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Would GEJ Have Stopped This Recession? - Politics (2) - Nairaland

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Re: Would GEJ Have Stopped This Recession? by Nobody: 2:58am On Feb 04, 2017
OP is still sound asleep.

Diamby:
People who criticize the present administration for the economic recession we are should tell us what the ousted government of GEJ would have done differently to halt the recession. We all know that i was the sharp drop in oil prices and lack of savings that threw us into this recession.Does jonathan have the powers to regulate international oil price? Nigeria is largely dependent on its earnings from crude oil for survival as such the oil prices affected our dollar earnings thereby causing the devaluation of the naira.I also ask what has previous administration done about diversifying the economy,building new refineries or revamping the old ones.power sector reforms as i know was a mess as most of the power infrastructure were handed over to those who have no capacity to manage them hence the eratic power supply we have now. The present govt might have its own issues about sound economic policies but i must say no foundation was built for the present government to build on so its like nigerian is just been nutured from the begining. Guys feel free to critise and add your own comments on how we found ourselves where we are today.Nigeria problem is structural.

4 Likes

Re: Would GEJ Have Stopped This Recession? by Nobody: 2:59am On Feb 04, 2017
paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence


Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.





What an analysis. Brilliant. Good reference material you have here.

4 Likes

Re: Would GEJ Have Stopped This Recession? by Nobody: 3:03am On Feb 04, 2017
paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence


Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.




3 Likes

Re: Would GEJ Have Stopped This Recession? by doubleportion: 8:02am On Feb 04, 2017
todayboy:


so borrowing to pay salary is the definition of recession abi
Tell me when last we have experience that in the past administrations, that was the writing on the wall with regards to the reality on ground.
But am of the opinion that this administration should find solution to it before the end of their tenure, if there is no improvement,or economy moving in the direction of recovery, then we can as well us our ballot power.
Re: Would GEJ Have Stopped This Recession? by Nobody: 8:06am On Feb 04, 2017
grin grin grin cheesy cheesy

2 Likes

Re: Would GEJ Have Stopped This Recession? by hucienda: 8:16am On Feb 04, 2017
paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence


Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

Beautiful summary @paschu. Nothing to add or subtract.

Thank you.

2 Likes

Re: Would GEJ Have Stopped This Recession? by paschu: 8:29am On Feb 04, 2017
First, it's a BIG FAT lie to suggest that GEJ earned extra $58pb throughout his 5yrs of presidency.

Second, GEJ institutionalized the saving culture at national level - but the bunch of hawks (which we we now call APC) used our bogus constitution against the national saving scheme and went to the supreme court to force the fed to share excess earnings rather than saving it.

Third, sell oil at $25pb but with GEJ's team ensuring peace in critical economic hubs, ensuring there was no losss of pipelines, no losss of foreign direct investments, no formulation of dumb monetary and fiscal policies. I would assure you that the GDP and the ease of doing business will remain positive (even during slow periods and at times of downward trends).

Mind you, oil sector did not contribute up to 18% to GDP growth during GEJ era. And recession means three consecutive negative quarterly contration of the GDP in a year. So the then dwindling oil prices would not have driven the country into recession if GEJ and his team were still incharge. GEJ's team simply did not allow oil to drive the GDP growth. They decently had the economy diversified and majorly driven by the services sector. And this was why the system was too complex for the anti-capital and socialistic APC to grasp let alone manage.

Sibrah:
Stop typing long epistles . . . Even with $58pb extra earning the economy was already on a declind. Our system of regulating stable dollar rate was largely dependent on govt's ability to supple most of the dollar demand at a fair rate and this was influenced by petrodollar earning as oil price crash meant inadequate dollar supply. Demand and supply law kicked in and we saw a increase in price of a scarce item - Dollar.

6 Likes 1 Share

Re: Would GEJ Have Stopped This Recession? by Sibrah: 8:45am On Feb 04, 2017
paschu:
First, it's a BIG FAT lie to suggest that GEJ earned extra $58pb throughout his 5yrs of presidency.

