing-nigerias-oil-export-dips-21000bpd/

7. A Paltry 30 Billion dollars was left in the national reserves for the incoming government despite the previous government inheriting above 40 Billion dollars with crude oil sold an average of $100/barrel before the gradual slump in oil price in 2014.
http://www.nigeriannation.com/news/i-left-30bn-in-the-treasury-for-you-jonathan-replies-buhari.aspx

8. During the global recession in 2008/2009, the CBN actually defended the Naira and economy with a Whooping $20 billion.What the CBN did to drive down the value of the dollar against the naira was to flood the foreign exchange market with dollars in exchange for naira. It is important to note that the naira still lost about 20% of its value by mid-2009 despite CBN intervention
Get more enlightened here; http://www.myfinancialintelligence.com/banking-and-finance/limitations-nigeria’s-foreign-exchange-policy


9. Nigeira is an import driven country, hence there is always high demand for dollars thereby putting excessive pressure on the value of Niara in the time of scarcity.

CONCLUSION

In view of the above it is safe to say;

1. With a reserve of about $30bn, it is practically impossible to defend the Naira/economy as done in the past with the reserve as the nation may go bankrupt in the process.
Besides, defending the Naira with the national reserves is not sustainable as long as oil prices remain low. Naira still lost 20% of its value despite using more than 40% of the national reserves to defend the it between 2008 to 2012.
For more on this kindly read link below
http://www.myfinancialintelligence.com/banking-and-finance/limitations-nigeria’s-foreign-exchange-policy


2. There is urgent need to diversify the economy, as it is being witnessed today. Diversification is a process and does not happen over night.
FIRS, Customs, and others have started making positive impact on to national reserves. New mineral resources are being discovered but there is still more to be done.

3. Nigeirans have no choice than to endure the pain and inflation at the moment while efforts are being made to revamp the economy. Effects of the low oil prices would have been minimal should we have saved enough for the future

4. President Buhari may have made errors, but Nigeira being a mono revenue driven economy, reccession was bound to happen sooner or later.

Thank You and God bless

Written by KOBOKO69

Editted and Published by Progress69

Cc Mynd44
Lalasticlala

The truth remains many of the people rejoicing and blaming Buhari over the reccession actually had a strong unwarranted hate for Buhari even before he won the elections. The senselees hate was actually carried to the polls, but unfortunately for them, their inconsequential votes could not stop Buhari from becoming the President of the country. They wished him failure from the onset, they hailed pipeline terrorists and today they complain and lament. They forgot that Buhari's failure means hunger for them and not for Buhari or is family and even extended family. If a bag of rice is N20,000 today, or u buy fuel for N145 today, u prayed for it, you wanted, so enjoy it . I wish it goes higher so u can enjoy what u prayed and wished for. while u suffer, Buhari will remain president till May 29 2019 at least

For other good hearted people. Don'tbe discouraged, endure the pain, things will surely get better. Don't be distracted by the sworn Buhari haters, things will surely get better!

Blah blah blah...

Next pls

RUBBISH!!! NONSENSE AND INGREDIENTS!!!

zombie op for how long will u keep deceiving ur self & fellow zombies is Nigeria not better off past 6 yrs dan now de truths is DAT buhari is incompetent, clueless & confuse

I understand ur point bro
But the govt isn't really helping matters. We are not asking for too much but an intervention to aide us from this starvation.
The govt should come up. With a policy that will defend hunger in the land. If there is anything FG wishes to do, Nigerians don't care as long as it doesn't affect feeding.
There are many items we r not producing here that has been banned, and since custom are generating money now, it should be lifted. Atleast this will also bring more money

Ok

OP people can't handle the truth talkless of that raw thing you wrote. Why put it up for them to digest? They will choke you with silly mentions.

princemillla:
I understand ur point bro
But the govt isn't really helping matters. We are not asking for too much but an intervention to aide us from this starvation.
The govt should come up. With a policy that will defend hunger in the land. If there is anything FG wishes to do, Nigerians don't care as long as it doesn't affect feeding.
There are many items we r not producing here that has been banned, and since custom are generating money now, it should be lifted. Atleast this will also bring more money

