₦airaland Forum

Dealsrus:
Naijaman:

I joined so i could get your perspective on this 

I am building a two-storey encompassing a 4 unit 3-bedroom flats around Lekki. I got a supervision quote from a friend for 200k for foundation, then just this week another 150k requested to supervise the filling stage.

My questions are:

1. Is this reasonable and expected
2. and are the foundation and filling expected to be separate phases?
3. what can i expect as cost of supervision for the entire building from start to finish.

Should i be negotiating supervision from start to finish?

I really do not know what sort of work he'll be doing to have to charge you that much. Perhaps you need to provide more details on the sort of job he's doing for you.  In my case with 2 similar type of house (most likely bigger than yours), outside Lagos and with just about 2 years apart (2008 & 2010), I did the same type of work and paid less than 100K in total to my friend a housing specialist who supervised the job for both houses (i.e less than 50K per house). The jobs supervised on on both houses included: foundation digging, concrete work, foundation block setting, filling and german floor concrete work. Admittedly my friend wasn't around through out the entire period the jobs were being done, he was however present when the critical jobs were being done. All concrete jobs were done in his presence and the first coach of block setting were witnessed by him. Similarly, the filling was confirmed and approved by him before the german floor work.

Lastly, my friend travels from more than 150km from his base to my sites whenever his presence is needed. Your friends quotes will be reasonable if he'll be the one to pay for the materials. If na supervisor job alone him wan collect all that money for, abeg me no mind to be your supervisor o!

Check my earlier posts and give the guy a call. He may be able to help you.

Hello!

It's almost a year to date since I've been campaigning on behalf of Buhari on NL. I am indeed very glad that there are still some Nigerians out there who look beyond every vice that divides us (ethnicity and religious bigotry, calumny and cultural myopia) and who are ready and willing to work towards a common goal of making the entity called Nigeria work. We all spent out time, money and meager resources and we were able to achieve big things collectively. It is indeed a pleasure for me to have been privileged to work with these honorable and patriotic Nigerians who have selflessly shown to the world that we have more in common as a people than what tends to tear us apart.

I should clearly state here that we may have lost a fight and not the battle, as the struggle continues. I will indeed appreciate it if we keep this little thing we all started here growing well beyond NL. There are indeed several lessons we have learnt since our coming together to fight a common course and I believe we can evolve into something bigger and more special. The elections may have been rigged to deny the good citizens of our great nation the true leadership we deserve, but the ruling party cannot rig our collective will.

For those who want us to keep working together, we can start by forming an email group which I will suggest to be named "Buhari/Bakare 2011" to keep alive our first fight together against corruption and ineptitude in governance. I will also suggest we co-opt our other brothers and sisters who also fought gallantly for the course of Ribadu/Adeola as we have a lot of things in common but just a slightly different approach at proffering solutions to the ailment out nations suffers.

Many thanks thanks to you all as it has indeed been a delightful experience. I still remain 9ijaman and will continue to fight for the less privileged in my country in my own little way.

soldee:
So far CPC looks set to clear over 70% in at least 16 northern states. In fact so far only Benue and Kwara are adding up for PDP. I don't have any feeds from Taraba.

The few figures coming from Taraba also show that CPC is whooping PDP in that state.

sbeezy8:
CPC is winning in kogi aswell and I think plateau dam buhari may win but won't wint by SW votes like people thought I thought kgi was going to gej but I don't know igala don vote buhari

My brother the Igalas are honorable people who don't get swayed by religious or ethnic sentiments. That should explain the reason why CPC is leading clearly in the results released so far.

At least we now know which of the candidates is indeed desperate. Why kill anyone because he'she has voted for an opposition candidate?

CPC is also leading so far in Borno and Adamawa States.

soldee:
For NC, CPC seems to have swept Niger. Benue and Kwara look good for PDP. Any news from Kogi and Plateau??

CPC is also clearing Kogi from the figures release so far. See below:

Kogi
Lokoja CPC 395 PDP 65, Kabawa 1 CPC 566 PDP 47,
NRC Unit CPC 319,PDP 154,
RIMI UNIT CPC 333 PDP 33,
YARAGI CPC 433, PDP 33

http://dailytrust.dailytrust.com/index.php?option=com_content&view=article&id=17102:750pm-more-results-katsina-oyo-borno-kogi-lagos-rivers-kano-abuja&catid=76:election-2011&Itemid=163

ceah:
The first scheduled message for tomorrow morning is on that

Kindly send me a mail at n9ijaman@gmail.com, I have a a few additional phone numbers which you may be able to send messages to.

