Doyin2: So can you give us the exact date and time we should have devalued the Naira,for us to have averted recession?
For God's sake monetary policies alone could not have averted recession.The government responded early enough with some fiscal policies like the ban on some imported goods for forex. But unfortunately,we could not avert the recession because of the inevitable importation of Fuel which is the major cause of the pressure on forex today.The FG could not ban the importation of fuel because we were virtually not producing any, locally.
I am stating with full authority that the only way we could have averted recession was if we were not importing fuel!!!!!
16years of PDP rule has plunged us into the only OPEC member importing fuel!!!!!!!!!!!!
Yet the WORST elements of the same PDP continue to rule us as redeemed born-to-gain All ProgreTHIEF Criminals, not so
eyeview: I wonder how many years back this APC would have dragged Nigeria by the time they finish. Many people who used to cook with gas and kero now fetch firewood
Tokety7: Just another inconsequential ibotic ipobian nonentity. NEXT.
Is that why your "only saviour" and his Vacant Pastor (VP) are collecting hardship allowance while hard working civil servants are paid on N18,000 minimum wage Bunch of All ProgreTHIEF Criminals, APC hypocrites.
AxeurdaddyIX: – A recent report of the salaries and emolument for public office holder in the executive arm shows that only President Muhammadu Buhari and his vice Yemi Osinbajo receive hardship allowance
– This hardship allowance is pegged at 50% of the annual basic salary for the president and the vice president
A recent report of the salaries and emolument for public office holder in the executive arm shows that only President Muhammadu Buhari and his vice Yemi Osinbajo receive hardship allowance.
The report, an excerpt from the remuneration for public office holders as approved by the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) and compiled by the Economic Confidential, a financial magazine shows that President Buhari and vice president Osinbajo enjoys 50% of the annual basic salaries as hardship allowance.
A breakdown of the report shows that President Buhari receives an annual basic salary of N3.51m; Osinbajo receives N3.03m, while ministers, secretary to the government of the federation, head of service and chairmen of boards of statutory agencies go home with N2.02m annually.
This means, the president and his vice receives N1.75 million and N1.52 million as hardship allowance.
ibietela2: Just like your Messiah, lord and saviour Buhari
No mind the guy. Him still dey get mouth after two years of suffering and smiling in the land. These same people who packaged and sold DullardPoo as their only saviour should be hiding their face in shame, walhi.
holocron: An excellent analysis! You should be up there bro!
No. 1 especially. Sent a message of cluelessness and a despicable unprepardness. Incompetence of the highest order. Buhari has no blueprint or agenda for governing the country, after struggling 12 years for it, even with death threats of blood, baboons and dogs! What a disaster! This proves that idiagbon was the actual power behind the throne in 1985.
mamabomboy: I-diot, after you and Oby have led us into the lions den, you now want to jump out and claim you are wise. Buffoon, you are giving an economic analysis on the pulpit. When did the church become an economic institute. You better go and find something to do instead of making noise like Ezekwesilly the foool.
Today is Monday, the day after the Christian worship day- Sunday. So therefore make you pardon this Buharideen who is using style to join the Buharists on his way to becoming a confirmed Wailer. Can we pass a form to him?
obailala: Ignorance bug is widespread, hunger also helps to spread it faster. When a person mingles with ignoramuses for too long and he's not well grounded in his books, coupled with the effects of hunger, such a person is bound to fall by the roadside and join the ignoramuses to spew emptiness. That explains the case of those people picking wailers form and claiming that buhari is responsible for the hunger in the land. By the way, just for your info, that someone complains about the actions or inactions or gaffes of the present government, that doesnt make one a wailer; a wailer is one who laments and criticises pointlessly, just for the sake of it.
obailala: When a country of 170 million people foolishly chose to rely on just one single volatile priced commodity for over 92% of its income, the effect of cutting up to 60% of this foolish country's income shouldnt be too difficult to discern.
