At virtually every forum and slight opportunity the govenment of Buhari through its spokepersons and image launderers had always cited corruption in the last administration as the main factor responsible for Nigeria sliding into recession. Now that the country has officially crept out of the doldrum within a spate of 18 months with corruption indices still on the upward trend, can we still attribute the recession to corruption? Contrary to the govt's claims, the inability of Buhari to form a cabinet 6 months after inauguration, multiple exchange rates, banning and unbanning of essential commodities and flipflop in economic policies were the major causative factors for the recession. With the govt now seemingly navigating through its learning curve, eschewing trial and error governance, reversing its own thoughtless and obnoxious policies, it was just a matter of time before the anomaly of post 2015 reversed itself, hence the 0.55% GDP growth.

My Brother "The Out Of Recession Indices" is a scam believe it or not

Manipulated figures

smartty68:
My Brother "The Out Of Recession Indices" is a scam believe it or not

Manipulated figures

Friend, whether the NBS new claim is real or not, the fact that we're told the country is out of reccession less than 18 months after its herald simply shows that APC has been lying to Nigerians. Corruption has little to do with the reccession but APC cum Buhari's naivety and unprepareness in governance.

U didn't need a soothsayer to know though it would actually take deliverance for zombies to see it. D same govt dat restricted forex and created a scarcity eventually and till now is still pumping dollars into d forex market by force. D same govt dat keeps coming up with thoughtless policies only to go back on dem almost immediately. D reasonable ones actually knew.. D dumb ones still scream corruption at d top of their voices till date

Nbote:
U didn't need a soothsayer to know though it would actually take deliverance for zombies to see it. D same govt dat restricted forex and created a scarcity eventually and till now is still pumping dollars into d forex market by force. D same govt dat keeps coming up with thoughtless policies only to go back on dem almost immediately. D reasonable ones actually knew.. D dumb ones still scream corruption at d top of their voices till date

You're absolutely spot on. Imagine a govt giving out different exchange rates to pilgrims, importers of essential goods and other forex users turning around to blame PDP or corruption for reccession. That can only happen in Nigeria.

Partly agree.
Corruption gives any country false indices to base on.
So when you now remove that corruption or try to do so it's as if you are now using your real baseline to measure your growth.
Invariably Nigeria couldn't have sunk lower than the Buhari goverment sank us:fuel prices were raised by about 80%!Dollar crashed by almost 150%,fuelling perhaps never before seen price increases across board.After that I doubt we could have sunk lower,maybe,but I doubt.
I however believe that the Buhari goverment,contrary to the propaganda being spread has not fought a proper corruption fight.Recovering money from select opposition figures is quite different from fighting corruption.
Check out the havens of corruption in Nigeria:the civil service(ministries and parastatals),the Police,National Assembly and Judiciary,nothing has changed,just some personal,but still all mirred in unbelievable corrupt practices.
It has now reached a point where even those that were initially laid back in their corrupt deeds due to the perceived fear of Buhari,have returned to what they do best,having seen that just identifying with the right company gives you leeway to continue in your corrupt acts.

[quote author=doctokwus post=60158783]
You're not completely right on this. The same NBS that proclaimed recession some months ago is the one now telling us otherwise. It's still the same govt agency with the same personnel. If corruption has not abated in Nigeria then it couldn't have been responrible for reccession in the first instance. APC is falsehond personified.

The problem is how do we take this message to the illiterate many in the farthermost parts of Nigeria, because they will do the bulk of voting...

Literate and learned Nigerians will never vote for APC with buhari candidate, unless another person takes over from him, let's say,Osibanjo.....

However the many illiterates, will be swayed in mosques and church using the religion weapon....

How can we pass the message down to these people that Buhari is a big shitty failure, and make sure they know why they are voting...

OLADD:
Friend, whether the NBS new claim is real or not, the fact that we're told the country is out of reccession less than 18 months after its herald simply shows that APC has been lying to Nigerians. Corruption has little to do with the reccession but APC's cum Buhari's naivety and unprepareness in governance.

You need to be psychologically affected by the war against corruption to be saying this. Are you corrupt?.
Do you have family or tribe members who are corrupt?

APC did not blame recession on CORRUPTION !!!

Recession was caused by having a dumb President who did not use HIGH OIL prices to diversify the economy from oil and unfortunately the oil prices later CRASHED.

Corruption made the recession (which would have come anyway due to Jonathan's policies) worse but it was not the main cause of recession. Jonathan was not even able to collect taxes ...unbelieveable. Nigeria also lost a lot of money to corruption which is almost $400bn

If we don't diversify the economy today and oil prices get high we might have 8% growth again and if the price is high enough maybe corruption effect won't be that high then we will become STUPID again.

obonujoker:
The problem is how do we take this message to the illiterate many in the farthermost parts of Nigeria, because they will do the bulk of voting...

Literate and learned Nigerians will never vote for APC with buhari candidate, unless another person takes over from him, let's say,Osibanjo.....

However the many illiterates, will be swayed in mosques and church using the religion weapon....