I managed to call almost 150 contacts today and  won more than 95% over. My inlaws were not spared as I got promises from them all to vote Buhari. They really didn't have preferred candidates but still wanted to vote GEJ until I told them about the wastefulness a GEJ government has been and will continue to be if he wins, God forbid! Artisans and labourers working at my construction site were also not left out as I managed to get them all on the CPC (Buhari) train at least for the presidential election.

The stage is set for me to send the last set of bulk SMS in the morning or at my lunch time tomorrow as I will be at work. No qualms my time zone is 2 hours ahead of 9ja and voting will not start by the time I'll be done with the SMS messages.

I urge everyone to keep the flag flying.

May God crown our efforts with the success we desire and put smiles on our faces by the morning/evening of Sunday the 17th of April.

CELLULAR:
Nice jobs guys. I just go to know about this thread this afternoon and i contributed my little piece by writing in response to Buhari's tears for the nation. i tagged most of my friends on facebook to it ( close to 1000 contacts) and also posted it in different fora. Here is the little 1 page piece as my contribution to the BB campaign from away Germany:


WEEP NOT: THE PEOPLES GENERAL

[b]Candidate of the CPC in tomorrow’s Presidential elections was addressing a world press conference and mid way into his moving speech he broke into tears, the crowd erupted into wailing and tears.

Images of weeping General is not a news in the Nigeria media ( e.g Gen.Diya cried for his life after the infamous coup to overthrow Abacha, Gen. Obasanjo and Gen. IBB wept publicly at the loss of their wives). What makes General Buhari’s case different is that while the other GENERALS wept for their Lives and that of their loved ones; the Peoples General is crying for the Nigerian state. He wept for a nation wallowing in hopelessness in the midst of resourcefulness and poverty amidst plenty. He wept for a nation whose endowment and natural opportunity for greatness has been squandered by the reckless opportunism of the political class. Buhari wept at the irony of the Nigerian state: ocean of gas but no power, 5th largest oil deposit yet world largest importer of refined petroleum,80 % arable land but the world largest market for imported rice, toothpick etc

Buhari by his tears has joined the list of the nation’s foremost statesmen driven by emotions on their campaign trail. Sadly, this is the path our greatest minds have engaged in the course of a great and arduous struggle for our national liberty: Awolowo wept for the nation, Abiola wept and more recently Gani Fawehinmi wept for Nigeria in the 2003 elections. When Jesus wept, he raised up the dead (Lazarus). When Nigeria’s statesmen weep, they ask the question: when and who will save the national flag? Will Nigeria allow another generation to be on the WASTED GENERATIONS LIST?

I personally have high respect for the cause and patriotism; as well as the abilities based on past records of the worthy BB gentlemen. Tomorrow’s presidential election is an awful decision moment to our dear country, Nigeria. I consider it as a decision on the continuity of the status quo or CHANGE. Buhari/Bakare has only one lamp that is swaying my vote for them and that is the lamp of experience and integrity. I know of no way of judging of the future but by the past. Does the PDP have anything new to offer after 12 years in office? Association of looters can never produce saints; no matter how meek or humble they look. TRUST THEM NOT,DEAR FRIENDS…they have resorted to religious and tribal entreaties and humble supplication to cover up their corrupt and blood sucking fangs that they have used to snare our feet and collective wealth in the last 12 years.

If we wish to be free. If we really mean as a nation to get those inestimable privileges for which we have been so long contending…for wish our great statesmen both living and dead have been so long engaged and wept for publicly. WE MUST VOTE THE PDP OUT! We must vote for a leadership that will make just and efficient use of the resources which GOD has placed at our disposal. There is no retreat but in continuation of the status quo. The battle is for the vigilant, the active and the informed to spread the message across to others. I know not what course the others might take but for me and my family: BUHARI/BAKARE IS THE BEST CHOICE FOR THE MOMENT!
[/b]

A great job you've done there with this writeup. Please permit me to use it on other fora.

OAM4J:
[flash=480,390]http://www.youtube.com//v/ttjJXUoWimA[/flash]

[flash=480,390]http://www.youtube.com//v/nly1iws4ORg[/flash]

[flash=480,390]http://www.youtube.com//v/xWVT4iDXnQA[/flash]

[flash=480,390]http://www.youtube.com//v/TOtgFVC9GKQ[/flash]

[flash=480,390]http://www.youtube.com//v/v0I2fBoE4mQ[/flash]

[flash=480,390]http://www.youtube.com//v/ClCLRXe7Uyw[/flash]

I've just gone through all the video clips and was moved to tears at some point.

