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Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo - Politics (4) - Nairaland

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Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by nedu666: 1:22pm On Apr 14, 2021
PataAlhajaKeji:



"Fixing the economy does not require rockect science ..."

Fix am na!

You must be smarter than the CBN Governor and guys like Professor Soludo, Professor Doyin Salami and Birsmark Rewane, members of the presidential economic advisory team. Abi you think say dem dey sleep.

If I ask you what should be done to better the economy, I'm sure you will go numb.

Nigeria is broke and poor. No matter the economic expertise of the leaders, poverty go still dey everywhere, no thanks to our overpopulation.

Market driven exchange rate? So you can further blame Buhari when the dollar goes as high as 900 Naira. Or you don't know the mixed exchange rate regime is why average Nigerians can buy dollar at a cheaper CBN rate for their BTAs and PTAs.

You no get sense at all.


You said nigeria is broke and poor. How does a broke and poor country commit $1.5billion to repairing refinery, $500million to digitization of nta, 789billion to fixing abuja-kano-kaduna, 42billion to repairing national assembly, 30billion to building cbn car park. The country might be broke but Nigerian leaders are similing home everyday

2 Likes

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by Indispensable85(m): 1:27pm On Apr 14, 2021
Sometimes our political leaders are just mere hypocrites. My question to Obaseki is: has he stopped collecting his monthly security votes of 750million in the face of the so called economic downturn?Hahaha. ...when it comes to delivering for the masses,they'll always shop for excuses not to deliver but no matter how bad the economy is,all their allowances, salaries, etc are intact.They're never affected.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by orisa37: 1:30pm On Apr 14, 2021
HE HAS BEEN PRINTING MONEY SINCE DAY ONE FOR MACBAN AND BOKOHARAMS. WE ARE NOW ASKING HIM TO N20BILLIONS FOR EACH OF OUR 36 CONSTITUTIONAL STATES SO THAT WE CAN HAVE SOMETHING TO GIVE LOCAL ARTISANS.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by orisa37: 1:31pm On Apr 14, 2021
HE HAS BEEN PRINTING MONEY SINCE DAY ONE FOR MACBAN AND BOKOHARAMS. WE ARE NOW ASKING HIM TO PRINT N20BILLIONS FOR EACH OF OUR 36 CONSTITUTIONAL STATES SO THAT WE CAN HAVE SOMETHING TO GIVE LOCAL ARTISANS.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by chrisxxx(m): 1:35pm On Apr 14, 2021
PHijo:


If you don't know how he destroyed the economy then explaining that for you may be near impossible!

1. The delay in appointing a cabinet for 6 months
2. Appointing at best mediocre ministers
3. Starting an unnecessary ego driven confrontation with Niger Delta militants
4. Making tanker vessels owners see Nigerian ports as less secure through his policy that could make them lose their tankers under the pretext of fighting illegal bunkers
5. Assuming the role of CBN governor, petroleum minister and president.
6. Failure to remove fuel subsidy in 2015/2016
7. Abuse of power that made foreign investors feel their investments could be stolen
8. Failure take advantage of the relationship Nigeria had with countries like America and China to her advantage
9. Increasing recurrent expenditure
10. Supporting his Fulani Fulani kinfolk in all their crimes, this reducing Nigeria's agricultural output
11. Citing projects through his mindset that is driven by bigotry, thereby robbing Nigeria of potential revenue
12. Failure to address issues as if they are urgent
13. Refusal to redirect his wrong steps
14. Increased focus on revenue generation instead of income generation
15. Hostile attitude towards investment, trade and capital

The list of his failures is endless. A pandemic is not an excuse, the primary problem is Buhari. There are lots of things Nigeria could have done differently if she had the right kind of leadership.

The issue is not CBN printing money, the issue is what it was used to do. If it was used to boost non-oil exports or reduce Nigeria's reliance on imports for many things that could be produced locally that would have been understood.

I almost forgot their multiple USD rate!

This government is not not just an embarrassment to Nigeria, it is an embarrassment to the entire Black race.
You can never convince anyone who supports APC. I dont know what they ate. They behave so unusual. There might be less blame voting Buhari in 2015. The hyping was much but I was not swerved. There is no way I can vote someone who does not know how to save an information on a computer to be a president in a 21st century Nigeria. My children would not forgive me.