How can we pass the message down to these people that Buhari is a big shitty failure, and make sure they know why they are voting...

It's a bit difficult because APC and Buhari are masters of deceit but Heaven will handle it. They have their accomplices all over the media and every other place. God will take control at the appropriate time.

Adminisher:


You need to be psychologically affected by the war against corruption to be saying this. Are you corrupt?.
Do you have family or tribe members who are corrupt?

APC did not blame recession on CORRUPTION !!!

Recession was caused by having a dumb President who did not use HIGH OIL prices to diversify the economy from oil and unfortunately the oil prices later CRASHED.

Corruption made the recession (which would have come anyway due to Jonathan's policies) worse but it was not the main cause of recession. Jonathan was not even able to collect taxes ...unbelieveable. Nigeria also lost a lot of money to corruption which is almost $400bn

If we don't diversify the economy today and oil prices get high we might have 8% growth again and if the price is high enough maybe corruption effect won't be that high then we will become STUPID again.

APC LYING LIAR. They always told us that corruption led Nigeria to reccession.

Adminisher:


You need to be psychologically affected by the war against corruption to be saying this. Are you corrupt?.
Do you have family or tribe members who are corrupt?

APC did not blame recession on CORRUPTION !!!

Recession was caused by having a dumb President who did not use HIGH OIL prices to diversify the economy from oil and unfortunately the oil prices later CRASHED.

Corruption made the recession (which would have come anyway due to Jonathan's policies) worse but it was not the main cause of recession. Jonathan was not even able to collect taxes ...unbelieveable. Nigeria also lost a lot of money to corruption which is almost $400bn

If we don't diversify the economy today and oil prices get high we might have 8% growth again and if the price is high enough maybe corruption effect won't be that high then we will become STUPID again.

A lot of peeps can't really talk about buhari without Jonathan in d mix. Even his aides! Does that suggest some form of insecurity and inferiority complex? They are still trying hard to convince you you made the right decision. Does that sound normal?

Eazybay:


A lot of peeps can't really talk about buhari without Jonathan in d mix. Even his aides! Does that suggest some form of insecurity and inferiority complex? They are still trying hard to convince you you made the right decision. Does that sound normal?

Please forget Jona. Even in the PDP as President there thousands of people better than him. He himself said so. Nobody is comparing an A level teacher turned deputy governor and VP to ex Head of State, ex Governor and ex Petroleum minister. If you are too young or you don't know we will educate you.

Adminisher:


Please forget Jona. Even in the PDP as President there thousands of people better than him. He himself said so. Nobody is comparing an A level teacher turned deputy governor and VP to ex Head of State, ex Governor and ex Petroleum minister. If you are too young or you don't know we will educate you.

If I am too young? An A level teacher? Indeed Awolowo said "he who holds the gun, holds power." PMB is a mistake and as a mature man I expect you to understand that side by side the ex dictator is intellectually deficient when compared with GEJ. Even his colleagues attest to that. You want to educate them too?

OLADD:
Friend, whether the NBS new claim is real or not, the fact that we're told the country is out of reccession less than 18 months after its herald simply shows that APC has been lying to Nigerians. Corruption has little to do with the reccession but APC cum Buhari's naivety and unprepareness in governance.

You said it all, buhari never believed he will be president all he was doing was trying fortunately he became president, why I said so buhari started to aspire for president since 2003, 12yrs after he becomes president and it took him 6 months to name a cabinet that is no 1 unprepared.

Daplux4:



You said it all, buhari never believed he will be president all he was doing was trying fortunately he became president, why I said so buhari started to aspire for president since 2003, 12yrs after he becomes president and it took him 6 months to name a cabinet that is no 1 unprepared.

What baffles me is the extent at which his government tells lie just to cover up their ineptitude and crass incompetence. So devilish.

We must all prevent APC and BUHARI from entrenching the cultures of lies and deceit in Nigeria.

Useless president called buhari

Adminisher:


You need to be psychologically affected by the war against corruption to be saying this. Are you corrupt?.
Do you have family or tribe members who are corrupt?

APC did not blame recession on CORRUPTION !!!

Recession was caused by having a dumb President who did not use HIGH OIL prices to diversify the economy from oil and unfortunately the oil prices later CRASHED.

Corruption made the recession (which would have come anyway due to Jonathan's policies) worse but it was not the main cause of recession. Jonathan was not even able to collect taxes ...unbelieveable. Nigeria also lost a lot of money to corruption which is almost $400bn

If we don't diversify the economy today and oil prices get high we might have 8% growth again and if the price is high enough maybe corruption effect won't be that high then we will become STUPID again.

Through out Jonathan's administration Nigeria never slid into recession. Despite the "corruption and thoughtless policies" our economy was intact. Goods and services were affordable to the masses. Buhari then wandered into Aso rock,took six months to appoint ministers,enacted hopeless and unstable forex policies;Nigeria then slid into recession,and you have the conscience to blame jonathan and corruption for it?

Eazybay:


A lot of peeps can't really talk about buhari without Jonathan in d mix. Even his aides! Does that suggest some form of insecurity and inferiority complex? They are still trying hard to convince you you made the right decision. Does that sound normal?

spot on.

