Check the chart above and you will know that all this politicians are just trying to take advantage of the unfortunate period to score Cheap Points and escape prosecution for looting.
I will analyze TOP 13 oil producing countries and evidence of recession in 2016 some have been struggling since 2015.
Please check links, extracts and the bolded.
1. RUSSIA in recession
2. VENEZUEALA in recession Oil Producing (No 12) Crisis terrible and leading to Food shortage.
3. CANADA in recession
4. CHINA in recession
5. SAUDI ARABIA in recession
6. Kuwait
If you are expecting any Miracle if PDP or Jonathan were to be returned during the 2015 election, You are either a party agent, a tribalist, an ignoramus or a dullard.
The combination of the last 3 is usually the case.
OK let's compare the living standards of those countries in recession with ours.Their government don't retrench workers.They don't increase fuel price.There is no hardships among their people like Nigerians .
And who told you Buhari succumbed to anybody ..he held on till he realised he didn't have enough foreign reserve to keep giving the naira a false value ..As usual Mr presidents stubbornness and lack of vision made home tale his finger of the trigger when the damage was already done and the the naira she real value was playing out in the streets and not the banking halls.. Further more he keeps ordering the CBN to release cheap dollars to different religious groups at a time we don't need it
You've not said anything here, some of you folks are just too emotional not to come to terms that the present economic situation was unavoidable no matter any policy used. its not just oil prices, many of Nigeria's oil buyers now have so many options as to where to buy oil from and there was no way Govt earnings will not dip. Did we have any other solid industry to back up or fall back to when our earnings from oil declined especially with the amount of imported petroleum products?
You guys talk as if PMB will just begin to manufacture revenue from the skies to boost the economy and what happens to the issue of timing for things or revenue to gradually build up for govt to spend. All you are saying here is PMB's stubbornness and lack of vision. Do you understand what vision is all about. If someone has vison, does it come to reality over a short period of time? You talk about religion, both christians and Muslims got cheap dollars for their pilgrimage which has been the norm with past regimes and you expect PMB to stoke religious crisis being different with the way we carry religion on heads in this country? is that PMB's fault?
Guy I know how things are very hard but honestly we are unnecessarily too hard on PMB as per the economy may be because PMB can be very hard in his words to people and stern in his actions and we just feel we should give it back to him but seriously its still too early to judge him out-rightly.
idupaul: He saying what I have always said ..our level of recession has nothing to do with oil prices but all to do with the character and poor judgment of President Buhari
So can you give us the exact date and time we should have devalued the Naira,for us to have averted recession?
For God's sake monetary policies alone could not have averted recession.The government responded early enough with some fiscal policies like the ban on some imported goods for forex. But unfortunately,we could not avert the recession because of the inevitable importation of Fuel which is the major cause of the pressure on forex today.The FG could not ban the importation of fuel because we were virtually not producing any, locally.
I am stating with full authority that the only way we could have averted recession was if we were not importing fuel!!!!! Is that Buhari's fault?
16years of PDP rule has plunged us into the only OPEC member importing fuel!
There was no serious economic move by the government in the first 6 month.
Please save us these 16 years of PDP rule blame game.
Buhari was Chairman of the Petroleum Trust Fund under Abacha, what did he do to stop fuel importation.
It was under the same 16 years of PDP rule our foreign reserves grew and we witness economic growth after military rule .
Yes exactly and that's why the think tank that came up with the TSA recommended it be done phases to ease the financial that might arise from an instant removal ..this is where Buhari erred he failed to take that critical advise and pulled the rug 100 percent at the wrong time .
I support what Buhari did as regard the TSA. The banks were making a killing at the expense of the country.
I also think the recession is a good thing for the Country, our economy has a faulty foundation and this recession is a chance to reset the economy. Whether we get it right or not is a topic for another day.
Doyin2: I think you could be more intelligent than this,haba!
Could the people you mentioned, had individually, directed the economic direction of Nigeria at the federal level?
And does your trash,debunk the fact that it is PDP as a party that plunged us into this mess of fuel importation?
Please receive some sense! .
