omohayek:

If you could actually afford to subscribe to the Financial Times, you'd have been aware that they already do precisely what you suggest, publishing in-depth criticism of leaders like Theresa May and Donald Trump every single day, as opposed to the passing mention they make of Nigeria every once in a while. If you have nothing substantive to say in rebuttal of articles like this one, perhaps it would be best not to write anything at all, instead of so blatantly showing up your ignorance in public.

Rolings:


Wrong.
Buhari has and is implementing Socialist policies as opposed to Capitalist free market policies which the west wants him to implement, those dregs of the society belongs to the society too and are in the majority, policies that will ensure they are lifted out of poverty and deprivation are bad news to the likes of FT.

omohayek:

Yes, Buhari is indeed implementing socialist policies. The problem is that examples of said policies ever having worked are hard to find. Please, go ahead and point out a single country which has risen to first-world status through the adoption of socialism. Are socialist utopias like North Korea, Cuba or Venezuela worthy of emulation in your eyes? Or would you rather live in capitalist hell-holes like South Korea, Singapore, Japan and Hong Kong, loved as they are by the FT?

It amuses me that you think you actually made an argument in Buhari's favor, instead of damning the old coupist by showing up his poor judgement.

Rolings:


I'm amused you conveniently left out China , that's because even you know China is a country that has risen to first world through adoption of socialism.
socialism eventually leads to capitalism as China has shown but by then the vast majority of the population will be in control of the capital and not select few.
Unlike Capitalism , socialism has few failures actually North Korea is the only failure among socialist nations. Cuba has 98% literacy rates and one of the best health systems in the world .Capitalism has not ensured prosperity for majority of people in Africa Asia and Latin America so capitalism is not always the best.
The next four years aptly tagged next level will reveal the extent of impact these policies will have and maybe in four years time FT will write on and even glorify these policies.

Rolings:


I'm amused you conveniently left out China , that's because even you know China is a country that has risen to first world through adoption of socialism.
socialism eventually leads to capitalism as China has shown but by then the vast majority of the population will be in control of the capital and not select few.
Unlike Capitalism , socialism has few failures actually North Korea is the only failure among socialist nations. Cuba has 98% literacy rates and one of the best health systems in the world .Capitalism has not ensured prosperity for majority of people in Africa Asia and Latin America so capitalism is not always the best.
The next four years aptly tagged next level will reveal the extent of impact these policies will have and maybe in four years time FT will write on and even glorify these policies.

grandstar:


You wrote very very well.

I'll be honest with you, I foresee a crisis by 2022 at the latest if things go on as they are.

Government spending simply needs to be cut. The government is reported to be spending about 50% of it's budget on debt servicing. Soon, the minimum wage will rise by at least 50% which will add to that burden and consequences will ruinous. Already, an unaffordable 2trillion yearly is spent on a bloated civil service (which Buhari didn't bother to cut in his first term) soon to go up by as much as 50%!

There's also need for complete deregulation of the fuel price which the unaffordable subsidy or "under recovery" gulps another 1.2 trillion.

There's also a lost 500b by my crude estimates when we multiple the differential between the official forex window of 305 and the investor window of 55. This money the government simply throws away that it badly needs.

By 2022 if tax revenues do not increase greatly, budget servicing may eat up as much as 70% of the budget and the cost is increasingly punitive now that a lot of it is portfolio investment in treasury bills. They will dollarise the yields they make, taking it out of the country. Were there to be a crisis, there will be the destabilizing effects of massive cash outflow by panicky investors. This will adversely (most likely devastate) the Naira.

This government response to such a crisis will be incompetent with probably some capital controls and banning the imports of some more products from the CBN window.

I foresee the Naira hitting between 400-500 to a $ by 2022. It might even be worse

aniere:
Hmmm you need more lessons on socialism. Socialism evolves in the womb of capitalism. When all factors of production is working optimally we will now have economic prosperity. Prices of goods and services will go down because of healthy competition. In Nigeria reverse is the case. We always put the cart before the Ox as a nation. In Advance climes economic blue print is followed meticulously to a logical conclusion with alot of positives churned out for the economic good of all.

omohayek:

The sentence in bold is all the evidence required to show that you are utterly ignorant, and too lazy to do basic research to boot. Clearly you've never heard of the Great Leap Forward (with the attendant deaths of 15 to 30 million Chinese), the Cultural Revolution, or the free-market reforms of Deng Xiaoping, otherwise you wouldn't be spouting such utter nonsense. It is your much beloved socialism that is to blame for why Taiwan, Singapore and Hong Kong, which are populated by the same Chinese people as the PRC, are so much wealthier than their mainland counterparts. Meanwhile, that Cuban 98% literacy rate no doubt explains why so many of them are desperate to flee for the United States!

