ephi123:


It wasn't necessary to read the comment trail. What he stated were very clear facts.

You say oil prices went down 50% with the resulting drop in revenue, agreed. Is that in any way proportional to a 600% jump in budget figures? Clearly not.

The previous government messed up, agreed. Let us focus on the actions of this current one, particularly their out of the roof borrowing (afterall they've been in power for 2 long harrowing years). This continuous blame game has been beaten to death.

And to even make matters worse, no one is seeing the impact of the ridiculous borrowing, people are suffering like there is no tomorrow, so where exactly has all the borrowed funds disappeared to?

obailala:
Are you aware that the chief cause of Nigeria's presently economic crisis is the dollar scarcity and its consequent effect on our exchange rate?

Are you aware that oil still accounts for about 93% of Nigeria's forex earnings?

Before you go out to make analysis based on complex GDP figures which you have no clue about, you should first try and educate yourself on the most basic economics.

obailala:


Revisionism at its best??... I challenge you to point out a single sentence which I wrote above which is wrong?

What you have attempted to do here with your response is diversionism at its best WORST. We're talking of the failure of the FG to save a dime at a time the nation enjoyed an unprecedented oil income boom, an indiscretion which more than anything, exposed Nigeria and left us devastatingly vulnerable to even the slightest fluctuation in value of the only commodity we export. You argued it was the trio of Amaechi/Fashola/Oshiomole that probably used fresh voodoo to hypnotize GEJ's into not saving a dime. I deflated your theory and drew your attention to the fact that the FG still retained bulk of the ECA funds (~52%) and could have easily saved it if at all there was any will to save.

Now instead of remaining focussed on the argument and addressing the core issue at had, your best response was to start mentioning names of some sleazy APC governors and quoting presidency budget?... How exactly does this your digression address the issues I pointed out?

Oshiomole taking a loan to work in his state, how exactly does that invalidate the fact that the last admin refused to save a dime and left Nigeria exposed to terrible economic weather?

You claim the current government has accumulated more debt in 2 years? Oh yes! and the reason for all that borrowing is very clear. Due to the crash in oil prices, there's been an over 50-60% drop in the revenue accruing into the nation's coffers and in order to checkmate the recessionary effects, the wisest thing to do is borrow money to fund CAPITAL projects. But the real question you should be asking is, the last government which enjoyed UNPRECEDENTED OIL INCOME EXPLOSION, for what reason exactly did they have to borrow all that they did? ...and for what reasons exactly did they have to deplete the nation's reserves/savings which they met even though Nigeria made far more money at the time?... We all recall that by February 2015, they had to borrow over $2 billion to offset RECURRENT expenditure including SALARIES. How do you explain that?

@ephi123
Did you even read through our comment trail before you got excited and jumped in to endorse his diversionary reply?... I doubt you did, cos I know you to be more objective than this.

VULCAN:
Had it been you bothered to read Sanusi's speech like I implored you you would have learnt a thing or two.

But apparently you have more experience running Nigeria's economy than he does

Its clear you an APC apologist cos they never accept a position different from their own. Jonathan is the reason why they couldn't achieve erection last night.

Indeed You are a very confused fellow.

I responded to your post wherein you said our problems are due to troubles in the oil sector. Emir Sanusi said its not so.

Now your ranting about foreign exchange as being the cause of our problems.

Are you schizophrenic? If not, make up your mind on what you feel is responsible for the economic downturn

And for the fact that you stupidly implied I know nothing of the subject matter despite not knowing me...

...My first degree was in Finance.

What was yours?

BigIyanga:



In Previous years, CAPEX was above 30% when budget was about N4tn with exchange rate of less than N150. FG increased the budget by 50% and still pegged CAPEX at 30%..

Ministries were reduced by 50% and RECEX was still increased. Presidency budget went from N6.6bn in 2015 to N39bn in 2016. Most importantly, it's pure profligacy to borrow 60% of ur budget to finance recurring expenditure.

They still increased recurrent expenditure by 70%-chop money without commensurate increment in CAPEX They later told us that they would only implement 15% of the capital budget.