...including the navigator of the All ProgreTHIEF Criminals, APC party, right? Was he not president for eight years i.e. 50% of the PDP 16 years? Abeg swerve and you can take your sense and keep to yourself. I don't need this type of sense.
Obasanjo endorses APC moves, as party leadership visit Abeokuta 22.Dec 2013
The push by the opposition, All Progressives Congress, APC to dislodge the ruling Peoples Democratic Party, PDP received a boost yesterday as former President Olusegun Obasanjo openly threw his weight behind the APC’s current initiatives. The APC leadership, comprising some national leaders and governors visited him Obasanjo in Abeokuta, the Ogun State capital on Saturday to solicit the former president’s support for the party in the forthcoming elections. The party leaders, which started converging on Obasanjo’s Hilltop Mansion around 5:22pm, included former governor of Lagos State, Asiwaju Bola Tinubu, the party’s Interim National Chairman, Bisi Akande; former Head of State, General Muhammadu Buhari; former speaker of the House of Representatives, Aminu Masari; former Borno State governor, Senator Ali Modu-Sheriff; Senator Osita Isunazor; Senator Bukola Saraki and Lai Mohammed. Governor Murtala Nyako of Adamawa State came to the former president’s house in company with the former Chairman of the Economic and Financial Crimes Commissioin, Mallam Nuhu Ribadu; the former minister of aviation, Femi Fani-Kayode and others in a convoy of three black jeeps. Other APC governors at the meeting included Rochas Okorocha (Imo), Ibikunle Amosun (Ogun), Abdulfattah Ahmed (Kwara), Rotimi Amaechi (Rivers), Rabiu Kwankwaso (Kano) and Senator Abiola Ajimobi (Oyo). The Chairman of the New PDP, Kawu Baraje led some of his members and the former Kaduna State Chairman, Yero Makama, to the meeting. Presenting the party chieftains and the APC governors to Obasanjo during the opening of the meeting, Akande said the party was in support of the former president’s 18-page letter to President Goodluck Jonathan. The APC National Leader, Tinubu who alluded to Obasanjo’s contribution to the building of the Nigerian nation, lamented that the country was divided more than ever. Apparently referring to Obasanjo’s recent letter to Jonathan, he enjoined the former president not to shy away from speaking the truth. Tinubu added that the APC had resolved to rescue Nigeria, appealing to Obasanjo to lead the mission. “You’ve come out of tribulation and held the highest position in this country. We are here because of your courage. Nobody can say he has information more than you. You have surmounted a number of crises. Nigeria is divided more than before; to realise stable Nigeria, we want to encourage you to continue to speak the truth. We’re resolved and determined to rescue Nigeria. We want you as navigator,” he said.
There was no serious economic move by the government in the first 6 month.
Please save us these 16 years of PDP rule blame game.
Buhari was Chairman of the Petroleum Trust Fund under Abacha, what did he do to stop fuel importation.
It was under the same 16 years of PDP rule our foreign reserves grew and we witness economic growth after military rule .
Just before you mislead the public:
Nigeria was not importing fuel during Abacha period or when Buhari was the chairman of PTF.
Even the worst economists in the world, know that economic growth without economic development is nonsensical.And that is why we are where we are today as a nation.Economic growth,yet no economic development via productive and efficient local refineries.
If you consider growth in foreign reserves when the price of oil averaged $100,as an achievement,then I think I am chatting with the wrong person.
we are just a bunch of emotional rants in Nigeria, when the likes of utomi and other night school economists were pushing for the floating and devaluation of the naira, PMB stucked to his guns knowing the effects it will have on the economy, they blackmailed him including the foreign media saying he was too rigid and that foreign investors were running away. Alas PMB succumbed and things went awry and all the so called foreign investors these olodo economists said will come to nigeria if we float the naira till today we never see them. They are now blaming PMB again.