BBers just another one of the numerous supporting adds to the BB campaign on YouTube.
[center]
[flash=500,300]
https://www.youtube.com/watch?v=RDxIIMleiDs?version=3[/flash][/center]

I pray God puts smiles on our faces by the end of this election.

The text messages to my contacts are also being rolled out. I should send the second and thiord rounf of messages tomorrow and on Saturday.

Great job from everyone and I am indeed blessed to have been associated with most of you who have worked tirelessly towards liberating our nation from the shackles of PDP's oppression and corruption.

I'll be mobilizing friends and colleagues over here to send text messages to as many Nigerians as possible who are on our contact lists. We will be meeting at my house and we'll do the massive texting for most part of tomorrow.

The so called aliance talk may have finally been jettisoned. We'll go it alone.

10cirenoh:
For a result like 42% 33% and 25%, what happens?

1. There are just two ways in which a run-off can occur. PDP gets the highest votes but not the required spread, or vice versa (i.e. CPC gets the highest votes without the spread).

2. PDP gets the spread but not the highest vote and CPC though without the spread gets the highest votes. This is also same as having CPC getting the required spread but without the highest votes, while PDP failes to get the spread but garners the highest votes.

Lagosboy:
I think the alliance is dead for the saturday election. Bisi Akande already issued a statement to this effect.

We'll know if he meant it by the end of today.

Guys, I have been following news about the talks very closely on the issue of the alliance between CPC and ACN, which is indeed still on going as against some contrary impression peddled in some 9ja dailies today. BAsed on the latest info at my disposal, there is still a ray of light at the end of the tunnel. If ACN does not play dirty politicking, all agreements should be signed tonight as CPC seems to have made some further concessions. In the meantime, let's keep up the effort and also continue to pray as we work hard towards achieving the set objective of having GMB sworn in as Nigeria's 7th civilian president, come 29th of May 2011.

Integration process should proceed in earnest. We need to still get more volunteers to help out as pollen and collation center agents for the CPC.

The confirmation should be out in the morning.

Fellow BBers the news reaching me this very moment is the General Muhammadu Buhari has been adopted by the major opposition parties as the Opposition Consensus Candidate for the presidential elections. Confirmation will be coming as soon as I get the right info. Please let's continue in our struggle to liberate Nigeria and Nigerians from the shackles of the PDP oppression.

Please follow the debate on:
http://www.youtube.com/user/channelsweb#g/u

The presidential election is just 4 days away, all noise making Pro-GEJ should start prepping up for the exit of the pay master. We have just concluded an election where brothers contested against brothers. To the average Kano, Zamfara, Kaduna, Kebbi, Jigawa etc indegine the candidates were from their own fold. THe presidential election is definitely a different ball game.

BB forever

OHAFIA2040:
[color=#990000][/color][/b]

I'VE GOT ONLY ONE STATMENT FOR ALL YOU HATERS, DON'T HATE THE PLAYER, HATE THE GAME, [b]GEJ FOR NOW AND 2015

Are those the signs showing that GEJ not be keeping to his promise of a single term if he wins on Saturday?

Evil Brain:
Sanusi Lamido Sanusi says Buhari did well for the economy but some clueless Nairalander disagrees. Whom do we believe?

Hmmm

The guy is indeed clueless. In fact he practically claimed on a separate thread that he knows more about Nigerian economy than Sanusi Lamido. Unfortunately for his confused mind he even failed a simple statistics test.

Here are some more for you to learn from.
[size=13pt]
Why I will vote for Buhari (II) - Lamido Sanusi[/size]

By Sanusi Lamido Sanusi

The argument of Buharism, for which it was castigated by global capital and its domestic agents, was that these conditions did not exist clearly enough for Nigeria to take the gamble. First our major export, oil, was priced in dollars and the volume exported was determined ab initio by the quota set by OPEC, a cartel to which we belonged. Neither the price nor the volume of our exports would be affected by a devaluation of the naira. As for imports, indeed they would become dearer. However the manufacturing base depended on imported raw materials. Also many essential food items were imported. The demand for imports was therefore inelastic. We would end up spending more of our national income to import less, in the process fuelling inflation, creating excess capacity and unemployment, wiping out the production base of the real sector and causing hardship to the consumer through the erosion of real disposable incomes. Given the structural dislocations in income distribution in Nigeria the only groups who would benefit from devaluation were the rich parasites who had enough liquidity to continue with their conspicuous consumption, the large multi-national corporations with an unlimited access to loanable funds and the foreign "investor" who can now purchase our grossly cheapened and undervalued domestic assets.