I haven't bothered to write the rebuttal above for your benefit, as it is abundantly clear that you are ineducable in your ignorance, but for the benefit of others who might be tempted to take your ridiculous rantings even the slightest bit seriously. Socialism has never worked anywhere it has been tried, and only people of low-IQ like Buhari and yourself continue to believe in a failed ideology even the Russian and Chinese elites abandoned more than 30 years ago.

shedy03:

You are educated yet you don't know when an economy is a failure You don't know when a govt lacks direction.
If you were in Nigeria b4 2015, you would have known Nigeria was not the world HQ of extreme poverty. and if you have been in Nigeria 2015 till now, you would have known the entire nation is impoverished and citizens crying of hunger and suffering. And that's as a result of government's lack of direction. You can blame it on the previous government as the current government has been/is still doing.
Government that blames its predecessor as APC does is a failed government.
And because you have a career and your salary did not stop does not mean millions of Nigerians did not loose jobs.
Lots of investors pulled out of Nigeria 2015 because an analogue president was coming in.

RESTRUCTURING OUR MINDS
When the stock market lost N89bn after Buhari's re-election, many Nigerians were quick to break the news. Today, the stock market has gain N112bn, there is no breaking news.
Some few months ago, the international community reported that Nigeria has become the poverty headquarter of the world. In excitement, many Nigerians were quick and eager to break the news. This same international community have said the 2019 elections are the most credible and democratic and many Nigerians are not happy and have rejected the commendation.
The restructuring we preach must start from our minds. Why will you be happy when something bad happens in your country? Why do you reject or despise any good thing about your country?
There is a cold war between Pakistan and India but you will never see citizens of these countries breaking news of their dead soldiers. But if India will make a breakthrough in Cancer treatment today, their media space will be saturated with the good news.
In the last one week, Nigeria has made positive news: we are now the highest rice producer in Africa, the mining sector has recorded 500% increase in revenue, the volume of export have increased by 39%... These are cheering news that have gone almost unnoticed.
Today, the news we like breaking are: people killed here, people killed there. Rest in peace Mr. A, Nigeria has gone down 12 places on anti-corruption index... Is this the only News we hear about Nigeria? We must start restructuring our minds on what we want of Nigeria.
©Lubem Ter

buJu234:



This is the type of detailed intelligent, fact and literature backed analysis that I have longed expected from Nigerian youth on social media.

Bro, u too much...

Not like those of the half baked graduates that are economically illiterates.

Rolings:


Wrong.
Buhari has and is implementing Socialist policies as opposed to Capitalist free market policies which the west wants him to implement, those dregs of the society belongs to the society too and are in the majority, policies that will ensure they are lifted out of poverty and deprivation are bad news to the likes of FT.

Rolings:


I'm amused you conveniently left out China , that's because even you know China is a country that has risen to first world through adoption of socialism.
socialism eventually leads to capitalism as China has shown but by then the vast majority of the population will be in control of the capital and not select few.
Unlike Capitalism , socialism has few failures actually North Korea is the only failure among socialist nations. Cuba has 98% literacy rates and one of the best health systems in the world .Capitalism has not ensured prosperity for majority of people in Africa Asia and Latin America so capitalism is not always the best.
The next four years aptly tagged next level will reveal the extent of impact these policies will have and maybe in four years time FT will write on and even glorify these policies.

igbeke:
We are aware of it, yet some Nigerians still went ahead to vote him.

penplus:
Na today una know?

babyphaze07:


You get problem. People who knows more than you are telling you what you must do to improve, you blabbing here. with Brexit, Britain can never be the headquarter of poverty.
You better go back to school.

MrAJQ:
Theresa May is running a government with directionaless much more than Buhari of Nigeria. So face your country let us face our country.

Awan weree reporter

grandstar:


You wrote very very well.