RECESSION OUT OF NIGERIA, NIGERIA NOT OUT OF RECESSION

OLADD:
Friend, whether the NBS new claim is real or not, the fact that we're told the country is out of reccession less than 18 months after its herald simply shows that APC has been lying to Nigerians. Corruption has little to do with the reccession but APC cum Buhari's naivety and unprepareness in governance.

Gbam

OLADD:
At virtually every forum and slight opportunity the govenment of Buhari through its spokepersons and image launderers had always cited corruption in the last administration as the main factor responsible for Nigeria sliding into recession. Now that the country has officially crept out of the doldrum within a spate of 18 months with corruption indices still on the upward trend, can we still attribute the recession to corruption? Contrary to the govt's claims, the inability of Buhari to form a cabinet 6 months after inauguration, multiple exchange rates, banning and unbanning of essential commodities and flipflop in economic policies were the major causative factors for the recession. With the govt now seemingly navigating through its learning curve, eschewing trial and error governance, reversing its own thoughtless and obnoxious policies, it was just a matter of time before the anomaly of post 2015 reversed itself, hence the 0.55% GDP growth.

@OLADD, I quoted you with a long response when you gave this same assertion about oil price not being responsible for Nigeria's recession. You either did not read my response, or you did but chickened out without a response. I will bore you with that long response again, I'd love an answer to the bolded question:


Nigeria had a GDP growth rate of over 6% up until 2Q 2014, oil prices began dropping from Q3 2014 and so did Nigeria's GDP growth rate drop correspondingly. As at Q2 2015 (when power changed hands), the GDP growth rate had dropped to roughly 2% (its lowest in decades). Nigeria's foreign reserves also dropped from almost $40bn to below $30bn just between Nov'14 and May'15; that is to say over $10bn was spent in roughly 6 months by the then govt to defend the Naira but the Naira still crashed nevertheless from N160 to roughly N230 to a dollar. Of course with reserves below $30bn, it became dangerous to keep defending the Naira further to avoid a total wipe-out of our reserves (Venezuela situation). Hence why the first thing Buhari did was to start forex restrictions which quickly killed the Naira further and chased away investors leading to further economic decline. In late 2014 when oil still sold for $75, NOI already warned Nigerians to brace up for impending doom (recession) if the oil price situation persisted; in February 2015, NOI had to borrow several billions of dollars to pay workers' salaries. If Nigeria had sufficient forex reserves prior to 2015, there would have been enough to defend the Naira through the period of low oil price and Nigeria wouldn't have fallen into recession; CORRUPTION was the reason why Nigeria couldn't grow its reserves even when there was oil boom.

Should I even start talking of the 2015 budget which was purely a 'budget for salaries', little or nothing was contained for capital development, less than N20bn (Naira) was budgeted for the entire Ministry of Works and ALL ongoing projects were halted with several contractors laying off thousands of workers across the country (of course ignorant folks blamed Buhari for the abandoned projects and those job loses). This is not even to mention the fact that fuel marketers were owed their subsidies for 9 months prior to May 2015 due to the same oil price driven cash crunch. All of the above happened when oil still sold up to $65/barrel, but of course, to people who can't analyse situations beyond their nose, it is Buhari who brought recession MAJORLY by appointing ministers late; Buhari would probably have performed MAGIC or a MIRACLE even though oil prices fell further to $28 and oil production was cut by up to 60% in 2016.

Now guys, take a good look at the charts below comparing Nigeria's GDP growth rate with oil price:
www.nairaland.com/attachments/5411323_gdp_gifa9b921e6218c89d27c14de9cfcfe7d21
http://www.tradingeconomics.com/nigeria/gdp-growth-annual

Obviously, the sudden free-fall of Nigeria's gdp growth rate from mid-2014 was caused by the oil price shock and the corresponding drop in the nation's forex income; these causative factors persisted and even got much worse beyond mid-2015 (handover) with oil prices dropping to as low as $28 in January 2016 (when Nigeria OFFICIALLY entered into a recession). It is obvious from the chart to any discerning (and non-blind) person that Nigeria's economy was already in a free-fall toward the pit of recession even before Buhari stepped in.

Now since you claim it was 'Buhari not appointing ministers' that caused recession and not oil price or oil sales volume, I am keen to know what explanation you intelligent economists have for the drop in GDP growth rate (from 6% to 2%) between 3Q 2014 and 2Q 2016 when the supposedly more qualified and brainy leaders still held sway?

cc: popez

popez:


Through out Jonathan's administration Nigeria never slid into recession. Despite the "corruption and thoughtless policies" our economy was intact. Goods and services were affordable to the masses. Buhari then wandered into Aso rock,took six months to appoint ministers,enacted hopeless and unstable forex policies;Nigeria then slid into recession,and you have the conscience to blame jonathan and corruption for it?

If you cut a tree from the root, you dont expect all the leaves to dry out the same day you cut the root. I would have thought this was common sense?... Nigeria was already fast sliding into recession before GEJ bailed out. See my other (long) response above.