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Recession: 5 Facts Before President Buhari Took Over Power In 2015 - Politics (4) - Nairaland

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Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:38pm On Dec 30, 2017
9jakohai:


You GEJ and BMC guys....keep on fighting. Whatever rocks your boat.

Ta
grin grin

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by fedorahat: 2:38pm On Dec 30, 2017
Stycon:


Lol @ lie daily on NL

I am not for PDP nor am I against APC. I am just a citizen who demand accountability from people saddle with governance responsibilities

I agree that he is not a magician and he shouldn't be expected to perform magic. All I am saying is that it's time this blame game stopped.

It's his job to keep the economy afloat...receiving applause or otherwise depend on how well he delivers on that.

Yeah, in the face of the recent storm, I would say the current scorecard on non oil sector looks plausible, howbeit, much is expected.

Yeah. Oil inflow is subjected to global oil price and stability in the ND. However, I believe much still need to be done with regards to the non-oil sector...for instance, do you think the VAID is gonna do the expected job with regards to ultimately improving tax revenue?

Do you think focusing on Debt-GDP ratio over the alarming cost of servicing the debt is the way to look at the borrowing spree?

What is your take on the current or just released unemployment rate by NBS?

Are you aware of what the high interest rate is doing to the SMEs?




And you expect achievements in under 2 and half years

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by progress69: 2:38pm On Dec 30, 2017
Saintp:


Bros, you are saying a piece of bunkum. If as a major shareholder of a dying company and i hire you to resuscitate it, will you face the board and be giving them these bulshit excuse or would you just tender your resignation before they fire you?

The bullshit you wrote is exactly why Nigeria owned companies don't survive except ones managed by foreigners because we only know how to compare failure with failure.

Look at Nigeria as a dying company before buhari came in, he claimed he knew the problems of the company and can stop the slide and make it better. We did not beg him to come and save the country, he fought to lead to country after several attempts and you stand before us to create excuses for failure to the extent of bringing up past failure to exonerate his failure?
Do you think Nigeria is all about APC and PDP, wailers and Zombies? Is that what matters to you?
If I am your HR manager, I'll sack you immediately, you will be a weak link to any team because you don't even have a mindset to succeed.
I repeat, there is no excuse for failure and it doesn't matter if the people before you have failed.

weep all u want, it takes time to get things fixed, it is not automatic and never will it be. the global recession, do u know how many job losses happened then in America, did employment rate or economy pick up overnight, do u know how long it took to pull out of the recession and cut unemployment rates. Do u know things got worse before the economy picked up. I simply stated the facts, that can not be ignored simply because u want to pretend it never happened, Bush blamed, Clinton blamed, Obama blamed, even the orange man in white house now is the blaming on twitter everyday, it is called politics.

4 Likes 1 Share

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by adebaks(m): 2:39pm On Dec 30, 2017
khadaffi:


Every sane Nigeria saw that we were already in a mess except your Buhari who promised to change everything. Except you want to blame Nigerians for trusting him. Was ur prdsident not aware of everything you highlighted before promising change?

Are Nigerians now wrong for expecting him to fulfill his promises?

Put in mind that the factors you listed were in place before he made his campaign promises. And most of his party men were in the qlast administration so they knew the state of the economy before lying to Nigerians. Infact if you can recall even Gej said Buhari will not be able to change anything immediately he (Gej) lost

All these nonsense propaganda will not help him. Its not too late he can still win the peoples heart if he sincerely want to.
one can only see as much sitting outside aso rock...besides d 16 years of a pdp rule had seen dem install cabals in key positions in d country, endorsed several industrialists signed pacts with multinationals and oda sort of antics dt wud make life difficult for d new set of people in power...
if properly informed,u will realize dt d new govt has achieved quite a lot given d resources at their disposal....although, dey cud ve done better as well..

2 Likes 1 Share

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:39pm On Dec 30, 2017
DLondonboiy:


Make Buhari the President of America and he would drag them into recession..

They are quick to blame everything but the failure himself!!

You think i am a Buharist....that is why you talk that way.

I am for the leader who would get us industrialized to export level....not sharers of national cake like PDP and APC.

