lagonovo:
Let them add Babangida and Abacha's economic figures and you will understand the folly of what they are portraying here.

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MayorOfDelta:
Jesus Christ!!


Pdp 16 years of rule external debt no reach buhari 7 years!

This country don finish..

Cognitivereason:
The report failed to include the fact that..OBJ, yar Adua and GEJ combined never withnessed a global pandemic that distruped global economies, Russia Ukraine war that sent diesel prices to quadruple also...the rapid Oil shock in 2014 moving into 2016...and it rapid gain in 2022..which means that subsidies had to almost double..including shortages as well..

they also didnt include the sharp oil production decline has ordered by OPEC when oiled dropped in 2014 as well as the ones stolen by theives..

many of these incident are well beyond the control of any president...The country had to feel the impact..ghana that was praised for having a better economy is literally on it knees as it inflation is above 30%..imagine transport cost over there especially when they dont pay oil subsidies..the harsh and current economic crises has literally destroyed a few country's economy..Sri Lanka is an example..


mention one country today that had a stable economy not moved by anything after facing the 2014 oil slumps, the woos of covid 19 plus lockdowns, russia ukriane war, gas prices sky rocketing etc

I am not saying the reports are fake..but let the reportings in balanced

Amalekki:

.... hmmm OBJ... his time was also when electricity project money disappeared via the legendary Atiku & his friends, when highways upgrades were promised but never delivered, when Ghana must go became normal at the national assembly, when sitting governors were disgraced at Aso Rock's will, when elections were almost always influenced by the ruling party, when railways and airports upgrades were tall orders.... etc etc etc.

All the things you wrote are true as with all other presidents after him who stole also.
It was only OBJ that's jobs vacancies were looking up and down for who to fill them.
It was in abundance.
All other stole money and the economy was moribund at best

It is easy to show excess money in stock when you don't spend the money on real projects

es144000:
according statisence on Twitter, as at December last year PMB's government had earned more than what Obj earned in 8 years,minus the $26b borrowed in external debts, ₦19Tb(almost $50b) from CBN and other local loans, bonds, pension funds etc.

29kobo:
Just some points..

1.GDP growth rate fell from 7.7 under Obasanjo to 7.5 under Yaradua to 5.5 under GEJ to 1.1 under Buhari.

2. Inflation went up from 12.0 under Obasanjo to 13.4 under Yaradua then to 9.70 under GEJ to 14.0 under Buhari

3.Excahnage rate 26% change under 8 years of Obasanjo to 27.4% under 3 years of Yarauda to 56% under 6 years of GEJ to 150% under Buhari.

4. External resrerves fell from Obasanjo to GEJ and only gained 4 billion more under Buhari.

5.External debt under Obasanjo was 3 billion, under Yaradua was 10 billion in 3 years...7 billion more in 3 years , under GEJ was 15 bn...5 bn more in 3 years and under Buhari 40 billion

6. Missing from the diagram is the oil price. And crucially...our forex needs as a nation, and our tax to gdp ratio. Forex needs have grown since 1999. Especially with the growth of the telecom sector for example.

7. All in all, Nigeria has been depreiciating over the years. It has been worse under Buhari...which shows how bad he is....he knew oil was down...and did not use the tools he needed.

8. But something tells me that the figures show a decline in all indicatiors before Buhari came in. Including reserves.

Which begs the question....what mistakes are Nigerian leaders making that our economy is not improving at all since 1999. I not only see how bad Buhari is , but how bad all our democratic leaders are. Buhari's special awfulness (compounded by falls in oil prices...remember oil has been below 60 dollars per barrel for most of his regime..while we need it above 120 dollars per barrel.Plus his failure to diversify the economy) only obscures the other's awfulness. Especially Yaradua and GEJ.

Nigeria needs to do something different. What I see here is leaders making the same mistakes over and over again.

What we need to do now to stop the rot is simple.

1.Raise the tax to gdp ratio urgently...meaning we tax everyone including the farmer, herdsman and beggar

2.REMOVE SUBSIDIES. YES FUEL WILL COST 600 NAIRA, YES WE NEED TO BUILD REFINERIES AND FIGHT CORURPTION. YES I AM A BAD PERSON NIGBATI NIGBATI....but subsides are a big reason why the debt under Buhari is growing. They eat a lot of our money yearly. They make the budget defict worse. We are not even benefiting from the oil boom because we have to pay subsides. So, subsides on petrol and power have to go. And before you argue with me, i HAVE heard your arguments, even made them, between 1993-2012 when I woke up...so don't bore me.

