KINGinVAHALA

I cannot say I know people who lost their jobs but I can state categorically that Nigerians have gotten much poorer and I can explain what mistakes President Buhari has made. By the way, my logic is based on sound economics and not simple mindedness.

First of all, the Nigerian naira is backed by US dollars. What this means is that government converts US dollars into Naira to pay it's debts.

When oil prices fell, buhari has a number of options.

The first was to fire government workers, enabling government to use the less US dollars it is earning to still pay it's remaining workers. The economic negative of this is that fewer people will be able to purchase goods and services so the economy would have still fallen into a recession. The positives however is that government would have become more efficient. People in government who actually provide no services to the Nigerian population would have been laid off saving government money. another positive is that Nigeria would not have had to raise fuel prices and the naira would not have been depreciated to this level. This strategy would have protected the common man on the street from the direct impact of lower oil prices.

The second option was to raise Taxes on the rich to reduce the amount of naira in circulation thus reducing the demand for dollars and also provide the federal government with revenue to pay it's debts. This option has similar positives and negatives to the first option.

The option was to devalue the naira, blame the past government and push the suffering to the Nigerian masses. This was the option he decided to take. He even went as far as borrowing money to pay workers he should have considered firing. Now we are in debt. For poverty to reduce, the minimum wage needs to be increased. To increase the minimum wage, Nigeria either needs to earn more money or devalue the naira further. We are in a circle of pain at the mercy of oil prices. To make matters worse, as oil prices go up, government must pay more in subsidise to maintain the price of petrol else poverty will only increase.

Atiku is a BAD BAD man, but he is talking about privatisation and free market economics. Atiku understand that the one and only path to mass prosperity is free market economics.

trillville:
KINGinVAHALA

I cannot say I know people who lost their jobs but I can state categorically that Nigerians have gotten much poorer and I can explain what mistakes President Buhari has made. By the way, my logic is based on sound economics and not simple mindedness.

First of all, the Nigerian naira is backed by US dollars. What this means is that government converts US dollars into Naira to pay it's debts.

When oil prices fell, buhari has a number of options.

The first was to fire government workers, enabling government to use the less US dollars it is earning to still pay it's remaining workers. The economic negative of this is that fewer people will be able to purchase goods and services so the economy would have still fallen into a recession. The positives however is that government would have become more efficient. People in government who actually provide no services to the Nigerian population would have been laid off saving government money. another positive is that Nigeria would not have had to raise fuel prices and the naira would not have been depreciated to this level. This strategy would have protected the common man on the street from the direct impact of lower oil prices.

The second option was to raise Taxes on the rich to reduce the amount of naira in circulation thus reducing the demand for dollars and also provide the federal government with revenue to pay it's debts. This option has similar positives and negatives to the first option.

The option was to devalue the naira, blame the past government and push the suffering to the Nigerian masses. This was the option he decided to take. He even went as far as borrowing money to pay workers he should have considered firing. Now we are in debt. For poverty to reduce, the minimum wage needs to be increased. To increase the minimum wage, Nigeria either needs to earn more money or devalue the naira further. We are in a circle of pain at the mercy of oil prices. To make matters worse, as oil prices go up, government must pay more in subsidise to maintain the price of petrol else poverty will only increase.

Atiku is a BAD BAD man, but he is talking about privatisation and free market economics. Atiku understand that the one and only path to mass prosperity is free market economics.

God bless you bro.
Atiku is bad no doubt but mentally he is better than that lifeless illiterate who is suffering from a rapid mental deceleration.
No paradigm shift from the same primitive and retrogressive policies of 1980ties that left our economy in ruins during the lifeless one's disastrous era that led to his dethronement by IBB.
Only Buhari is worse than himself in the sphere of leadership.
Next year he must be willing to hand over power to Atiku or risk being treated like Laurent Gbagbo.
To hell with him and his cow policies!

rusher14:


What jobs were they holding?

Give examples of the companies that folded up.

One was working for an insurance company and another for a big book importer. They didn't close but the book company downsized heavily.

Forget about "evidence". The dramatic and drastic collapse of the Naira was the worst seen within 18months, going from around 200 and hitting 550 at a time to the dollar at the black market.

All this was due to the preposterous pegging of the Naira to the dollar at a rate he could not defend.

grandstar:


One was working for an insurance company and another for a big book importer. They didn't close but the book company downsized heavily.

