ephi123:


It's not your fault. People who are being spoonfed have no clue how an economy is run. Continue typing theories online.

Pele.

omo1010:


Crude price is currently above $50 which is more than what was budgeted, yet Nigerians are not feel any positive impact. Obj ran this country with less than $30 per barrel, managed the effect of the global economic crisis without plunging Nigeria to this type of unprecedented hardship. What we have now is offshoot of bad economic decisions that are not peoples' friendly. Truth has to e told, instead of defending this gross maladministration which is neither good for PMb nor his administration, because history will not e kind to this regime

Atiku2019:



PMB has done well? But his cabinet members are not doing well?

Which "Kain" talk be this self?


PMB is a complete failure ...


How far with the Osborne cash broda, Any news?


Well PMB is fighting corruption indeed

southpole:


Yea truth has to be told, Obj took over when the price was far below $30 and it climbed up so it was easy for him, Obj did not experience any shock in terms price decline. When d price nose dived during this regime is like a man who was running smoothly on a flat land and suddenly sinks into a deep hole, if you expect things to be the same with that man is wrong. Let me use another analogy, assuming you are employed and your salary is N100 per month from there you give your wife N30 for feeding. N40 you pay children school fees you give N10 each to your two children for pocket money and save N10.

Then suddenly your employer without any notice reduce your salary to N30 per month and after explaining to your wife and kids, your wife still insist you most maintain same standard of leaving as before, you most give her N30 for feeding as you used to when things were fine and that your kids most be left in the same school because she doesn't want the neighbours to laugh at her. Your kids also insisted that you most give them same amount of pocket money as you used to and also save N10 as usual will that be fear to you?

odogwubiafra:
They have been always quick to link GEJ to looting, but now they can't link him to TSA. Moreover, Buhari the empty head, TSA doesn't mean saving. Savings = income - expenditure(ie part of income not consumed).

How can they call it savings when salaries have not been paid, when some contractors have not been paid and so on.

Government of deceit and incompetence.

southpole:

Those who work the work see opportunities in every happening but those who have taken complaint as hobby will never ever imagine there exist any opportunity even if it is presented to then in a lay man's language.

if prices are going higher like in food stuff it is an opportunity for you to key into the value chain and get your own share.
If foreign investors are leaving it is an opportunity for you to key in, by the way foreign investors are here primarily to make money not to build your economy. when the Chinese that are coming here for instance to export our cassava, ginger and other raw materials leave, then key in and start a small export business in the area they are leaving.

Please stop wasting a lot of your time in naira land posting complaints and frustration. Some of us only come here after making our money everyday and only if we don't have anything doing.
's

Ezenwammadu:
And yet nothing is moving forward

Useless government

southpole:

Wait for Government to do everything for you while you do nothing and you will die so ratchet.

dre11:

“When we say we have over N5 trillion in TSA, it does not mean free
funds for spending. No! no! no! These monies belong to various
ministries, departments and agencies put in a portal in such a way
that you can view the entire balance as one.


“The movement is now over N7 trillion. But as I explained earlier,
these are not free money. People should not be thinking of why is
government borrowing to fund budget. These are budgeted monies
for MDAs for projects and developments,” he said.

Willie2015:


It is not as simple as this. The cost of running business in Nigeria is extremely high.
I have some buses plying some routes and I know for a fact that it is not easy to run a business. Cost of basic car parts had doubled with increasing maintenance cost. Most SMEs are out of business while many will continue to do so if this administration continue on this path.

Check the result of companies quoted on the NSE, all of them are groaning as a result of inflation pressure, reduced consumer disposable income, Naira Devaluation and High Energy cost. These are factors that also affect the Agric sector.

I cannot encourage any young entrepreneur to start business during this recession period, it is better to keep your capital in Treasury Bills,Bonds and earn 17% annual yield than lose your capital in the name of doing business.

Just my opinion

maclatunji:


A TSA he never implemented. Weren't people like you crying and wailing when this administration started implementing it?

Park in one place.

kynbasil01:
this shows that what you have up there is not brain.. it's rather a mucous

Atiku2019:



PMB has done well? But his cabinet members are not doing well?

Which "Kain" talk be this self?


PMB is a complete failure ...


How far with the Osborne cash broda, Any news?


Well PMB is fighting corruption indeed

Daboomb:


STOP deceiving yourself!