Second, GEJ institutionalized the saving culture at national level - but the bunch of hawks (which we we now call APC) used our bogus constitution against the national saving scheme and went to the supreme court to force the fed to share excess earnings rather than saving it.

Third, sell oil at $25pb but with GEJ's team ensuring peace in critical economic hubs, ensuring there was no losss of pipelines, no losss of foreign direct investments, no formulation of dumb monetary and fiscal policies. I would assure you that the GDP and the ease of doing business will remain positive (even during slow periods and at times of downward trends).

Mind you, oil sector did not contribute up to 18% to GDP growth during GEJ era. And recession means three consecutive negative quarterly contration of the GDP in a year. So the then dwindling oil prices would not have driven the country into recession if GEJ and his team were still incharge. GEJ's team simply did not allow oil to drive the GDP growth. They decently had the economy diversified and majorly driven by the services sector. And this was why the system was too complex for the anti-capital and socialistic APC to grasp let alone manage.

Stop talking like a kid. The APC vs PDP tone you are sounding is making you look like one.
1) I used the average figure of $108 for GEJ tenure.
2) APC didn't sparehead sharing of excess funds. All the governors supported it.
3) Oil didn't sell for $25pb during GEJ's time. Lowest was 40-something.
4) You are stating irrelevant facts.
5) Your irrelevant facts negate some of your arguement.
6) Your last paragraph prove age is just a number.
Re: Would GEJ Have Stopped This Recession? by 7lives: 8:49am On Feb 04, 2017
todayboy:


so borrowing to pay salary is the definition of recession abi

No it is not, it is an economic boom.
If a man who normally pay for anything he buys, begins to buy on credit, what do you think happens to such a man?.
Re: Would GEJ Have Stopped This Recession? by drss2(m): 9:05am On Feb 04, 2017
paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence


Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.




very apt n concise. only zombies think otherwise.

1 Like

Re: Would GEJ Have Stopped This Recession? by paschu: 9:16am On Feb 04, 2017
You actually have issues with basic comprehension.

1. $108 was not the average oil price during GEJ's era. You are still lying.
https://www.nairaland.com/2794237/which-nigerian-president-drank-most

2. Of course the hawks we now call APC did spearhead the excess funds sharing fight, you just did not know it. And yes, the narrative is about APC and PDP. Only hypocricy make you deny it.

3. The word "sell" is an active verb in present continous suggestive tense. I used it even though GEJ is no longer in power. So go back and reread my post slowly.

4. Of course all my assertions and facts are super relevant to the topic of the thread. You are the one who lost focus and forgot what the thread was about.

5. The only place there seem to be negation is in your imagination.

6. Of course poor comprehension has led you to delussion.

Sibrah:
Stop talking like a kid. The APC vs PDP tone you are sounding is making you look like one.
1) I used the average figure of $108 for GEJ tenure.
2) APC didn't sparehead sharing of excess funds. All the governors supported it.
3) Oil didn't sell for $25pb during GEJ's time. Lowest was 40-something.
4) You are stating irrelevant facts.
5) Your irrelevant facts negate some of your arguement.
6) Your last paragraph prove age is just a number.

6 Likes

Re: Would GEJ Have Stopped This Recession? by ocelot2006(m): 9:17am On Feb 04, 2017
Babacele:
lols.....abegi we no dey depression ooo . the oil price fall is global and is hitting the OPEC nations more. please goggle it. We have been lucky to have a disciplined manager but needs to adjust some bit in his monetary policy- we need to spend our way out of this recession : jobs,loans, projects , farm business and exports with a fair judiciary and an anti corruption atmosphere . .....a lot of investment in agriculture and mining have actually taken place but not enough as we need more.
It would have been worse under one to whom stealing is not corruption. Tell me with the huge oil sales under him ,what did he achieve in 5 years? jobs, roads, health, food, electricity abi na wetin? let us call a spade a spade.