So...sorry..

2 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Pataricatering(f): 2:42pm On Dec 30, 2017
At this point we have such a huge infrastructural deficit that we basically have no choice but to borrow to fund infrastructural growth which in turn would create jobs and stimulate the economy. As per the high interest rate - the cbn is performing a delicate balancing act between the money in circulation and the products and services available , We don’t seem to have infrastructure to support a high level of production and if interest rates are kept low then there will be too much money chasing too few goods - inflation ! I’m no expert just my common sense opinion
Stycon:


Lol @ lie daily on NL

I am not for PDP nor am I against APC. I am just a citizen who demand accountability from people saddle with governance responsibilities

I agree that he is not a magician and he shouldn't be expected to perform magic. All I am saying is that it's time this blame game stopped.

It's his job to keep the economy afloat...receiving applause or otherwise depend on how well he delivers on that.

Yeah, in the face of the recent storm, I would say the current scorecard on non oil sector looks plausible, howbeit, much is expected.

Yeah. Oil inflow is subjected to global oil price and stability in the ND. However, I believe much still need to be done with regards to the non-oil sector...for instance, do you think the VAID is gonna do the expected job with regards to ultimately improving tax revenue?

Do you think focusing on Debt-GDP ratio over the alarming cost of servicing the debt is the way to look at the borrowing spree?

What is your take on the current or just released unemployment rate by NBS?

Are you aware of what the high interest rate is doing to the SMEs?



2 Likes 1 Share

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by arrestdarrester: 2:43pm On Dec 30, 2017
We need forward looking and responsible leaders, not backward looking and blameful ones. This in depth analysis just apportion blames no dey tire this people?
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Memphis357(m): 2:43pm On Dec 30, 2017
superstar1:
Pigidiotic Ipods, children of hatred, Looting PDP, Professional Wailers, FFK, Reno and Fayose can run but can never hide from the obvious truth.

Jonathan and his bandit of 40 looters crashed a once vibrant economy with their insensitive, insane, reckless and wanton looting.
You're filled with hate and vile. Come 2019,just like your master.....you will be eradicated.

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:46pm On Dec 30, 2017
imhotep:

grin grin

And in response....

Nigeria's problem is our current and past admin's refusal to get us off the resource trap since independence.

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by superstar1(m): 2:47pm On Dec 30, 2017
Memphis357:

You're filled with hate and vile. Come 2019,just like your master.....you will be eradicated.


We will re-bury you and your looting masters in 2019.

Mark my words.
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by malakasea(m): 2:47pm On Dec 30, 2017
So there are people over ther who really know our country problems and those who put us into it,am so gratefull 2 you guys may the almighty reward you for this analyzation.And this is the only truth every one shuld understand btw the APC(only 2 years) and PDP(16 years without anything to proof)every citizen shuld be awar of this,4 him to know the next step.So there are people over ther who really know our country problems and those who put us into it,am so gratefull 2 you guys may the almighty reward you for this analyzation.And this is the only truth every one shuld understand btw the APC(only 2 years) and PDP(16 years without anything to proof)every citizen shuld be awar of this,4 him to know the next step.So there are people over ther who really know our country problems and those who put us into it,am so gratefull 2 you guys may the almighty reward you for this analyzation.And this is the only truth every one shuld understand btw the APC(only 2 years) and PDP(16 years without anything to proof)every citizen shuld be awar of this,4 him to know the next step.

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:47pm On Dec 30, 2017
9jakohai:


And in response....

Nigeria's problem is our current and past admin's refusal to get us off the resource trap since independence.



yes but the current admin is doing LESS THAN NOTHING and that is why things are getting worse by the hour.
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Pataricatering(f): 2:48pm On Dec 30, 2017
Designated survivor in Nigeria? You talk as if we don’t know the average Nigerian is a criminal! They have a system that works - is it this same Nigeria where justices are receiving bribe directly in their bank account - buhari wanted to cleanse the judiciary was it not the same Nigerians shouting that he was a dictator?
billante:
All these APC goons that opened and are commenting on this thread if you guys can tell your self some honest truth....you all should know buhari administration has been full of excuses and below par.

