grandstar:


There was fairly good economic growth during those years despite the huge corruption going on. Between 1999 - 2013, economic growth averaged 6% yearly.

If Buhari simply maintained those policies he met, the country's economic growth rate would hover between 4-5% yearly. Through out Buhari's tenure, it has not hit 2% in any year. Why?

It is down to his forex control policies.

Let me explain. Imagine $1bn was flowing I to the economy every month and the exchange rate is N200 to a dollar. Then oil prices crashes and only $500m is now coming in monthly, will the exchange rate remain the same or you'll pay more for dollars?

Buhari said it must remain the same. The docile CBN governor refuses to tell off the president. Lamido Sanusi bluntly told the president that this policy hasn't worked in any country in the world. Buhari no dey hear word.

There was no organic economic growth during GEJ years. Nigeria was just fortunately at the receiving end of a global oil price boom - simple! Just pure luck and that’s why we have been in trouble since the same oil price collapsed.
The FG has very few options when it comes to the economy, the country is economically very weak so our economic policies cannot withstand external pressures. We have 200m people who produce NOTHING!!! I mean absolutely NOTHING!!!
We import almost everything we consume. Invariably we are going to remain poor and live in economic hardship forever. I pity the coming generation.......we should STOP having children because we are only bringing them to the world to suffer!
We are unproductive, and financially reckless and stupid.
200m unproductive people is a serious baggage.

aycapri:
E don tey wey we don dey suffer.

Cos we love suffering

All Today's preachers in naija are so less concerned about tension in Nigeria.They could not even lend their voices for encouraging Tolerance,Peace and Prayers for stability of the Nation.Na wa ooo! Those preachers are so mean and only care about money and materialism from congregation.THIS SAME CONGREGATION AFTER GOING THROW TRYIN TIMES AFTER COVID LOCKDOWN.ONLY BABA FALANA AND HIS SON HAS TAKEN THEIR ROLE AS MORAL TOUCH BEARERS.
Looking unto JESUS CHRIST OUR LORD and not unto any preacher brcause GOD ALMIGHTY IS HOLDING NIGERIA BY HIS HANDS OF PROTECTION AND PEACE. I REMEMBER THOSE 8YEARS OF TENSED HARDTIME of SAP REGIME OF Ibb, very sincere charater SPIRITUAL LEADERS LIKE Bishop Benson DAHOSA, Bishop ILOPUTA IFE, Prophet OBADARE,Arch Bishop OKOGIE all SPOKE OUT BUT STILL SUED FOR PEACE. angry

SINCE 1999 OF NASSENT DEMOCRACY NIGERIA HAS SUFFERED ACUTE MORAL DECAY FR FAKES PREACHERS TO BAD POLITICIANS,TO BAD REGIMES AND TO TERRIBLE YAHOO YOUTH GENERATION. THAT IS WHAT YOU SHOULD CRY FOR REVIVAL OF NAIJA.YOU NIGERIA PPL OF TODAY DONT FEAR GOD ANYMORE,YOU ONLY LOVE &WORSHIP MONEY JUST AS YOU HAVE BEING TAUGHT BY YOUR TODAY'S FAKE PASTORS TO BE SELFISH AND TO PAY LIP SERVICE TO GOD ALMIGHTY.GOD IS NOT MOCKED

PARADIZEPRIEST:
All Today's preachers in naija are so less concerned about tension in Nigeria.They could not even lend their voices for encouraging Tolerance,Peace and Prayers for stability of the Nation.Na wa ooo! Those preachers are so mean and only care about money and materialism from congregation.THIS SAME CONGREGATION AFTER GOING THROW TRYIN TIMES AFTER COVID LOCKDOWN.ONLY BABA FALANA AND HIS SON HAS TAKEN THEIR ROLE AS MORAL TOUCH BEARERS.
Looking unto JESUS CHRIST OUR LORD and not unto any preacher brcause GOD ALMIGHTY IS HOLDING NIGERIA BY HIS HANDS OF PROTECTION AND PEACE. I REMEMBER THOSE 8YEARS OF TENSED HARDTIME of SAP REGIME OF Ibb, very sincere charater SPIRITUAL LEADERS LIKE Bishop Benson DAHOSA, Bishop ILOPUTA IFE, Prophet OBADARE,Arch Bishop OKOGIE all SPOKE OUT BUT STILL SUED FOR PEACE. angry

Story of our lives

Tor. Problems no start today, and e no dey finish.