GEJ never implemented the TSA for all the years he was President........ because he wanted to allow his "friends' to keep looting the balance of money from the MDA's.
As far as he was concerned, STEALING is not Corruption.

You people are just so "comfortable with looting" that anything different, is giving you nightmares!

lexy2014:
so funny how do u separate a presidents performance from that of his ministers? how can a president b doung and his ministers not doing well?if they aren't doing well according 2u, what has d president done about it bearing in mind that it took him 6months 2 appoint d same people u say aren't doing well. this cabal u talked about, have u ever seen any member if d cabal?can u mention d name of at least one member of d cabal?if this administration was doing well, will u say d cabal was responsible?

southpole:


Yea truth has to be told, Obj took over when the price was far below $30 and it climbed up so it was easy for him, Obj did not experience any shock in terms price decline. When d price nose dived during this regime is like a man who was running smoothly on a flat land and suddenly sinks into a deep hole, if you expect things to be the same with that man is wrong. Let me use another analogy, assuming you are employed and your salary is N100 per month from there you give your wife N30 for feeding. N40 you pay children school fees you give N10 each to your two children for pocket money and save N10.

Then suddenly your employer without any notice reduce your salary to N30 per month and after explaining to your wife and kids, your wife still insist you most maintain same standard of leaving as before, you most give her N30 for feeding as you used to when things were fine and that your kids most be left in the same school because she doesn't want the neighbours to laugh at her. Your kids also insisted that you most give them same amount of pocket money as you used to and also save N10 as usual will that be fear to you?

LionDeLeo:


Some of them are fully aware of this but they are so frustrated that nothing works for them. Imagine, they want Bubu to change Nigeria to Paris within 2 yrs with the dwindling govt revenue. Something that could not be achieved in 6 yrs with very high govt income coupled with the depletion of Foreign Reserve.

sarrki:
Pmb as a person have really done well

Most of his cabinet members and the cabals are not doing well

odogwubiafra:


Let me take you on some points you raised, you said that;

1) That the nosedive in price of crude oil was SUDDEN. There is a missing link between your analysis and the real situation. This fall in crude oil price was part of their campaign, when Tam David West opined that petroleum pump price would have sold N40 if Buhari was in power. So they ought to have believed and worked their modalities towards making their projection real.

2) That your wife and your children will insist on as it was in the beginning.. Yes, when it is only their expense line that were affected. Buhari could not afford nomination form, but now could afford to go on medical treatment abroad for over a month, with blood transfusion, all expenses paid in pounds. And you still believe the change begins with us and not him.

southpole:


Yea truth has to be told, Obj took over when the price was far below $30 and it climbed up so it was easy for him, Obj did not experience any shock in terms price decline. When d price nose dived during this regime is like a man who was running smoothly on a flat land and suddenly sinks into a deep hole, if you expect things to be the same with that man is wrong. Let me use another analogy, assuming you are employed and your salary is N100 per month from there you give your wife N30 for feeding. N40 you pay children school fees you give N10 each to your two children for pocket money and save N10.

Then suddenly your employer without any notice reduce your salary to N30 per month and after explaining to your wife and kids, your wife still insist you most maintain same standard of leaving as before, you most give her N30 for feeding as you used to when things were fine and that your kids most be left in the same school because she doesn't want the neighbours to laugh at her. Your kids also insisted that you most give them same amount of pocket money as you used to and also save N10 as usual will that be fear to you?

AlphaStyles:
1 trillion go soon miss

4Play:


I have seen this household budget analogy deployed by "BMC" activists but it is crass, fatuous and utterly benighted. It plays on the short memory, dissonance and naivete of the average Nigerian. Here is why:

The Nigerian government's spending obligations are largely Naira denominated and dominated by recurrent expenditure (payroll expenses and interest payment on Naira denominated bonds). If the price of a barrel of crude oil falls from $100 to $50, assuming (for the sake of simplicity) that this leads to halving of government oil revenue, the impact would be moderated by the exchange rate effect. By allowing the exchange rate to fall from N160/$1 to N305/$1, the government is able to meet much of its salary/bond payments without breaking much sweat because workers and bond investors are paid in Naira.

