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Politics › Re: Court Grants Patience Jonathan Unfettered Access To $5.9m by 4Play(m): 7:09pm On Apr 25, 2017*

obonujoker:
As you support Tinubu, na so I go support patience...

To me this is irrational. That corruption investigations are deployed to hound political adversaries is no basis for supporting corruption.

It's usually better to tackle corruption in a politically biased way than not to tackle it all. There is no innocent reason explaining Patience Jonathan's wealth.

1 Like

Politics › Re: See The Road Leading To Nigeria's Only Functional Seaport. by 4Play(m): 12:47pm On Apr 23, 2017

legislatively:
This is 2nd gate Oshodi Apapa ,Tincan port , 2nd highest generating revenue to FG , yet the abuja Airport only took weeks to fix

The president doesn't travel by sea so why should this road matter?

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Sports › Re: Victor Anichebe Celebrates His 29th Birthday Today by 4Play(m): 8:26am On Apr 23, 2017

There is nothing like football age when you are born in the UK. Had he been born in Nigeria, he would be celebrating his 24th birthday.

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Politics › Re: Buy American Hire American. Trump Signed Order by 4Play(m): 11:27pm On Apr 18, 2017

Good politics probably bad economics.

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Politics › Re: Nigeria Out Of Recession, World Economics Declares - The Guardian Nigeria by 4Play(m): 11:21pm On Apr 18, 2017*

omohayek:
Actually, when an economy requires 3% annual growth just to keep income per capita steady, all it means is that the rate at which things are getting worse is slowing, not that they've stopped worsening. Nigeria's growth isn't forecast to reach the 3% figure this year or next, so things will in fact continue to get worse for the average Nigerian.

You are right, for the average Nigerian, a technical definition of the end of recession is meaningless if it doesn't materialise in strong growth. Arguably in Nigeria, and for distributional reasons (the windfall from growth is reaped unevenly), you need close to double digit GDP growth to make serious improvement in the life of the average Nigerian.

Without major pro-market economic reforms (unlikely given the disposition of this government) or a major sustained rally in oil prices, we are far away from attaining rapid GDP growth any time soon. It is such an unpardonable waste of economic potential.

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Politics › Re: Obiano Tours First Ultra Modern 24/7 Filling Station In Anambra (photos) by 4Play(m): 8:34pm On Apr 18, 2017

buffalowings:
I laf in spiritual powers
a filling station and a mini mart

these people are clowns I swear

Anambra state propaganda is in overdrive. If there was a state government propaganda league table, Anambra and Lagos will be running neck and neck.

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Politics › Re: Nigeria Out Of Recession, World Economics Declares - The Guardian Nigeria by 4Play(m): 7:18pm On Apr 18, 2017

Jasboi:
Another APC bulsht to deceive Nigerians...

I think it's plausible Nigeria is out, or will come out, of recession this year. Remember also that for recession to end, the economy simply needs to stop contracting for at least 2 quarters (6 months). Therefore, the end of recession doesn't necessarily mean that things will start getting better but that it will stop getting worse.

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Politics › Re: TSA: Nigerian Government Realises N7trillion by 4Play(m): 12:55am On Apr 18, 2017

The passion is inversely related to the amount of knowledge Daboomb actually has. A rather gratuitous exhibition of rank idiocy complete with coloured post!

Daboomb:
I can only laugh when people like you try to play smart with "statistics and figures"!
Infact, l dont know where to start picking gaping holes in this your post that is as irrational and as outlandish as it is!

YOU LIED on so many things!
For example, l have reproduced a chart of Brent Crude for you below, to see the Price of Crude when GEJ became President (2009), when he was booted out (early 2015) and as of today (2017)

Looking at that chart, we can see that your assertion, and l quote: "Oil prices have spent far longer in the $50 range in the GEJ era (its current range) than it did in the $30 range in the Buhari era" (End of Quote)..........

IS PATENTLY FALSE and just thrown-in to deceive unsuspecting readers!

That Chart shows that AT NO TIME UNDER GEJ GOVT, DID BRENT CRUDE PRICE COME AS LOW AS $50........... NOT FOR THE WHOLE SIX YEARS THAT BUFFOON WAS PRESIDENT!

