bashydemy:




God bless you bro, You have try so much to enlighten them and hope they can remove hate from their mind and try to understand this.

Pavarottii:


Be wise my dear; they borrowed money and still left money. Abi did they leave borrowed money.

Let me sch u briefly. Every govt, borrows a certain amount to complete it's budget; but how much u borrow that wat matters. Compared wat GEJ borrowed and d 2trillion buhari borrowed in his 2016 budget. Or u didn't hear wen kemi said we r borrowing to pay salaries. Now buhari is planning to borrow 29billion dollars. Money more than wat we av in our reserve. And u av nt blamed him but is d person that saved a little and grew our economy at 6% in 6years straight.

We av been in recession twice; 1983 and 2016. And u dnt still think is buhari's fault; den u need to really look at ur conscience.

osifred:


Bro. don't let anybody deceive you, as at when pdp left office 27 out of the 36 states where unable to pay salary, equally as at early part of 2015 the Federal government under GEJ was already borrowing to pay salary. Nigeria economy under GEJ was only robust on paper. Otherwise ask yourself how can a country that was declared the biggest economy in Africa go into recession in less than one year?

kabrud:


To me, this analysis ain't necessary cos robots don't think. Their actions are determined by the programs written and burnt into their microcontrollers. Soon, u will see them demanding for his head. Just watch and see.

dignity33:
APC are busy stoling people mandate. This is 100 percent rigging. No APC brogger will make me to accept this as true result that reflect the choice of people.

MrTruth4real:

U answer if he was d first president governors force to share our ECA?
What abt obasanjo
What abt ya adu.

bashydemy:



They have been doing that already.

ICEFLAME419ja:


I dey import toothpicks no stop you from manufacturing yours....wtf

OlaoChi:


your have real problems
blaming PDP won't stop the recession (that didn't exist when PDP was in power)

Pavarottii:

Please intelligently tell us why dere is recession.

Thank you.

Modified;
GEJ left a reserve of 30billion dollars.
Sovereign Wealth fund 1.2 billion dollars.
Excess. Crude account 2billion dollars.
LnG paid a debt of 4billion dolllars just as buhari entered.

Now this is about 37billlion dollars. And which he. Could av saved more. But ur APC governor took him to court to share money Cos. They wanted to sponsor buhari's election.

Now this is done by With fuel hovering around. 60dollars to 118 dollars per barrel.

Now buhari has sold fuel averagely at 40dollars per barrel. Pls wat has he done wiv d sales.


Now to d economy our GDP was 519billion dollars and oil contributed only 15% to it; wiv manufacturing, automobile, banking, entertainment, mining etc making up for the remaining percentage; now our GDP is around 270billion dollars; DO U STILL BLAME OIL SALES?

superstarDikk:
U dunno what u r talking about

everozone:
What was #/$ exchange rate b4 GEJ left?What was inflation rate b4 GEJ left?How did FDI look b4 GEJ left?What was petrol official pump price per litre b4 GEJ's exit?

Pavarottii:

U answer hhow much d governors forced him to share.

akintom:


How robust is the economy under PDP?

Blaqchild4eva:
No be only Robust... Even it was "GIDIGBA"

OAUTemitayo:
How did u com 2 conclusn dat Nig had a gud Economy unda PDP?
An economy importin toothpicks is robust?
U ppl need 2 reset ur mentality

Kyase:
Listen to yourself

everozone:
Kabrud,what is ur answer 2 my poser?U Havard University alumini,what answer did u give ur grand ma when she threw same question to u?The old woman has seen red she had never seen b4 and she was forced 2 raise the poser.What was ur answer?Let us know.

Kyase:
you think SOME Nigerians are fools?
We all know why there's recession now......

Pavarottii:

Please intelligently tell us why dere is recession.

Thank you.

Modified;
GEJ left a reserve of 30billion dollars.
Sovereign Wealth fund 1.2 billion dollars.
Excess. Crude account 2billion dollars.
LnG paid a debt of 4billion dolllars just as buhari entered.

Now this is about 37billlion dollars. And which he. Could av saved more. But ur APC governor took him to court to share money Cos. They wanted to sponsor buhari's election.