Unfortunately, even with the present hit, the countrymen (both educated and uneducated) for flimsy political/tribal/ethnic reasons still bluntly refuse to realise that this total reliance on one commodity is the mother of the current travails of the nation, rather we choose to politicise and trivialise it by claiming it is one politician or the other who came in a year ago that is responsible for the problem. Nigeria obviously isnt ready to grow cos you cant grow without firstly defining and accepting what the problem truly is.
Agreed that total reliance is the root cause. What did DullardPoo do to address the problem for over 40 years i.e. four decades that he has been in power since he was military governor of the old North eastern state. What are his legacies in education, (which is the sustainable vehicle for industrialisation) even for Katsina state and the north all these decades? Nothing. He simply allowed their chidren to be uneducated so he can recruit them easily for his fatwa on the "dogs and baboons to be soaked in blood" when he loses elections. Not so
obailala: When you cut the tap root of a tree, the leaves don't wither immediately... it takes at least a week or two before the leaves begin to dry up and fall off. But common sense entails that the problem did not start when the leaves began to fall.
Nigeria was on life support and the economy was accelerating to the abyss when the last govt handed over to the present govt. Only ignorant people dont kbow that and only ignorant people argue about that when reminded of the facts. A country that was already borrowing to pay FG workers' salaries, a country that was already owing fuel importers for almost a year, a country whose foreign reserves dropped by $10bn in 6 months even when oil still sold above $65 (meanwhile the naira still crashed from N160 to N220 within few months notwithstanding the $10bn expended to checkmate this drop), a country whose gdp growth rate just within 3 consecutive quarters had dropped from 6-7% to 2.3%. This same country owed all contractors their entitlements since 2014, forcing contractors to abandon site and render thousands jobless, not until this year (2016) when the new govt managed to provide funds to get contractors back to site. I could go on and on, but then, there is no point. People who have chosen to be ignorant will remain so irrespective of what they are shown. So bros, park well!
When will these lies & propaganda end? How long before you realise that many irredeemable Buharideens are opening their eyes and transforming into Buharists who want change on their conversion to Wailers?
FG, States, LGs Share N568.4 Billion for Oct 15 NOVEMBER 2013
Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.
Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."
While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.
He said that the states had requested for $2bn to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.
Tinubu Tackles FG, CBN On Excess Crude Oil Sales Account Feb 22, 2001
The Lagos State Governor, Senator Bola Ahmed Tinubu, yesterday joined issues with the Federal Ministry of Finance and the Central Bank of Nigeria (CB N) over the recent face-off between the different tiers of government on the excess crude oil sales reserve account of US$ 1. 8 billion which is about N198 billion.
Expressing concern at the impression being created that the economy is rudderless, Tinubu argued that the central issue transcends the release or non-release of the fund into the Federation Account.
In his words: “The fundamental issues and principles at stake go much deeper. They are more broadly about the rule of law and the supremacy of the constitution on one hand, and the need for cooperation and coordination in a true federal structure, as a basis for sustaining and strengthening our fledgling democracy on the other hand”.
Governor Tinubu disagreed with the CBN's position that release of the excess crude reserves to the states and local governments, though legitimate, would lead to inflation; cause a rundown of the nation's foreign reserves; weaken the exchange rate further and run counter to agreements reached with the IMF.
The Governor contended that "in a period of excess capacity and low purchasing power, there should not be undue inflationary pressures from an injection of funds into the economy. Instead, such a development should be beneficial to economic activity and growth, despite the fact that there are supply rigidities and inefficiencies which would limit the potential benefits”.
On the purported likely impact on foreign reserves, Tinubu argued that "in an import-dependent economy such as ours, it is inevitable that an upturn in the level of economic activity would engender a fall in foreign reserves. This is not necessarily a bad thing. Rather, it would be immoral to appear to be building up high foreign reserves in the midst of grinding poverty”.