This is how the fuel marketers too are already trying to blackmail PMB to allow them increase fuel price with the stupid excuse of forex even when the demand for fuel has gone down. Honestly the witches in this country are just too much, they all need to be witch-hunted.
lol nice one bro i love ur perspective and dis is exactly d arguement i had wit a friend just xternight becos d guy decieve by foreign media dt wnt to see d naira further crash by also surpoting devaluation,e always say d buhari too sturborn dt d cost of doing business in nigeria is to much dt devaluation will attract investor|d q i ask him during d arguement was dt hw many investor did u knw dt av invest in nigeriasince buhari was force to devalue,bt tank God e could nt say any ting|
Check the chart above and you will know that all this politicians are just trying to take advantage of the unfortunate period to score Cheap Points and escape prosecution for looting.
I will analyze TOP 13 oil producing countries and evidence of recession in 2016 some have been struggling since 2015.
Please check links, extracts and the bolded.
1. RUSSIA in recession
2. VENEZUEALA in recession Oil Producing (No 12) Crisis terrible and leading to Food shortage.
3. CANADA in recession
4. CHINA in recession
5. SAUDI ARABIA in recession
6. Kuwait
If you are expecting any Miracle if PDP or Jonathan were to be returned during the 2015 election, You are either a party agent, a tribalist, an ignoramus or a dullard.
The combination of the last 3 is usually the case.
NO SIR. I CAN'T GO INTO ONE-BY-ONE ANALYSIS, BUT IF BUHARI WERE NOT A DULL DICTATOR TAMPERING WITH FREE-MARKET NORMS, THINGS WOULDN'T BE NEARLY AS BAD. The tragedy of life is one would never know how things compare to something that never happened in order to make a comparison. If Jona had won, things would have been a little worse than before the oil crash but not ads bad as this, but people would say if Buhari had won that things would have been better and they would want to kill Jonathan for that. That's why I wanted to vote Buhari so that Nigeria would learn a lesson from placing all their hopes in human beings instead of processes and institutions to guarantee stability and continuity. Now, though I didn't bother to vote (and I'm happy I escaped it, lest I be also blamed for voting him in despite my explanations on twitter) I'm happy he won and became even worse than I originally feared and that all of Nigeria is having a good time with their choice
So far nobody knows what needs to be done to get us out of this mess. This same textbook economists advocated for floating the Naira. What happened when the Naira was floated? Our problem got worse!.
There's no short term solution to this problem. The solution is long term. Borrowing money earlier would've just been postponing the dooms day, even make matters worse. How much can we possibly borrow? To borrow means we have to borrow and borrow again and borrow till eternity. Because to do what Mr. Pat is suggesting would mean to keep borrowing forever to hide our poor ecenomic situation. Eventually, such debts would escalate to unmanageable levels and would burst open some day in the future!. The situation would then become worse as nobody would want to give us more loan.
The only person who had said anything meaningful is Mr. Dele Momodu who wrote an open letter to president Buhari and made his own suggestions, including reforming our school curriculum to enhance knowledge acquisition. This is the only thing that would solve our problem. Unfortunately, its a long term solution.
We cannot get wealthy as a nation, unless our schools are able to begin producing students who can start manufacturing the things we import. To do this, we must learn science which will lead us to industrialization. And to learn science optimally, knowledge acquisition in schools must happen in our native languages. Its either this or nothing..
Pat Utomi has proved that he is an unprofitable organic intellectual. His arguments lack merit and are completely illogical. How can you say that if you have any best kind of policy and you are suddenly faced with the bombings of the Niger Delta Avengers (NDA) and poor oil price,which is our only source of revenue, you will not experience recession. Moreover, the whole world is even experiencing recession apart from Nigeria unpalatable peculiar challenges (caused by PDP sponsored NDA). I do not blame Pat Utomi. He is a PDP sympathizer after he lost out from Mr. President ministerial nominee.
First thing we should know the decline in oil prices is not commensurate to the level of drop our economy has witnessed. . Have you asked yourself that that despite low oil prices and virtually no democratic structure on ground plus no foreign reserve and a heavy debt profile how Obasanjo managed to steer the country to some growth ..Mr I will highlight some poor decisions made by a visionless Buhari (I also voted for him oo) that virtually nuked the Nigerian economy.
Before President Buhari was sworn in Oil prices had spiralled down plus he was taking over from an exceptionally corrupt govt led by the meek GEJ. A wise leader taking over such affairs will not do some things ..below are things Buhari shouldn't have done ..