2 Likes

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by PHijo(m): 1:42pm On Apr 14, 2021
chrisxxx:

You can never convince anyone who supports APC. I dont know what they ate. They behave so unusual. There might be less blame voting Buhari in 2015. The hyping was much but I was not swerved. There is no way I can vote someone who does not know how to save an information on a computer to be a president in a 21st century Nigeria. My children would not forgive me.

Very true!
I have never come across people like that before. People who will throw away commonsense for some utopian dream.
E reach to ask Buhari which do d jazz for am? Lol

1 Like

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by jayaim: 1:48pm On Apr 14, 2021
Some people are shocked but am not cuz am exposed. 2008 economic melt down around the world was caused by this. Robert kiyosaki also wrote a book on it also. Is not new, that's why bitcoin was born but some will never understand. American government has been printing money over the years
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by themanderon: 1:50pm On Apr 14, 2021
When they said "next level" the people that voted them never asked next level to what? well get ready for what's coming.

2 Likes 1 Share

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by hayoholla(m): 1:51pm On Apr 14, 2021
Dpharisee:
Since nobody is willing to borrow us more money to pay salaries, the FG has resorted to printing paper and calling it money which is not backed up by commensurate commodities and services, the after effect is the ongoing spiralling inflation. In the past when you are broke you go and drink Garri to hold belle, today Garri is more expensive than peppered Suya.

When Igbos were screaming that Buhari will run down the economy we castigated them out of tribal and religious sentiments.
Their reasons been that a man who left office in 1984 and didn't establish a single business, not even an ordinary Zobo or Kunu processing factory, did not belong to the board of any company, did not start a foundation even if it's for Almajiri or nomadic education for his Fulani tribesmen to engage in modernized ranching, did not even use his spare time to write a single book can never handle an economy like Nigeria with 200m citizens, now I can see that they have been right all along as me that is writing have just lost my job, I open Nairaland as a way of reducing pressure and removing my mind from my current situation.

I can't even go to farm now which used to be the last resort if you are unemployed as herdsmen destroy crops in my area unchallenged due to fear that they could trace your house at night and inflict harm.

As a way of generating revenue the already over taxed residents of Abuja have just been informed about the commencement of Park & Pay scheme in every street of the city for vehicle users in addition to the hundreds of VIO and LG revenue collectors roaming all over the city even with fewer new businesses opening to employ the teeming youths.
Many big people are quickly buying and storing their money in domicialiary Dollar accounts, so what happens to the average citizen whose money in Naira is losing value daily?
Which way Nigeria? shocked

What's with the obsession of trying to prove yourself right, must you bring tribal sentiments to this again. And tell me from which tribe is the person in charge of economic regulations. undecided
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by PHijo(m): 1:55pm On Apr 14, 2021
PataAlhajaKeji:



"Fixing the economy does not require rockect science ..."

Fix am na!

You must be smarter than the CBN Governor and guys like Professor Soludo, Professor Doyin Salami and Birsmark Rewane, members of the presidential economic advisory team. Abi you think say dem dey sleep.

If I ask you what should be done to better the economy, I'm sure you will go numb.

Nigeria is broke and poor. No matter the economic expertise of the leaders, poverty go still dey everywhere, no thanks to our overpopulation.

Market driven exchange rate? So you can further blame Buhari when the dollar goes as high as 900 Naira. Or you don't know the mixed exchange rate regime is why average Nigerians can buy dollar at a cheaper CBN rate for their BTAs and PTAs.

You no get sense at all.

1. If you are not subsidising petroleum products there will be less pressure on the Naira
2. If you don't have multiple exchange rates and difficulty with fund repatriation FPIs will flow in
3. If the CBN is not "defending" the Naira there will be enough funds to import critical machinery
4. If there are no bottlenecks at the ports of entry and exit Nigeria can generate more revenue without raising taxes or duties
5. If there is a deliberate procurement policy towards procurement of local goods much of the pressure on USD can be avoided
6. If foreign loans are used to enhance Nigeria's ability to export or reduce imports it will not be in a dire condition.
7. Most of those financial experts you listed did not "fail" due to a lack of ideas, they failed because politicians like Buhari refused to implement their solutions for political, ethnic, religious reasons or even their fear for the labour union.

