DropShot:
O, you're completely wrong

socialmediaman:


Please Explain

DropShot:
O, you're completely wrong. Let's look at the following facts:
1. FG under GEJ was already borrowing to pay salaries in March and April of 2015. And that was when crude was about $75 per barrel. What could have happened under that same govt at $27 per barrel is better imagined.

2. As at July 2015, 27 states of 36 were owing workers salaries of between 3 and 8 months. It took the new president's kind heart to ask CBN to provide bail out fund to them. If that scenario was not a sign of impending recession, pls tell me what is.

3. When our major source of foreign currency suffered price crash, and reserves that could have been used to defend the economy was already looted, what growth would have happened especially given the fact that we are a chronic import dependent nation?

I don't have time to repeat what has been said many times, but sincere and objective minds know that the last administration brought us into this mess.

socialmediaman:


First of all, i was a champion of sending the last administration packing because i believe it was very corrupt and insensitive to the needs of the people. I also know that the previous government was already borrowing to pay salaries towards the end of its administration. However, this does not amount to a recession. A consistent fall in the real GDP, income, employment, manufacturing, and retail sales are major factors that amount to a recession. Do you know the single effect of a 'rushed' TSA policy of this government? Potentially Trillions of money were send idle to the CBN at a time the banks were not ready to handle it, this caused a lot of pressure on an already bad situation. What about the Forex Policy that made millions of importers unable to access the international market? And By the way, you mentioned bailout, how much has this government put into the economy to expand agriculture and Enterpreneurship in order to expand on the little progress made by the last government? These are the real issues for me, not continuous dwelling on the mistakes of the previous government

DropShot:

You should be smarter my friend.
What is our GDP outside crude oil sale? Please tell me.
The fact is, our GDP crashed with crude price crash plus those senseless bombings by the ND terrorists. In that situation, recession was inevitable.

Also, the forex policy is directly related to lack of dollars (no thanks to the senseless looting of reserves) to provide to businesses needing them. The CBN cannot print dollars and our dollar-earning capacity had been more than halved.

On the TSA, no responsible govt would watch her money being stolen or used for private business just because stopping the shady acts will hurt somehow. Implementing the TSA was necessary to stop the bleeding of the economy because absence of TSA was partly responsible for govt lack of enough funds.

From a "rice thread" we saw on the fp today, more than $25bn has been injected into agriculture and it's yielding results already.

Listen good dear, given our past choices and the fact that we were unable to earn as we used to, recession was inevitable.

Also remember that the "almighty" NOI asked Nigerians to brace up for tough times ahead. And that was in late 2014 and early 2015 when they saw the impending calamity ahead.
You also need to watch her video where she tried to explain why they couldn't save for today.

I could have agreed the current administration is responsible for the recession if they met robust reserves - something like $150bn. Not $29bn for a country of 170 million.

DropShot:
O, you're completely wrong. Let's look at the following facts:
1. FG under GEJ was already borrowing to pay salaries in March and April of 2015. And that was when crude was about $75 per barrel. What could have happened under that same govt at $27 per barrel is better imagined.

2. As at July 2015, 27 states of 36 were owing workers salaries of between 3 and 8 months. It took the new president's kind heart to ask CBN to provide bail out fund to them. If that scenario was not a sign of impending recession, pls tell me what is.

3. When our major source of foreign currency suffered price crash, and reserves that could have been used to defend the economy was already looted, what growth would have happened especially given the fact that we are a chronic import dependent nation?

I don't have time to repeat what has been said many times, but sincere and objective minds know that the last administration brought us into this mess.

socialmediaman:


Fact shows oil has been contributing less than 20% of Nigeria's GDP between 2010 and 2014 (I believe this is the same time we had the highest recorded oil sale). this is the lowest when compared with other OPEC nations

http://www.nationalplanning.gov.ng/index.php/news-media/news/news-summary/333-nigeria-s-oil-sector-contribution-to-gdp-lowest-in-opec-blueprint

So Please tell me more

Hiploko:
stale... Oya tell us what led us into the 1984 recession.. Paid agent

DropShot:

You should be smarter my friend.
What is our GDP outside crude oil sale? Please tell me.
The fact is, our GDP crashed with crude price crash plus those senseless bombings by the ND terrorists. In that situation, recession was inevitable.