2: 30 out of 34 sub sectors of the economy are in decline as of Q4 last year, so 90% of the economy is in recession- Service to manufacturing.
3: Even though Naira has lost its value by over 150% under PMB, prices of good haven't gone by 100%, for instance, Abuja taxis still charge N300-500 per drop, so it can't be entirely blamed for recession.
Federal budget only accounts for about 5% of the aggregate GDP, to suggest that 5% of past fiscal policy brought this hardship to the country is pure fallacy.. If this present govt had steadied the ship, 95% of the economy would have gone into recession.
4: In last year's budged ,N500bn was allocated to special intervention fund for social programs with no ministry nor parastatal.. This kitchen cabinet money managed by GMB and his cronies.
5: Bloated cost of govt hasn't changed. Presidency budget was increaesd from N5.5tn in 2015 to N39bn in N2016. NASS allocation is more than the state budget of most states.
Ministries reduced by 50% thru merger, but cost running govt is higher, why?

obailala:
Sorry dear, it's always necessary to read and understand the basis of an argument before joining to give your opinion. But you are forgiven, cos we all guilty of jumping into arguments without reading at one time or the other.

Secondly, budget figures can change for different reasons, there might be a need to fund a particular project and that could easily change the budget figure for a ministry or parastatal or the presidency (which includes EFCC, DSS etc). So saying the presidency budget changed from 6bn to 39bn without highlighting details of why, that's an empty diversionary comment.

Thirdly, the over the roof borrowing is simply because of the low government income. I just read a report which stated that only roughly 50% of monthly revenue target was achieved in January 2017, that explains the reason behind the wild borrowing to stay afloat. And yeah, it's still not enough, even when Nigeria was making all the billions from high oil prices, how many projects could government commission?... Yet you expect a miracle now when revenue is low?...

And lest I forget, the main reason behind the blame game is cos the incompetent thieving rogues who plundered the nation and exposed us to the current crisis still have the guts to shamelessly keep opening their smelly mouths to blame the current govt which is struggling without success to resuscitate the comatose economy they handed over. Most of the blame game you see is purely in RESPONSE to criticism coming from the very same old rogues. Just to clarify, the only reason I'm talking about GEJ now is cos the dude I quoted erroneously, provocatively and ignorantly quoted that GEJ wanted to save but that Amaechi and co stopped him from saving.

obailala:
Mr man, I wasnt double speaking when I mentioned that lack of forex is the cause of the economic crisis. I shouldnt have to explain to you that the oil crisis is the cause of the forex scarcity, even a child on the streets knows this so I'm suprised a self acclaimed finance expert thinks I am 'changing stance' when I mention 'oil crisis' at one point and mention 'forex scarcity' at another instance. It's a pity, but if you do not know the relationship between the two, then I would be wasting my time trying to argue with you. I would assume you know better but only made the 'double speak' accusation just for the sake of arguments; so I would ignore that.

Regarding Sanusi's speech on GDP, I would attempt to break it down for you and I believe it should be simple to understand if you put political sentiments away (not every topic should be analysed politically). The fuel tank may be a tiny part of a car, but if it is punctured and the fluid leaks, the entire car would be grounded. Oil or the oil industry may make up only 15% of Nigeria's GDP, but this same oil supplies 93% of Nigeria's entire forex income. Remember Nigeria is pathetically an import dependent country that imports almost 100% of its energy (petrol and diesel)?.... Anything that affects the flow of forex, affects the exchange rate and the exchange rate influences the inflation rate and in all, the availability of forex influences every other part of Nigeria's GDP.

In essence, that tiny oil industry produces the life blood which drives every other sector of the country; kill the oil industry and watch as every other sector (which depends on that forex coming from the oil industry) withers away as is currently the case in Nigeria. Hence why several economic experts have always called for diversification of Nigeria's forex income source so the nation's life would stop being tied to just oil, oil and oil.

So a little advice, try and use your education better than just listening to the words of one economist (which you didnt even underatand) and moulding your opinions based on it. I dont have to be an economist or a finance specialist to understand this.

ephi123:


That still doesn't change the fact that it's a massive jump in figures. Plus it's having no positive impact on the man on the street.