Let's see:

JOBS: Economy was booming, growing at a rate of 6%. New investors were attracted to Nigeria. The manufacturing sector was booming. New SMEs came online thanks to better funding and support from the then FG. That translates to new jobs. Compare that the present massive job losses, sector contractions, and total decline of our economy under the Dullard.

ROADS: Over 10,000km of roads built/ rehabilitated. Even the present minister of Darkness acknowledged that. In addition, all airports were upgraded with our once comatose rail network finally rescusitated.

FOOD: One of the MAJOR SUCCESES of the GEJ administration. Corruption tackled via elimination of the fertilizer cartel, HIGHEST CROP PRODUCTION OUTPUT IN OUR NATION'S HISTORY, new storage silos built across the federation, total food security assured. Reduced food prices. Compare that to the projected famine in the land to massive food price hikes plus hunger under President Buhari and his merry band of airheads.

ELECTRICITY: Again, one of GEJ's high points. HIGHEST number of power stations built & commissioned compared to previous administrations COMBINED. MASSIVE overhaul of our TRANSMISSION grid (new lines, new plus upgraded substations). Outsourcing of TCN mgt to competent Canadian Power Firm. Construction of new distribution substations across the nation, massive distribution of new transformers under Prof. Nebo. The result? A jump in generated power from 1200+MW to over 5,000MW, plus Nigerians enjoy more hours of power supply.

HEALTH: Nigeria certified polio free by the WHO. Successful containment and tackling of both Lassa fever and Ebola.

4 Likes 1 Share

Re: Would GEJ Have Stopped This Recession? by drss2(m): 9:17am On Feb 04, 2017
imhotep:
grin grin grin cheesy cheesy
dat picture true true depicts nigeria under buari dullard. grin

1 Like

Re: Would GEJ Have Stopped This Recession? by Nobody: 9:42am On Feb 04, 2017
Babacele:
lols.....abegi we no dey depression ooo . the oil price fall is global and is hitting the OPEC nations more. please goggle it. We have been lucky to have a disciplined manager but needs to adjust some bit in his monetary policy- we need to spend our way out of this recession : jobs,loans, projects , farm business and exports with a fair judiciary and an anti corruption atmosphere . .....a lot of investment in agriculture and mining have actually taken place but not enough as we need more.
It would have been worse under one to whom stealing is not corruption. Tell me with the huge oil sales under him ,what did he achieve in 5 years? jobs, roads, health, food, electricity abi na wetin? let us call a spade a spade.

No OPEC nation is in real recession. They are all in paper recession. Jobs are everywhere, food in abundance only that profit has declined. That is what they call recession there. But here no job, no food etc so our own to theirs is depression.

Have you ever ask yourself why do Nigeria always go into recession-depression when you hear we are fighting corruption?

Let me tell you.

Those with the money hid them. Any economy without money is dead. You can't save your way to the top, you invest your way to the top.

Lastly those call corrupt from shagari never talk the nation down, they all talked the nation up. What our leaders said of us, is what we are having.

They say we are broke, so are we. Unless they say otherwise, we will remain here.

1 Like

Re: Would GEJ Have Stopped This Recession? by NOETHNICITY(m): 11:22am On Feb 04, 2017
codedruns2:
Ask yourself how much is crude oil today $56 .
How much was it during OBJ ? (Less not discuss GEJ tenure.)

From 99 - 2013 oil was less than $30

Yet same period we paid off our Paris club debt of over $18b

Had massive employment as a result of soludo's consolidation policy.

Had more money at grassroots, local government due to OBJ policy of allocating money directly to LGA

Built a national stadium for all African games.