In one stroke we would wipe out the middle class, destroy indigenous manufacturing, undervalue the national wealth and create inflation and unemployment. This is standard economic theory and it is exactly what happened to Nigeria after it went through the hands of our IMF economists under IBB. The decision not to devalue set Buharism on a collision course with those who wanted devaluation and would profit from it-namely global capitalism, the so-called "captains of industry" (an acronym for the errand boys of multinational corporations), the nouveaux-riches parasites who had naira and dollars waiting to be spent, the rump elements of feudalism and so on. Buharism therefore was a crisis in the dominant class, a fracturing of its members into a patriotic, nationalist group and a dependent, parasitic and corrupt one. It was not a struggle between classes but within the same class. A victory for Buharism would be a victory for the more progressive elements of the national bourgeoisie. Unfortunately the fifth columnists within the military establishment were allied to the backward and retrogressive elements and succeeded in defeating Buharism before it took firm root. But I digress.

Having decided not to devalue or to rush into privatization and liberalization Buharism still faced an economic crisis it must address. There was pressure on foreign reserves, mounting foreign debt and a Balance of Payments crisis. Clearly the demand for foreign exchange outstripped its supply. The government therefore adopted demand management measures. The basic principle was that we did not really need all that we imported and if we could ensure that our scarce foreign exchange was only allocated to what we really needed we would be able to pay our debts and lay the foundations for economic stability. But this line of action also has its drawbacks.

First, there are political costs to be borne in terms of opposition from those who feel unfairly excluded from the allocation process and who do not share the government’s sense of priorities. Muslims for example cursed Buhari’s government for restricting the number of pilgrims in order to conserve foreign exchange.

Second, in all attempts to manage demand through quotas and quantitative restrictions there is room for abuse because there is always the incentive of a premium to be earned through circumvention of due process. Import licenses become "hot cake" and the black market for foreign exchange highly lucrative. This policy can only succeed if backed by strong deterrent laws and strict and enforcible exchange rules. Again it is trite micro-economic theory that where price is fixed below equilibrium the market is only cleared through quotas and the potential exists for round tripping as there will be a minority willing and able to offer a very high price for the "artificially scarce" product. So again we see that the harsh exchange control and economic sabotage laws of Buharism were a necessary and logical fallout of its economic theory.

Conclusion

I have tried to show in this intervention what I consider to be the principal building blocks of the military government of Muhammadu Buhari and the logical connection between its ideology, its economic theory and the legal and political superstructure that characterized it. My objective is to raise the intellectual profile of discourse beyond its present focus on personalities by letting readers see the intricate links between disparate and seemingly unrelated aspects of that government, thus contextualizing the actions of Buharism in its specific historical and ideological milieu. I have tried to review its treatment of politicians as part of a general struggle against primitive accumulation and its harsh laws on exchange and economic crimes as a necessary fallout of economic policy options. Similarly its treatment of drug pushers reflected the patriotic zeal of a bourgeois nationalist establishment.

As happens in all such cases a number of innocent people become victims of draconian laws, such as a few honest leaders like Shehu Shagari and Balarabe Musa who were improperly detained. The reality however is that many of those claiming to be victims today were looters who deserved to go to jail but who would like to hide under the cover of a few glaring errors. The failure of key members of the Buhari administration to tender public and unreserved apology to those who may have been improperly detained has not helped matters in this regard.

This raises a question I have often been asked. Do I support Buhari’s decision to contest for the presidency of Nigeria? My answer is no. And I will explain.

First, I believe Buhari played a creditable role in a particular historical epoch but like Tolstoy and Marx I do not believe he can re-enact that role at will. Men do not make history exactly as they please but, as Marx wrote in the 18th Brumaire, "in circumstances directly encountered, given and transmitted from the past." Muhammadu Buhari as a military general had more room for manoevre than he can ever hope for in Nigerian Politics.