All the worst they told us that would have happened if GEJ administration had continued still happened....those situations are too numerous to mention.

A problem solver would still get things done even if the materials that is available to do the job is withdrawn from him, he cracks his brains and get a way around the lack of materials to get the job done.... But a bad administrator will complain from day one and at the end will give a below par permomance.

You guys should watch designated survivor(series) to see how presidential office is supposed to be runned.

Nigeria deserve better running of a government...Buhari admin is far from it.

2 Likes 1 Share

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by asawanathegreat(m): 2:49pm On Dec 30, 2017
Wasted generation of looters
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Nobody: 2:49pm On Dec 30, 2017
progress69:
non of this fools have actually disputed this facts...all they are screaming is blame after lying on the internet so much about how buoyant the economy was b4 buhari took power, now it is blame they are screaming. pigs and idiots!!!!!

We already have the facts sir...the question is....when do you stop blaming and start fixing the problem.

When PMB came into office, the problem were there....and his response was to not appoint a cabinet...leaving the drifting ship in a worse state.

Plus,,,,what is APC's plan to get our economy off oil?

And why didn't you guys deregulate pms...since subsidy is a scam?

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by grandstar(m): 2:50pm On Dec 30, 2017
progress69:
my brother, we all know the havoc terrorists caused on oil pipelines and and installations. for almost a year the president had to deal with that issue with oil price going as low as $28/barrel. Now crude oil have started picking up, and we are getting more revenue from diversification efforts, we can see some improvement with Nigeria gradually sliding our of recession. This is not about being a Buharist, we have to be fair. Our National reserves have started growing despite all the harsh conditions, things are gradually beginning to improve. by the end of 2018, much difference would have been notice. All i want now is for Baba to put an eagle eye on desperadoes like Atiku who will do anything to sabotage the government to grab power that he can never reach. Sai baba

No one doubts that a downturn in the economy was already underway but it need not have turned into a recession.

It was Buhari's senseless pegging of the naira at 197 to a dollar despite falling oil revenue and falling oil reserves that drove the economy aground. He went further and banned importers of 41products from having access to forex from the CBN for importation of those products.

Let me illustrate why the pegging wrecked the economy.

Imagine everyday, the black market has $1m to sell and those buying have N1million to buy dollars. How much will the rate be? Most likely $1 to N1.

What if the amount dollars for sale reduces to $500,000 a day and buyers have N1million to buy? Will the rate remain? Will the Naira appreciate or depreciate against the dollar? Answer

If the sellers increase their price to N1.50 to dollar? Are they stupid for doing so? Do you feel they are wicked by increasing the price for the buyers. Can you see the need for a depreciation or not?

Is the increase in price for buying dollars logical and 100% rational?

Well, when Buhari came into power, his first act was to fix the exchange rate at 197 to a dollar.

This was reckless for 2 reasons.

1. First and foremost, oil revenues and hence dollar inflow was plunging fast.

Since the dollar inflow was dropping, the only rational thing was for the Naira to depreciate.

It had already fallen from 150 from August 2014 to about 200 in May 2015. Jonathan did not interfere with the forex market. The fall in the Naira was only rational Since the oil revenues were still falling i

Upon assuming power, Buhari pegged the rate at 197 despite continuous falls in oil revenues. He said he has never seen where devaluation helped any country. It's akin to saying, you don't see how 1 + 1=2 ever benefited anyone.

He thought the peg would stick. However, people could not obtain enough forex at the official market, they turned to the parallel market where the value plunged, at one time hitting over 500 to a dollar.

So the devaluation he didn't want now happened in the black market. To make matters worse, goods were priced at the black market rates.

Because of the chronic shortage of dollars that accompanied this policy, many companies closed as they could not access enough forex to purchase raw materials, goods and services. The collapse of too many companies led to the recession. Everyone knows someone who has lost a job.

Let me illustrate further.

Norway, a country of about 5million people is probably the country that managed it's oil revenues best.

It has a sovereign reserves akin to Nigeria's excess crude funds with over $800billion.
Their budget will balance if oil prices drop to $20 per barrel.

