₦airaland Forum

Flets:
This is more like a warm-up to 2015. If for any reason GEJ does not return to Aso rock.... say bye to oil money.

To people complaining about non-payment of salaries... just wait till there is no more allocation from the center

To those complaining about exchange rate... wait until there is no more foreign exchange and dollar goes for 300 naira

This is no threat. ..its reality staring us in the face. If the northern elements kept true to their words of making the country ungovernable. ... expect the creeks to keep true their words too.

The only hope for Nigeria is true federalism. ... lets get back to our regions to work it out.

Let there be no oil money. That is better! Isn't it better to know that militants have crippled our oil production than for us to be producing currently and no one knows how the money is being shared. Let's tackle the problem from the root and not some fake amnesty that encourages them to stockpile arms.

WOCKHARDI:
So Northern pastors are now into politics supporting APC. Jonathan is no longer a worthy Christian abe?

Is olumba olumba a Christian?

mikeansy:
So you have not heard of the Jonathan transformation agenda that has made Nigerian economy number 1 in Africa?

What is Buhari's economic agenda?

When you explain the data below, I will be convinced that the transformation agenda is working. Rebasing GDP isn't transformation.

http://www.premiumtimesng.com/news/173629-premium-times-special-bitter-truths-about-economy-the-jonathan-govt-does-not-want-nigerians-to-know.html

During 2009-2013, the first five years of President Jonathan’s administration, real GDP growth averaged 6-7 per cent, a fact often touted by the government. But this record is much lower than that of the first five years of civilian rule (1999 – 2005), when growth averaged 11.1 percent. (Figure 1) This is despite the fact that oil prices were much lower at that time than now, and foreign investors’ appetite for Nigeria was not as strong as now. The difference, it seems, is in the leadership and policy choices of the different periods. Therefore, President Jonathan’s achievement can hardly be said to be “unprecedented”. It’s actually poorer than his predecessor’s achievements in less benign circumstances.

https://media.premiumtimesng.com/wp-content/files/2014/12/Real_GDP_Growth_Rate_2000-2013.png

Fiscal balances: Nigeria’s fiscal balances are much weaker than at any time since the beginning of civilian regime. In the first five years of President Jonathan, the fiscal account was in deficit, on average by 4 per cent of GDP. During the first five years of civilian rule in contrast, the fiscal balance was in surplus, on average, by close to 2 percent of GDP. (Figure 2) Again, this is despite much lower oil revenue earnings during the earlier period. Even though the Jonathan fiscal deficit remains small by international standards, it is still higher than that of many oil exporting countries which are all accumulating surpluses rather than deficit and using the opportunity of high oil prices to invest in long term infrastructure. What is becoming clear to critical observers is that the budget deficit is more or less contrived through an unrealistic oil benchmark price. With lower revenue and higher expenditure projections, the result is a deficit balance. DMO is then required to “borrow” at excessive cost “to finance the deficit”. But with the usual less than 70 percent implementation rate of the budget, nobody has bothered to find out why there is still a deficit if the budgeted amount was not spent and why the need to accumulate new debt!

Public debt: Public debt stock is much higher than at any time since the Paris Club debt exit of 2006. In 2007, total public debt fell to N2,678b ($3.5b external debt from $36b, and N2.2b domestic debt). But as of end 2013, public debt has increased by more than 300 percent to N8,423b ($8.2b external, and $60b domestic). (Figure 3). If AMCON debt and other agencies are included, the total debt burden is now over N1 trillion. By end of 2014, Nigeria’s total debt should easily approach over $100b, most of which were accumulated in the past 6 years. Given the well-established negative correlation of debt and economic growth, how has growth been so strong?

Debt service: According to 2013 federal budget data, close to 20 percent of recurrent expenditure is devoted to servicing debt alone, a contrast to 2007, when only around 10 percent of recurrent expenditure was spent on debt service. The major conundrum is the lack of clarity on why debt accumulation should be so high in the presence of historically high oil prices, and what exactly the debt is financing. Furthermore, government’s policy of accumulating debt at average interest rates of 13-15 percent when the same government is receiving less than 3 per cent on its savings (foreign reserves) beats economic logic. Why not use some of the savings to finance the needs and save 10 percent? It will also be interesting to find out why debt accumulation is bad in 1999-2007, but is now a good thing.