Wednesday 7 January 2015 14.33 EST Last modified on Wednesday 7 January 2015 19.08 EST

Brent crude dipped below the $50 a barrel mark on Wednesday for the first time since the great recession in 2009.

https://www.google.co.uk/amp/s/amp.theguardian.com/business/2015/jan/07/oil-price-brent-crude-falls-below-50-barrel

Politics › Re: TSA: Nigerian Government Realises N7trillion by 4Play(m): 12:04am On Apr 18, 2017

LionDeLeo:
As I have stated earlier, time is not by my side, I'm too busy for now. I have to complete a task b4 daybreak and as soon as I'm done, I will create time to respond to every detail of this submission.

But a quick one, the exchange rate issue, don't use parallel market value in one administration and official value in the other because even the 197 was only the official value in the previous administration.

But check the post you quoted again, you didn't quote it completely.

For now, bye.

It is also late here in London so I will have to call it a night.

I used the N160/$1 to N305/$1 currency range as the former was the exchange rate when oil began its plunge and seemed most apropos to your friend's analogy. If you use the period when the official rate was N197/$1 (Q1 2015) as the baseline, it's even more difficult to grasp why the analogy of the 70% plunge in household income has been deployed. Oil prices today are roughly where they were in Q1 2015 and apart from the brief plunge to $28, the aggregate price (the average price since June 2015) has not seen a major decline since Q1 2015.

As to the rest of your earlier post, I do not think it adds much to the debate as the key issue of contention is how that affects a government whose primary obligations are local currency denominated. It is part of the reason why I have kept harping on the futility of maintaining a fixed exchange rate regime. By exchanging its dollar income at the official rate of N305 instead of N410, the government is short changing itself by reducing its purchasing power when most of its counterparties are domestic and are paid in Naira.

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Politics › Re: TSA: Nigerian Government Realises N7trillion by 4Play(m): 11:19pm On Apr 17, 2017

southpole:
All these years previous government, experts and the current regime have been telling us that crude oil constitute about 90% of Nigeria source of income which informed the outcry for diversification, so where did you get 60% - 70% just to support your argument? I see.

You are conflating two claims - oil as a source of forex inflow (which many, though questionable*, cite as constituting 90%) and oil as a source of FG income. As a source of FG income, oil has been in the 60-70% range. Look at this 2014 article:

In 2013, oil revenue actual receipts for the federal government totaled N1.99trillion, as against N2.35trillion projected in that year’s budget, despite oil prices staying above average $100 per barrel against the $79 per barrel benchmark.
Non-oil revenue, including independent revenue form government agencies, was actually N1.07billion in 2013, as against N1.48trillion proposed in the budget for 2013.

Source:http://www.premiumtimesng.com/news/headlines/173682-budgit-analysis-2015-budget-shows-nigerian-govt-not-committed-austerity-measures-oil-price-falls.html

Non-oil revenue was N1.07 trillion (billion was a typo) or 33% of FG receipts.

You also failed to understand that what affect the oil sector affects all other sectors since it constitute about 90% of the financial back bone.
You stated that federal govt expenses are naira denominated and you are sighting payroll, is it only fed govt that spend money in this country? what of the private sector including transportation that almost everything is imported? Why did you centered your argument on only fed govt? why can't you widen you mind to see the bigger picture? do you know how much was spent before now to import only rice into this country? do you know how much state govt are spending to import agric machineries? Your argument is so narrow that your neglected the entire private sector that import far more than the fed govt such as the aviation industry, constructions firms, the manufacturing sector that import almost all of their hardwares sourcing dollars from the govt.
Widen your mind include all other sectors without restricting yourself to govt pay roll, how much is govt even spending on salaries that warrant you to use that as an example? For your information govt employed from fed to local may not be up to 3 million out of about 170 million so please widen your mind and reproduce your argument.
And to assist you, note that the private sector is far larger and import far larger that govt... The amount used in importing food into this country by companies and individuals every day is in billions of dollars and govt is the main source of the dollar.Don't forget the manufacturing sector medical field, the aviation industry and many others.
The exchange rate your are stressing in your argument does not favour our import economy.