Build 2 gas powered stations at geragu, kogi ( obj tribalism killed those projects, was advised to build the stations in Bayelsa and Ogutta in imo state where there are already massive gas storage floating stations. he chose to build in kogi and ogun state, to be supplied with gas by pipeline from same stations in bayelsa and ogutta. We all knw the scores for pipeline vandalism in this country)

Increased minimum wage to 18k or so

In are in this deep recession not because of oil price to be fair, it's chiefly due to bad policies .

Restriction on hard currency. ; importers are struggling.
The few imported items are bought with dollars from black market. - of course the cost is passed down to the consumer.

Slow implementation of budget. - money is tied down. No nothing. Everything in the budget , big capital expenditures have not been green lighted , we are already in 2017.

2017 budget is still a mirage.

Ban and increase custom duties on everyday use items .
Nigeria will not overnight start to produce these items. You need to import machineries to manufacture these items, set up companies, build a manufacturing Base,
Factory setup.

No electricity even if a Nigerian company can manufacture some of these imported items they will still be exorbitant as they would have been produced with diesel powered generators.





While some of ur assertions re tru, u lied about some issues.
Point is, to compare Nigeria's wage bill of OBJ's era to wat the Nation currently incures shows the extent of ur understanding.
Re: Would GEJ Have Stopped This Recession? by Babacele: 11:47am On Feb 04, 2017
soulpeppersoup:


No OPEC nation is in real recession. They are all in paper recession. Jobs are everywhere, food in abundance only that profit has declined. That is what they call recession there. But here no job, no food etc so our own to theirs is depression.

Have you ever ask yourself why do Nigeria always go into recession-depression when you hear we are fighting corruption?

Let me tell you.

Those with the money hid them. Any economy without money is dead. You can't save your way to the top, you invest your way to the top.

Lastly those call corrupt from shagari never talk the nation down, they all talked the nation up. What our leaders said of us, is what we are having.

They say we are broke, so are we. Unless they say otherwise, we will remain here.


paper recession? bros it isn't true. Maybe www.bbc.com is a Buhari institution.