That's a big lie. How many times have we seen the former administration talking? The only reason things have been in the headlines recently is because of the so-called book Adeniyi wrote.
Prior to that, every single thing, the first thing this failed government does is blame the former one. We are all here now, let us see who they will blame after the 4 years is up. How can a government in power not want to be held accountable for their actions? That is an indication of people who have nothing to offer, so do the easiest thing - blame someone else!

obailala:
Firstly, like I said before, budget figures can change for different reasons; we aren't talking of a single item like fuel cost or cutlery or feeding cost, we're talking of a whole ministry (as I would prefer to view the presidency). And remember things like the EFCC, DSS, NSA, NIA, BPE, Amnesty Programme etc 'I think' are all under the presidency budget. So if there's a plan for a project in a particular budget year, for instance I think there was a plan to build an EFCC HQ, things like that could explain a leap in the allocation to that ministry. So yeah, the presidency's budget is higher, but that isn't enough reason or basis to make any conclusions until you bring details of the breakdown.

Secondly, I stand by my word that it is usually the former admin that always sticks out its neck each time for ridicule; most of the things you tag 'blame' are more often than not, just responses to the provocative comments/criticisms by the last admin against the current guys... And when I say last admin, it also includes its supporters and sympathisers who keep bringing up GEJ's name trying to beatify him and making undue comparisons. As a typical example, the only reason I'm talking of GEJ now on this thread is cos, after reading the Op of this thread where Peter Obi mentioned the need for saving, I read a comment by someone claiming that GEJ dearly wanted to save but the trio of Amaechi, Fashola and Oshiomole made sure GEJ couldn't save. Ignorant comments like that are what give rise to GEJ bashings cos I couldn't help but set the record straight. And yeah, its not just the supporters, even former shameless officials like Omokri etc keep jumping online making similar ridiculous comparisons which eventually just put GEJ on the spotlight.

VULCAN:
Actually, you were.

VULCAN:

But having read all you have written I understand that you're the type that pretends to know it all so that you can be the loudest voice in the room.

Its OK, I agree with you that you are more versed in Economic matters than the previous CBN Governor so that's why his storied evaluation of our economic challenges is wrong and yours is correct. I apologise for doubting your erudite economic curriculum vitae

Now I hope that makes you happy.

People that have an overwhelming need to prove themselves in the midst of others most likely suffer from some sort of inferiority complex.

Thank God at least you didn't lie that you have formal training on Financial or Economic matters so I presume you learnt all you know from the internet or perhaps just listening to Kemi Adeosun.

But like I said Tow the APC line all you like. Every employer of labour in the private sector knows that a Manager who cannot correct the wrongs of the previous Manager won't be a Manager for very long.

I notice that you are unable to provide solutions to the current quaqmire so your armchair economic prowess can't deliver much outside of criticism of the previous govt.

Tell your APC masters not to bother to improve the economy as they promised us but just to reverse it to the "disaster" that they met it. Then we can take it from there.

ephi123:


But these things you listed out have always been under the presidency, nothing has changed. You are not helping your argument at all I'm sorry to say.

I am not a fan of GEJ so cannot stand in for him or defend him, unless he is needlessly being bashed by this mega-clueless administration, which seems to be happening a lot lately.

chudionu58:
Zombie demolition thread. Go on boys!. Obailala, the very staunch and deceptive Apc worshipper. I dey feel your apparent misery.

obailala:
Bia nwanna... I thought we were talking of the issue of savings by GEJ and your accusation that Amaechi was responsible for GEJ's zero will to save?... Last time I checked, that was what the discussion was all about but the way you've totally avoided that discussion as if it has leprosy and resorted to general criticism of govt is quite amusing.

Guess what? ... I agree with you, the govt is useless, but can we please focus on our first topic and conclude on the original argument before we divert to another topic?

BigIyanga:

I was jusr trying to clarify you that govt monetary and fiscal policies brought and exacerbated this recessiom.
National budget is about $25bn a year and Naija in diaspora send close to $25bn home every year, this could have a great way to plug in the shortfall in forex if FG narrowed the gap between black and parallel market, instead they allowed CBN and bank cronies to ripp off Nigerians in diaspora. If black market is 400, Banks and wstern union, moneygram eyc would be paying 300, so Nigerians in diaspora reduced the amoung of money coming into the country.
You keep making apple and orange comparison.. FG had saved close to $30bn and state governors like Amaechi saved ZERO and came back to FG asking for a bail out. $30bn Vs 0
Amaechi ran a $3bn/year budget which amounted to $24bn in 8 years. He spent $1bn on a 2km -monorail project that is currently abandoned.
Rwandan budget is about $3bn a year and it has far more responsibilities than Amaechi

obailala:
Children everywhere... If you get any mental or cerebral power, why dont you join the discussion by proving any of my points wrong??

lagosrd:
Good luck Jonathan said let us have a joint savings account for the future of our people. Those rogues said No. The debt obasanjo cleared is now been piled up again. All in the name of development. How on planet earth could a kilometer of road cos 1billion naira. Wasteful kleptomaniacs

VULCAN:
Actually, you were.