Sorry, the above is balderdash. This thread is about the FG's budget and I took offence to the oft-cited analogy (used ad nauseam by BMC posters here) that the FG's fiscal health was similar to a household that saw its income fall 70%. This as I have pointed out is hogwash.

But if you want to widen the debate to the economy at large, your household analogy is even more fatuous. Despite perceptions to the contrary, Nigeria's GDP (the sum total of the economy's output) or gross national income is not dominated by oil exports. Oil is less than 20-25% of GDP so your example of a 70% household income decline is wholly inappropriate.

* Non-oil sources of forex in 2014 totalled $52bn: $21bn in remittances, $10.5bn in non-oil exports and $20.7bn in investment inflows. See sources below:
http://www.vanguardngr.com/2015/04/nigerians-living-abroad-remitted-21bn-in-2014-world-bank/
http://www.vanguardngr.com/2016/01/cbn-blames-declining-non-oil-revenue-on-low-export-loans/
http://investadvocate.com.ng/2016/03/07/investment-inflow-nigeria-drops-n2-3tn/

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Politics › Re: TSA: Nigerian Government Realises N7trillion by 4Play(m): 10:50pm On Apr 17, 2017

LionDeLeo:
I'm too busy to respond to this comment in fragment, but you can as well re analyse your submission using the following.

1. Official exchange rate wasn't 160, it was 197.
2. At the national level, the actual income of the state isn't measured on the basis of what the government pegged it's exchange. It is on the bases of any globally accepted currencies. If what you say we're to be the case, the government can simply print it's currency in excess.
3. More than 30% of Nigerian govt expenditures is on international transactions such as debt servicing, Foreign Reserve, diplomatic systems, military operations etc

4. The price of crude oil in international market went as low as $30pb. Factor out the exploration cost. Use this graph for your calculation of govt income from inception.

1. Having an official exchange rate is economic illiteracy and represents the government short-changing itself. I used the official rate in my rebuttal but the market rate of N420/$1 makes my case with greater force. The government, in its adherence to a debunked model of economics, decided to over-value the currency at a fixed rate and effectively deprived itself of spending resources to meet its domestic obligations. That's not an argument in the government's defence but it's an emphatic exemplar of the government's utter incompetence.

2. This is a vacuous postulation. Irrespective of the original denomination of the government's income, what matters most is the denomination of the government's obligations. Yes, there are constraints to quantitative easing but this is academic in this context as the exchange rate depreciation offset most of the problem. It helps that Nigeria's government spending is small as a percentage of the economy ab initio.

3. You are plucking numbers out of the air. For instance re debt-servicing, total FG foreign debt was $9.5bn when GEJ left power with yields of about 5-7% (an upper range of $665m per year). Foreign reserve is not an FG "expense" at all (reserves are accumulated/depleted as part of monetary operations but has no bearing on the FG's fiscal position). The FG's capital expenditure on military operations are abysmal and referring to diplomatic expenses is scraping the bottom of the barrel stuff.

4. The $30 p/b excuse again! This government has been in power for almost 2 years and oil prices made a brief excursion to that price range and quickly bounced up. Oil prices have spent far longer in the $50 range in the GEJ era (its current range) than it did in the $30 range in the Buhari era. Indeed, oil prices are today roughly where they were when the present government was making fantastic promises of free healthcare for all. Contrary to your friend's analogous 70% plunge in government revenue (implied to have happened during the Buhari era), oil prices are close to where they were in Q1 2015 and when Buhari took over power. See image below.

My point isn't that the fall in oil revenue has no adverse impact on the government's fiscal health but that the melodramatic claim of a 70% plunge in revenue which the household analogy made by your friend evokes is preposterous. Yes, there has been some adverse impact (at the very least, via the inflation channel and the general health of the economy) but this need not have been and is not as dramatically bad for the FG's budget as some of the Buhari apologists suggest.

Again, and this keeps being sidestepped, the supposed uprightness of the Buhari government in accounting for oil revenue (in sharp contrast to the uber-dishonesty of the GEJ government) seems to be ignored as a factor. Surely, if the new government is more competent and honest, this should to a great degree offset some of the adverse impact of the oil revenue collapse?