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Falling oil prices: How are
countries being affected?
18 January 2016
From the section World
Share
Image copyright GETTY IMAGES
Oil prices have fallen to their
lowest level since 2003, sinking
below $28 a barrel before
recovering slightly on Monday.
Analysts say the drop has been
driven by oversupply, coupled
with a fall in demand because of a
slowdown in economic growth in
China and Europe.
There are fears that the lifting of
Western sanctions on Iran could
worsen the existing problem, as
the country prepares to pump
more oil into the market.
The effects of falling prices are
being felt by economies around
the world.
But oil producing nations that rely
on exports have been particularly
hard hit, with many now feeling
the social and, in some cases,
political impact.
Russia
As one of the world's largest oil
producers, Russia has been a
prominent victim of the plunging
prices.
About half of Russia's budget
revenues currently come from
energy exports.
The rouble is also under pressure
from economic sanctions that the
West imposed on Russia for its
involvement in the Ukraine
conflict.
On Monday, the national currency
dropped to new lows, with the
exchange rate dipping to 79
roubles to the dollar and 86
roubles to the euro - something
not seen since December 2014.
Government departments have
been ordered to cut spending by
10%, repeating a policy imposed
in 2015, Reuters reported.
Russian Prime Minister Dmitry
Medvedev has warned that the
country's 2016 budget may have
to be revised as a result of the
"unpredictable" oil prices.
President Vladimir Putin's
approval ratings remain sky high,
at around 85% , but ordinary
people are increasingly struggling
with rising food prices.
Analysts say keeping the lid on
any discontent will be a top
priority for the Kremlin as the
economic woes look set to
worsen.
Saudi Arabia
Saudi Arabia's income from oil fell
by 23% last year, highly significant
in an economy where around 73%
of total revenues comes from the
industry.
The country announced a budget
deficit nearing $100bn (£68bn).
After the lifting of sanctions on
Iran, share prices in oil-rich Gulf
states dropped sharply - with the
Saudi Arabia Stock Exchange
falling 5.4% on Sunday.
With no prospect of higher oil
prices soon, experts say the
kingdom's conservative rulers are
poised to introduce reforms. as
they attempt to avoid political
discontent.
In December, King Salman raised
the price of subsidised, cheap
petrol by 40%. There are also
plans to decrease other subsidies,
reduce the growth of public sector
salaries and limit the country's
dependence on oil.
With Saudi Arabia's regional rival,
Iran, entering the international
market, experts say the kingdom
is unlikely to back any efforts by
the Organization of the Petroleum
Exporting Countries (Opec) to
reduce production and increase
oil prices.
Azerbaijan
President Ilham Aliyev has
ordered his government to draw
up a series of special measures to
revitalise his country's economy
in the face of tumbling oil prices.
The plans would include a major
programme of privatisation and
strengthen regulations on the
currency market, his office said in
a statement (in Azeri).
The announcement comes after
dozens of people were arrested
during protests over rising food
prices and worsening economic
conditions in the city of Siyazan
last week.
Azerbaijan's economy is heavily
dependent on oil exports. Nearly
half its GDP in 2014 came from
the oil sector.
The country's currency, the manat,
has fallen dramatically in value.
Analysts say Azerbaijan's
government has done little to
improve other industries, despite
repeated warnings about the
dangers of relying on oil.
With the volatile currency, and the
range of people suffering
increasing, protests may become
more common.
Venezuela
Venezuela has the world's biggest
known oil reserves, and oil exports
account for as much as 95% of
the country's revenues.
However, the huge fall in oil prices
in the past 18 months has slashed
revenues by 60%.
On Saturday, Venezuela's
government announced a 60-day
economic emergency
to deal with a worsening
economic crisis. The edict
includes tax increases and puts
emergency measures in place to
pay for welfare services and food
imports.
The government's move came as
official figures showed that the
Venezuelan economy had
contracted by 4.5% in the first
nine months of 2015.
Meanwhile people in Venezuela
have been suffering from food and
basic goods shortages.
Experts say this led many to vote
for the opposition coalition, which
won an overwhelming victory in
December's legislative election
and dealt a huge blow to the
country's Socialist movement.
Nigeria
Nigeria is Africa's biggest oil
producer but lacks sufficient
refining capacity and has to
import most of its fuel.
President Muhammadu Buhari has
already said falling oil prices are
having "a painful effect" on the
country's economy.
Despite this, he announced plans
in December to raise government
spending in 2016 by 20%,
by seeking overseas funding.
However, reports suggest the
president requested the
withdrawal of the 2016 budget on
Sunday, in order to make changes.
As well as falling prices, the
industry is also dogged by
violence in the country and oil
spills.
On Monday, Nigeria's state oil
company shut down crude oil
flows to two of its four refineries
after weekend attacks on
pipelines, a company spokesman
told Reuters news agency.
The closures at the Kaduna and
Warr installations come amid
efforts to boost refining and wean
the country off imports.
Re: Would GEJ Have Stopped This Recession? by Babacele: 11:59am On Feb 04, 2017
todayboy:
we know the problem
thats why they vote Jonathan out
tell us what Buhari is doing about it
things is getting worse kids like you dey write non sense here

then let us allow Buhari's reforms to fruit as it is flowering presently. The fundamental flaws of the nation must be addressed. From reform in the Judiciary, diversification of the economy, youth empowerment, agricultural revolution being our comparative springboard, infrastructural development, security etc the Buhari administration is addressing these issue basically and sincerely . Let us key into this reforms.
Re: Would GEJ Have Stopped This Recession? by orunto27: 2:51pm On Feb 04, 2017
Yes.
Re: Would GEJ Have Stopped This Recession? by Diamby: 6:34pm On Feb 04, 2017
paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence


Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

So you are saying we wouldn't have been in recession with nigeria been a mono economy for close to 16years.While would we rely solely on oil as our export earning. You might be right with the policy directions this present govt have taken but you disagree from the fact that if we had diversified and have dollars earnings from other sources the drop in oil prices wouldnt affect us much and again. The value of naira now in the parallel market is not the true value of the naira in actual fact as there are a lot of artificial scarcity from those who want the status quo to remain. There was no response from you on why we still import refined Petrol,diesel and kerosene.If previous govt built a new refinery and revamped the new ones we would not need to import as such the forex demand from oil importers would stop and would be needed for only importing items essential items we need.Also prices at the petrol station would be very low. Just try to be truthful to youself and reflect on my points.