Foreign reserves: Nigeria’s foreign reserves have followed a pattern similar to the other indicators since the beginning of civilian rule. In the Obasanjo and Yar’Adua periods, reserves high enough to finance, on average over 7 and 10 months of imports respectively. However, in the six years of President Jonathan, it has declined to about 6.3 months of imports. (Figure 4). When compared with other oil exporting African countries, in the first two periods, Nigeria’s foreign reserve accumulation was stronger than those of other countries. However, in the recent period, Nigeria is just about catching up with others. Although stabilization funds exist, the federal government has struggled to replenish them, despite high oil prices.

http://www.premiumtimesng.com/news/173629-premium-times-special-bitter-truths-about-economy-the-jonathan-govt-does-not-want-nigerians-to-know.html

anonimi:
Again you talk like a novice.
Go and find out what happened in 2011 when Tinubu was invited to Aso rock shortly before the elections and the outcome in the south west plus Edo state votes, then come back and discuss further
You can actually start with this post =>



Mikky Jaga who posted it is the Defender-in-Chief of the Tinubu clan on NVS and he operates here as well screaming Jona'daft like a deranged yaba left resident.

I do not paint Tinubu as a saint. Tinubu isn't running for president or vice. He can strike any deal he wants with Jonathan but he can't stop the change that's coming even if this doesn't meet his selfish interest. Nigerians are demanding for the change. Tinubu either gets in line or get out.

anonimi:
Thanks for sharing.
However the same document provides the key to why our JagaBandit is supporting Buhari now =>


Ogbeni Ojuyobo will do anything to advance his GREED.
That includes changing his own name, parents, place of origin etc
Let's leave murder out of it for the moment!

Most of his clueless followers do not know the devil incarnate they are dealing with!!!

If Tinubu is d devil himself, GMB is the angel of light that will vanquish him. It's surprising that jesus(GEJ) cannot destroy this devil like the true Jesus Christ. Because there is a political alliance doesn't mean Nigeria will dance to the whims and caprice of Tinubu. Alams is an ex convict and can be said to be Jonathan's godfather.... Are we not being ridiculed as a nation by the pardon he granted him few years after becoming president?

mikeansy:
official admission that buhari has no economic agenda yet

how did he win APC nomination?

Does the president have an economic agenda save for impoverishment of Nigerians. Please, state his economic agenda. Making billionaires?

Who created the 750 PHCN charge, whether there is light or no light? GEJ administration
Is Lagos Ibadan expressway going to be tolled? Yes
What about the new bank charges supported by this administration? 65 naira ATM charge and annual card maintenance fees
Who ensured the naira was devalued by his failed economic policies over the past 5 years? GEJ
Who increased tariff on electricity and now enjoyed a reward of 500million naira for his support? GEJ
Who astronomically increased the price of fuel without batting an eyelid and refused to build refineries or repair existing ones? GEJ
Whose administration supervised the stealing of pension billions putting many pensioners in untold hardship? GEJ

Lagos state has succeeded in building facilities that work. Lagos model is being copied by states in Nigeria. Lagos is the only self sustaining state. Instead of the redundant VP to ask Fashola for lessons, he is talking about things he doesn't understand.

shakaTheZulu:
I repeat


Buhari is a terrorist
Apc is BOKOHARAM
Tinubu is a bastard
Osinbajo is a vagabond
Gej till 2019

Lmaooo. And you are a robotic fool. Who programmed you?

shakaTheZulu:
Apc is BOKOHARAM----Dss

Buhari is a terrorist
Apc is BOKOHARAM
Tinubu is a bastard
Osinbajo is a vagabond
Gej till 2019

No one has ever said APC is boko haram. All they've said is Boko haram is in PDP. boko haram is in GEJ government and this was confirmed by GEJ himself. Marilyn Ogar has never said APC is boko haram. She has tried to foolishly allude to that but it only exposed her partisanship.