He stressed further that if the N198 billion released is matched by an equivalent US$1.8 billion, there should not be a fall in the value of the Naira as the supply of dollars would be in place to match any increased demand”.
Tinubu also said it would be unfair for the federal government to agree unilaterally to commit revenues due to other tiers of government, to an agreement with the IMF or anyone else.
Attributing inflationary pressures in the economy largely to the federal government's overspending and printing of money to finance such expenditure, Tinubu said "It is hardly fair for the FGN to overspend and then seek to correct the inflationary effect on the economy by starving other tiers of government of their rightful funds”.
Stressing that there is no basis for CBN or any authority to flout the constitution and deny states and local governments their own share of the Federation Account, Tinubu noted that "the excess crude reserve account is itself an illegality, carried over from the military era, as there is no provision in the law or the constitution for federally - collected revenues to be diverted to such an account”.
Advocating constructive dialogue on the management of the economy Governor Tinubu said "it is time for us to sit down and dialogue about how to move from where we are now, to where we need to get to, while respecting true federalism in fiscal and other matters”.
ivandragon: am waiting to read from those who put the whole blame of Nigeria's recession on the fall in crude oil price, activities of criminals in the ND or looting under past governments...
MadamExcellency: The long and short story depend on Buhari embracing the so-called corrupt Nigeria Business Community to get Nigeria started from where he cremated it alive.
Buhari is like a central defender/captain with deep seated hatred for his goalkeeper (business community) and is doing everything possible to get him sacked while still confessing his love for the progress of the team.
Buhari should be told that capitalists are collaborators and are not thieves. He needs them as much as they need him.
He didn't understand as a young military dictator in 1984, how can he understand now?
Population : osun >. Bayelsa Allocation: bayelsa > osun
So what's dicksons excuse in bayelsa? Which road is he constructing?
Which school is he renovating/ constructing
Anyway ciao
You forgot to state the population of both states oh. While you are getting that information, shall we praise and adore Baba Kabiru for completing his airport with the longest runway while accumulating so much DEBT along the way, which has made the state financially unsustainable and not viable. One must be a zombie to not flog these governors who take us all for a ride.
The Osun State Governor, Mr. Rauf Aregbesola, has said he deserves commendation for building the Moshood Abiola International Airport at Ido-Osun, Osun State, for N11.5bn.
A consultant to the state government on information, Mr. Sunday Akere, who spoke on behalf of the governor, said this in a telephone interview with our correspondent on Tuesday.
He said the contract was not inflated to siphon the state’s resources as alleged by the Peoples Democratic Party.
He said the increase in the contract sum was necessitated by the inflation caused by the fall of the naira.
Akere said, “The PDP in Osun should be ignored, they are just seeking relevance. They should find out how much PDP states like Akwa Ibom, Gombe and others built their airports.
“When former President Goodluck Jonathan was in power, he said he added an additional airstrip to the Nnamdi Azikiwi International Airport, Abuja with N36bn. We should be commended for building an airport with N11.5bn.
“If we are building a complete airport with a hanger and other facilities for N11.5bn, then we should be commended. The governor deserves commendation.”
Akere also said the initial cost of the airport was underestimated.
But the PDP accused the governor of increasing unilaterally the contract sum of the airport from N4.5bn to N15.5bn.
The Director of Media and Strategy of the Osun PDP, Mr. Diran Odeyemi, said this in a statement on Sunday.
The statement read, “We are aware that Governor Rauf Aregbesola, on January 8, 2016 through a letter with reference number SP/S96/1/vi/348 re-awarded the airport contract to the same contractor and a payment of N472m was paid as take-off sum.
“The same company had earlier been paid N2.7bn for the same project without any serious work done on the project.
The PDP also accused the governor of inflating the contract sum in order to embezzle the bailout funds it got from the Central Bank of Nigeria.
The opposition party lamented that workers in the employ of the state were languishing in hunger as a result of unpaid salaries.