In other news, check out how to differentiate granite from marble when you go to purchase.

https://thearchitect.com.ng/difference-granite-marble/

Prinnce1:
Electricity problems in Nigeria is beyond presidents, refining crude is beyond Nigeria too and from my observation these are happening because some set of people are benefiting so much from the inadequacies. Watch "Deep State(seasonal 2 depicts Nigeria in a nutshell)" its a seasonal movie, while watching do it as if you are a student in search of vital information to aid in report writing.

I will look for the film

All I know is some people need to be killed for this country to move forward.

jaxxy:


Yes I blame leaders 150%. Do u know 1 influencer can command 1million people with the right statements and strategy?

Don’t u know what leadership is about?? U think it’s about leading ur family members and office staffs?? U are leading ur local government, ur state, region and the country as a leader.

Why Nigeria’s leadership has failed over the years is because we do not lead by example. That is the key to leadership. U must show ur followers by actions because that is what they will copy not ur words.

The government if sensible can direct the course if this country with the snap of their fingers. I will give u an example.

When Buhari was messing up and then was sick and when for treatment and osinbajo took over for some months, the direction of the country changed immediately by just few actions taken by the acting president. That is the power of good leadership.

Sadly we don’t understand power of political leadership in this country because it has been bastardized.

Thank you. You nailed it. I wish we have Osinbajo as the President. You will know the difference

FrLukas:


Elderly advise.

Lol. Hold my glass fess, let me laugh heartily...



Drag you into what?

No Igbo man has ever been in Aso rock?

You must be a very young chap.

Please do a little research.

Igbos have always been with the party in power right from the word go.

Yorubas have always been in opposition right from the beginning.


An Igbo man was the first president of Nigeria.


That man y'all refer to as great Zik of Africa. He was the one who sold the South to the North.


Alex Ekwueme was the vice president to another Fulani man, Shehu Shagari a few years after the civil war.


Check the list of Senate presidents and deputy senate presidents since 1999 and you may just be shocked at how much the Igbos are well represented.


Don't stop there. Check the list of federal ministers, senators, federal house of reps members and tell me how you could honestly exempt your people from the dysfunctionality of Nigeria.


You are indeed a funny man.


I look at the list of names of all the freedom fighters, the civil rights activists etc that have left their footprints in the sands of time in Nigeria and I can't see a single Igbo man's name there. (Please correct me if I'm mistaken).


I shudder to think of the distorted history you are going to tell your own children, and they, theirs.

Yes, no Igbo man has ever made it to Aso Rock in terms of being the man in charge( the president), what this means is that working for a Yoruba or Hausa-fulani president in Aso Rock does not make you the number one power holder in Aso Rock, so I don't know which Aso Rock being occupied by the Igbo man you're talking about,

You must be a very young chap,
My little research made me to understand that no Igbo man has ever held the position of the number one power holder in Aso Rock, that working for Yoruba or Hausa-fulani president or even Nigerdeltan president doesn't make you the man in charge of Aso Rock, you'll be just there, following orders.

are you trying to tell me that Nnamdi Azikiwe who was a ceremonial president of Nigeria between 1963 to 1966(when Nigeria's capitol was in Lagos) ruled Nigeria in Aso Rock built in 1991??
My guy this right here is trying to make me question your academic standard

Alex Ekwueme was just a servant who had no power of his own while in Aso Rock just like Osinbajo so never expect a vice president to act because he holds no power.

Senate presidents ministers and deputy senate presidents don't have authority over the leadership of Nigeria more than the number one citizen

And the last time I checked, the South East Federal ministers, house of representatives, senators were minorities whose motions are most of the time ignored and thrown into the trashcan, tell me how many motions moved by a senator of Igbo extraction that has been passed into law?? Tell me.

You're indeed blind to the truth.