But having read all you have written I understand that you're the type that pretends to know it all so that you can be the loudest voice in the room.

Its OK, I agree with you that you are more versed in Economic matters than the previous CBN Governor so that's why his storied evaluation of our economic challenges is wrong and yours is correct. I apologise for doubting your erudite economic curriculum vitae

Now I hope that makes you happy.

People that have an overwhelming need to prove themselves in the midst of others most likely suffer from some sort of inferiority complex.

Thank God at least you didn't lie that you have formal training on Financial or Economic matters so I presume you learnt all you know from the internet or perhaps just listening to Kemi Adeosun.

But like I said Tow the APC line all you like. Every employer of labour in the private sector knows that a Manager who cannot correct the wrongs of the previous Manager won't be a Manager for very long.

I notice that you are unable to provide solutions to the current quaqmire so your armchair economic prowess can't deliver much outside of criticism of the previous govt.

Tell your APC masters not to bother to improve the economy as they promised us but just to reverse it to the "disaster" that they met it. Then we can take it from there.

obailala:
Bro, you just seem desperate to 'win' an APC vs PDP argument, hence all these your diversions naming one APC governor or the other. Oh Yes, the govt isn't doing anything impressive and i thought I agreed with you on that before? The only thing I wanted to point out/clarify was your erroneous pronouncement that GEJ wanted to save but Amaechi stopped him; fact is that GEJ didn't have any intentions of saving nada, and if he did, a combination of 36 or even 72 governors couldnt have stopped him.

And yeah, just to clarify again, the Amaechi you keep mentioning wasn't owing salaries and didn't run to any FG for any bailout. I know you're desperate hang Amaechi as your worst nightmare, but try and get your facts right first... and again, Amaechi also didnt abandon the monorail project, Wike did; it makes no logical sense accusing an ex-governor for abandonment of a project when there's currently an incumbent governor.

chudionu58:
Join issues with a Zombie? who made all the noises in 2015 as if his personal lord and saviour had a plan. Enjoy the rain beats.

BigIyanga:

Partisan hacks like you think that anybody critising APC is a PDP agent. I was critical of PDP when they were in power and Amaechi, Okorocha, El Rufai, Masari, Garba Shehu , Audu Ogbe, Tambuwal,Udo Udoma, and co were all PDP members. Amaechi was a PDP member untill 1year to rhe expiration of his tenure. He wasted and squandered funds.
On one hand, you are berating FG for not saving enough, but extolling govs like Amaechi for spending all their funds and not owing, but they borrowed heavily and left their states solvent.
Show me what states like Rivers saved with their share of ECA? Only Anambra is non-oil producing that didnt got for a bailout, but Rivers budget is about 5times bigger than Anambra. Rivers budget is like that of Lagos. LASG is building a rail 30km rail system at over $1bn, but Rivers spent $1bn on abandoned project.

kikake:
But even a ram from northern Nigeria must win Peter Obi in Nigeria's presidential election.

With 19 states +Abuja proliferated by northern soldiers in one northern region; with a provision that says a presidential candidate must win 25% of votes in 2/3 of 36 states ( that is, 24 states), every northern candidate can easily win 25% in the 19 states of north, then look for 5 states in the south to win to become president; easy.

But with only 17 states allowed in the divided south, no southern candidate can win the presidency, unless northern politicians decide not have the presidency remain in the north.

Nigeria's political structure created by north is a fraud.

Land mass is not used as yard stick to create new federal units from the old units in a federal country where distinct groups came together to form a country.

If Nigeria's states were created democratically, there should have been more states in the two southern regions than in the one northern region.

VULCAN:
Had it been you bothered to read Sanusi's speech like I implored you you would have learnt a thing or two.