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Politics › Re: Corruption War : "People Are Now Ready To Blow Whistle" - Keyamo by 4Play(m): 10:11pm On Apr 17, 2017*

ransomed:
People are ready to blow whistles, EFCC is ready to arrest and send to court but, lawyers and PDP installed Judges are ready to set looters free with their booty. Laws in Nigeria are made to protect elites and oppress the have nots. Keyamo is part of the problem and i stand to be corrected.

I don't get this argument at all. When the judicial proceedings involve election disputes between APC and PDP, the "PDP judiciary" are quite willing to deliver victory, several times, to the APC candidate.

But when a sensationalised corruption story stalls in judicial proceedings, the judiciary becomes PDP. The bulk of Nigeria's loot is abroad, how many successful court claims for forfeiture have been made by the Nigerian government in Western courts? How many have even been initiated or are Western judges part of the PDP conspiracy?

Someone said it's because the EFCC is inadequately resourced with investigators and lawyers but considering what is at stake (billions of dollars in loot), it is inexcusable for the EFCC to be under-resourced.

PS: When Buhari's certificate issue was to be adjudicated on, his legal team was well-resourced. Tells you where the priorities lie.

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Politics › Re: Amaechi Sues Femi Fani-Kayode And Lere Olayinka Over Ikoyi $43m Recovered Loot by 4Play(m): 9:47pm On Apr 17, 2017

There is no legal action so the thread title and newspaper headline (as is characteristic of Punch) is misleading. There is a threat of legal action if the allegation is not retracted but no lawsuit. The headline is a bit premature.

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Politics › Re: TSA: Nigerian Government Realises N7trillion by 4Play(m): 9:38pm On Apr 17, 2017

southpole:
Yea truth has to be told, Obj took over when the price was far below $30 and it climbed up so it was easy for him, Obj did not experience any shock in terms price decline. When d price nose dived during this regime is like a man who was running smoothly on a flat land and suddenly sinks into a deep hole, if you expect things to be the same with that man is wrong. Let me use another analogy, assuming you are employed and your salary is N100 per month from there you give your wife N30 for feeding. N40 you pay children school fees you give N10 each to your two children for pocket money and save N10.

Then suddenly your employer without any notice reduce your salary to N30 per month and after explaining to your wife and kids, your wife still insist you most maintain same standard of leaving as before, you most give her N30 for feeding as you used to when things were fine and that your kids most be left in the same school because she doesn't want the neighbours to laugh at her. Your kids also insisted that you most give them same amount of pocket money as you used to and also save N10 as usual will that be fear to you?

I have seen this household budget analogy deployed by "BMC" activists but it is crass, fatuous and utterly benighted. It plays on the short memory, dissonance and naivete of the average Nigerian. Here is why:

The Nigerian government's spending obligations are largely Naira denominated and dominated by recurrent expenditure (payroll expenses and interest payment on Naira denominated bonds). If the price of a barrel of crude oil falls from $100 to $50, assuming (for the sake of simplicity) that this leads to halving of government oil revenue, the impact would be moderated by the exchange rate effect. By allowing the exchange rate to fall from N160/$1 to N305/$1, the government is able to meet much of its salary/bond payments without breaking much sweat because workers and bond investors are paid in Naira.

If oil revenue previously yielded $20bn, the FG would be able to spend N3.2 trillion (at a rate of N160/$1). If oil revenue halved to $10bn, the FG would be able to spend N3 trillion (at a rate of N305/$1). The exchange rate effect acts as a strong cushion re the government's budget against the deleterious effects of an oil revenue collapse. Interestingly, when NOI was queried by the opposition in 2013 as to why she preferred to borrow in Naira rather than in foreign currency (the latter attracts lower interest rate), this point was made and we debated it in the following thread: https://www.nairaland.com/1563336/must-read-reps-50-questions/2#20372749.

So your household budget analogy is misleading. The government's revenue doesn't fall by 70% - its dollar income does fall significantly but little of the government's expenditure is dollar denominated. But the impropriety of the analogy doesn't end there. You ignore that only 60-70% of the government's revenue is oil derived. There are a range of taxes - Income tax, VAT, Corporation tax, e.t.c. - that are not derived from oil.