1: He shouldn't have spent more than six months choosing his ministers and team ..Knowing that we were in an era of low oil revenues Buhari should have hit the ground running in a manner that will inspire confidence in the NIGERIAN economy but he didn't rather he left the country without a policy framework or directionfor 6 months .
2: The ridiculous MTN fine : 6 months after his inauguration Buhari suddenly realises he has low revenue from oil and take advantage of the simplest registration penalty to slap MTN the largest fine ever heard in human history , a ridiculous fine of 5 billion dollars ..that immediately set most multinationals who had been operating under lax Nigerian laws to find parallel means of expatriating over 80 billion dollars out of the country in under 3 weeks just in case the govt of the new sheriff decided to clamp down on their profits still housed in Nigeria..Ironically the president couldn't even get MTN to pay the 5 billion dollar as it was reviewed to some really paltry some to be paid small small over time but the damage was already done .
3: For years most people knew our Banks relied on govt patronage for a large percentage of its deposits..Mr Buhari in his visonles manner goes on to pull the rug over night by implementing TSA a 100 percent instead of the piece meal fashion recommended by those who even created the TSA in the first place, the banking industry was suddenly hit with a massive withdrawal symptom that also cascaded into the real private sector including small businesses .
4: When oil prices are low oil producing country usually ramp up production to try to use volume to counter losses realised form low oil margins and that why Saudi Arabia this year increased production levels to a record high ..In Nigeria what did Buhari do? Buhari chose such are time to declare Tompolo wanted for a supposed fraud of 13 billion naira thereby throwing the region into chaos as militants took to the offensive to avoid arrest. .this action further cut down our production by another half meaning despite low oil price Mr Buhari now had to deal with low output and production.
5: Recently as production started to pick up the Army announced it was deploying 10 thousand soldiers to the region ..I don't have a problem with that but why announce it ..By announcing it tension is again heightened in the region. .Abacha deployed more troops to the Niger delta but never announced it sef .
Bro I can go on and on ..the truth is that Buhari can never make a great leader and will never .he doesn't have that vision and prefers knee jerk action to well thought out solutions
Wow!! You got time educating all these dull, dead brained, dingbat, Sai barbarians.. Fact is, they never learn. By the way, you forgot to include that the useless idiothary brought in the same economic policies that took Nigeria into recession in the 80s and expected it to work in 2015. Firms in their numbers pulled out of the Nigerian economy simply because of that singular reason (pegging the Naira).
When news filtered the air about investors leaving in droves during those periods of of economic uncertainties, what did these fools say? The firms are corrupt, let them go, others will come, they are only after their pockets, they don't care about Nigeria, etc.
Our foolish Sai barbarians talked as if investors are charity organizations. Now they wanna absolve the oldand brainless old buffoon off blames..
Pat Utomi has proved that he is an unprofitable organic intellectual. His arguments lack merit and are completely illogical. How can you say that if you have any best kind of policy and you are suddenly faced with the bombings of the Niger Delta Avengers (NDA) and poor oil price,which is our only source of revenue, you will not experience recession. Moreover, the whole world is even experiencing recession apart from Nigeria unpalatable peculiar challenges (caused by PDP sponsored NDA). I do not blame Pat Utomi. He is a PDP sympathizer after he lost out from Mr. President ministerial nominee.[ema
Nigerians knew that the country was heading to abyss and that's why the voted out GEJ.
But when Buhari came in, he appeared confused and ill-prepared for the task ahead. The first disappointment was the calibre of his ministers. Then there was the air of uncertainty. Worst of all, he followed the exact footstep of GEJ whereby impromptu policies are put forth, followed by denial and the reversal. Lack of concise policies marinated in uncertainties enveloped in phantom war on corruption did his government in.
GEJ was clueless. Buhari is clueless. The fault lies on Nigerians who keep voting in bad managers for the country. Does it make sense that in a country of 180m, their only options were GEJ and Buhari? Guess what? In 2019, the same cycle will be repeated. Thr same folks whining will collect a bag of rice, sell their votes and come back to whine for the next 4 years. Like people from IBB's era, they will live on hope only to find out that they are now above 40 years and nothing has changed. \
Nigeria was not importing fuel during Abacha period or when Buhari was the chairman of PTF.
