CROWNWEALTH019:

Last administration dropped an economy with over 5% GDP annually, we were prospering when the demon took over. It took the idiat 6 months to give us the likes of Fayrmi, Ameachi and co

By the time the last administration left, that your 6-7% gdp growth rate had already crashed to 2%. They simply bailed out gloriously before it hit the brickwall. Education is key!

obailala:
By the time the last administration left, that your 6-7% gdp growth rate had already crashed to 2%. They simply bailed out gloriously before it hit the brickwall. Education is key!

Smiles

I'm still waiting for your sauce

CROWNWEALTH019:

Prove that Jonathan handed a recessed economy to Buhari, why can't you be real ?

Kemi was appointed in Nov/December 2015. Nigeria hit negative gdp rate from January 2016 even b4 she settled into her office.

obailala:
Kemi was appointed in Nov/December 2015. Nigeria hit negative gdp rate from January 2016 even b4 she settled into her office.

See as you indicting your government and yourself, you said Jonathan took you to recession earlier and now you saying its 2016. Which one you want me to believe.

You forgot the country stayed good solid six months without ministers only for the idiat to give use idiats as ministers

CROWNWEALTH019:

See as you indicting your government and yourself, you said Jonathan took you to recession earlier and now you saying its 2016. Which one you want me to believe.

You forgot the country stayed good solid six months without ministers only for the idiat to give use idiats as ministers

The day the root of a tree is cut off isn't the day the leaves wither and fall off. Cut the root of a tree, it could take even weeks before its leaves begin to drop, but any observant person would notice when the leaves begin to change colour/dry up.

I believe the above is common sense, but when it comes to politics, if common sense doesn't favour our narrative, the smart way out is to simply feign ignorance.

If you want a factual economic explanation of what led Nigeria to recession, including how and when the signs and symptoms began to unfold, you can say so. But if it's the political explanation you want with minimal economic logic, then kudos to you, you don already win!...

CROWNWEALTH019:

Smiles

I'm still waiting for your sauce

Nigeria's economy is hinged on oil sales and oil price. Hit oil prices, and Nigeria is in trouble. Until Nigeria's economy I diversified, that remains the cycle. Oil prices were constantly high for 5 years and by default, Nigeria's economy flourished. But then, prices began crashing mid-2014 and this was the chain reaction effect below:
2Q 2014, GDP growth rate = 6.54%,
3Q 2014, GDP growth rate = 6.23%
4Q 2014, GDP growth rate = 5.94%
1Q 2015, GDP growth rate = 3.96%
2Q 2015, GDP growth rate = 2.35%

www.nairaland.com/attachments/5411323_gdp_gifa9b921e6218c89d27c14de9cfcfe7d21
https://tradingeconomics.com/nigeria/gdp-growth-annual

The beautiful figures were nose-diving and was already at 2.3% by the time the last admin was handing over. Of course following handover in mid 2015, it kept crashing further especially because the principal factor (oil price drop) which led to the crash was getting much worse; under the conditions, the gdp rate hitting zero and negative was inevitable! and it eventually happened as we stepped into 2016.

The signs and symptoms were clearly there even before handover and NOI had warned everyone to tighten up. In early 2015, the little savings in reserves were being used in a desperate bid to salvage the impending situation; Nigeria's forex reserve was dropping rapidly (it dropped from ~$40bn to $28.6bn, exchange rate had also dropped from N160/$ to N220 just in early 2015, virtually nothing was allocated for capital expenditure in the 2015 budget (e.g. the Works ministry got less than N20bn for the whole country in 2015) and contractors weren't paid all year, the government was so badly short of cash that over $2bn had to be borrowed in Feb 2015 to cover things like salaries, fuel importers were owed subsidies running over $2bn in the last 8 months prior to handover, etc. etc. All of the above happened when oil even still sold for over $60. But we all know how oil prices plunged even further to $28 and how production volumes even dropped by over 60% after the new govt took over.

The signs and symptoms were obviously clear, and recession was inevitable (given that oil price drop persisted and reserves could no longer be touched). Of course it is acknowledged that several wrong actions and inactions of the current admin made an already bad situation worse than it should have been. But it's totally out of place to say the current admin singlehandedly led Nigeria into recession. But then again, like I mentioned above, the political explanation is simpler and sweeter; i.e. "power changed hands and Nigeria hit recession." End of discussion!

blackpanda:
i still maintain those that were shouting for her removal are very stupid and daft

You threw away one of Nigeria's best assets just because of NYSC exemption certificate stupidity at its peak!

Sorry mate but there are rules and I know you folks like to bend them to suit yourselves.....Funny enough it was the illegal Military thug Heads of States that created the useless NYSC as well as the useless 36 state structure so SHIOOOOOR

Danishguy:
She is the most daft Finance Minister since time memorial.

Nothing to sugar coat it! Yorubas this hell Mary you're all are pulling won't save/paint her well.

She just no sabi. Period

lol...for the past few days they have been trying to suffocate us with the fact that she is the best things since slice bread. this is why Nigeria will never ever make progress.....if she were to be igbo, i know what these same people would have been saying by now.

Free $500 live forex trade account bonus
https://www.instaforex.com/bonus?x=GWIKG