The party had said, “We are calling on the President and anti-graft agencies to send a secret team to the site of the so-called Moshood Abiola International Airport, Ido-Osun, to confirm what the government and the airport company had done with the N2.7bn taken from the purse of the state on December 14, 2012.
“Out of the amount, N2.5bn was sourced as a loan from a bank to be repaid monthly at N100m from the SURE-P funds. That loan is now part of the N88bn restructured for the state by the Central Bank for repayment till the year 2034 .”
AnthonioAlsaid: if you really think that should PDP win, they will probe Oshiomole, then you know nothing about politics
these people are friends behind our back they only try to be enemies in public eyes
why is wike not probing amaechi
why did oshiomole not probe lucky igbinedion.
only politicians that are extremely greedy gets sacrificed
Why is Buhari probing Jonathan's administration? Are you talking about the same Wike and Amaechi or there is another set of personalities with the same names?
ijekul: As the Judicial Commission of Inquiry set up by the Rivers State Government to probe the sale of valued assets of the state and other matters continued its sitting on Friday, the technical consultant to the state on the monorail project, Arcus Gibbs revealed that he advised former Governor Chibuike Amaechi against continuing with the project.
Managing Director of Arcus Gibbs Nig Ltd, Wiero Viguezang, however said his company gave the advice only after collecting N22.9bn from the Rivers State Government since its services were enlisted in March 1, 2010.
Viguezang spoke when he appeared before the commission to explain the role played by his company in the monorail project being probed by the commission.
While being cross-examined by counsel to the commission, Dr. Zaccheus Adangor, Viguezang, stated that the monorail project was no longer tenable considering the shortfall in the state’s revenue and the inability of its original technical and equity partners, TSI Nig Ltd, headed by the former military administrator of Rivers State, Brig-Gen Anthony Ukpo (Rtd.), to fulfil its obligations to contribute 80 per cent of its equity holdings.
He disclosed that the state owes his company N1.1bn for its services. He also said the company had in a letter to the Rivers State through the ministry of transport, in April, made a six-point recommendation to the Rivers State on how to unbundle the monorail project in such a way that the state government can salvage some financial benefits out of the N33.9bn so far invested in the project. The monorail project was originally estimated to cost about Euros2250m.
The technical partner had in its sixth point of recommendation suggested to the Rivers State Government to unbundle the monorail project and approach the manufacturers of the mechanical components and rail tracks in Germany and exploit the possibility of reselling components at a lower price to the manufacturers.
He said the company also advised the state government to consider the option of using the monorail facilities for other commercially viable purposes, mentioning the spaces between pillars and surrounding areas of the monorail project, stressing that the area between Azikiwe Road and the UTC axis could be put into very fruitful commercial purpose. Viguezang also told the commission that his company and the state government had planned to unveil the monorail project last April specifically to mislead the people of Rivers State into thinking that the project, which has gulped N33.9bn, was still on course.
He admitted that his company wrote a memo to the commissioner for transport to arrange the unveiling of the project essentially for media coverage since the project was “technically uncompleted”.
According to Viguezang, “We actually wrote to the ministry of transport in January, to arrange for the governor to unveil the monorail project in April for the attention and coverage of the media based on the expectation of the people of the state.”
When asked to clarify if the unveiling was to deceive the people of Rivers State into believing that the controversial monorail project was ready, Viguezang admitted; “It was to deceive the people into believing that the monorail project was at last ready”.
The managing director, however, stressed that “apart from the media coverage and public attention that it is expected to generate, the monorail was not technically and commercially ready. Only phase 1a within phase 1 of the project was ready. So, there was no way the public would have been able to use the monorail as at April when we asked the ministry of transport to unveil the project to the media”.
Viguezang admitted that the Rivers State government enlisted services of Arcus Gibbs at the cost of N600 million from March 1, 2010 to December 1, 2010, after the memorandum of understanding (MoU) with TSI collapsed because TSI could not raise revenue to fulfil the payment of its 80 per cent equity share capital.