But apparently you have more experience running Nigeria's economy than he does

Its clear you an APC apologist cos they never accept a position different from their own. Jonathan is the reason why they couldn't achieve erection last night.

Indeed You are a very confused fellow.

I responded to your post wherein you said our problems are due to troubles in the oil sector. Emir Sanusi said its not so.

Now your ranting about foreign exchange as being the cause of our problems.

Are you schizophrenic? If not, make up your mind on what you feel is responsible for the economic downturn

And for the fact that you stupidly implied I know nothing of the subject matter despite not knowing me...

...My first degree was in Finance.

What was yours?

VULCAN:
Actually, you were.

But having read all you have written I understand that you're the type that pretends to know it all so that you can be the loudest voice in the room.

Its OK, I agree with you that you are more versed in Economic matters than the previous CBN Governor so that's why his storied evaluation of our economic challenges is wrong and yours is correct. I apologise for doubting your erudite economic curriculum vitae

Now I hope that makes you happy.

People that have an overwhelming need to prove themselves in the midst of others most likely suffer from some sort of inferiority complex.

Thank God at least you didn't lie that you have formal training on Financial or Economic matters so I presume you learnt all you know from the internet or perhaps just listening to Kemi Adeosun.

But like I said Tow the APC line all you like. Every employer of labour in the private sector knows that a Manager who cannot correct the wrongs of the previous Manager won't be a Manager for very long.

I notice that you are unable to provide solutions to the current quaqmire so your armchair economic prowess can't deliver much outside of criticism of the previous govt.

Tell your APC masters not to bother to improve the economy as they promised us but just to reverse it to the "disaster" that they met it. Then we can take it from there.

Typical back man you went into the ring with a weak arguement, your defensive position was demolished with a superior arguement, instead of burying your face in shame, you are rambling like an irritated mosquito telling the world about your inferiority complex.
I always remind losers like you that this is the world wide web not your bedrooms where unintelligent folks like you deceive your wife.
When next you feel you have what it takes, feel free to buzz the guy's mention, for now, I don't wanna be you, so badly beaten!!

obailala:
Moronic wailers have always been known to have nothing upstairs, so I shouldn't be shocked that the only vocabulary in their empty skulls is zombie, zombie!

I would be damned if I expected any sensible contribution from a coconut

chudionu58:
Face front jare, trickish lying Zombie.

deomelo:



Jona and okonjo was borrowing hundreds of billion to pay workers salary so what was he going to save? The funds he looted with his gang?

obailala:
Kindly point out where I extolled anyone?.. and I would be very glad to accept your 'partisan hack' insult. Correcting your erroneous statement about 'Amaechi running to collect bailout,' is that what you call extolling?... For crying out loud, there are 1001 things about government that could be criticised, so how has it now become a virtue to stick with the very one which is false and how has it automatically become 'extolling' when I correct your error?

Look here man, I'm not here to discuss whatever profligacy happened in Rivers State or any other state for that matter. I'm not sure I understand the reason you keep directing these comments to me. The only reason I quoted you originally was cos of the erroneous statement made about 'GEJ wanting to save but was stopped by Amaechi,' I simply stepped in to deflate that falsehood. But instead of simply accepting and moving on, you've exhibited what can best be described as an unholy obsession for Amaechi Amaechi Amaechi!!! And then I begin to wonder whether there was anywhere I told him Amaechi was my father or a saint... Did you read anywhere I praised or even slightly glorified Amaechi?...

BigIyanga:

Keep changing thd goal post. I mentioned Amaechi,Fashola,Oshiomole,Rochas and Anambra because they were in govt before GMB came. You cherry-picked Amaechi because he seems too clean to be picked on. When I unloaded some dossier on him, you started ducking for cover. You sound so butthurt about Amaechi's financial impropriety?
But can you tell us how much he saved since we are talking about savings?

BigIyanga:

Keep changing thd goal post. I mentioned Amaechi,Fashola,Oshiomole,Rochas and Anambra because they were in govt before GMB came. You cherry-picked Amaechi because he seems too clean to be picked on. When I unloaded some dossier on him, you started ducking for cover. You sound so butthurt about Amaechi's financial impropriety?
But can you tell us how much he saved since we are talking about savings?

lagosrd:


That was after the money was shared and there was nothing left. Believe me you will not be able to stomach how much each state got without corresponding development to show for.