Top 4 Freedom Fighters of Nigeria: Nigerian Freedom Fighters who Fought for Nation[

Jacob Wilson

C. Odumegwu Ojukwu

Benjamin Adekunle. Adekunle

Mohammed Shuwa.

I'm a proud father of 3 so what I tell my children is none of your business

But I will tell them the unadulterated history so distortion doesn't exist in my dictionary.

No progress....
yet they always want to be elected to power

I think everyone should be prepared to answer to their full names including any insults that they might have warranted.



Everyone knows the part they have played in what this country has become today. So when they share accolades and curses you know which one belongs to whom.



Play your part and play it well.

DamnnNiggarr:
Yes, no Igbo man has ever made it to Aso Rock in terms of being the man in charge( the president), what this means is that working for a Yoruba or Hausa-fulani president in Aso Rock does not make you the number one power holder in Aso Rock, so I don't know which Aso Rock being occupied by the Igbo man you're talking about,

You must be a very young chap,
My little research made me to understand that no Igbo man has ever held the position of the number one power holder in Aso Rock, that working for Yoruba or Hausa-fulani president or even Nigerdeltan president doesn't make you the man in charge of Aso Rock, you'll be just there, following orders.

are you trying to tell me that Nnamdi Azikiwe who was a ceremonial president of Nigeria between 1963 to 1966(when Nigeria's capitol was in Lagos) ruled Nigeria in Aso Rock built in 1991??
My guy this right here is trying to make me question your academic standard

Alex Ekwueme was just a servant who had no power of his own while in Aso Rock just like Osinbajo so never expect a vice president to act because he holds no power.

Senate presidents ministers and deputy senate presidents don't have authority over the leadership of Nigeria more than the number one citizen

And the last time I checked, the South East Federal ministers, house of representatives, senators were minorities whose motions are most of the time ignored and thrown into the trashcan, tell me how many motions moved by a senator of Igbo extraction that has been passed into law?? Tell me.

You're indeed blind to the truth.

Top 4 Freedom Fighters of Nigeria: Nigerian Freedom Fighters who Fought for Nation[

Jacob Wilson

C. Odumegwu Ojukwu

Benjamin Adekunle. Adekunle

Mohammed Shuwa.

I'm a proud father of 3 so what I tell my children is none of your business

But I will tell them the unadulterated history so distortion doesn't exist in my dictionary.

Keep on beating your bony chest and bragging fruitlessly.

If Azikiwe decided to opt for a meaningless position just to spite the Yorubas whom he hated to his core, and Ekwueme served as Shagari's houseboy, whose fault?


I couldn't care less if you threw all your senators and governors in the bin, that's your headache.


The fact remains that they collect federal allocation on your behalf and they spend it on your behalf. How is that the problem of the rest of the country?


Y'all were rejoicing when the former governor of Abia state Orji Uzor Kalu was released unjustly from jail. After all he's Nnamdi Kanu's best friend isn't he?


I'm still waiting for you to mention at least one civil rights activist that has written his name in gold in Nigeria.

@Hegelian
How do you know this?
You are a Python programmer, were you even alive then?

hegelian:



you are wrong...amjor devaluation happened during buhari then..infcat it was during his tenure we started having different exchange rates from parallel market, to black market, to offical rate to several others

ibedun:


There was no organic economic growth during GEJ years. Nigeria was just fortunately at the receiving end of a global oil price boom - simple! Just pure luck and that’s why we have been in trouble since the same oil price collapsed.
The FG has very few options when it comes to the economy, the country is economically very weak so our economic policies cannot withstand external pressures. We have 200m people who produce NOTHING!!! I mean absolutely NOTHING!!!
We import almost everything we consume. Invariably we are going to remain poor and live in economic hardship forever. I pity the coming generation.......we should STOP having children because we are only bringing them to the world to suffer!
We are unproductive, and financially reckless and stupid.
200m unproductive people is a serious baggage.

Yes, the Goodluck Jonathan years were aided with the high price of oil.

Nevertheless, if the policies that Buhari implemented upon his assumption in office, the awful weak economy we have today would have been the result back then

Since GEJ's term was aided with the price of crude oil, that's why argued if Buhari held on to the policies he met, growth will still hover between 4-5%. For the economy to do better, there will be need for structural reforms.