Second, I am convinced that the situation of Nigeria and its elite today is worse than it was in 1983.Compared to the politicians who populate the PDP, ANPP and AD today, second republic politicians were angels. Buhari waged a battle against second republic politicians, but he is joining this generation. Anyone who rides a tiger ends up in its belly and one man cannot change the system from within. A number of those Buhari jailed for theft later became ministers and many of those who hold key offices in all tiers of government and the legislature were made by the very system he sought to destroy. My view is that Nigeria needs people like Buhari in politics but not to contest elections. Buhari should be in politics to develop Civil Society and strengthen the conscience of the nation. He should try to develop many Buharis who will continue to challenge the elements that have hijacked the nation.

Third, I do not think Nigerians today are ready for Buhari. Everywhere you turn you see thieves who have amassed wealth in the last four years, be they legislators, Local Government chairmen and councilors, or governors and ministers. But these are the heroes in their societies. They are the religious leaders and ethnic champions and Nigerians, especially northerners, will castigate and discredit anyone who challenges them. Unless we start by educating our people and changing their value system, people like Buhari will remain the victims of their own love for Nigeria.

Fourth, and on a lighter note, I am opposed to recycled material. In a nation of 120million people we can do better than restrict our leadership to a small group. I think Buhari, Babangida and yes Obasanjo should simply allow others try their hand instead of believing they have the monopoly of wisdom.

Having said all this let me conclude by saying that if Buhari gets a nomination he will have my vote (for what it is worth). I will vote for him not, like some have averred, because he is a northerner and a Muslim or because I think his candidacy is good for the north and Islam; I will vote for him not because I think he will make a good democrat or that he was not a dictator. I will vote for Buhari as a Nigerian for a leader who restored my pride and dignity and my belief in the motherland. I will vote for the man who made it undesirable for the "Andrews" to "check out" instead of staying to change Nigeria. I will vote for Buhari to say thank you for the world view of Buharism, a truly nationalist ideology for all Nigerians. I do not know if Buhari is still a nationalist or a closet bigot and fanatic, or if he was the spirit and not just the face of Buharism. My vote for him is not based on a divination of what he is or may be, but a celebration of what his government was and what it gave to the nation.

http://www.triumphnewspapers.org/why18112010.html

agabaI23:
Moser et al

You can read more.

Nobdoy should come here to tell us how he paid off debt in a year.

Everything got worse when he took over.

And here's a rebutal to your false claims by the current CBN governor who's reputation every sane Nigerian can vouch for and not the faceless myopic authors you have deceptively been quoting.

Why I will vote for Buhari (I) - Lamido Sanusi

By Sanusi Lamido Sanusi

If Buhari gets a nomination he will have my vote. I will vote for him not, like some have averred, because he is a northerner and a Muslim or because I think his candidacy is good for the north and Islam; I will vote for him not because I think he will make a good democrat or that he was not a dictator. I will vote for Buhari as a Nigerian for a leader who restored my pride and dignity and my belief in the motherland. I will vote for the man who made it undesirable for the "Andrews" to "check out" instead of staying to change Nigeria. – Sanusi Lamido Sanusi (2002)

BUHARISM: Economic Theory and Political Economy By Sanusi Lamido Sanusi [LAGOS] July 22,2002

I have followed with more than a little interest the many contributions of commentators on the surprising decision of General Muhammadu Buhari to jump into the murky waters of Nigerian politics. Most of the regular writers in the Trust stable have had something to say on this. The political adviser to a late general has transferred his services to a living one. My dear friend and prolific veterinary doctor, who like me is allegedly an ideologue of Fulani supremacy, has taken a leading emir to the cleaners based on information of suspect authenticity. Another friend has contributed an articulate piece, which for those in the know gives a bird’s eye view into the thinking within the IBB camp. A young northern Turk has made several interventions and given novel expressions to what I call the PTF connection. Some readers and writers alike have done Buhari incalculable damage by viewing his politics through the narrow prism of ethnicity and religion, risking the alienation of whole sections of the Nigerian polity without whose votes their candidate cannot succeed.

With one or two notable exceptions, the various positions for or against Buhari have focused on his personality and continued to reveal a certain aversion or disdain for deeper and more thorough analysis of his regime. The reality, as noted by Tolstoy, is that too often history is erroneously reduced to single individuals. By losing sight of the multiplicity of individuals, events, actions and inactions (deliberate or otherwise) that combine to produce a set of historical circumstances, the historian is able to create a mythical figure and turn him into an everlasting hero (like Lincoln) or a villain (like Hitler). The same is true of Buhari. There seems to be a dangerous trend of competition between two opposing camps aimed at glorifying him beyond his wildest dreams or demonizing him beyond all justifiable limits, through a selective reading of history and opportunistic attribution and misattribution of responsibility.