He stated that part of its role as the technical service provider to the Rivers State government concerning the monorail project was to evaluate and assess the activities of TSI and give an independent opinion to the Rivers State government.
His Excellency the executive governor, of Edo State, Comrade Adams Aliu Oshiomole, and our dear mother Hajia Aisha Oshiomole, His excellency the deputy governor of Edo state and his able and beautiful wife, the wife of our ... the wife of the chairman of our great party Mrs Oyegun, our zonal national woman leader, our state woman leader, the wives of the governors with me and the wives of the former governors that are with me, and the ones that we met here.
Distinguished ladies and gentlemen, we are here in Edo to see my sisters and mothers. The moment the executive governor started introducing some women to me, I know* that I am in the right place and I met the right APC women. ((crowd cheers)) This is what is called digital! These are digital women! I am so delighted to be here and I am overwhelmed by the reception I got from the women of Edo state.
We are not here to campaign but to say a very good thank you, a very very big thank you to my sister the wife of the deputy governor, the commissioner for women affairs, the wife of the chairman of the party, the zonal woman leader, and the state woman leader for the job well done they’ve been doing in educating the electorate in Edo state.
In each zone of the country we have peculiar problems; our problems differs*. For me in this zone, girl-child trafficking should be considered one of our problems, though I know there is unemployment. The unemployment is the major factor that contributes to brain drain and also the girl-child trafficking. General Muhammadu Buhari is a leader, he was a leader, he led Nigeria some decades ago, and he is coming back now to sanitise the system.
For those that are campaigning, saying that he is coming to jail Nigerians, I don’t know what their fear*, but they shouldn’t because we are all yearning for change. The insecurity of the country, the very very very bad healthcare system, lack of education and other basic necessities that people are lacking. I think they need somebody like him now, and already some years back he have* been contesting. They have painted him black using religion. I’m happy today Nigerians discovered that they use religion as a cover to loot Nigeria to nonsense*. They’ve grounded the country. Whoever talks to you about religion in this country, a politician that can talk to you about religion, he is a liar. He is a liar, he wants to loot! He wants to loot the little resources you supposed* to enjoy, so say no to politics, comparing it, matching it with religion to deceive people.
I’m here today to let Edo women know that when my husband elected* into the office of the ... president of the federal republic of Nigeria, all these are going to be history. The insecurity, the girl-child trafficking, suffering of the widows in the south-east will come to an end. There must be a design, a cultural design that can accommodate the widow, and then a design that can make the girl-child comfortable wherever she is in this country. She doesn’t need to leave her country to go and prostitute elsewhere. It is not her portion. Her portion is to have a moral, a highly standard* moral society for her to live, get married, have children, train them ... train them and also mould them to become the future of our leaders*.
We’re here today to also educate you and to let you know that the collection of PVCs is important. You collect your PVC and don’t sell it. Don’t ever sell it. Don’t ever sell it; it’s like selling your future again. When you sell it for five thousand, you won't see five thousand* again till after four years, which is too bad for you. Get your PVC, vote for APC, vote for freedom, vote for new Nigeria. Good security, good education, good health care, good road* and all the basic necessities should be given to you.
I thank you all for being here this afternoon, being under the sun for hours waiting to see me. Thank you so much, I love you all. Thank you, thank you so much.
Last week ... sorry last week we lost a sister, a mother, a former woman leader, Mrs Modinat Omoduwa. Can we have a one minute silence* for her… ((8 second pause)) May her soul rest in perfect peace. Thank you so much.
He is so resilient about travelling the world with our scarce forex. Never mind his promise to sell the presidential jets to revive Nigeria Airways. Never mind. Never mind that he met an empty treasury. Never mind. Never mind that he promised to be modest. Never mind. Never mind that our country is in a recession. Never mind. Booboo just wants to fly!!!
GMB Speech While Addressing Nigeria Community In The United Kingdom.