You're wrong to state the economy has very few options. It has too much options open to it.

First thing is to make the Naira flexible i.e go back to the forex system used before Buhari messed it up. This will easily add restore a lot of sanity to the economy. It will lead to an increase in economic growth to between 3.5%-5%.

The government will need to cut company taxes to 15% tops. This will not only increase foreign investment but local investment as well. Also, it will lead to a rise in stocks prices in the stock market. All these will boost business confidence

Also, lower taxes have been proven to improve revenues as people are more readily willing to pay taxes if they are low. Your tax rate is useless if people aren't paying like in Nigeria.

Next is to bring down double digit lending rates. This is the biggest problem holding back the economy. The high cost of borrowing is why business prefer to invest in sectors with high returns such trading. The real sector is worst hit such as real estate, manufacturing and agriculture. Dangote pondered how do you grow the agricultural sector with a borrowing rate of 20%?

To achieve low cost credit, government must end the Naira substitution policies which is the prime reason there's always excess money in the system which is highly inflationary and which compels the CBN to use high cost bonds to mop it up the excess. Since commercial lending needs to be above both bond and inflation rate, there's no option but to lend at very costly rate.

If business and individuals can borrow at less than 10%,there will be an investment boom which will definitely boost the economy.

Nigeria case isn't as bad as you paint it. China, with a billion people was desperately poor when reforms started in 1978. For the next 30 years plus, the economy grew at 9% on average. Today's its economy is 40 times the size it was in 1978.

India, with about a 1bn people started reforms in 1990 and this led to economic growth rates of 8%+ average for the next 20 years.

The right economic policies can make the economy purr again.

Ibedun

grandstar:


Yes, the Goodluck Jonathan years were aided with the high price of oil.

Nevertheless, if the policies that Buhari implemented upon his assumption in office, the awful weak economy we have today would have been the result back then

Since GEJ's term was aided with the price of crude oil, that's why argued if Buhari held on to the policies he met, growth will still hover between 4-5%. For the economy to do better, there will be need for structural reforms.

You're wrong to state the economy has very few options. It has too much options open to it.

First thing is to make the Naira flexible i.e go back to the forex system used before Buhari messed it up. This will easily add restore a lot of sanity to the economy. It will lead to an increase in economic growth to between 3.5%-5%.

The government will need to cut company taxes to 15% tops. This will not only increase foreign investment but local investment as well. Also, it will lead to a rise in stocks prices in the stock market. All these will boost business confidence

Also, lower taxes have been proven to improve revenues as people are more readily willing to pay taxes if they are low. Your tax rate is useless if people aren't paying like in Nigeria.

Next is to bring down double digit lending rates. This is the biggest problem holding back the economy. The high cost of borrowing is why business prefer to invest in sectors with high returns such trading. The real sector is worst hit such as real estate, manufacturing and agriculture. Dangote pondered how do you grow the agricultural sector with a borrowing rate of 20%?

To achieve low cost credit, government must end the Naira substitution policies which is the prime reason there's always excess money in the system which is highly inflationary and which compels the CBN to use high cost bonds to mop it up the excess. Since commercial lending needs to be above both bond and inflation rate, there's no option but to lend at very costly rate.

If business and individuals can borrow at less than 10%,there will be an investment boom which will definitely boost the economy.

Nigeria case isn't as bad as you paint it. China, with a billion people was desperately poor when reforms started in 1978. For the next 30 years plus, the economy grew at 9% on average. Today's its economy is 40 times the size it was in 1978.

India, with about a 1bn people started reforms in 1990 and this led to economic growth rates of 8%+ average for the next 20 years.

The right economic policies can make the economy purr again.

Ibedun

So, what were the economic policies China and India implemented that Nigeria has failed or refused to put in place? You need to be specific..........
If there are such policies then why have our leaders failed to do it!
Or do you just believe (as many foolish Nigerians do) that the current Nigerian president hates his people and desires to punish Nigerians and maim them with poverty?
You need to ask the question, why are these wonderful policies not implemented?
I am Confidently telling you that the FG’s options are very very few indeed.
You mentioned earlier about flexible Naira exchange rate and I LAUGHED at your inexperienced naivety.