The discourse has been thus impoverished through personalization and we are no closer at the end of it than at the beginning to a divination of the exact locus or nexus of his administration in the flow of Nigerian history. This is what I seek to achieve in this intervention through an exposition of the theoretical underpinnings of the economic policy of Buharism and the necessary correlation between the economic decisions made and the concomitant legal and political superstructure.

Taxonomy

Let me begin by stating up front the principal thesis that I will propound. Within the schema of discourses on Nigerian history, the most accurate problematization of the Buhari government is one that views it strictly as a regime founded on the ideology of Bourgeois Nationalism. In this sense it was a true off-shoot of the regime of Murtala Mohammed. Buharism was a stage the logical outcome of whose machinations would have been a transcendence of what Marx called the stage of Primitive Accumulation in his Theories of Surplus Value. It was radical, not in the sense of being socialist or left wing, but in the sense of being a progressive move away from a political economy dominated by a parasitic and subservient elite to one in which a nationalist and productive class gains ascendancy. Buharism represented a two-way struggle: with Global capitalism (externally) and with its parasitic and unpatriotic agents and spokespersons (internally).

The struggle against global capital as represented by the unholy trinity of the IMF, the World Bank and multilateral "trade" organizations as well that against the entrenched domestic class of contractors, commission agents and corrupt public officers were vicious and thus required extreme measures. Draconian policies were a necessary component of this struggle for transformation and this has been the case with all such epochs in history. The Meiji restoration in Japan was not conducted in a liberal environment. The Industrial Revolution in Europe and the great economic progress of the empires were not attained in the same liberal atmosphere of the 21st Century. The "tiger economies" of Asia such as Taiwan, South Korea, Indonesia and Thailand are not exactly models of democratic freedom. To this extent Buharism was a despotic regime but its despotism was historically determined, necessitated by the historical task of dismantling the structures of dependency and launching the nation on to a path beyond primitive accumulation. At his best Buhari may have been a Bonaparte or a Bismarck. At his worst he may have been a Hitler or a Mussolini. In either case Buharism drawn to its logical conclusion would have provided the bedrock for a new society and its overthrow marked a relapse, a step backward into that era from which we sought escape and in which, sadly for all of us we remain embedded and enslaved. I will now proceed with an elaboration of Buharism as a manifestation of bourgeois economics and political economy.

The Economic Theory of Buharism

One of the greatest myths spun around Buharism was that it lacked a sound basis in economic theory. As evidence of this, the regime that succeeded Buhari employed the services of economic "gurus" of "international standard" as the architects of fiscal and monetary policy. These were IMF and World Bank economists like Dr. Chu Okongwu and Dr Kalu Idika Kalu, as well as Mr SAP himself, Chief Olu Falae (an economist trained at Yale). At the time Buhari’s Finance Minister, Dr Onaolapo Soleye (who was not a trained economist) was debating with the pro-IMF lobby and explaining why the naira would not be devalued I was teaching economics at the Ahmadu Bello University. I had no doubt in my mind that the position of Buharism was based on a sound understanding of neo-classical economics and that those who were pushing for devaluation either did not understand their subject or were acting deliberately as agents of international capital in its rampage against all barriers set up by sovereign states to protect the integrity of the domestic economy. I still believe some of the key economic policy experts of the IBB administration were economic saboteurs who should be tried for treason.

When the IMF recently owned up to "mistakes" in its policy prescriptions all patriotic economists saw it for what it was: A hypocritical statement of remorse after attaining set objectives. Let me explain, briefly, the economic theory underlying Buhari’s refusal to devalue the naira and then show how the policy merely served the interest of global capitalism and its domestic agents. This will be the principal building block of our taxonomy.

In brief, neo-classical theory holds that a country can, under certain conditions, expect to improve its Balance of Payments through devaluation of its currency. The IMF believed that given the pressure on the country’s foreign reserves and its adverse balance of payments situation Nigeria must devalue its currency. Buharism held otherwise and insisted that the conditions for improving Balance of Payments through devaluation did not exist and that there were alternate and superior approaches to the problem. Let me explain.