Despite this, when oil prices collapsed, their currency lost 26% of its value! How much more Nigeria!

2. Countries also have fled from pegging their currencies to the dollar or any currencies because of the dangers inherent in. Brazil and Argentina are the two best examples why you should never, ever go that route.

Buhari means well but his economics is lamentable.

9 Likes 2 Shares

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Memphis357(m): 2:51pm On Dec 30, 2017
superstar1:



We will re-bury you and your looting masters in 2019.

Mark my words.
Thunder roast your left blokos.
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Sike(m): 2:53pm On Dec 30, 2017
NIGERIA WILL BE GREAT AGAIN, I BELIEVE.
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by malakasea(m): 2:54pm On Dec 30, 2017
superstar1:


We will re-bury you and your looting masters in 2019.
Mark my words.
am with you my guy.
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by PeaceGord: 2:54pm On Dec 30, 2017
If you were not on government payroll you would not have taken out time to type this trash.

Go get a life you BMC ASS LICKER!
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Pataricatering(f): 2:55pm On Dec 30, 2017
You can never compare a private organization with a public one ! How is buhari supposed to work magic with a corrupt legislature, judiciary and executive . The private sector is not run with the kind of impunity our public sector is run with !
Saintp:


Bros, you are saying a piece of bunkum. If as a major shareholder of a dying company and i hire you to resuscitate it, will you face the board and be giving them these bulshit excuse or would you just tender your resignation before they fire you?

The bullshit you wrote is exactly why Nigeria owned companies don't survive except ones managed by foreigners because we only know how to compare failure with failure.

Look at Nigeria as a dying company before buhari came in, he claimed he knew the problems of the company and can stop the slide and make it better. We did not beg him to come and save the country, he fought to lead to country after several attempts and you stand before us to create excuses for failure to the extent of bringing up past failure to exonerate his failure?
Do you think Nigeria is all about APC and PDP, wailers and Zombies? Is that what matters to you?
If I am your HR manager, I'll sack you immediately, you will be a weak link to any team because you don't even have a mindset to succeed.
I repeat, there is no excuse for failure and it doesn't matter if the people before you have failed.
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Jaideyone(m): 2:58pm On Dec 30, 2017
erico2k2:

when did Nigeria go in recession
you guys just like to talk grin grin
Olodo

if you ate earning 100naira and you refused to save won't you run into financial crisis when your salary get slashed to 35naira?

Jonathan refused to save. Jonathan caused the recession. get yourself educated bloody illiterate
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by progress69: 2:58pm On Dec 30, 2017
9jakohai:


We already have the facts sir...the question is....when do you stop blaming and start fixing the problem.

When PMB came into office, the problem were there....and his response was to not appoint a cabinet...leaving the drifting ship in a worse state.

Plus,,,,what is APC's plan to get our economy off oil?

And why didn't you guys deregulate pms...since subsidy is a scam?

blaming is part of politics, and it has not stopped anyone from working! Thanks
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by WhiskeyTangoFox: 2:59pm On Dec 30, 2017
FOLYKAZE:


You want Buhari to perform Wonders. Is he a Magician or a kind of divine creature?

Well, he shld not have spoken like a magician or divine creature during campaign. He shld walk d talk

2 Likes

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by erico2k2(m): 2:59pm On Dec 30, 2017
9jakohai:


OK here is crude

1982:32.38 USD

1983: 29.04

(Bubu takes over in 1983 on December 31)

1984: 28

1985 27

(Bubu is overthrown on August 27, 1985)

1986:13.53

(IBB brings in SAP)

1987: 17.73

1989:17.31

1990: 22.36

Gulf war breaks out)

1991: 18.62.

All costs in USD per barrel.

(The economy was bad from 1982...and got worse by 86)
Do you now see the reason I was asking if you was born 1983 from the list you can see Oil was never as high as in the PMB Era but IBB done much better than PMB, IM not hating jst stating facts, he (PMB) even admited he dont know how to make money!
Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by tete7000(m): 2:59pm On Dec 30, 2017
Who are these people dragging Nigeria back like Buhari their mentor. What has all these got to do with the fact that Buhari is clueless and the man himself has accepted that fact. He said 'I don't know how to make money but know how to spend it on women'. Lo ba pari. Apa, oninakuna, akotileta.