I was going to vote for Buhari even if it was Yerima as his vice. Enough of this cluelessness and corruption. Just take a look at 2015 budget and you will understand that these people have no plans for us.

OneNaira6:
He actually proved the other guy accurate despite trying to disprove his claim. From all he stated, Buhari is well educated in Defense. That's great for someone in the military and or any law enforcement. But still, apart from defense, what else does he know?

Apart from zoology, what does Jonathan know?

PDP Strategy on nairaland is making inciting comments and push it to front page.
It's on record that a PDP chieftain said he will make Nigeria ungovernable if Jonathan wins.
Azazi said Boko Haram SPONSORS are ffrom PDP.

Jonathan said boko haram is in his government and he knows them.

Since the UN building bombing, what has the clueless one done. In fact APC had not being conceived when members of his party started the war against Nigeria.

Explain this then:
http://www.premiumtimesng.com/news/173629-premium-times-special-bitter-truths-about-economy-the-jonathan-govt-does-not-want-nigerians-to-know.html

During 2009-2013, the first five years of President Jonathan’s administration, real GDP growth averaged 6-7 per cent, a fact often touted by the government. But this record is much lower than that of the first five years of civilian rule (1999 – 2005), when growth averaged 11.1 percent. (Figure 1) This is despite the fact that oil prices were much lower at that time than now, and foreign investors’ appetite for Nigeria was not as strong as now. The difference, it seems, is in the leadership and policy choices of the different periods. Therefore, President Jonathan’s achievement can hardly be said to be “unprecedented”. It’s actually poorer than his predecessor’s achievements in less benign circumstances.

https://media.premiumtimesng.com/wp-content/files/2014/12/Real_GDP_Growth_Rate_2000-2013.png

Fiscal balances: Nigeria’s fiscal balances are much weaker than at any time since the beginning of civilian regime. In the first five years of President Jonathan, the fiscal account was in deficit, on average by 4 per cent of GDP. During the first five years of civilian rule in contrast, the fiscal balance was in surplus, on average, by close to 2 percent of GDP. (Figure 2) Again, this is despite much lower oil revenue earnings during the earlier period. Even though the Jonathan fiscal deficit remains small by international standards, it is still higher than that of many oil exporting countries which are all accumulating surpluses rather than deficit and using the opportunity of high oil prices to invest in long term infrastructure. What is becoming clear to critical observers is that the budget deficit is more or less contrived through an unrealistic oil benchmark price. With lower revenue and higher expenditure projections, the result is a deficit balance. DMO is then required to “borrow” at excessive cost “to finance the deficit”. But with the usual less than 70 percent implementation rate of the budget, nobody has bothered to find out why there is still a deficit if the budgeted amount was not spent and why the need to accumulate new debt!

Public debt: Public debt stock is much higher than at any time since the Paris Club debt exit of 2006. In 2007, total public debt fell to N2,678b ($3.5b external debt from $36b, and N2.2b domestic debt). But as of end 2013, public debt has increased by more than 300 percent to N8,423b ($8.2b external, and $60b domestic). (Figure 3). If AMCON debt and other agencies are included, the total debt burden is now over N1 trillion. By end of 2014, Nigeria’s total debt should easily approach over $100b, most of which were accumulated in the past 6 years. Given the well-established negative correlation of debt and economic growth, how has growth been so strong?

Debt service: According to 2013 federal budget data, close to 20 percent of recurrent expenditure is devoted to servicing debt alone, a contrast to 2007, when only around 10 percent of recurrent expenditure was spent on debt service. The major conundrum is the lack of clarity on why debt accumulation should be so high in the presence of historically high oil prices, and what exactly the debt is financing. Furthermore, government’s policy of accumulating debt at average interest rates of 13-15 percent when the same government is receiving less than 3 per cent on its savings (foreign reserves) beats economic logic. Why not use some of the savings to finance the needs and save 10 percent? It will also be interesting to find out why debt accumulation is bad in 1999-2007, but is now a good thing.