Now this is done by With fuel hovering around. 60dollars to 118 dollars per barrel.

Now buhari has sold fuel averagely at 40dollars per barrel. Pls wat has he done wiv d sales.


Now to d economy our GDP was 519billion dollars and oil contributed only 15% to it; wiv manufacturing, automobile, banking, entertainment, mining etc making up for the remaining percentage; now our GDP is around 270billion dollars; DO U STILL BLAME OIL SALES?

Tculest:
. Gej met a reserve of $68b,tel me wat happened to it

Martins301:




Let me try and explain to you why there's recession. First, here are certain facts you need to know.

1. Nigeria is an import dependent country. We import anything importable because we most times don't have the capacity or capability to produce them. To import goods or purchase anything from other countries we need DOLLARS. This problem started since 1986 and has been getting worse.

2. Nigeria is a mono product economy. In other words, we depend on export of one main product to get DOLLARS. That product is crude oil. Over 70% of Government revenue comes from sale of crude oil. Without revenue from crude oil, the government has no choice but to borrow to fund it's budget.

With those two points in mind, here's why we are in recession.

Oil price crashed in 2015 from over $100 per barrel to less than $40 per barrel.

This crash was because there was supply glut of crude oil globally. Countries were producing too much crude oil and others started using alternate source of energy.

With the fall in crude oil price, the amount of DOLLARS Nigeria could get from sale of crude oil also crashed.

This problem was further compounded by the activities of some disgruntled sponsored group who started blowing up our crude oil export pipelines and facilities in the hope of crashing the economy.

So Nigeria was not getting enough revenue from crude oil sales because the price crashed and the little we were supposed to even get was further cut off by those blowing up oil facilities.

Remember that it is the DOLLARS we get from crude oil sales that we also use to IMPORT all the junks we need from other countries. This DOLLARS is held by CBN and CBN gives it to commercial banks to sell to ordinary Nigerians to import what they want or pay for services abroad.

The crash in government revenue (DOLLARS) meant that government could no longer support the importing needs of Nigerians. Also, there were lots of loopholes in our land borders through which corrupt public officials were enriching themselves and putting the health of Nigerians at risk. Most of the revenue they raised never got to government. Furthermore, there was need to encourage LOCAL production of the things we were OFTEN IMPORTING. With all these, the government decided to restrict the importation of some goods THROUGH LAND BORDERS.

Please note that the primary reason for the above is because of the CRASH in government revenue or Dollars.

Even with the scarcity of dollar, our desire for foreign goods has not abaited. Since the dollar is scarce, the price relative to Naira will rise. People who still manage to get the dollars at the high price and use it to import goods into the country will have to push the cost to the consumers. That is why you see that prices of goods have jumped to the roof.

The situation has been made worse by greedy Nigerian sellers who want to profit and make quick money from others. They have all joined unions were they agree to inflate prices of goods and services. With a simple call, they all agree and fix price at a certain amount. The result is us being forced to buy them at the artificial high price.

In addition, just before the previous government handed over power to the current one, a lot of politicians stole as much as they could from government purse. They didn't steal it in Naira. They stole it in DOLLARS. Some of them were able to move their loots abroad, some his the loots in their homes and some left it in Nigerian banks. Without this money with government or in circulation, the DOLLAR SCARCITY HAS BEEN MADE WORSE and so has its attendant consequences.

So some of the above is why we are in recession. The problems in this country is much and will not contain 100 books if we want to write about it. But I'm sure you will understand the whole picture if you read this epistle again and again.

If you have any questions, I'll be happy to answer them.

Thanks.

everozone:
Hamzyluv,u made a gud pt here n i commend u 4 dat.Bt permit me 2 inform u wit due respect dat PMB is a bunch of incompetent president.If GEJ had won dat electn tingz wouldnt av gon dis bad cos by d luk of our economy nw we knw dat GEJ is beta dan PMB

afo7219:
a good analysis from u.But pls sir we have heard so much about d issues n the problem sir wat r the possible silutions or way forward from this recession? Tanks as I await ur response