Nigeria’s former Finance Minister, Ngozi Okonjo Iweala has said President Muhammadu Buhari’s unguarded utterances was responsible for plunging Nigeria into recession. 

“I still find it funny that most people don’t know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything.

“It’s also myopic to think that if Jonathan were to still be in power, we would be worse off.

“The truth about Nigeria’s recession is this; it was caused by the president’s unguided rhetoric and uncultured body language.

“Firstly, there is nothing we are buying today that we weren’t buying 5 years ago, therefore it’s not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.

“After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars.
In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.

“Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts.

“That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.

“To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL.
In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall.

“To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.

“The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge.

“Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians. 

“For your information, if your president “continues” with his unguided rhetoric, Naira will go down to N1000/$1. But we thank God, he is no longer talking.” she said.

http://scannewsnigeria.com/featured-post/how-president-buhari-utterances-plunged-nigeria-into-recession-ngozi-okonjo-iweala/?utm_source=&utm_medium=twitter

Plz ma help me tell them.... APC need to learn how to govern a nation.... They should spend more time on opposition and use the opportunity to learn.... Also mrs kemi need to serve under Okonjo Iweala so as to gain field experience....

Zombies will still dispute this

Lalasticlala

E

we know..buhari is synonymous to failure,and always making unguarded utterances.. no be small thank God, he can't talk..lousy old man..

AFONJA MUSLIM JIHADIST ARE COMING FOR YOU AUNTY NGOZI

I think the BVN stuff added had its effect. Most of these corrupt politicians where no longer willing to deposit all their monies in the bank thereby weakening the banking sector.

I checked the name buhari in the dictionary and I saw it meant failure

The man has an anti Midas touch
Anything he touches loses value

Everything he says
Causes commotion and catastrophe

APC has two things to offer
Lies and propaganda

BAILMONEY:
AFONJA MUSLIM JIHADIST ARE COMING FOR YOU AUNTY NGOZI

Dose ones are ready 2 support their masters

BAILMONEY:
AFONJA MUSLIM JIHADIST ARE COMING FOR YOU AUNTY NGOZI

We are waiting for any terrorist that will chant "change" because of some stupid religion
Common sense must prevail tonight

Hmm!!
Its well

Please madam Okonjo, forgive us, come and help us fix this economy for the sakes of those who are innocent but are passing through a lot in this recession, the grammar speaking I. T. Student does not understand that recession is more than a word, it's a reality on ground, even some Buhari supporters' are now reasoning properly because of the biting economy, please Make we need you now.

Please madam Okonjo, forgive us, come and help us fix this economy for the sakes of those who are innocent but are passing through a lot in this recession, the grammar speaking I. T. Student does not understand that recession is more than a word, it's a reality on ground, even some Buhari supporters' are now reasoning properly because of the biting economy, please Make we need you now. See analysis with statistics and hard facts.

Na so

buhari is a confused human being

This is a fantastic summary of events immediately the dullard took over.
Oh not to forget, Buruhary government started seizing forex at the airport.

this are the kind of persons we need as finance ministers, not that ewedu-eating afonja called kemi

Lalasticlala pls this need to be on front page!

APC have been deceiving us for so long

Gullible Nigerians are the reason bloggers are smiling to the Bank these days

Just coin any news about Buhari's failure and assign a name of previous Govt official as the source then Wailers will be rejoicing!


Just today, Kwankwaso's PDP decamp rumour was bursted, yet they are assimilating this ill juxtaposed and disgruntled narrative from an anonymous source


If this kind of claim is true, it could have made headlines in all our national dailies

hmmm... ok den

The political show is getting interesting all of a sudden.
Now we wait for the fools to come and say or dispute what madam has said about oga at the top.

"We thank God; he is no longer talking"

greatiyk4u:
Gullible Nigerians are the reason bloggers are smiling to the Bank these days

Just coin any news about Buhari's failure and assign a name of previous Govt official as the source then Wailers will be rejoicing!


Just today, Kwankwaso's PDP decamp rumour was bursted, yet they are assimilating this ill juxtaposed and disgruntled narrative from an anonymous source


If this kind of claim is true, it could have made headlines in all our national dailies

I can see u are pained... Have u forgotten when u guys were raining it on GEJ? It is a pay back time!

Buhari/APC must be disgraced out of office God being with us!