Also, the forex policy is directly related to lack of dollars (no thanks to the senseless looting of reserves) to provide to businesses needing them. The CBN cannot print dollars and our dollar-earning capacity had been more than halved.

On the TSA, no responsible govt would watch her money being stolen or used for private business just because stopping the shady acts will hurt somehow. Implementing the TSA was necessary to stop the bleeding of the economy because absence of TSA was partly responsible for govt lack of enough funds.

From a "rice thread" we saw on the fp today, more than $25bn has been injected into agriculture and it's yielding results already.

Listen good dear, given our past choices and the fact that we were unable to earn as we used to, recession was inevitable.

Also remember that the "almighty" NOI asked Nigerians to brace up for tough times ahead. And that was in late 2014 and early 2015 when they saw the impending calamity ahead.
You also need to watch her video where she tried to explain why they couldn't save for today.

I could have agreed the current administration is responsible for the recession if they met robust reserves - something like $150bn. Not $29bn for a country of 170 million.

socialmediaman:


Fact shows oil has been contributing less than 20% of Nigeria's GDP between 2010 and 2014 (I believe this is the same time we had the highest recorded oil sale). this is the lowest when compared with other OPEC nations

http://www.nationalplanning.gov.ng/index.php/news-media/news/news-summary/333-nigeria-s-oil-sector-contribution-to-gdp-lowest-in-opec-blueprint

So Please tell me more

Izonpikin:
you dey mind am?..

buharis incompetence is once more dancing in front of him but he just cant see it...

abeg forget dropshot joor...the guy na minus one...

Hiploko:
this is always the case when one has to speak plenty grammar with plenty paragraphs and above all, with soooo much mental and physical energy to paint darkness as light, make bad appear good. It takes plenty my dear. If all you said is true, you wouldn't need plenty *turanci* to explain anything... There is hunger in the land.

Izonpikin:
you dey mind am?..

buharis incompetence is once more dancing in front of him but he just cant see it...

abeg forget dropshot joor...the guy na minus one...

DropShot:
[s][/s]

Hiploko:
it is glaring to all my dear. Buhari is a failure but keep trying your best for him. I totally understand

Tokety7:
Only shameless fools will say this govt is responsible for current recession. Let me paint a scenario.......

Man A and Woman A fell in love and got married despite woman A already pregnant for Man X. Man A chose to take care of woman A and her unborn baby that Man X is responsible for. Baby now born, Man A has chosen to take responsibility for his upkeep but it's not debatable that he didn't give birth to him.

From the scenario above......
MAN A is General Buhari.
woman A is Nigeria
MAN X is Jonah-daft and his cronies.

The Otuoke drrunkard really destroyed this country no doubt.

DropShot:
[s][/s]

DropShot:

What are you talking? Oil contributed 20℅ to GDP but responsible for over 90℅ of foreign earnings. Do you understand what it means and how it affects the reserves which is the core of my argument?

Hiploko:
Buhari led us into recession in 1984. Na d Otuoke man too?

Hiploko:
stale... Oya tell us what led us into the 1984 recession.. Paid agent

socialmediaman:


You called for a sincere argument, didnt you? But i dont see your sincerity in this discussion. We're here to discuss what led us into recession, and Buhari's incompetence and retrogressive policies led us into it, not drop in oil revenue. Militancy in the Delta region increased due to his unguarded utterances and Nepotistic tendencies, Our GDP fall deplorably, unemployment increased, Trade and Investment Declined etc, and you have to keep blaming GEJ?

Hiploko:
Buhari led us into recession in 1984. Na d Otuoke man too?

socialmediaman:


Buhari cannot hide from his own failures, Nigerians are smarter and we must call him out from his hiding place