Claims that Nigeria's problem is lack of money or overpopulation are excuses made by lazy minds. Poverty is prevalent in Nigeria because of people like you who support the status quo and are too lazy to think!

5 Likes

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by chrisxxx(m): 2:07pm On Apr 14, 2021
PHijo:


Very true!
I have never come across people like that before. People who will throw away commonsense for some utopian dream.
E reach to ask Buhari which do d jazz for am? Lol
My brother I dont know! My cousin lost his job after 2015. He supports APC. He had no job even in 2019. I could not believe my eyes when my cousin thumb printed again for Buhari 2019. I stopped assisting him. APC supporters are truly hypnotized. You can never never never convince them. Never especially their grassroots supporters.

2 Likes

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by PataAlhajaKeji(m): 2:16pm On Apr 14, 2021
PHijo:


1. If you are not subsidising petroleum products there will be less pressure on the Naira
2. If you don't have multiple exchange rates and difficulty with fund repatriation FPIs will flow in
3. If the CBN is not "defending" the Naira there will be enough funds to import critical machinery
4. If there are no bottlenecks at the ports of entry and exit Nigeria can generate more revenue without raising taxes or duties
5. If there is a deliberate procurement policy towards procurement of local goods much of the pressure on USD can be avoided
6. If foreign loans are used to enhance Nigeria's ability to export or reduce imports it will not be in a dire condition.
7. Most of those financial experts you listed did not "fail" due to a lack of ideas, they failed because politicians like Buhari refused to implement their solutions for political, ethnic, religious reasons or even their fear for the labour union.

Claims that Nigeria's problem is lack of money or overpopulation are excuses made by lazy minds. Poverty is prevalent in Nigeria because of people like you who support the status quo and are too lazy to think!

Nice one.

Trust me, I'm in support of these your "IMF" policies. And I'm sure the government would love to implement them but the social and political costs are the major deterrent.

GEJ was bullied into withdrawing his subsidy-removal initiative in 2012. Buhari sef dey fear to remove subsidy completely.

The policies listed above are very sound but will take a long time for the average Nigerian to reap their benefits. Nigerians are very impatient people. Remove subsidy today, declare a floating exchange rate regime and hell will be let loose. Dem go start to dey insult Buhari life. NLC sef go threaten Nationwide labour strike. #BuhariMustResign go trend on Twitter. grin

We are not ready yet.

Democracy ain't for all countries. It'll take a benevolent dictator to change the fortunes of Nigeria for good. Lee Kuan Yew did it in Singapore.

Nice submission from you.

2 Likes

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by hayoholla(m): 2:17pm On Apr 14, 2021
pansophist:
I'll say it again, this is a very good news to me. If anything, it will shift the masses focus to politics, and spotlight governance, ignites citizens fury, but I doubt if that will happen unless something even worse occurs, such as a civil war, government inability to pay civil servant, and when it becomes official in all indices that Nigeria is a failed state.

Nigerians pursue the wrong things, from cheap mindless entertainment such as musics, sports and reality shows, to religious extremism, tribalism and all kinds of nonsense that holds no place in the 21st century and will surely bring them back. I only feel sorry for the igbos, they have warned about the fate of this forced marriage known as Nigeria, went for civil war for it but the other tribes were dumb and look the other side because its not them being slaughtered.

You have laid your bed, now lie on it. The North that sees ruling Nigeria as its birthright will have the south to contend with, because I doubt the South will allow the little resources going to the North and their had leadership. Let's see how it unfolds. My fingers are crossed. For me, I've seen the failure of the zoo long ago, and left with my family. If you haven't left, Ghana is still open for you.