Forget about "evidence". The dramatic and drastic collapse of the Naira was the worst seen within 18months, going from around 200 and hitting 550 at a time to the dollar at the black market.

All this was due to the preposterous pegging of the Naira to the dollar at a rate he could not defend.

And we that exported made more money.

KINGinVAHALA:
I have always read and heard of people blaming Buhari for all their problems, including their inability to satisfy their wives in bed ever since Buhari became president. We have also be told by NBS how millions of Nigerians has lost their jobs and I am forced to ask some salient questions. What we keep seeing are those that have been jobless before 2015 coming to blame Buhari for their joblessness. These are the people without SSCE result but want Buhari to give them a job at NNPC, while those with higher certificate refused applying for jobs like Npower because they want to start from the top from joblessness and start earning millions. Those that has been blaming Buhari for all their misdeeds, mostly nairalanders, can anyone please with evidence show us those that were genuinely working but later lost their jobs after Buhari became president, or those that had cars and houses and later sold them just to meet end needs after 2015.

It's very peculiar for buharist to dumb, from ur comment i should ask u, where do u believe the best brains from our higher institutions should start looking for jobs from, the gateman level?, well it's not a surprise that ur president being the illiterate he has not denied himself to be has the same mentality has u, because he hates anything that reminds him of his shortcomings in life, referring to his of education despite he being the president by false means, and his low, shallow, archaic sense has robbed off on most of u like a contiguous virus giving no room for proper conception of advanced reasons.

KINGinVAHALA:

Boy, if Buhari daughter earns 1 trillion a day at NNPC, her father did it for her. what did your father do and left for you? nothing I guess. So stop blaming Buhari for your life problems, blame your father instead. And for your information, I don't need Buhari or any government to give me a job or put food on my table, I am an entrepreneur and I am happy. That's why I will never wail like you guys that want govt to even impregnate your wives for you guys.

His father will try what buhari did to get his children there by stealing, lying and deceiving nigerian like buhari, hope when other Nigerians do what buhari's doing hope u won't say CORRUPTION?.

grandstar:
I'm not very social and I know 3 or even 4 people)e that lost their jobs

Buhari takes the blame because it was his foreign exchange policies especially the senseless pegging of the Naira at 197 to the dollar up in assumption of office.

I immediately wrote off this government. The subsequent foriegn exchsnge scarcity that followed the pegging led to the collapse of companies and mass sackings creating a completely unnecessary recession.

This is the unbiased truth. Soludo, Utomi and Sanusi all condemned PMB statist policies. Constructive criticism at the best

No pain without gain.
Read about Buharinomics, that is what china is currently adopting as it economic policies.
The chinese economy is slow cos of this policy, same way we have it in nigeria.
Its a norm in life.

bluke:


No pain without gain.
Read about Buharinomics, that is what china is currently adopting as it economic policies.
The chinese economy is slow cos of this policy, same way we have it in nigeria.
Its a norm in life.

There's nothing to read

Buharinomics and Chinese economic policies are miles apart

The bedrock of the Chinese economy are

1) Massive levels of credit
2) High quality infrastructure
3) Large state owned enterprises
4) Low cost of credit
5) A competitive exchange rate
6)State owned banks that can supply massive credit to SOE's and reflate the economy in the event of a slow down

None of these are existent in Buharinomics

Also what do you mean by no pain no gain?

Buhari is a populist so I would like you acquaint me with his painful policies? The unintended consequences of his populist policies were the biting recession and the present slow recovery

1) He kept the Naira at an overvalued rate for over a year because he did not want people to suffer
2) He refused to fully deregulate the price of petrol when it was because he did not want the people to suffer
3) He refused to slim down the bloated civil service because he did not want people to suffer
4) He has refused to privatise a single loss making state owned company but instead poured over $2b on white elephants such as Ajaokuta and the antiquated oil refineries

You ended the floating exchange rate policy you inherited(which is the preferred choice globally) for a pegged rate (which countries have fled from) which plunged the economy into a recession. You see why countries fled from it.

The government is now spending about 3billion daily on a subsidy he said did not exist or over a trillion a year

You refused to cut down the civil service which money is borrowed to pay workers and these same bloated service are now asking for a wage increase!