Even the worst economists in the world, know that economic growth without economic development is nonsensical.And that is why we are where we are today as a nation.Economic growth,yet no economic development via productive and efficient local refineries.
If you consider growth in foreign reserves when the price of oil averaged $100,as an achievement,then I think I am chatting with the wrong person.
Now am 100% sure your are ignorant .
15. It was under Abacha that Nigeria became a perpetual importer of petroleum products, as all the refineries packed up. However, 17 years after his death, Nigeria is still heavily dependent on fuel imports.
16. An unforgettable phenomenon under Abacha was the importation of “foul fuel” which had an offensive odour and damaged car engines.
simplycarro: Why is Nigeria plagued with slow thinkers as our leaders? The same way GEJ was very slow in taking decisive measures against the Chibok girls kidnap is the same way this PMB was so slow in taking measure to arrest the declining economy.
Cow head, is this tread abt GEJ and Chibok girls or about recession brought by brain dead dullard in Aso Rock? Next time do well to save dat free MB for better things rather than to spew trash on this forum.
Pinkybush: [s]Cow head, is this tread abt GEJ and Chibok girls or about recession brought by brain dead dullard in Aso Rock? Next time do well to save dat free MB for better things rather than to spew trash on this forum[/s].
So if you are made a leader of a country and your people are starving, this is what you willl present to them everyday. Excuses. They wil eat you raw. For your information, the economic crises of 2008 was on record as the worst since the Great Depression of the thirties and it was a global phenomenon. Asia, Europe and the Americas were all badly affected. Obama came on board and almost single handedly turned not just his country's economy around but led to mild recoveries in Asia and Europe. He didn't say the world was down so Americans can starve. That is not leadership and I hope you will never get there with this mindset.
Nigeria has an economy similar to the US which is import/consumer driven with a huge service sector. There are certain economic recovery policies we can learn from them and avoid certain mistakes we make by studying how they got out. But you will not profit from these with an attitude that is defensive and snobbish and stubbornly conceited. So sorry.
When you wake up to REALITY, you start looking for result.
The post claimed, Buhari caused recession and i showed you countries in our shoes.
Love Machine: OK let's compare the living standards of those countries in recession with ours.Their government don't retrench workers.They don't increase fuel price.There is no hardships among their people unlike Nigerians .
Bros,
Venezuela's standard is worse, they export more oil than us.
The problem is if it affected those countries, there is no way Nigeria can escape.
First thing we should know the decline in oil prices is not commensurate to the level of drop our economy has witnessed. . Have you asked yourself that that despite low oil prices and virtually no democratic structure on ground plus no foreign reserve and a heavy debt profile how Obasanjo managed to steer the country to some growth ..Mr I will highlight some poor decisions made by a visionless Buhari (I also voted for him oo) that virtually nuked the Nigerian economy.
Before President Buhari was sworn in Oil prices had spiralled down plus he was taking over from an exceptionally corrupt govt led by the meek GEJ. A wise leader taking over such affairs will not do some things ..below are things Buhari shouldn't have done ..
1: He shouldn't have spent more than six months choosing his ministers and team ..Knowing that we were in an era of low oil revenues Buhari should have hit the ground running in a manner that will inspire confidence in the NIGERIAN economy but he didn't rather he left the country without a policy framework or directionfor 6 months .
2: The ridiculous MTN fine : 6 months after his inauguration Buhari suddenly realises he has low revenue from oil and take advantage of the simplest registration penalty to slap MTN the largest fine ever heard in human history , a ridiculous fine of 5 billion dollars ..that immediately set most multinationals who had been operating under lax Nigerian laws to find parallel means of expatriating over 80 billion dollars out of the country in under 3 weeks just in case the govt of the new sheriff decided to clamp down on their profits still housed in Nigeria..Ironically the president couldn't even get MTN to pay the 5 billion dollar as it was reviewed to some really paltry some to be paid small small over time but the damage was already done .