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by grandstar(m): 3:06pm On Dec 30, 2017
naijaboy756:
Thread for the recipients of N30K allawi. oya tell us about the 1984 recession. Buhari holds a record with the Guiness book of records. The only human in human history to,have led an economy into recession twice even without a WAEC cert


I was in form 1 then on secondary school. Its like the JSS 1 today. I was the last of the form 1 set.

Buhari then was simply throwing people especially ex politicians into prison without regard to civil rights.

He was intolerant of disent and even threw 2 journalist into prison

Economic policies were wacky forcing Nigerians to queue for essential commodities.

He introducex War Against Indiscipline which was a policy to incalculate discipline into the hearts of Nigerians. Nigerians started queuing etc.

He initiated a prize of N1m to the cleanest state in the country. Then 40k could buy you a bottle of coke. Even in 1988, a bottle of Maltina was N1.00 and a Kongo of garri was N2.80. So N1m was a lot of money then.

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by Kay25(m): 3:12pm On Dec 30, 2017
Stycon:
It's not about the state of the economy at transition, it's about the appropriateness of the current government's response to what was/is on ground.

Ofcourse, if the economy doesn't need a saving, we won't be scouting for a saviour. And it currently appears that the proposed saving strategy is more of a propaganda than a plan.

That said, we still have a year to see if the change promised was really delivered ~ retrospectively.





U make sense die dos abokiis won't read dis ooo

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by erico2k2(m): 3:13pm On Dec 30, 2017
Jaideyone:
Olodo

if you ate earning 100naira and you refused to save won't you run into financial crisis when your salary get slashed to 35naira?

Jonathan refused to save. Jonathan caused the recession. get yourself educated bloody illiterate
YOu did not answer the simple question rather chose to call me names.Look we are allowed to be silly sometimes but you my friend is taking the P*****ss.Where you dead when a group of State Governors took the then FG to court to share the Money?? or was you too poor to buy news papers then and B4 you start, waht did you own state governor do with his share of teh money?
now for your own OLODO sake waht has slashing of salary got to do with the question I asked or you lack the ability to comprehend as well?

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by misgab: 3:14pm On Dec 30, 2017
don't mind them, they are as stupid as they come. APC preached CHANGE the fact is they have failed.
Retrospect:
1. How much did Obasanjo meet in the foreign reserve and how much was left when he left government.
2. Was Nigeria in debt when he left?
3. Abubarka then military president increased Salaries to 10k then powers shouted is too much he reduced it back to 5k. When OBJ took over how much was he paying civil servants.
4. How many public servants became car owners under OBJ and house owners?
5. Laudable programs like GSM, NHIS, NHF, PENCOM, CIVIL DEFENCE etc were established under that same government.Note: Nigerian government is owing pencom to the tune of N5tri.

Lesson: You can inherit mess but what you do with it is what matters. Trust Nigerians we don't associate with failures but success. The more you keep on fishing for excuses on the failure of APC and PMB the more the disdain Nigerians will be having for them.
Note: By Nigerians we mean the enlightened and open minded people that the daft yes sir types.(carrygo no shaking)

1 Like

Re: Recession: 5 Facts Before President Buhari Took Over Power In 2015 by brainpulse: 3:16pm On Dec 30, 2017
Toketimt:


Are u ok? Didn't Jonah-daft promised us floating cities here in ND? Did u for once asked and demanded for it?
Besides, many of these so called promises attributed to him never emanated from him. When Buhari was going around campaigning, many of ur kind were not listening because u never believed for once that he would win. U were busy chasing shadows, succking Jonah-daft cocck, looking for a certificate that was not lost, believing ffk lies and content with watching propaganda videos prepared by AIT against him and Tinubu. A documentary they have since apologised for but not to those that have been gullibly deceived.
Only a shameless fool who never believed him or voted for him will now be talking about being dissapointed. Leave the dissapointment for those that believed in him.

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