I'll be honest with you, I foresee a crisis by 2022 at the latest if things go on as they are.

Government spending simply needs to be cut. The government is reported to be spending about 50% of it's budget on debt servicing. Soon, the minimum wage will rise by at least 50% which will add to that burden and consequences will ruinous. Already, an unaffordable 2trillion yearly is spent on a bloated civil service (which Buhari didn't bother to cut in his first term) soon to go up by as much as 50%!

There's also need for complete deregulation of the fuel price which the unaffordable subsidy or "under recovery" gulps another 1.2 trillion.

There's also a lost 500b by my crude estimates when we multiple the differential between the official forex window of 305 and the investor window of 55. This money the government simply throws away that it badly needs.

By 2022 if tax revenues do not increase greatly, budget servicing may eat up as much as 70% of the budget and the cost is increasingly punitive now that a lot of it is portfolio investment in treasury bills. They will dollarise the yields they make, taking it out of the country. Were there to be a crisis, there will be the destabilizing effects of massive cash outflow by panicky investors. This will adversely (most likely devastate) the Naira.

This government response to such a crisis will be incompetent with probably some capital controls and banning the imports of some more products from the CBN window.

I foresee the Naira hitting between 400-500 to a $ by 2022. It might even be worse

msylva2147:
May your wishes follow you till the end of your life. I People will never pray good prayers for their all they know is to wish the country's backwardness so they can have something to criticize about. Nigeria will get better by the grace of God and not even the expert's prediction can change what God has for Nigeria.

kjhova:


No FT reporter from Wales know Nigeria better than an educated Nigerian who actually live in Nigeria.

Your comment flows from that age old fallacy that Western is better. FT is pushing an agenda just as we now know that all Western media push agendas.

The Buhari administration that has no economic agenda successfully:
pulled us out of a recession
now have 2% quarterly growth
raised foreign reserve from $15b to over $40b,
increased capital expenditure above previous figures
increased our agricultural output to record highs

All of these was done with stagnant oil prices.

Yet, as far FT can see, their warped analyses is to compare Buhari's 4 years to achievements in Rwanda and Ethiopia which are results of actions being taken by those countries from more than 10 years back. A period when the PDP administration was busy kleptoing Nigeria to oblivion.

And talking about Rwanda and Ethiopia. Hope you guys know that despite all the hoopla about them, the economies are not exactly growing as assumed. The success attributed to them thus far is due their renewed ability to crush graft and channel their resources appropriately. All of which Buhari is already doing and which achievements will manifest even more openly in a shirt while.

So, please, tell FT that I said they don't know better than me. I am educated, have a career, live in Nigeria and voted for Buhari because of the good economic direction I perceive he is taking the country!

paxonel:
are increase in foreign reserve suppose to be some kind of acheivements?
How does that put food on the table to the common man and the mumu almajiris who voted for buhari?
in 2013,nigeria foreign was $46b and no one shouted it was achievement.

Oh, you didnt know what it is called?
It is called external reserve, that means it does not neccessarily affect exchange rate.

For 4 years he has been ruling now what is this your stupid buhari doing about exchange rate which was suppose to impart to the economy?
Absolutely nothing.

If he has 4 good years and he cannot do anything, will common sense not tell you that something terible is wrong about him.
What is then the assurance that he will use this next 4 years to perform magic?

Una mumu o

You are suffering under a stagnant economy created by the ignorance of buhari yet you are educatedly voting for him again saying you are and educated man.

You must be a fool

grandstar:


And where are these socialist countries today? Or where is North Korea today?

Stop saying West. If the West tells that 1 + 1 = 2 would you say it is wrong because it's from them. What they are saying is the economic equivalent of 1 + 1=2! Nigerian economist too condemn the economic policies of this government. Soludo, Utomi and Sanusi have all condemned these policies too.

Read these articles below
https://www.nairaland.com/5069142/cbn-must-adopt-new-measures

https://www.nairaland.com/5069104/experts-buhari-remove-petrol-subsidy

Rolings:


Wrong again, when the west tell me 1+1=2 I do not believe them, I'm not hooked to them unlike you, they have been and remain the problem of Nigeria

MrAJQ:
Theresa May is running a government with directionaless much more than Buhari of Nigeria. So face your country let us face our country.

Awan weree reporter