Flexible exchange rate at a time when oil price was collapsing rapidly and we are recklessly import dependent! The Naira will be slaughtered and turned into toilet paper in less than 3 months!
O’l boy! you are throwing economics THEORIES around without checking their PRACTICAL application in the REAL WORLD!

ibedun:


So, what were the economic policies China and India implemented that Nigeria has failed or refused to put in place? You need to be specific..........
If there are such policies then why have our leaders failed to do it!
Or do you just believe (as many foolish Nigerians do) that the current Nigerian president hates his people and desires to punish Nigerians and maim them with poverty?
You need to ask the question, why are these wonderful policies not implemented?
I am Confidently telling you that the FG’s options are very very few indeed.
You mentioned earlier about flexible Naira exchange rate and I LAUGHED at your inexperienced naivety.

Flexible exchange rate when oil price is collapsing and we are import dependent! The Naira will be slaughtered and turned into toilet paper in less than 3 months!
Hmm you are throwing economics THEORIES around without checking practical application in the REAL WORLD!

Nigeria used a flexible exchange system from 2007 to 2015. The greatest evidence of this was when oil prices started dropping in mid 2014,the Naira slid from 155 to 196 by May 2015 when Buhari took over. Though the price of oil halved, the Naira only lost about 20% its value.

Contrast that with Buhari's fixed peg. Despite dropping oil prices, Buhari held to the peg. What was the result? Because the CBN could not satisfy demand at 196, buyers turned to the parallel market in large numbers and very soon, a massive spread developed between the official and black market rate.

I know by January 2016,the official rate was still at 196 while the black market was 310. Is that what you want?

It is a myth that a mono product economy or an import dependent economy can't have a flexible exchange rate. It's even the best system for them.

Who told you that myth? It's not from any economic textbook worth its value. No reputable Economist will ever tell you that

Please get this fact: it's the market that ultimately determines exchange rate and not economists. You cannot fight the market and win. You will get burnt. Buhari thought it was wicked economists who fixed exchange rates and wanted to end the wickedness.

Despite his best efforts, the exchange rate has fallen from 196 to 410 today. It's even 490 at parallel which means it still has a way to go. Sanusi said that the difference between the 2 rates should never be more than 3% This about 20%.

Omohayek, 4play and blue3k are actually university trained economists on this forum and would appreciate their comments

femmoy:


Were our parents not youths? Why didn't they conquer? Someone said it all on page 1 that Nigeria planned to fail from onset,whoever it was who planned it knew people of the South are wise and in order to make his selfish interest fulfill merged us with the......... So they can pull us back.

I wish we could do this once and for all.

Dont mess with the wrong generation

FrLukas:


Keep on beating your bony chest and bragging fruitlessly.

If Azikiwe decided to opt for a meaningless position just to spite the Yorubas whom he hated to his core, and Ekwueme served as Shagari's houseboy, whose fault?


I couldn't care less if you threw all your senators and governors in the bin, that's your headache.


The fact remains that they collect federal allocation on your behalf and they spend it on your behalf. How is that the problem of the rest of the country?


Y'all were rejoicing when the former governor of Abia state Orji Uzor Kalu was released unjustly from jail. After all he's Nnamdi Kanu's best friend isn't he?


I'm still waiting for you to mention at least one civil rights activist that has written his name in gold in Nigeria.

All these jargons just to counter what I wrote up there?? quite a pity.

Now, What you wrote up there simply confirms that no Igbo man has ever held any super power position such as the position of a president that will warrant them to be dragged into the mess of Nigeria.

I've made my points, you've also read what I wrote and I pray it remains in your memory till eternity.

DamnnNiggarr:


All these jargons just to counter what I wrote up there?? quite a pity.

Now, What you wrote up there simply confirms that no Igbo man has ever held any super power position such as the position of a president that will warrant them to be dragged into the mess of Nigeria.

I've made my points, you've also read what I wrote and I pray it remains in your memory till eternity.