Re: Would GEJ Have Stopped This Recession? by Splashme: 7:38pm On Feb 04, 2017
paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence


Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.




Re: Would GEJ Have Stopped This Recession? by Chiboyz40(m): 7:59pm On Feb 04, 2017
The question should have been "would there have been recession if GEJ is still in power"?
Re: Would GEJ Have Stopped This Recession? by hedonistic: 8:15pm On Feb 04, 2017
doubleportion:


Maybe you may need to get your fact right,Okonjo Iweala had been borrowing to pay salary before handing over, so recession was handed over to this administration.

And I should automatically believe you because your name is 'double portion'? Double portion of stupidity or what? What is your source, or was it your pepper soup seller that told you that NOI borrowed money to pay salaries?

These idiots from the only part of the country are particularly annoying.
Re: Would GEJ Have Stopped This Recession? by hedonistic: 8:20pm On Feb 04, 2017
Histrings08:
I can't say Buh what I know is this, if we had voted for Gej instead of baba buhari, we'll be like buhari can do better... Buh there u av it

This is the most realistic comment here. No doubt.

As the saying goes, who no go, no know. We always think the grass is greener on the other side. Until we cross over to the other side and have the chance to compare.

Knowing what we now know, and knowing for sure how the personality and POLICY CHOICES of the president can make a massive difference, assuming we could all have the benefit of hindsight, only Afonja bastards would still think that things would have been this bad if GEJ was still in charge.

Idiots.

1 Like

Re: Would GEJ Have Stopped This Recession? by naijaking1: 8:42pm On Feb 04, 2017
paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence


Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

Good job.
Unfortunately Buhari ba turenchi and his supporters like this poster also ba turenchi!
Let's try and make it simpler for them:

1. Staying more than 6 months without naming ministers is bad for the economy
2. Travelling to foreign countries to degrade your own country and calling them thieves and criminals chases investors, tourists, and people with money away from your country.
3. Chasing only political opponents in the name of fighting corruption is a recipe for economic disaster
4. Chasing Igbo people who control the economy is this country at the ground level is the nail Buhari has used to seal his own coffin, not that Igbos act in unison to fight back, but it's just simple reaction.
5. Military tendencies and abuse of DSS and EFCC powerss are not helping too.
6. Don't forget Buhari's open bias towards his religion, tribe, and sect. If you don't belong, then you have no reason to fully invest in this country.
7. Mediocre appointments all over the place, from the customs, to the ministers, , to the directors, his appointees don't know what they are doing, because they are not qualified in the first place
8. Mixing islamic radicalism, market economy, and politics never work anywhere in the World
9. Travelling overseas every time. He has traveled in 1 year more than what GEJ traveled in 6 years
10. Buhari by virtue of his lack of education is not qualified to led a modern, emerging, and complex country like Nigeria

1 Like

Re: Would GEJ Have Stopped This Recession? by naijaking1: 8:49pm On Feb 04, 2017
imhotep:
OP is still sound asleep.


If GEJ had been in power, we'll be talking about the largest economy in the World in a few years. No, instead we have regressed to another African country in recession.

1 Like

Re: Would GEJ Have Stopped This Recession? by Nobody: 8:50pm On Feb 04, 2017
naijaking1:


If GEJ had been in power, we'll be talking about the largest economy in the World in a few years. No, instead we have regressed to another African country in recession.
Wait until the exchange rate devolves to N1,500 to 1 Dollar.