We also ignore the elephant in the room (this is where my reference to short memories and dissonance arises). We were told that the previous government was stealing a huge chunk of the oil revenue (have we forgotten Sanusi's $20bn allegation?). If the previous government was stealing significant proportions of the oil revenue, the mere fact of having a new and more honest government should offset some of the downside of the oil income collapse. Sanusi's claim was that oil export proceeds were not being remitted back to Nigeria. Surely, there would be some upside now that those proceeds are being remitted.

Overall, the argument citing the collapse of oil revenue as an excuse belies all we have been told about the wanton theft of the GEJ government vs the honesty/uprightness of the Buhari government. It ignores basic understanding/knowledge of how exchange rate depreciation works to protect a government whose spending is largely denominated in its local currency. It is a tedious and ignorant argument which should be read its last rites by the BMC crew and all Buhari apologists. Find another argument that doesn't insult our intelligence.

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Politics › Re: EFCC DISCOVERY "Theatrics": What Magu Should Learn From The Nigeria Police by 4Play(m): 3:58pm On Apr 16, 2017

There is nothing extraordinary about the suggestion that corruption discoveries are not actually discoveries. Who remembers last year all the talk of N3 trillion recovered to the TSA (a case of double-counting)? See here: https://www.thisdaylive.com/index.php/2016/06/05/keeping-his-promise-buhari-announces-recovery-of-n3-4-trillion-in-one-year/

Check out this thread here where the claim was that the EFCC had recovered $3.1bn over a 6 months period - https://www.nairaland.com/3102491/efcc-recovers-3.1bn-6-months

Has anyone heard anything about the N2.5bn discovered in Stellah Oduah's housemaid's bank account: [url]http://saharareporters.com/2016/07/03/efcc-finds-n25b-former-aviation-minister-stella-oduah%E2%80%99s-housemaid%E2%80%99s-account[/url]

Here is a claim of recovering $10bn: http://mobile.apanews.net/en/news/nigerian-govt-recovers-over-10bn-from-looters-minister

This is just a brief snapshot of a number of stories that have no follow-through. No new news exists pertaining to the Sanusi $20bn claim.

The tragedy is not that there is nothing to recover - loot stolen by Nigerians may run into the hundreds of billions of dollars over multiple decades. The tragedy is that the desire to see corruption tackled is exploited in sham claims of discoveries for propaganda purposes.

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Education › Re: Nina Uziogwe Admitted Into 7 Ivy League Universities (photo) by 4Play(m): 8:32am On Apr 16, 2017

The fact that she got into Stuyvesant High School is remarkable in itself. It is highly selective in its admissions and as a result, has a pronounced racial skew in its student population:

The paucity of Black and Hispanic students at Stuyvesant has often been an issue for some city administrators. As of the 2014-15 school year, Asian students made up 73% of the school's population; White students, 20%; Latinos, 3%; Blacks, 1%; and unknown/other, 7%.

https://en.m.wikipedia.org/wiki/Stuyvesant_High_School

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Politics › Re: My Take On The Proposed Anambra Airport Project"dead On Arrival" by 4Play(m): 4:00pm On Apr 14, 2017

The airport project is a publicity stunt that will not see the light of the day. Nigeria is a country where government officials spend an inordinate amount of time concocting fake projects/achievements.

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Politics › Re: Ikoyi Cash: Efcc Moves Seized $43 Million, £27,000, N23 Million To Cbn by 4Play(m): 8:02am On Apr 14, 2017

This being Nigeria, there is a strong possibility that there is no actual $43m. Who did the counting and verified the said amount?

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Politics › Re: Ikoyi Cash: Efcc Moves Seized $43 Million, £27,000, N23 Million To Cbn by 4Play(m): 8:02am On Apr 14, 2017

This being Nigeria, there is a strong possibility that there is no actual $50m. Who did the counting and verified the said amount?

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Politics › Re: Stella Oduah Linked With N15bn Found In Lagos Home by 4Play(m): 9:31pm On Apr 13, 2017

Who remembers this story last year. Died quietly like a mouse:

Agents of the Economic and Financial Crimes Commission (EFCC) have discovered the sum of N2.5 billion in a bank account opened in the name of a housemaid to former Minister of Aviation, Stella Oduah, who is now a senator representing Anambra State in the Federal Republic of Nigeria.