3.Fight corruption, even if it means jailing your fave politican. No more pardons. Enough is enough. FIGHT CORRUPTION.

These won't make one naira equal to one dollar but it would give us a platform to start things like diversificaiton and industrial growth.

Goahead:
Imagine Tinubu with his shaky hands signing partnership agreements with western powers in front of world media. God forbid!!
And dailymail of the UK comes up with this headline: Nigeria's Tinubu could not sign the energy agreement between the EU and Nigeria due to "uncontrollably shaky hands".

Obyangel:

Baba snail at the beat, F9 is in his gene but it's another time to write our names on the golden sheet by voting right. Deuteronomy 10:16, says be obedient.

Cognitivereason:


put your proof and figure here in USD and the amount OBJ earned in USD

casualobserver:



The same way they expect a man with nothing to show in 8 years as a governor to be a messiah. A man who could not raise the IGR of his state in 8 years to be the one to raise revenues at a time when the country is at risk of debt default. A man who talks about jobs and forex but had sole distributorship for basic consumer products for decades but never thought to establish a factory in Nigeria to produce those products here and create jobs in Nigeria to be the one to turn Nigeria from consumption to production. etc etc. A man who has never set up a factory in his life and whose wealth is based on consumption without production.

The truth is the problem of Nigeria are Nigerians themselves because they are so dumb they dont deserve good leaders which is why the best stay away from government. I dont know how you elect leaders based on tribe and religion ignore competence (or a dossier of a mediocre past) and expect good leadership!!!

es144000:
according statisence on Twitter, as at December last year PMB's government had earned more than what Obj earned in 8 years,minus the $26b borrowed in external debts, ₦19Tb(almost $50b) from CBN and other local loans, bonds, pension funds etc.

Angelfrost:


Truth be told, it's almost irreparable!

There is absolutely no miracle even the best leader can perform from next year.

The journey back to the top is going to be perilous!

This economy has never been this mismanaged in the history of world economics!

occam:


Excellent points and great observations. Question is which government has the balls to raise taxes and remove petrol subsidy? The next President has to bite the bullet and then phase out or remove petroleum subsidy. Simple. But Nigerians will fight very hard to keep paying for cheap petrol (cheapest in Africa)

Also will next President be willing to raise taxes? Nigeria has the lowest tax to GDP ratio in Africa.

Looking at the top 3 aspirants, none of them has the will to implement this twin unpopular measures.

jrusky:
No one should even bring Buhari near obj, Yardua and Gej in everything abeg.

Buhari really messed and goofed badly.

Jesusloveyou:
you did not factor In covid19 and the infrastructural development.

Safyqueen:



Mr man, the Op didn't consider other factors like Corona saga, global economic meltdown that lead to super powers causing problems for African countries in other to steal their resources. Before Buhari the world was stable.

The analysis above was made to smear Buhari administration.
Name Buhari's policy that was postulated by him that is killing, then we discuss.

We know where/what/how Buhari failed in general not mere and Targeted analysis.

29kobo:
.

Western powers are not stealing our resources. We are broke because the prices for the resources we sell are never where we want them..because everyone else makes or produces them. (If every farmer has a good corn harvest...corn prices will fall. If some farmers sustain loses in corn crop due to disease, war, etc...corn prices will rise. Ditto for oil)

We don't use our resources to make things, and we make matters worse by spending more and more on subsides...on power and petrol which block a key part of our economy...the energy sector...from growing as it should.

That is why we are broke. We sell cocoa for 2 billion, and the companies in the West make products from the cocoa worth 17 billion. Why can't we do that here...because we have no power supply due to decades of subsidising our power to help the poor...meaning no money for expansion et al. And decades of subsidising the petrol sector...same result...no gas processing...because not enough cash...

Plus before Corona, there was a decline. Yes, oil prices were low then, but what measures did Buhari take in diversifying the economy?



Nah. Just shows what happens when you do the wrong thing economically. If he had removed subsides from day one, and also let the power sector set prices...we won't be in eldorado, but things would have been better. If he had improved taxation drastically...maybe things would have been better.




Subsidy. Subsidy prevents profits being made in the petrrol sector meaning no investment....which ultimately means revenue available to government is too low to fund the army and police adequately...meaning Boko, IPOB and co have a field day.




Analysis gives a good picture.