The dullard-ism is approaching astronomical proportions.

1 Like

Re: Would GEJ Have Stopped This Recession? by hedonistic: 10:23pm On Feb 04, 2017
naijaking1:


Good job.
Unfortunately Buhari ba turenchi and his supporters like this poster also ba turenchi!
Let's try and make it simpler for them:

1. Staying more than 6 months without naming ministers is bad for the economy
2. Travelling to foreign countries to degrade your own country and calling them thieves and criminals chases investors, tourists, and people with money away from your country.
3. Chasing only political opponents in the name of fighting corruption is a recipe for economic disaster
4. Chasing Igbo people who control the economy is this country at the ground level is the nail Buhari has used to seal his own coffin, not that Igbos act in unison to fight back, but it's just simple reaction.
5. Military tendencies and abuse of DSS and EFCC powerss are not helping too.
6. Don't forget Buhari's open bias towards his religion, tribe, and sect. If you don't belong, then you have no reason to fully invest in this country.
7. Mediocre appointments all over the place, from the customs, to the ministers, , to the directors, his appointees don't know what they are doing, because they are not qualified in the first place
8. Mixing islamic radicalism, market economy, and politics never work anywhere in the World
9. Travelling overseas every time. He has traveled in 1 year more than what GEJ traveled in 6 years
10. Buhari by virtue of his lack of education is not qualified to led a modern, emerging, and complex country like Nigeria

11. Introducing a 'gra gra' scare mongering brand of so-called anti-corruption war, rather than using a tailored and sensible style. This new regime of 'fear of persecution' (or over regulation, to pit it nicely) is the biggest reason for the recession.. It has destroyed the financial system. Many people with stupendous cash and extra-legal income streams (in forex and Naira) have hidden their money and/or refused to channel it into the mainstrwam financial system via deposits and projects.

12. Persecuting the Niger Delta overlords (Tompolo et al) when he assumed office and withholding the monthly stipends of the represent militants.

13. Implementing the TSA with a fanatical and idiotic haste.

14. Discontinuing the fertiliser subsidy programme and the other agricultural policies of the GEJ administration.
Re: Would GEJ Have Stopped This Recession? by doubleportion: 8:50am On Feb 05, 2017
hedonistic:


And I should automatically believe you because your name is 'double portion'? Double portion of stupidity or what? What is your source, or was it your pepper soup seller that told you that NOI borrowed money to pay salaries?

These idiots from the only part of the country are particularly annoying.

Re: Would GEJ Have Stopped This Recession? by paschu: 6:11pm On Feb 05, 2017
Good governance should be in continuity. GEJ was not GOD. So he did his best and it was good enough. Let PMB match and surpass what he met.

Regarding your comments here's my thought:

1) Nigeria's refineries were working during GEJ. They just were not producing enough fuel to meet the national demand. And the plan for dangote's refinery (and that of others did not start in 2015).

https://www.nairaland.com/2496853/how-jonathan-transformed-refineries-setting

https://www.wsj.com/articles/SB10001424052702304607104579210322347689090

In fact GEJ's and prior governments gave license to several private firms to build refineries. And that was the right thing. But how do you expect a functional private refinery when it's cheaper to import fuel and there is no grounds for competition due to subsidy? ( And remind me, who again said subsidy should not be removed in 2012? )

http://thecitizenng.com/how-investors-stall-govts-drive-for-private-refineries/

You see, I doubt if this generation of Nigerians will ever be able to correct the damage they did to this nation's economy (in terms of lost time and lost opportunities) when they forced GEJ to retain the subsidy. It was a case of nigerians raping and damaging their present and future economy.

2) GEJ succeeded in diversifying the nation's economy more than any other head of state dead or alive. In fact, as at 2014, oil sector contributed just about 11% to the nations GDP. Google it.

And the fact that up to 70% of government expenditure had always been driven by oil (which should not be) did not mean that oil was the major driver of our GDP.