Best policy to defend hunger is aggressive farming. We do it absent-mindedly and semi mechanized.
Left to me, Buhari separation of parallel market from interbank market is good.
Buhari's seperation of black market and inter bank rate was a genius idea that was opposed by the ignorant and crumbled by a weak & corrupt system. He seperated the two to create an avenue to subsidize production while leaving addictive and senseless consumption to its fate. The move failed not because it was wrong but because of a weak system that allows bank(ers) to hoard the dollar and sell at black market rate. Blame the weak system for that and not Buhari. If GEJ had picked the aspect of ensuring that dollar gets to expected importers and users to work on the way Buhari worked on TSA to make it a reality, it would av been a different story now.
I strongly suggest the separate dollar allocation system be brought back and worked on by Buhari. Govt has no business subsidizing dollar in the first place. It should only be a stimulating package for producers.

Those that their brains can't handle the information you posted will rather prefer to scream...... "Buhari"!!!...... since it's easier to do...... and they call people "Zombies".


The irony.

micchi:
zombie op for how long will u keep deceiving ur self & fellow zombies is Nigeria not better off past 6 yrs dan now de truths is DAT buhari is incompetent, clueless & confuse

The truth is right on your nose but you don't see it.

May your ignorance not lead you to poverty....... say "Amen".

Standing5:
Best policy to defend hunger is aggressive farming. We do it absent-mindedly and semi mechanized.

Hmmmmmm

Why did your inevitable occurrence also occurred in 1984??

ba7man:
Those that their brains can't handle the information you posted will rather prefer to scream...... "Buhari"!!!...... since it's easier to do...... and they call people "Zombies".


The irony.

Thank You for that....

Is it a coincidence that the economic crisis which occurred in 1984 when Buhari was president is reoccurring again? OP, you need to resign from defending PMB's failures

Pidggin:
Is it a coincidence that the economic crisis which occurred in 1984 when Buhari was president is reoccurring again? OP, you need to resign from defending PMB's failures

Have You ever bothered to read up why the 1984 situation was similar?

Bolustic:
The comatose economy of Nigeria was finally given a smackdown during the period the presidential election was postponed for 6 weeks.

I'm sure many on this forum know the billions of dollars that exchanged hands within that short period.

Dearest mods, please give me a leeway to have a communication with this monicker.
Thanks in anticipation for your response.

Meanwhile, Bolustic and your band of APC zombified imbeciles, it has become imperative that you be fed with a small dose of my anger and annoyance over your selfish attitudes towards the happenings in Nigeria. Your chant of solidarity to this unfeeling government is becoming monotonous and extra mega-stupid to say the least.
Buhari think he is going to spend his life having one epiphany after another, always thinking he has finally figured out what's holding us back, and how he can finally be productive and creative and turn our life around. But nothing will ever change. That cycle of mediocrity isn't due to some obstacle. It's who he is.
The thing standing in the way of our dreams of a better Nigeria is that the person having them is Buhari.

Deal with it

Kkkkk

This omenka can write rubbish

If recession is inevitable why is buhari accusing PDP as the cause if the recession

progress69:
The recession today was an inevitable event as Nigeria is a "mono revenue driven economy". More than 70% of our income as a sovereign nation comes from sales of crude oil. Hence rise and fall in global proce of crude is bound to affect the Nigerian economy positively or negatively.
In this article i will be using Vanguard newspaper mostly as my reference. This is for obvious reasons

The Facts:

1. It takes about $30-$35 to get a barrel of crude from the ground.
http://www.vanguardngr.com/2016/01/oil-crash-nigeria-producing-at-5-per-barrel-loss/

2. Oil price slid from about $60/barrel when Buhari came into power in May 2015 to as low as $28/barrel in June 2016.
http://www.vanguardngr.com/2016/01/oil-prices-hit-fresh-12-year-low-trade-below-28-per-barrel/

3. In view of the above, Nigeria was practically selling crude at a loss at a particular point in time. (Read link in point 1 above)

4. Nigeira produced about 2.2 million barrels per day, but as at now, she only produces about 1.4million barrels per day due to terrorists activities in the Niger Delta. This simply means Nigeria is selling lesser quantity of oil with the slump in oil prices. This simply means lower revenue.
http://www.vanguardngr.com/2016/05/pipeline-bombing-nigerias-oil-export-dips-21000bpd/