[url]http://saharareporters.com/2016/07/03/efcc-finds-n25b-former-aviation-minister-stella-oduah%E2%80%99s-housemaid%E2%80%99s-account[/url]

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Politics › Re: What If EFCC Discovery Of Stashed Billions Every Week Is A PR Stunt? by 4Play(m): 9:32am On Apr 13, 2017*

My view is that both premises are true: The government uses past corruption for propaganda activities today.

Even Abacha had his failed bank tribunal which he used as one of his covers whilst incompetently running the economy and looting with reckless abandon. OBJ exposed Abacha's corruption - indeed it was during OBJ's era we got to hear about Buhari's mismanagement of PTF money. But OBJ's government still embezzled.

At state government level, it is quotidian for each new government to state that the predecessor left an empty treasury and so the new government cannot accomplish its campaign promises.

So yes, tales of past corruption provide the nourishment for today's propaganda and excuses for government inaction and ineptitude.

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Politics › Re: Diezani Alison- Madueke Walking On The Street Of London (Photos) by 4Play(m): 9:03am On Apr 13, 2017

hysteriabox:
Chai!!!
Naija the great! Naija the gullible! !
This woman barbed her hair n claimed cancer so as to garner sentiments. Now she walks free.
It remains clear, in naija politics..."when off the power grid, systematically use sentiment. Employ religious, ethnic, political, emotional, gender sensitive bigotry. These, will undoubtedly polarize the masses and in no time, you ll be close enough to continue milking the national cow"- anonymous

Suffering from cancer is no impediment to criminal prosecution though it can have a major impact on sentencing.

The simple truth is that the Nigerian government is not seriously interested in investigating her thoroughly. How many of her co-conspirators in Nigeria or abroad are in custody today? The government likes the story for its titillating and propaganda effects but not sufficiently enough to get to the root of the looting.

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Politics › Re: $500b Oil Block Sold For $1.3b By Nigerian Government by 4Play(m): 12:51pm On Apr 12, 2017

Dan Etete acquired the oil bloc in 1998 when he was petroleum minister under the Abacha government and the chronology gives you an idea why corruption allegations rarely gain traction in Nigeria.

A full investigation will implicate several people across successive governments. Some of these people are highly connected to today's administration as well as past administrations. So the story dies in Nigeria albeit kept alive by the international media.

The DSS and EFCC are more interested in "mickey mouse" corruption allegations involving relatively low level allegations. Has anyone heard anything about Sanusi's $20bn?

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Business › Re: Adebayo Ogunlesi Bought 3 Foreign Airports Through His Firm by 4Play(m): 3:04pm On Apr 09, 2017

I am sure Bayo Ogunlesi would be embarassed to read these stories as his compatriots use his name for ignorant chest-beating.

GIP is not his personal firm - it's a joint venture involving a number of founders including CreditSuisse and GE as the principal founding investors.

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Business › Re: Naira Overvalued By 20%, Says IMF by 4Play(m): 7:51am On Apr 06, 2017

Truth234:
IMF is a confused international organisation with little to no real knowledge of the local economy. Imagine, the same IMF that said the Naira would plunge to 1000 against the US dollar without free floating it is now saying Naira is overvalued by 10-20%. Add that difference to the current exchange rate, you will get about 420/$. So what happened to the 1000/$ projection?

In Seun Kuti's voice, IMF, International ModaFcker.

Can you provide reference to where the IMF predicted N1000 to $1.

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Sports › Footballer Ahmed Musa Arrested For Wife Beating by 4Play(op): 4:02am On Apr 06, 2017

Leicester City footballer Ahmed Musa has been arrested on suspicion of attacking his wife.

The Nigerian striker, 24, who cost the Premier League club a record fee of £16.6million, was quizzed by police at his £850,000 five-bedroom home in Countesthorpe, Leicestershire.

Officers swooped at his home on Tuesday night in response to a domestic abuse complaint, just hours after his side's 2-0 win over Sunderland

When they found no one in they made inquiries with surprised neighbours.

The former CSKA Moscow forward was finally arrested at 1am yesterday, by two plain-clothed policewomen, after he returned home.