No Nigerians do not pursue the wrong thing. @the bolded has done so much at least to repair our already dented image all over the world. Our export, in terms of entertainment should be a thing worthy of giving kudos of, even without government intervention, until in the recent years, a trend which started from the Jonathan administration, which had the government taking so much interest in the entertainment sector. This sector has rose without government influence, even at times crossing paths with government's ideologies, which most times warrants sanction on such artist brand, (you can ask fela). This sector has rose on its own to give a new image to Nigerians abroad and even Africa as a whole. Talk about the emergence of Afro music which has given the Africans a voice, and a unified consciousness and a sense of brotherhood among, Afro music brought to life or kind of rekindled the African spirit in us to see Africa in a new way and strive to develop it, we even tag it the "Motherland" a kind of surreal connection to the earth upon which we live, work and eat. Afro music has allowed foreigners to see also Africa in a new way, not just about dirty and hungry stricken children littering the continent. It has displayed a beautiful Africa inspite of her scars. Her rich and varying culture. Fela was among the first set of export, a vocal one, which he was indeed good at. He chose the political aspect of music to touch on issues particular to Africa, and how it can be solved using African methods. Only few and daring artist chose this path fela chose, he was derided by his own, but he stood tall like a Colossus. And the antecedent of the Afro music, one which fela birthed, we are reaping it's fruit in terms of our image, even though it does not translate to economic reasons to fill our pockets, it has atleast given us a sense of pride. You can see the way Nigerian celebrated burnaboy Grammy win. If you think entertainment has not translated into meaningful economic activities, I wouldn't blame you, but for the angle which you view it. If it's not a goldmine, and a source of income generation, past and recent governments wouldn't suddenly develop interest overnight.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by DedeNkem: 2:20pm On Apr 14, 2021
ableguy:
Why should I?
grin grin grin
The only reason I should worry is because they didn't give me my share of the money.
cheesy

Spoken like a proud ignorant!
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by DedeNkem: 2:22pm On Apr 14, 2021
This is what happens when you have an incompetent tribalist illeterate m*oron as president!
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by PataAlhajaKeji(m): 2:30pm On Apr 14, 2021
chrisxxx:

My brother I dont know! My cousin lost his job after 2015. He supports APC. He had no job even in 2019. I could not believe my eyes when my cousin thumb printed again for Buhari 2019. I topped assisting him. APC supporters are truly hypnotized. You can never never never convince them. Never especially their grassroots supporters.

Are you saying Nigeria wouldn't be in this state if GEJ had won in 2015?

Are you aware Nigeria was borrowing to fund recurrent expenditure months before GEJ was voted out? Despite the excess crude oil revenue windfall in his tenure.

A lot of childish brains here.

Macroeconomics must be hard for you all. grin

Are you aware Buhari is the best President when it comes to infrastructural development since 1999?

Are you aware Buhari is the best President since 1999 in terms of social welfare programmes?

The economy is in shambles, no doubt. Inflation rate sef dey vex. He has his own blames, no doubt but he is powerless. He's not a magician. Our major FOREX earner, crude oil has lost value and I don't think he's doing bad in terms of diversification of the economy. It will take time for the positive effects of his policies to manifest. Nigerians are very impatient lots.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by PHijo(m): 2:32pm On Apr 14, 2021
PataAlhajaKeji:


Nice one.

Trust me, I'm in support of these your "IMF" policies. And I'm sure the government would love to implement them but the social and political costs are the major deterrent.

GEJ was bullied into withdrawing his subsidy-removal initiative in 2012. Buhari sef dey fear to remove subsidy completely.

The policies listed above are very sound but will take a long time for the average Nigerian to reap their benefits. Nigerians are very impatient people. Remove subsidy today, declare a floating exchange rate regime and hell will be let loose. Dem go start to dey insult Buhari life. NLC sef go threaten Nationwide labour strike. #BuhariMustResign go trend on Twitter. grin

We are not ready yet.

Democracy ain't for all countries. It'll take a benevolent dictator to change the fortunes of Nigeria for good. Lee Kuan Yew did it in Singapore.

Nice submission from you.


I think the social costs are overstated. The truth is Buhari wouldn't have faced similar reactions but like you rightly pointed out he is/was afraid to act.

In addition to that the policies must be backed up with counter measures. Politicians and civil servants should not be allowed to feed fat on the resources of the country.