No pain no gain my foot

KINGinVAHALA:

Bro, in my area, all the people that were working before 2015 are still working till now, so I had to ask where NBS got their statistics of job lost since 2015 from. And in this same area, 5 of my friends with no one at the top are currently working through Npower scheme

Your Area is insignificant in the larger picture of Nigeria! Do you have almajiri in your area? Or you doubt if they exist in millions?

grandstar:

There's nothing to read

Buharinomics and Chinese economic policies are miles apart

The bedrock of the Chinese economy are

1) Massive levels of credit
2) High quality infrastructure
3) Large state owned enterprises
4) Low cost of credit
5) A competitive exchange rate
6)State owned banks that can supply massive credit to SOE's and reflate the economy in the event of a slow down

None of these are existent in Buharinomics

Also what do you mean by no pain no gain?

Buhari is a populist so I would like you acquaint me with his painful policies? The unintended consequences of his populist policies were the biting recession and the present slow recovery

1) He kept the Naira at an overvalued rate for over a year because he did not want people to suffer
2) He refused to fully deregulate the price of petrol when it was because he did not want the people to suffer
3) He refused to slim down the bloated civil service because he did not want people to suffer
4) He has refused to privatise a single loss making state owned company but instead poured over $2b on white elephants such as Ajaokuta and the antiquated oil refineries

You ended the floating exchange rate policy you inherited(which is the preferred choice globally) for a pegged rate (which countries have fled from) which plunged the economy into a recession. You see why countries fled from it.

The government is now spending about 3billion daily on a subsidy he said did not exist or over a trillion a year

You refused to cut down the civil service which money is borrowed to pay workers and these same bloated service are now asking for a wage increase!

No pain no gain my foot

The tragedy of Nigerian politics is that although everything you've written here will be immediately obvious to people with even a minimum understanding of economics, the usual factors of religious and tribal affiliation will prevent many from absorbing any amount of argument to the effect that "their guy" has spent the last 3 years making them poorer through atrocious economic policy-making. Of course, the situation isn't helped by most of those in the other main camp also being so clearly motivated by nothing more than religious and tribal bigotry, what with their never-ending rants about "Yoruba Muslims" and whatnot ...

SarkinYarki:


OP you are far poorer under Buhari... I am not sure you have ever built a beautiful house or had the pleasure of ever owning even one tear rubber car and Buhari has made it that you might never ever enjoy that again ... A Kia Picanto that was 950k just 3years ago is today 5.5 million Naira at Kia dealership ... Even Dangote has not grown one bit under this govt , just 3 years ago he was the fastest growing billionaire on the Forbes list today he is the fastest dropper..you can keep decieving yourself and eating your mother's food and knack small girls with your 30 k salary but remember you are amongst the 79 million abject poor because I know You and am the members of your family don't earn a cumulative average of up to 10 dollars a day

hahaha.Chop knuckle jare

crimeboss:


His father will try what buhari did to get his children there by stealing, lying and deceiving nigerian like buhari, hope when other Nigerians do what buhari's doing hope u won't say CORRUPTION?.

has Buhari ever stole your money?

SarkinYarki:


OP you are far poorer under Buhari... I am not sure you have ever built a beautiful house or had the pleasure of ever owning even one tear rubber car and Buhari has made it that you might never ever enjoy that again ... A Kia Picanto that was 950k just 3years ago is today 5.5 million Naira at Kia dealership ... Even Dangote has not grown one bit under this govt , just 3 years ago he was the fastest growing billionaire on the Forbes list today he is the fastest dropper..you can keep decieving yourself and eating your mother's food and knack small girls with your 30 k salary but remember you are amongst the 79 million abject poor because I know You and am the members of your family don't earn a cumulative average of up to 10 dollars a day

Tell me something boy. you know me? how, where, when?

omohayek:

The tragedy of Nigerian politics is that although everything you've written here will be immediately obvious to people with even a minimum understanding of economics, the usual factors of religious and tribal affiliation will prevent many from absorbing any amount of argument to the effect that "their guy" has spent the last 3 years making them poorer through atrocious economic policy-making. Of course, the situation isn't helped by most of those in the other main camp also being so clearly motivated by nothing more than religious and tribal bigotry, what with their never-ending rants about "Yoruba Muslims" and whatnot ...

Thank you

KINGinVAHALA:

has Buhari ever stole your money?

Yes, if u don't mind me saying it and i am quite certain it's not buhari's father's money but Nigerians', pls does this give right to steal it?.

KINGinVAHALA:

You they mind the fo@l?

may god purnish u for dis