Foreign reserves: Nigeria’s foreign reserves have followed a pattern similar to the other indicators since the beginning of civilian rule. In the Obasanjo and Yar’Adua periods, reserves high enough to finance, on average over 7 and 10 months of imports respectively. However, in the six years of President Jonathan, it has declined to about 6.3 months of imports. (Figure 4). When compared with other oil exporting African countries, in the first two periods, Nigeria’s foreign reserve accumulation was stronger than those of other countries. However, in the recent period, Nigeria is just about catching up with others. Although stabilization funds exist, the federal government has struggled to replenish them, despite high oil prices.

http://www.premiumtimesng.com/news/173629-premium-times-special-bitter-truths-about-economy-the-jonathan-govt-does-not-want-nigerians-to-know.html

BossAyuk:
These mods no go see this thread.

Na anti GMB they dey na

Abeg they never find Jonathan thesis?

Abeg they never still find Jonathan thesis?

MudRaker:
Has tinubu denied his drug dealing past or admitted to his certificate forgery and fake claims of being a Lagosian?

Has your Buhari refuted claims that he stole $4 billion dollars and mismanaged the affairs of the NNPC that the newly elected civilian president, Sagari was forced to order a joint investigations with the senate into the activities and earnings of the NNPC during his tenure?

Is your saint Buhari not a die hard apologists of the Sbacha regime till this moment even with evidence of repatriated stolen money from abroad?

Read below for the responses you are ignorant about. Now, where is Jonathan's response? The coward has his tails between his legs. He has failed as a leader and a husband. Where is our $20 billion. Where is the audit report? Who has been collecting the kerosene subsidy? Plenty scandals for just one man. Define clueless for me again

Statement by Tinubu

“This is clever but immoral; it is a wrong knife,” it said.
“Meanwhile, Tinubu has genuine documents and pictures showing him as an award-winning student at the school. Nigeria should be proud that one of its own graduated an honor student from an American university over thirty years ago when that was more of a rarity than it is today.
“Instead, his detractors want to pretend he never set foot on campus.”
The statement recounted that as late as August 2012, Mr. Tinubu visited the university and was given a special reception and a tour by the school’s president.
It argued that this would not have been done for a stranger but for a distinguished alumnus.
It said after graduation, the former governor landed jobs with two well established international companies, one the accounting firm Deloitte and Touche and the other, ExxonMobil.
It also stated that such companies investigate applicants’ academic backgrounds and that if he had not attended the school, these companies would not have hired him.
On the allegation of drug running levelled against Mr. Tinubu, the statement said it was the lowest form of calumny.
“He has never been arrested, charged or indicted for any drug-related crime,” the statement said.
“Had any such suspicion existed, the American government would not have granted him political asylum during the Abacha era. Under American law, asylum cannot attach to anyone who has broken or offended that same law.

Allegation against Buhari

In 1977, the military head of state, Lt. Gen. Olusegun Obasanjo, set up a crude oil sales tribunal to investigate the operations of the Nigerian National Oil Company (NNOC, which metamorphosed into NNPC same year). The tribunal found out that in three years, NNOC had failed to collect its equity share of oil produced by Shell, Mobil and Gulf. As a joint venture partner, NNOC was entitled to 182.95 million barrels of oil production. But NNOC did not find buyers for its own share, thereby losing a potential income of $2.8 billion. But it was instead reported by the media that $2.8 billion was missing.

NgeneUkwenu:
Government had, due to dwindling prices of oil, proposed a budget of N4.3trillion. Capital expenditure was cut to N633.53 billion as against N1.552 trillion in 2014, but recurrent expenditure was raised to N2.616 trillion as against N2.468 trillion in 2014.[/b]

Already, the crude oil bench mark price has been reviewed thrice and is now pegged at $65 per barrel, which is still above the $60 price of oil in the international market.

Who does the bolded when tthere are austerity measures in place? Increase recurrent?

opribo:
Osinbajo wants to reap where he did not sow. Where was he when the struggle for June 12 was fought where was he when the founders of the APC agreed. Just as Buhari exposed that Pastor Bakare as a man of the world so shall he expose all the fake pastors including this one Osinbajo using Redeemed to gain acceptance. No way for blood thirsty insurgents masquerading as patriots.