5. A Paltry 30 Billion dollars was left in the national reserves for the incubent government despite the previous government inheriting above 40 Billion dollars with crude oil sold an average of $100/barrel before the gradual slump in oil price in 2014.
http://www.nigeriannation.com/news/i-left-30bn-in-the-treasury-for-you-jonathan-replies-buhari.aspx

6. During the global recession in 2008/2009, the CBN actually defended the Naira and economy with a Whooping $20 billion.What the CBN did to drive down the value of the dollar against the naira was to flood the foreign exchange market with dollars in exchange for naira. It is important to note that the naira still lost about 20% of its value by mid-2009 despite CBN intervention
Get more enlightened here; http://www.myfinancialintelligence.com/banking-and-finance/limitations-nigeria’s-foreign-exchange-policy

7. The much celebrated economist by a particular political party and some sets of people in Nigeria actually warned about a reccession in Nigeria in 2012 due to a slide in oil price. Oil price then was actually just abit below $80/barrel. I am talking of Madam Okonjo Iweala.
http://www.vanguardngr.com/2012/06/okonjo-iweala-warns-of-economic-recession/

Oil sold below $30 ber barrel and as remained below $50/barrel for above a year now. Is it safe to say reccession was inevitable by the above assertions of the ex-minister of finance.


8. There was a steady increase in oil price from 2012 to late 2014, with oil selling @ an average of $100/barrel. But according to the ex minister of finance in person of Madam Okonjo Iweala who is well celebrated by the opposition party and some particular sets of people in Nigeria, Nigeria could not actually save at that point because the previous government had zero political Will to save.
http://www.vanguardngr.com/2016/04/nigeria-had-no-political-will-to-save-under-jonathan-okonjo-iweala/


9. Nigeira is an import driven country, hence there is always high demand of dollars thereby putting pressure on the value of Niara in the time of scarcity.

CONCLUSION

In view of the above it is safe to say;

1. With a reserve of about $30bn, it is practically impossible to defend the Naira/economy as done in the past with the reserve as the nation may go bankrupt in the process. Besides, defending the Naira with the national reserves is not sustainable as long as oil prices remain low. Naira still lost 20% of its value despite using more than 50% of the national reserves to defend the it between 2008 to 2012.
For more in this kindly read link below
http://www.myfinancialintelligence.com/banking-and-finance/limitations-nigeria’s-foreign-exchange-policy


2. There is urgent need to diversify the economy, as it is being witnessed today. Diversification is a process and does not happen over night.
FIRS, Customs, and others have started making positive impact in to national reserves. New mineral resources are being discovered but there is still more to be done.

3. Nigeirans have no choice than to endure the pain and inflation at the moment while efforts are being made to revamp the economy. Effects of the low oil prices would have been minimal should we have saved enough for the future

4. President Buhari may habe made errors, but Nigeira being a mono revenue driven economy, reccession was bound to happen sooner or later.

Thank You and God bless

Written by KOBOKO69

Editted and Published by Progress69

A very simple explanation, but there are 3 reasons why this wouldn't be understood by most people:

1. Sentiments: Some people hate the president so much that the emotions of hate has drowned their ability to reason, discern or be objective.

2. Hunger: Hunger has reset the brains of plenty people that they have lost the ability to reason, discern or be objective. With their brains reset, they now fall victims of the mental manipulations of people within category 1 above.

3. Ignorance: A lot of people (both educated and uneducated) are just ignorant and expecting them to discern might just be a chasing of the wind. Most people fall within this category, especially the multitude of illiterate or semi-literate compatriots we have on the streets. Imagine trying to explain the link between crude prices and the cost of bread to the okadaman or the market woman on the streets? It would most likely be a wasted effort especially with 'hunger' being in the picture. You cant really blame these set of people, especially the uneducated ones. But the unfortunate part is that some in this category are well educated; a friend of mine who even studied for his masters in the UK once asked me how the bombing of pipelines would affect him seeing that he isnt working in the oil industry and doesnt have oil wells. Such is the kind of reasoning we get from even highly educated ones.
It is usually

ba7man:
Those that their brains can't handle the information you posted will rather prefer to scream...... "Buhari"!!!...... since it's easier to do...... and they call people "Zombies".


The irony.