The father-of-two Musa was grilled for allegedly beating his wife Jamila and was released without charge.

http://www.dailymail.co.uk/news/article-4384734/Leicester-City-s-Ahmed-Musa-arrested-wife-beating.html

Politics › Re: Court Acquits Orubebe Over N1.97bn Contract Scam by 4Play(m): 2:38pm On Apr 04, 2017

The problem is that the government uses anti-corruption investigations as a tool of harrassment against perceived government enemies. It's very likely Orubebe is guilty of corrupt misdeeds but once the government feels it has sufficiently "taught" him a lesson, they discontinue their prosecution.

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Politics › Re: The Worst Senate Is Better Than A Saintly Dictator by 4Play(m): 8:47am On Apr 03, 2017

capatainrambo:
I just started following op

He's of sound mind, unlike nairaland resident zombies, bereaved of reasoning!!!

Sarki
Omenkalives
Madridguy
Hungerbad

All zombies + Bmc employes

Come and learn, study, and show thyself approved

With those BMC names I am reminded of the statement by Upton Sinclair, "It is difficult to get a man to understand something, when his salary depends upon his not understanding it."

http://www.goodreads.com/quotes/21810-it-is-difficult-to-get-a-man-to-understand-something

Paid posters make a living from being obstinate, pretending not to grasp the apparent unsoundness of some of their arguments.

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Business › Re: We’ll Push Dollar To N305—CBN Boasts by 4Play(m): 9:09am On Mar 30, 2017

wristbangle:
You are just too sentimental for my liking. At the bolded, how much was oil price compared to the last quarter of 2016? It was just Dec 2016 that the price of oil start rising from all time low of $28 per barrel to the current price of $50 per barrel which is still below the price @ May 2016.

GEJ would have diversify the economy during oil boom but what do u have, still borrowing money to pay salaries, fund projects which are not critical to fix the economy in the long run.

I am not trying to defend the current administration who are clueless to fixing the mess created by the past administrations but you defending a failed hero still beats my imagination.

Oil prices in the last quarter of 2016 were in the same price range as they were in the first few months of 2015 and before Buhari's govt too power.

Oil prices made a brief fall in the first quarter of 2016 to $28 p/b but it rapidly rallied and has been in the mid-40s range - where it was in Q1 2015. Remember Buhari campaigners used to argue that N216 to $1 was umacceptable.

The problem is that we have used the oil price fall as an excuse to defend indefensible ineptitude in policy making. The point isn't that the GEJ govt was competent - it was incompetent. But that the Buhari govt is even more incompetent.

And this nonsense about the economy not being diversified - it already is. Agriculture is the biggest sector and oil & gas are probably less than 1/5th of the economy. What you should say is that oil is the biggest source of forex inflow but Buhari's policies have discouraged other sources of forex inflow. Foreign investment has declined to a large extent because of the exchange rate policy mayhem.

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Business › Re: We’ll Push Dollar To N305—CBN Boasts by 4Play(m): 8:26am On Mar 30, 2017

wristbangle:
U are just typing nonsense. How much is the current price Brent/crude oil against 3-4years ago. Your major FX which proceeds from oil is not how it used to be and you know it.

This una argument: oil prices were already low as of May 29, 2015. Besides, with all the fantastical tales of corruption involving the previous govt, one would have thought the emergence of the present govt, with its ultra-honest accounting for govt revenues, would have offset the impact of the oil price fall.

If the GEJ govt was looting all our money, and the Buhari govt isn't, why would an oil price fall be so painful for Nigerians when they were not benefiting much in the first place?

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Business › Re: Nigeria Prices $500m Bond At 7.5% Yield by 4Play(m): 8:08am On Mar 30, 2017

Qmerit:
who say this lady nor de try make he go hug transformer jor, people wen nor fit pass business studies in JSS go de call am names.
That guy wen say na poly graduate wetin he studi sef.?

Borrowing money in foreign currency at high rates is your definition of "trying". Please how did her borrowing spree work out for Ogun state government?

This is the same people who told us they recovered billions of dollars in loot and have "recovered" N3.2 trillion into the TSA.

If this is a bond with 15 year maturity, like the previous one, it will cost $562.5m ($37.5m x 15 years) to service plus the principal of $500m. So the total cost of the loan will be at least $1bn. God forbid the Naira falls again as this will make the cost even more prohibitive.

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