I Will Maintain a modest lifestyle as President -Muhammadu Buhari.
“One of the major killers of our economy apart from corruption is waste. Our scarce resources are being plundered away very carelessly and unnecessarily wasted. Let me give an instance, presently, there are more than 6 aircraft in the presidential fleet. What do you call that? Billions of naira is budgeted every year for the maintenance of these aircraft not to talk of operational cost and other expenses.
You may want to ask what a Nigerian President is doing with so many aircraft when a Prime Minister of Britain fly around using the same public aircraft like an ordinary Briton.
Go and check and compare with that of any developed country in the world, the office of the Nigerian President is a very expensive one inspite our high level of poverty, lack and joblessness. Despite all these, you still find a Nigerian Minister spending about N10billion to charter an aircraft for just one year. Now, for me, when we come into office, all these waste will be blocked and properly channelled into our economy. We intend for instance, to bring back our National carrier, the Nigerian airways. [size=14pt]We shall do this by bringing all the aircraft in the presidential fleet into the Nigerian airways[/size] and within a year increase the fleet into about 20.
The FG needs to probe Tinubu and Fashola. Those two have made silly money. Tinubu is not even at the national level yet, but he already owns a world class hotel in Lekki (The Oriental).
What will then happen when he gets to federal level?
Would he not buy up the whole Abuja?
Does Jonathan own any world class hotels?
By the way, whatever happened to all those fraud allegations against Fashola, in the various contract dealings in the state? That seems to have been quietened down dramatically. I wonder how much Egunje was involved for that to happen.
kpakpandoN: The sorrow of the world is synonymous with guilt and self condemnation, the Bible says it brings death. Guilt defiles human life, produces feelings of anguish, despair, shame and disgrace. Guilt also produces feelings of unworthiness as in the case of the prodigal son in Luke 15-21, in the Name that is above all other names, the power of self condemnation is broken in your life today. Written by Pastor E.A. Adeboye.
No wonder this scammer in cassock find it easy to mix with our leaders looters and those who have ruled ruined our country. His meetings with them does not make them feel guilty for their atrocities. No need for them to feel condemned for their stealing and corruption. No need. Yet some people say this man is a Christian- follower of the words and works of Christ Impossible! Impossi.can't!!!
chigoizie7: 3.4 trillion, + 3trillion, + 1.4trillion. All these never take care of our budget?
I just tire for these sets of irresponsible criminals called APC.
Very irresponsible band of liars and brood of vipers out to steal, maim and kill our dear country. Should we let them I say no, we don't let them. What say you?
mohaMADbuari: President Muhammadu Buhari, who spoke briefly on Wednesday with Sky News’ Diplomatic Editor, Dominic Waghorn, after he delivered his keynote address at the Commonwealth event, agreed with the British Prime Minister, David Cameron, that Nigeria is a “fantastically corrupt” country.
President Buhari made the admittance to Sky News’ Diplomatic Editor, Dominic Waghorn in London. In the 29 seconds chat minutes monitored by our correspondent, Waghorn had pressed president Buhari to know whether Nigeria Nigeria was “fantastically corrupt”, surprisingly, the president admitted.
The chat went this way:
Sky news: Will you like an apology from the prime minister?
Buhari: “No, no not at all”
Sky news: Are you embarrassed by what he said?
Buhari: “No I’m not.”
Sky news: Is Nigeria fantastically corrupt?
Buhari: “Yes very corrupt”
But according the Correspondent, Senators Chukwuka Utazi, chairman, senate committee on anti-corruption and financial crimes and Dino Melaye were not happy with Cameron’s comment on Nigeria.
For Utazi, “I am taken aback. I am not happy about it,” while for Melaye, it was “reckless” and “demeaning”.
Below is the video of the interaction posted on the news medium’s website.
Politics › Re: Government's Wrong Policy Choices Caused This Recession - Pat Utomi by anonimi: 2:49pm On Sep 19, 2016