Has Jonathan ever answered the question of the money laundering allegation against his wife? Has he acknowledged the role he played in the malabu scandal? Did he tell us the name of those involved in the gun business when pressed? Has he explained the $20 billion scandal? Now u want a vp candidate to explain the words of a criminal who would say anything to prevent the firing squad. Why not ask Mustapha to clarify.

APContherun:
Stop being silly.
A criminal accused St Osinbajo, what is the non criminal supposed to do?

When Jonathan answers these, then u have moral right to ask Osibanjo to respond.

Has Jonathan ever answered the question of the money laundering allegation against his wife? Has he acknowledged the role he played in the malabu scandal? Did he tell us the name of those involved in the gun business when pressed? Has he explained the $20 billion scandal? Now u want a vp candidate to explain the words of a criminal who would say anything to prevent the firing squad. Why not ask Mustapha to clarify.

Has Jonathan ever answered the question of the money laundering allegation against his wife? Has he acknowledged the role he played in the malabu scandal? Did he tell us the name of those involved in the gun business when pressed? Has he explained the $20 billion scandal? Now u want a vp candidate to explain the words of a criminal who would say anything to prevent the firing squad. Why not ask Mustapha to clarify.

and PDP is the nest of killers. Not like!

ireneony:
APC are losers

And you are what? Let me guess.... Dense!

4bobo:
That's what me I still dey find answers to. A good leader will quickly plan to build at least 2 refineries within 2 years as oil prices begin to fall.
I was one of those who supported Jonathan when he came to power. I was so happy because I believe in him as a humble xtain and also a naija deltan he should be able to build 2 solid refineries within his tenure. Even I opened few threads that even made fp then about his likely achievments to expect. But here we are today. Obasanjo and iweala were able to write off our debts by their influences. Now see where we are.

When we didn't need the debt as we had high oil prices, he took it like water. I want to see how we will survive next year. And how much debt he will be taking on after the elections. The banks are already shaky due to their exposure to the power and oil sector. We are in a mess.

ISpiksDaTroof:
This is how the man that asked the seemingly asinine questions above looks. Take him serious and engage him in a debate at your own peril.

Nice one!

theM16:
U jst enta naija ni? U no hear say we buy bullet proof bmw, we spend on personal trips(dezeani), we wan buy stove for al d awses in nigeria(when srz countries r tryina reduce pollution). What else we do sef ...cnt remember jare
Oh! We dey pay sm neegah salary to sch abroad so they wnt blow up pipelines. Some of d money dey South Africa...

I sabi o. I wan form mugu like them TANoids.

lilflipnerd:
shes the one sir
wiki

Yeah I know she is. But in this period where the markets are confused, she should step up in making calming statements and not leave it to Saudi. Nigeria has a lot to lose if oil goes to $20. Saudi can weather the storm but not Nigeria.

Additionally, why say OPEC leader and refer to Saudi Oil minister when she's the president? It's like saying Nigeria leader and talking about Fashola.

Besides, I hope Jonathan is aware that $100 oil may never happen again. So he should cut his spending not capital investments.

Do they want to carry their incompetence to OPEC. I'm sure Saudi Arabia would not allow. Now they refer to OPEC de facto leader. That's a term coming to play since Diezani became president.


https://s22.postimg.org/g41nypcz5/image.jpg

Incompetence pervades Nigeria.

4bobo:
My question is with all oil fall which is not likely to rise again and boko Haram wahala, are we not heading for doom as a nation

What did they use the money for?

Nigerians can start paying for the donations to PDP now.

If this report is true, then PDP has in its fold a lot of educated illiterates whose certificates need to be verified. Chief amongst them is the president with his stealing is not corruption statement. Now, this professor adds to the rank. What's the criteria for being described as semiliterate?

major466:
Have you forgotten the global economic melt down of 2009? It affected this country as well. Nigeria's not an Island.

Don't revise history. Nigeria had a healthy external reserve and enough saved by Obasanjo in the excess crude account. We weathered that storm because of that. High oil prices subsequently and what does Jonathan have to show for it? Billion naira donations in campaign.