If it requires locking up labour leaders the needful should be done. Nigeria has been retrogressive for close to 40 years. Not because there is a dearth of ideas but because to a large extent the Nigerian state lacks the legitimacy to follow through.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by ableguy(m): 3:00pm On Apr 14, 2021
DedeNkem:


Spoken like a proud ignorant!
Bros goan fight your leaders you and them are the ignorant ones here, nothing about Nigeria will move me again.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by Yusufisraelj(m): 3:04pm On Apr 14, 2021
ddippset:
You're just typing nonsense English.

No economy can survive destruction of pipelines and covid 19. Especially a mono economy like us.

If you like go and bring the best economists from Europe and America.

We have to suffer now for refusing to diversity and grow our economy since 30 years ago.

It's obvious you are not aware of recent developments. You still think we have a mono economy, you are not so different from the analyst.

Countries that have overcome like new Zealand and China, how did they do it? Don't be talking like someone who support "poor" performance.

1 Like

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by chrisxxx(m): 3:23pm On Apr 14, 2021
PataAlhajaKeji:


Are you saying Nigeria wouldn't be in this state if GEJ had won in 2015?

Are you aware Nigeria was borrowing to fund recurrent expenditure months before GEJ was voted out? Despite the excess crude oil revenue windfall in his tenure.

A lot of childish brains here.

Macroeconomics must be hard for you all. grin

Are you aware Buhari is the best President when it comes to infrastructural development since 1999?

Are you aware Buhari is the best President since 1999 in terms of social welfare programmes?

The economy is in shambles, no doubt. Inflation rate sef dey vex. He has his own blames, no doubt but he is powerless. He's not a magician. Our major FOREX earner, crude oil has lost value and I don't think he's doing bad in terms of diversification of the economy. It will take time for the positive effects of his policies to manifest. Nigerians are very impatient lots.


You made good points.
However I can observe the elements and traits and trace of APC supporters in you.
You guys hardly make comments without raining abuses on your addressees or audience.
You said all when you mentioned that I knew little in Economics. You are right. My only indices to gauge a performing economy is how frequent people complain of hunger. Complain of hunger these days has become ubiquitous. People are going hopeless and if this continues we will flood to your house to share with you like we did during the EndSars Campaign.

2 Likes

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by GenerationNext: 3:27pm On Apr 14, 2021
Ayeong:
I worry not

Abeg Get responsive website + Domain Registration + SEO for 30k. Check my signature for contact details
Pay Nairaland advertisement fees you cheat.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by Emmani360(m): 4:01pm On Apr 14, 2021
For those saying they aren't worried, if hyperinflation take place in Nigeria, that N2million in your account might not buy you food for 1month.
Your 1 month salary might only buy you bread for 3days.
We all in Nigeria should be worried unless you have a very rich and generous relative staying outside the country that will be throwing dollars at you from time to time
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by edoairways: 4:09pm On Apr 14, 2021
nedu666:



Every time agriculture. If agriculture under this govt is doing great then why has the prices of garri, maize, rice, beans, sorghum, plantain, palm oil, yam, fruits, poultry feed gone up.

If mining is doing well, why is it not reflecting in the revenue and job creation. Zamfara mines gold and pockets the proceeds, dangote mines limestone and increases cement to an all time high.
Help me ask them
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by Latvin: 4:20pm On Apr 14, 2021
PataAlhajaKeji:


Are you saying Nigeria wouldn't be in this state if GEJ had won in 2015?

Are you aware Nigeria was borrowing to fund recurrent expenditure months before GEJ was voted out? Despite the excess crude oil revenue windfall in his tenure.

A lot of childish brains here.

Macroeconomics must be hard for you all. grin

Are you aware Buhari is the best President when it comes to infrastructural development since 1999?

Are you aware Buhari is the best President since 1999 in terms of social welfare programmes?

The economy is in shambles, no doubt. Inflation rate sef dey vex. He has his own blames, no doubt but he is powerless. He's not a magician. Our major FOREX earner, crude oil has lost value and I don't think he's doing bad in terms of diversification of the economy. It will take time for the positive effects of his policies to manifest. Nigerians are very impatient lots.



Truth is our mono product economy was bound to take a hit from the twin calamities of falling oil prices and more recently covid 19. The best economists would have done only slightly better given similar circumstances.