Yeah right. In fact, no Igbo has ever held any political office, elective and appointive in the history of Nigeria.

Clown.

grandstar:


Nigeria used a flexible exchange system from 2007 to 2015. The greatest evidence of this was when oil prices started dropping in mid 2014,the Naira slid from 155 to 196 by May 2015 when Buhari took over. Though the price of oil halved, the Naira only lost about 20% its value.

Contrast that with Buhari's fixed peg. Despite dropping oil prices, Buhari held to the peg. What was the result? Because the CBN could not satisfy demand at 196, buyers turned to the parallel market in large numbers and very soon, a massive spread developed between the official and black market rate.

I know by January 2016,the official rate was still at 196 while the black market was 310. Is that what you want?

It is a myth that a mono product economy or an import dependent economy can't have a flexible exchange rate. It's even the best system for them.

Who told you that myth? It's not from any economic textbook worth its value. No reputable Economist will ever tell you that

Please get this fact: it's the market that ultimately determines exchange rate and not economists. You cannot fight the market and win. You will get burnt. Buhari thought it was wicked economists who fixed exchange rates and wanted to end the wickedness.

Despite his best efforts, the exchange rate has fallen from 196 to 410 today. It's even 490 at parallel which means it still has a way to go. Sanusi said that the difference between the 2 rates should never be more than 3% This about 20%.

Omohayek, 4play and blue3k are actually university trained economists on this forum and would appreciate their comments

You have not made any critical point here about how Buhari ruined the economy! You are merely speculating on whether one approach (flexible x) is better than the other (fixed peg).
In 2014/15 the Nigerian people & government were hyper sensitive to the exchange rate and a new Buhari government chose the fixed rate purely for political reasons ( I.e. to defend the Naira and stop it from sliding into a toilet paper within a few months). Unfortunately 200 Buharis cannot stop the currency of Nigeria (an unproductive, highly populated, totally import dependent poor country) from weakening. The Buhari government tried to avoid the political storm that would follow a rapid Naira depreciation hence they opted for the fixed rate to slow things down in the hope that oil price could recover before Naira hits the floor.
As long as Nigeria remains unproductive and it’s people continue with their mad desire for imported goods, Naira will forever remain a weak and worthless currency. Regardless of who is in power!

The people of Nigeria need a lot of reorientation. The alternative is to remain poor forever. And surely we should enforce a 2 children per family population control laws.

ibedun:


You have not made any critical point here about how Buhari ruined the economy! You are merely speculating on whether one approach (flexible x) is better than the other (fixed peg).
In 2014/15 the Nigerian people & government were hyper sensitive to the exchange rate and a new Buhari government chose the fixed rate purely for political reasons ( I.e. to defend the Naira and stop it from sliding into a toilet paper within a few months). Unfortunately 200 Buharis cannot stop the currency of Nigeria (an unproductive, highly populated, totally import dependent poor country) from weakening. The Buhari government tried to avoid the political storm that would follow a rapid Naira depreciation hence they opted for the fixed rate to slow things down in the hope that oil price could recover before Naira hits the floor.
As long as Nigeria remains unproductive and it’s people continue with their mad desire for imported goods, Naira will forever remain a weak and worthless currency. Regardless of who is in power!

The people of Nigeria need a lot of reorientation. The alternative is to remain poor forever. And surely we should enforce a 2 children per family population control laws.

The point isn't that a flexible rate will strengthen the naira, it wouldn't have, but that it reduces the distortions to the economy caused by fixed exchange rates.

The naira depreciation Buhari was trying to avoid happened anyway, but it was and is accompanied by destructive multiple exchange rates which allow privileged insiders like Dangote or Govt lackeys to access dollars at a cheaper fixed rate whilst selling it at the black market rate which rate most Nigerians had to rely on.

Fixed rates failed as they always do as they can't work without sufficient forex reserves. The exchange rates reflect key features of the economy (trade balance, export income, investment flows, forex reserves, etc), you can't address a symptom or byproduct of these features, which the exchange rate is, by government fiat.

Cholls:
[img]https:///media/6-10-2018/nFVMcC.gif[/img]

You're a mumu person