If oil revenue previously yielded $20bn, the FG would be able to spend N3.2 trillion (at a rate of N160/$1). If oil revenue halved to $10bn, the FG would be able to spend N3 trillion (at a rate of N305/$1). The exchange rate effect acts as a strong cushion re the government's budget against the deleterious effects of an oil revenue collapse. Interestingly, when NOI was queried by the opposition in 2013 as to why she preferred to borrow in Naira rather than in foreign currency (the latter attracts lower interest rate), this point was made and we debated it in the following thread: https://www.nairaland.com/1563336/must-read-reps-50-questions/2#20372749.

So your household budget analogy is misleading. The government's revenue doesn't fall by 70% - its dollar income does fall significantly but little of the government's expenditure is dollar denominated. But the impropriety of the analogy doesn't end there. You ignore that only 60-70% of the government's revenue is oil derived. There are a range of taxes - Income tax, VAT, Corporation tax, e.t.c. - that are not derived from oil.

We also ignore the elephant in the room (this is where my reference to short memories and dissonance arises). We were told that the previous government was stealing a huge chunk of the oil revenue (have we forgotten Sanusi's $20bn allegation?). If the previous government was stealing significant proportions of the oil revenue, the mere fact of having a new and more honest government should offset some of the downside of the oil income collapse. Sanusi's claim was that oil export proceeds were not being remitted back to Nigeria. Surely, there would be some upside now that those proceeds are being remitted.

Overall, the argument citing the collapse of oil revenue as an excuse belies all we have been told about the wanton theft of the GEJ government vs the honesty/uprightness of the Buhari government. It ignores basic understanding/knowledge of how exchange rate depreciation works to protect a government whose spending is largely denominated in its local currency. It is a tedious and ignorant argument which should be read its last rites by the BMC crew and all Buhari apologists. Find another argument that doesn't insult our intelligence.

4Play:


I have seen this household budget analogy deployed by "BMC" activists but it is crass, fatuous and utterly benighted. It plays on the short memory, dissonance and naivete of the average Nigerian. Here is why:

The Nigerian government's spending obligations are largely Naira denominated and dominated by recurrent expenditure (payroll expenses and interest payment on Naira denominated bonds). If the price of a barrel of crude oil falls from $100 to $50, assuming (for the sake of simplicity) that this leads to halving of government oil revenue, the impact would be moderated by the exchange rate effect. By allowing the exchange rate to fall from N160/$1 to N305/$1, the government is able to meet much of its salary/bond payments without breaking much sweat because workers and bond investors are paid in Naira.

If oil revenue previously yielded $20bn, the FG would be able to spend N3.2 trillion (at a rate of N160/$1). If oil revenue halved to $10bn, the FG would be able to spend N3 trillion (at a rate of N305/$1). The exchange rate effect acts as a strong cushion re the government's budget against the deleterious effects of an oil revenue collapse. Interestingly, when NOI was queried by the opposition in 2013 as to why she preferred to borrow in Naira rather than in foreign currency (the latter attracts lower interest rate), this point was made and we debated it in the following thread: https://www.nairaland.com/1563336/must-read-reps-50-questions/2#20372749.

So your household budget analogy is misleading. The government's revenue doesn't fall by 70% - its dollar income does fall significantly but little of the government's expenditure is dollar denominated. But the impropriety of the analogy doesn't end there. You ignore that only 60-70% of the government's revenue is oil derived. There are a range of taxes - Income tax, VAT, Corporation tax, e.t.c. - that are not derived from oil.

We also ignore the elephant in the room (this is where my reference to short memories and dissonance arises). We were told that the previous government was stealing a huge chunk of the oil revenue (have we forgotten Sanusi's $20bn allegation?). If the previous government was stealing significant proportions of the oil revenue, the mere fact of having a new and more honest government should offset some of the downside of the oil income collapse. Sanusi's claim was that oil export proceeds were not being remitted back to Nigeria. Surely, there would be some upside now that those proceeds are being remitted.

Overall, the argument citing the collapse of oil revenue as an excuse belies all we have been told about the wanton theft of the GEJ government vs the honesty/uprightness of the Buhari government. It ignores basic understanding/knowledge of how exchange rate depreciation works to protect a government whose spending is largely denominated in its local currency. It is a tedious and ignorant argument which should be read its last rites by the BMC crew and all Buhari apologists. Find another argument that doesn't insult our intelligence.