3: For years most people knew our Banks relied on govt patronage for a large percentage of its deposits..Mr Buhari in his visonles manner goes on to pull the rug over night by implementing TSA a 100 percent instead of the piece meal fashion recommended by those who even created the TSA in the first place, the banking industry was suddenly hit with a massive withdrawal symptom that also cascaded into the real private sector including small businesses .
4: When oil prices are low oil producing country usually ramp up production to try to use volume to counter losses realised form low oil margins and that why Saudi Arabia this year increased production levels to a record high ..In Nigeria what did Buhari do? Buhari chose such are time to declare Tompolo wanted for a supposed fraud of 13 billion naira thereby throwing the region into chaos as militants took to the offensive to avoid arrest. .this action further cut down our production by another half meaning despite low oil price Mr Buhari now had to deal with low output and production.
5: Recently as production started to pick up the Army announced it was deploying 10 thousand soldiers to the region ..I don't have a problem with that but why announce it ..By announcing it tension is again heightened in the region. .Abacha deployed more troops to the Niger delta but never announced it sef .
Bro I can go on and on ..the truth is that Buhari can never make a great leader and will never .he doesn't have that vision and prefers knee jerk action to well thought out solutions
you too get sense..and the zombie supporters were shouting a new sheriff is in town...
now that we are in recession they quickly run back to say gej didnt save a dime...
This is your only point that is agreeable, others are debatable. I'll speak on the TSA. The banks were getting free money from the government and loaning back to the same government at 15% interest rates, they were also lent to the real sector at 20% and above interest rate which is terrible. The government was loosing money by this arrangement and also the free money was not used by the banks to help fund SME's. I wholly support this move by the government. Once forex racketeering is dealt with, the banks will have no other option than to go back to core banking.
Imagine Bank selling recharge cards(mobile top), collection of DSTV subscription SMH
Love Machine: OK let's compare the living standards of those countries in recession with ours.Their government don't retrench workers.They don't increase fuel price.There is no hardships among their people unlike Nigerians .
I guess you are not in touch with what is happening out side Nigeria. In Venezuela people are queuing for food supplies. As per standard of living, no be today their standard of living being higher, no be today thing.
As mush as I care Mr. Pat Utomi can go and hug energised transfomer. He does not love Nigeria at all. he is always on the side line talkung hogwash with due respect he should keep his mouth CLOSED, OK.
mamabomboy: I-diot, after you and Oby have led us into the lions den, you now want to jump out and claim you are wise. Buffoon, you are giving an economic analysis on the pulpit. When did the church become an economic institute. You better go and find something to do instead of making noise like Ezekwesilly.the foool
u are just right, they are all idiot, oby, soludo and sanusi, they are worst than ineffectual buffoon and flat heads ipods. they dont know simple economics,
Nice analogy but the question that comes to mind is . Counteries like Venezuela and Russia are also cut up in mess due to corruption ? Since that as been the swam song of our political elites.
Check the chart above and you will know that all this politicians are just trying to take advantage of the unfortunate period to score Cheap Points and escape prosecution for looting.
I will analyze TOP 13 oil producing countries and evidence of recession in 2016 some have been struggling since 2015.
Please check links, extracts and the bolded.
1. RUSSIA in recession
2. VENEZUEALA in recession Oil Producing (No 12) Crisis terrible and leading to Food shortage.
3. CANADA in recession
4. CHINA in recession
5. SAUDI ARABIA in recession
6. Kuwait
If you are expecting any Miracle if PDP or Jonathan were to be returned during the 2015 election, You are either a party agent, a tribalist, an ignoramus or a dullard.
The combination of the last 3 is usually the case.
WE NEED TO WAKE UP , IT IS REALITY O CLOCK !!.
The policies that allowed Nigeria depend on ALL IMPORTATION killed Nigeria not Buhari.
Maybe coincidence have made buhari in charge of the government each time Nigeria goes into recession, and maybe also coincidentally he has not been able to take Nigeria out of recession in both cases
Love Machine: OK let's compare the living standards of those countries in recession with ours.Their government don't retrench workers.They don't increase fuel price.There is no hardships among their people like Nigerians .
.