Zone-B from the animal Kingdom

obailala:
A very simple explanation, but there are 3 reasons why this wouldn't be understood by most people:

1. Sentiments: Some people hate the president so much that the emotions of hate has drowned their ability to reason, discern or be objective.

2. Hunger: Hunger has reset the brains of plenty people that they have lost the ability to reason, discern or be objective. With their brains reset, they now fall victims of the mental manipulations of people within category 1 above.

3. Ignorance: A lot of people (both educated and uneducated) are just ignorant and expecting them to discern might just be a chasing of the wind. Most people fall within this category, especially the multitude of illiterate or semi-literate compatriots we have on the streets. Imagine trying to explain the link between crude prices and the cost of bread to the okadaman or the market woman on the streets? It would most likely be a wasted effort especially with 'hunger' being in the picture. You cant really blame these set of people, especially the uneducated ones. But the unfortunate part is that some in this category are well educated; a friend of mine who even studied for his masters in the UK once asked me how the bombing of pipelines would affect him seeing that he isnt working in the oil industry and doesnt have oil wells. Such is the kind of reasoning we get from even highly educated ones.
It is usually

Zone-B no go think unless you tellam to think

obailala:
A very simple explanation, but there are 3 reasons why this wouldn't be understood by most people:

1. Sentiments: Some people hate the president so much that the emotions of hate has drowned their ability to reason, discern or be objective.

2. Hunger: Hunger has reset the brains of plenty people that they have lost the ability to reason, discern or be objective. With their brains reset, they now fall victims of the mental manipulations of people within category 1 above.

3. Ignorance: A lot of people (both educated and uneducated) are just ignorant and expecting them to discern might just be a chasing of the wind. Most people fall within this category, especially the multitude of illiterate or semi-literate compatriots we have on the streets. Imagine trying to explain the link between crude prices and the cost of bread to the okadaman or the market woman on the streets? It would most likely be a wasted effort especially with 'hunger' being in the picture. You cant really blame these set of people, especially the uneducated ones. But the unfortunate part is that some in this category are well educated; a friend of mine who even studied for his masters in the UK once asked me how the bombing of pipelines would affect him seeing that he isnt working in the oil industry and doesnt have oil wells. Such is the kind of reasoning we get from even highly educated ones.
It is usually

You've said it all.

I just watch them and identify the categories they fall under.

a thread for zombies from zombie to zombies

keep on masturbating
Buhari is a certified failure and there's nothing a useless written epistle can do about that.

ngeneukwenu try harder

[s]

bloodkiIler:
a thread for zombies from zombie to zombies

keep on masturbating
Buhari is a certified failure and there's nothing a useless written epistle can do about that.

ngeneukwenu try harder

[/s]

The thread is not for low intellects or zombie chanters. Make all the noise u want, it doesn't erase he truth

[s]

progress69:
[s][/s]

The thread is no for low intellects or zombie chanters. Make all the noise u want, it doesn't erase he truth

[/s]

shatap your buccal cavity there.
we have a low useless intellectual bastard kunu drinking useless vulture ruining this economy and there's nothing your useless write up can change about that.
Buhari is a certified failure not worthy of being a local government chairman.
stinking zombies

[s]

progress69:
The recession today was an inevitable event as Nigeria is a "mono revenue driven economy". More than 70% of our income as a sovereign nation comes from sales of crude oil. Hence rise and fall in global proce of crude is bound to affect the Nigerian economy positively or negatively.
In this article i will be using Vanguard newspaper mostly as my reference. This is for obvious reasons

The Facts:

1. It takes about $30-$35 to get a barrel of crude from the ground.
http://www.vanguardngr.com/2016/01/oil-crash-nigeria-producing-at-5-per-barrel-loss/

2. Oil price slid from about $60/barrel when Buhari came into power in May 2015 to as low as $28/barrel in June 2016.
http://www.vanguardngr.com/2016/01/oil-prices-hit-fresh-12-year-low-trade-below-28-per-barrel/

3. In view of the above, Nigeria was practically selling crude at a loss at a particular point in time. (Read link in point 1 above)

4. Nigeira produced about 2.2 million barrels per day, but as at now, she only produces about 1.4million barrels per day due to terrorists activities in the Niger Delta. This simply means Nigeria is selling lesser quantity of oil with the slump in oil prices. The simple effect of this is lower revenue.
http://www.vanguardngr.com/2016/05/pipeline-bombing-nigerias-oil-export-dips-21000bpd/