Lack of economic diversification in the past is catching up with us and it will take some time to resolve. This govt could do more but it is taking steps to diversify the economy. Results will take years to fully manifest.

In the mean time, it has to take measures open to it, majority of which will not be popular. Weaning the populace of import dependency, removal of subsidy on consumables such as fuel, increase in taxes to fund budgets, paying cost reflective tariffs on power to make the chain work etc. As the theory of the above sounds easy it is not so in practice as the Buhari govt is finding out. So it has to play a delicate game between economic theories and public sentiment and outrage from the fallout.

A big lever available to govt is to increase its social investment spending and ensure it reaches the most vulnerable. This is what richer countries badly hit by the pandemic are doing. They borrow tons of money and print money through Quantitative Easing methods to cushion the impact, though doing a lot to keep inflation in check. This is where we can really learn from them.

In summary, we need to diversify, diversify, diversify and importantly improve local productivity.

1 Like

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by okoroemeka(m): 4:23pm On Apr 14, 2021
Dpharisee:
Since nobody is willing to borrow us more money to pay salaries, the FG has resorted to printing paper and calling it money which is not backed up by commensurate commodities and services, the after effect is the ongoing spiralling inflation. In the past when you are broke you go and drink Garri to hold belle, today Garri is more expensive than peppered Suya.

When some Igbos were screaming that Buhari will run down the economy we castigated them out of tribal and religious sentiments.
Their reasons been that a man who left office in 1984 and didn't establish a single business, not even an ordinary Zobo or Kunu processing factory, did not belong to the board of any company, did not start a foundation even if it's for Almajiri or nomadic education for his Fulani tribesmen to engage in modernized ranching, did not even use his spare time to write a single book can never handle an economy like Nigeria with 200m citizens, now I can see that they have been right all along as me that is writing have just lost my job, I open Nairaland as a way of reducing pressure and removing my mind from my current situation.

I can't even go to farm now which used to be the last resort if you are unemployed as herdsmen destroy crops in my area unchallenged due to fear that they could trace your house at night and inflict harm.

As a way of generating revenue the already over taxed residents of Abuja have just been informed about the commencement of Park & Pay scheme in every street of the city for vehicle users in addition to the hundreds of VIO and LG revenue collectors roaming all over the city even with fewer new businesses opening to employ the teeming youths.
Many big people are quickly buying and storing their money in domicialiary Dollar accounts, so what happens to the average citizen whose money in Naira is losing value daily?
Which way Nigeria? shocked
a very interesting observation,not only that he left office in 1984,buhari has been chief of army staff,governor,minister of petroleum,ptf chairman and twice president,all are lucrative positions that will make him an employer of labour in his numerous companies,but what he has is some cows and a few herdsmen looking after them,it is said that by their fruits we shall know them.

2 Likes

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by PataAlhajaKeji(m): 4:27pm On Apr 14, 2021
Latvin:


Truth is our mono product economy was bound to take a hit from the twin calamities of falling oil prices and more recently covid 19. The best economists would have done only slightly better given similar circumstances.

Lack of economic diversification in the past is catching up with us and it will take some time to resolve. This govt could do more but it is taking steps to diversify the economy. Results will take years to fully manifest.

In the mean time, it has to take measures open to it, majority of which will not be popular. Weaning the populace of import dependency, removal of subsidy on consumables such as fuel, increase in taxes to fund budgets, paying cost reflective tariffs on power to make the chain work etc. As the theory of the above sounds easy it is not so in practice as the Buhari govt is finding out. So it has to play a delicate game between economic theories and public sentiment and outrage from the fallout.

A big lever available to govt is to increase its social investment spending and ensure it reaches the most vulnerable. This is what richer countries badly hit by the pandemic are doing. They borrow tons of money and print money through Quantitative Easing methods to cushion the impact, though doing a lot to keep inflation in check. This is where we can really learn from them.

In summary, we need to diversify, diversify, diversify and importantly improve local productivity.


Thank you very much.