It was not.

GEJ (and oil production challenges) made sure it was not.

In fact our GDP under GEJ was so domesticated to the point that our "Export, as Percentage of GDP" was less than 15% despite the fact that Nigeria was Africa's largest economy. This was a first in history. And it is a pointer to the fact that the middle class cadre grew wider and had more to spend during GEJ's era. This is a major feat.

http://www.theglobaleconomy.com/Nigeria/Exports/

3) Recession means that the GDP had experienced negative contraction in three quaters CONSECUTIVELY. So the drop in oil price should only affect government expenditure adversely but NOT the GDP that never depended majorly on oil revenue. Remeber, oil sector contrinbuted only 11% to the GDP in 2014. So it's wrong to claim that low oil prices was the major cause of the recession. It was not. It merely contributed to it. BUT IT WAS NOT THE MAJOR CAUSE. This recession was clearly caused by this administration and its shipload of unfair policies. The only people who think otherwise are those who don't know the meaning of recession.

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

4. Oil had always been the biggest forex earner for Nigeria. But GEJ made sure he ran with fair policies which successfully expanded other sources of forex. Two of such alternative sources that thrived so well under GEJ were:

I) Foreign Direct Investment (FDI) - Africa is the future of global investment. So GEJ smartly (with his policies) made Nigeria the top investment destination in Africa. That was a huge forex inflow opportunity which the current vindictive administration has ruined in less than 2 years.

II) Remittances - Due to GEJ's fair policies, Nigerians in diaspora were remitting up to $20 billion annually to Nigeria. That was another huge source of forex which this administration had hit so hard.

Do you remeber that even the president slandered the Nigerians in diaspora (as criminals) and even said they should no longer be given assylum abroad but should rather come back home? He said this to a global audience. And he never did or said anything to promote the Nigerian community abroad. Instead he painted a verbal picture which suggested that he was the only moraly upright person in the country.

The next thing is that his government litteraly made remittances dificult. From forcing people to collect the bank rate equivalent of the forex they were sent, to cracking down on cheaper and more convinient remmitance operators who were not based in nigeria. That was a war against legitimate forex inflow. But here you are blaming forex scarcity on low oil prices alone. What a shame!

Dude, it's time for Nigerians to stand for the truth.



Diamby:
So you are saying we wouldn't have been in recession with nigeria been a mono economy for close to 16years.While would we rely solely on oil as our export earning. You might be right with the policy directions this present govt have taken but you disagree from the fact that if we had diversified and have dollars earnings from other sources the drop in oil prices wouldnt affect us much and again. The value of naira now in the parallel market is not the true value of the naira in actual fact as there are a lot of artificial scarcity from those who want the status quo to remain. There was no response from you on why we still import refined Petrol,diesel and kerosene.If previous govt built a new refinery and revamped the new ones we would not need to import as such the forex demand from oil importers would stop and would be needed for only importing items essential items we need.Also prices at the petrol station would be very low. Just try to be truthful to youself and reflect on my points.

2 Likes

Re: Would GEJ Have Stopped This Recession? by bantudra: 6:27pm On Feb 05, 2017
todayboy:
assuming gej is still in power there will be no recession in the first place
Buhari incompetence and pride brought recession to Nigeria
op no need to debate join the tuface protest lets chase the dullard out of asorock

what you are writing is not true...

jonathan would have reduced the reserves more...
taking more international debt..

you know...make you happy with your fake hairs,bleaching cremes and condoms on empty pocket...

if your pocket is empty, how do you want to escape recesion?...

ofcourse with debt...
Re: Would GEJ Have Stopped This Recession? by Nobody: 11:02pm On Feb 05, 2017
When you go abroad and call your citizens thieves, con-men and all bullshit and you expect investors to come? Dem be business men no be charity. I wonder what will happen to Nigeria if ebola was to come back again, God forbid. With this visionless Govt, ebola go just finish everybody.

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