5. A Paltry 30 Billion dollars was left in the national reserves for the incubent government despite the previous government inheriting above 40 Billion dollars with crude oil sold an average of $100/barrel before the gradual slump in oil price in 2014.
http://www.nigeriannation.com/news/i-left-30bn-in-the-treasury-for-you-jonathan-replies-buhari.aspx

6. During the global recession in 2008/2009, the CBN actually defended the Naira and economy with a Whooping $20 billion.What the CBN did to drive down the value of the dollar against the naira was to flood the foreign exchange market with dollars in exchange for naira. It is important to note that the naira still lost about 20% of its value by mid-2009 despite CBN intervention
Get more enlightened here; http://www.myfinancialintelligence.com/banking-and-finance/limitations-nigeria’s-foreign-exchange-policy

7. The much celebrated economist by a particular political party and some sets of people in Nigeria actually warned about a reccession in Nigeria way back in 2012 due to a slide in oil price. Oil price then was actually just abit below $80/barrel. I am talking of Madam Okonjo Iweala.
By madam Okon's assertion, Nigeria actually escaped reccession because oil price started to rise again before year 2012 ended.

http://www.vanguardngr.com/2012/06/okonjo-iweala-warns-of-economic-recession/

Oil sold below $30 ber barrel and as remained below $50/barrel for above a year now. Is it safe to say reccession was inevitable by the above assertions of the ex-minister of finance.


8. There was a steady increase in oil price from 2012 to late 2014, with oil selling @ an average of $100/barrel. But according to the ex minister of finance in person of Madam Okonjo Iweala who is well celebrated by the opposition party and some particular sets of people in Nigeria, Nigeria could not actually save at that time because the previous government had zero political Will to save.
http://www.vanguardngr.com/2016/04/nigeria-had-no-political-will-to-save-under-jonathan-okonjo-iweala/


9. Nigeira is an import driven country, hence there is always high demand for dollars thereby putting excessive pressure on the value of Niara in the time of scarcity.

CONCLUSION

In view of the above it is safe to say;

1. With a reserve of about $30bn, it is practically impossible to defend the Naira/economy as done in the past with the reserve as the nation may go bankrupt in the process.
Besides, defending the Naira with the national reserves is not sustainable as long as oil prices remain low. Naira still lost 20% of its value despite using more than 40% of the national reserves to defend the it between 2008 to 2012.
For more on this kindly read link below
http://www.myfinancialintelligence.com/banking-and-finance/limitations-nigeria’s-foreign-exchange-policy


2. There is urgent need to diversify the economy, as it is being witnessed today. Diversification is a process and does not happen over night.
FIRS, Customs, and others have started making positive impact on to national reserves. New mineral resources are being discovered but there is still more to be done.

3. Nigeirans have no choice than to endure the pain and inflation at the moment while efforts are being made to revamp the economy. Effects of the low oil prices would have been minimal should we have saved enough for the future

4. President Buhari may have made errors, but Nigeira being a mono revenue driven economy, reccession was bound to happen sooner or later.

Thank You and God bless

Written by KOBOKO69

Editted and Published by Progress69

[/s]
trash for trash can

Zombies trying harder to justify their stipends
useless people

bloodkiIler:
[s][/s]
trash for trash can

Zombies trying harder to justify their stipends
useless people

Who doesn't know u are a clown on this forum. This is ur best. See the thing PDP recruited

micchi:
zombie op for how long will u keep deceiving ur self & fellow zombies is Nigeria not better off past 6 yrs dan now de truths is DAT buhari is incompetent, clueless & confuse

Better off while eating away ur future. The annoying thing was u were seeing peanuts, while the political elites were busy squandering ur future. U want to eat ur cake and have it. Hoe much was oil for the better 6 years? The post is not for everybody. Its belongs to people devoid of sentiments and tribal hate, and people people with sound intellectual mind. Unfortunately by your post, u don't seem to belong.

Lalasticlala
Mynd44
Seun

So from "GEJ destroyed Nigeria" to "PDP's 16yr mismanagement " to "Recession is normal thing".


You zombies and your foolishness no get pair.