Oil plenty well well for your head. You too much!
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by gbemishile: 4:28pm On Apr 14, 2021
I wonder how a democratically elected governor would depend heavily on the allocation coming from the government,when there are ways u can create a strong IGR for ur state.
what I see is a man trying to divert our attention to the federal government while he loots government allocation
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by PHijo(m): 4:28pm On Apr 14, 2021
PataAlhajaKeji:



Are you saying Nigeria wouldn't be in this state if GEJ had won in 2015?


Are you aware Nigeria was borrowing to fund recurrent expenditure months before GEJ was voted out? Despite the excess crude oil revenue windfall in his tenure.

A lot of childish brains here.

Macroeconomics must be hard for you all. grin

Are you aware Buhari is the best President when it comes to infrastructural development since 1999?

Are you aware Buhari is the best President since 1999 in terms of social welfare programmes?

The economy is in shambles, no doubt. Inflation rate sef dey vex. He has his own blames, no doubt but he is powerless. He's not a magician. Our major FOREX earner, crude oil has lost value and I don't think he's doing bad in terms of diversification of the economy. It will take time for the positive effects of his policies to manifest. Nigerians are very impatient lots.



Yes, I can confidently tell you it would have been much better if Jonathan remained in charge till 2019.

You don't diversify the economy by getting a loan of $1.5. Billion for a refinery. You don't diversify the economy by exploring for oil in Chad.

You claim to be informed on economic issues but you just expose your bias for Buhari and his failed government.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by PataAlhajaKeji(m): 4:30pm On Apr 14, 2021
chrisxxx:

You made good points.
However I can observe the elements and traits and trace of APC supporters in you.
You guys hardly make comments without raining abuses on your addressees or audience.
You said all when you mentioned that I knew little in Economics. You are right. My only indices to gauge a performing economy is how frequent people complain of hunger. Complain of hunger these days has become ubiquitous. People are going hopeless and if this continues we will flood to your house to share with you like we did during the EndSars Campaign.

I'm sorry for the insults. Na my way o. Na so I dey insult my pals too if we dey argue politics or football.

FYI, there are a lot of hungry people in New york, Paris and London too.
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by PataAlhajaKeji(m): 4:46pm On Apr 14, 2021
PHijo:


Yes, I can confidently tell you it would have been much better if Jonathan remained in charge till 2019.

You don't diversify the economy by getting a loan of $1.5. Billion for a refinery. You don't diversify the economy by exploring for oil in Chad.

You claim to be informed on economic issues but you just expose your bias for Buhari and his failed government.


Jonathan wey bin dey borrow to pay salaries months before them vote am out? Bros, why na?

Only $ 500 million of the funds will be borrowed for the refinery project. The remaining $ 1 billion will be appropriated for. And what's wrong in revamping a moribund refinery to increase the supply of petroleum products in the nearest future and thereby, consequently reducing their prices?

Kindly educate me, please.

The government can still diversify while simultaneously prospecting for oil and gas in other areas of the country. Crude oil is a non-renewable resource, you know. As you dey extract, e dey dry up. That's the reason OPLs are regularly granted to oil companies in oil-producing countries all over the world.

The world is going green, no doubt, but oil and gas will forever be in demand. That is just the fact.

And FYI, I am a Buharist. I don't even hide it but we are all humans and prone to err. Buhari is not perfect and I don't hesitate to call the old Nigger out anytime he fuccks up!

1 Like

Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by ddippset(m): 4:47pm On Apr 14, 2021
Yusufisraelj:


It's obvious you are not aware of recent developments. You still think we have a mono economy, you are not so different from the analyst.

Countries that have overcome like new Zealand and China, how did they do it? Don't be talking like someone who support "poor" performance.
China and New Zealand did not do it in 4 years or 8 years.
They did it over a long span of time, over 20 years..

So stop loving PDP and blaming Buhari.

Blame them all!
Re: Federal Allocation: Why Obaseki’s Revelation Should Worry Us All - Oke Umurhohwo by DedeNkem: 4:48pm On Apr 14, 2021
ableguy:

Bros goan fight your leaders you and them are the ignorant ones here, nothing about Nigeria will move me again.

Every Nigerian should be worried about what's going on in Nigeria. Playing ignorance is reckless and unacceptable!

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