The first condition that must exist is that the price of every country’s export is denominated in its currency. If Nigeria’s exports are priced in naira and its imports from the US in dollars then, ceteris paribus, a devaluation of the naira makes imports dearer to Nigerians and makes Nigerian goods cheaper to Americans. This would then lead to an increase in the quantum of exports to the US and a reduction in the quantum of imports from there per unit of time. But while this is a necessary condition, it is not a sufficient one. For a positive change in the balance of payments the increase in the quantum of exports must be substantial enough to outweigh the revenue lost through a reduction in price. In other words the quantity exported must increase at a rate faster than the rate of decrease in its price. Similarly imports must fall faster than their price is increasing. Otherwise the nation may be devoting more of its wealth to importing less and receiving less of the wealth of foreigners for exporting more! In consequence, devaluation by a country whose exports and imports are not price elastic leads to the continued impoverishment of the nation vis a vis its trading partners. The second, and sufficient, condition is therefore that the combined price elasticity of demand for exports and imports must exceed unity.          

http://www.triumphnewspapers.org/WHY17112010.html

agabaI23:
Nigeria was suffering so much due to oil price depression and export was almost nonexistent due to Buhari's draconian and unfriendly foreign policies where did he get the money to pay off the debt?
He took foreign loans about 8 of them.

http://www.csae.ox.ac.uk/conferences/2007-EDiA-LaWBiDC/papers/431-Adam.pdf

You may help yourself with the information in the whole article and stop spreading flasehood

- The total foreign debt when IBB took office was US$19.0B
- The annual debt service fund at the time was US$4.0B
- The debt service fund was 33% of total export earnings (Just Imagine the consequence of allowing 33% of total revenue going into debt servicing alone)
- The total debt stock as a percentage of foreign exchange earnings was 154%
- The total debt stock as a percentage of GDP was 24%
- As recent as this year the DMO has confirmed that the country is still paying debts owed since independence
- The economy was virtually dead as creditors refused granting of import credit lines to the country due to very low foreign currency availability (The legendary Fela Anikulapo-Kuti was jailed by the previous regime on accusation of currency trafficking. the question here is, why was there foreign currency restriction before the emergence of IBB? The answer is obvious: There was no foreign currency in the system!!!)

http://www.saharareporters.com/report/ibb-never-again-campaign-call-prosecute-and-ban-general-ibrahim-badamosi-babangida-holding-pu?page=1

In your confused response you have come up again with stories that are completely self-contradictory. How come DMO is claims 9ja is still paying debt we owe since independence when OBJ's PDP made us believe our debts were paid off? Na which kind logic you dey try preach? I suppose you are trying lamely to cover up for GEJ's lapses since we are now back into debts approaching $5 billion even when the price of oil has consistently been on the rise since GEJ took over more than a year ago.

Interestingly while oil price is steadily rising (meaning Nigeria has been making more revenue from oil than projected), GEJ is running the country into more debts and we still don't have anything tangible to show for it. The first quarter economic report shows that the so called readily available fuel is being funded with debts mounting for the nation. How can any serious leader use debt to score cheap political point simply because the masses are too ignorant to realize his deception?

I've warned you on several thread to stop peddling half truths about 9ja economy which you almost certainly have little or no clue about.

Stop peddling lies!

Seun:
What we know about Buhari suggests that he's a repressive dictator who hates human rights, the press and knows little about the economy beyond imposing hardship on people.  His supporters claim he has changed, but we don't know anything about this "new Buhari" they are promoting.

Please feel free to educate us about GEJ, using facts that can be verified, etc, and we'll be listening.

For someone asking for facts, it's appalling that you resorted to rumors to buttress you lack of knowledge about Buhari. Buhari has not changed, and I find it hard to figure out what you are referring to as a new Buhari. Buhari remains the very same man he was when he birthed 3 out of the 4 Nigerian refineries, which unfortunately the PDP government has ran down in the last 12 years. Buhari is the same man who was a Governor, NNPC chairman, Head of state, and PTF Chairman all political offices he held with distinction. The only noticeable changes in Buhari are the fact that he's grown older and wiser and obviously he is no longer in a military uniform.

I'll take GEJ's records one at a time in my next posts.

agabaI23:
Canvyou  interpret that Hausa music for me? CPC . . . .
I was looking at the link

It's a full documentary in different languages. Keep your cool and you hear the language you understand!

All please go to the link below to listen to Buhari.
http://www.youtube.com/user/channelsweb