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Politics › Re: Jonathan Did Not Buy Weapon? You Need To See This by erunz(op): 9:00am On Feb 03, 2016
Pidggin:
If they say weapons were not bought, what are they using to fight B. H? I don't need pictures to confirm it, I simply use logic and facts on ground.

OP, good of you to post this for the sake of zombies.
THANK YOU MA, NOT EVERYONE CAN BE DECEIVED BY APC
Politics › Re: Jonathan Did Not Buy Weapon? You Need To See This by erunz(op): 8:57am On Feb 03, 2016
HOW DID NIGERIA ARMY TECHNICALLY DEFEATED BOKO HARAM ACCORDING TO LIA MOHAMMED? WITHOUT WEAPONS
Politics › Re: Jonathan Did Not Buy Weapon? You Need To See This by erunz(op): 8:50am On Feb 03, 2016
whitestar01:
At every moment na how to steal our be their plan
buy why are the lying to Nigerians
Politics › Jonathan Did Not Buy Weapon? You Need To See This by erunz(op): 8:39am On Feb 03, 2016
Nigerians have been hearing the news that Ex-president Goodluck Ebelle Jonathan did not buy weapon for our military in his tenure as president. Though Lia Mohammed on Monday came up with another Information that weapons brought for the military by the Ex-president were substandard.
Though Nigerians have queried, how did Nigeria technically defeat Boko Haram as claimed by Lia Mohammed and the President, since there is no evidence that this administration have brought any weapon for the military.

So I asked myself a question did Jonathan buy any weapon for our military?

Going through Joseph Dempsey a research analyst @iiss_org Defense and Military Analyst programme, contributor to Military Balance with twitter handle @JosephDempsey twitted on 7th of July
#Ukraine confirm 2014 export to #Nigeria of 12x T-72 MBT, 10x BTR-4EN IFV, 6x D-30 Arty +2x Mi-24V Atk Hel #BokoHaram http:///mebpXOLyEB

My question is why does APC and presidency keeps telling us same lies that Jonathan did not buy any weapon.

Politics › Re: Now Buhari Have Fumbled "Technically" On Fight Against Boko Haram. PICTURES. by erunz(m): 6:27am On Feb 03, 2016
but why are APC supporters so hypocritical in nature. you condemn Jonathan for partying a day after bomb blast, but you lost your voice when BH attacked Dalori and Buhari was somewhere in Ogun State dancing skitibobo the next day.

Even in this administration there is a conspiracy in the media not to report the activities of Boko Haram. Hence why we thought BH has been defeated.

part of Jonathan's mistake was that he was never told the truth by his aides. I think Buhari is having the same problem. I pray he realised that early before thing fall out of hands.
Politics › Re: Kerosene Subsidy: Marketers May Sell Above N200/L - Vangaurd by erunz(m): 6:11am On Feb 03, 2016
they will blame Jonathan now, just wait and see

Politics › Re: Senate uncovers N10bn hidden in education budget - Vanguard News by erunz(m): 11:50am On Feb 02, 2016
budget of yam and chain
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 7:16pm On Feb 01, 2016
Chubhie:
This is a faaji budget tailored for ROI for the winning party Apc. That buhari sanctioned all the frivolous faaji is laughable.
lolzzx this is budget of chain
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 7:14pm On Feb 01, 2016
yaki84:
dem don unban me. its olryt with all the mofo mods.
back to d topic. I will say dis again, this 2016 budget is budget of yamandgoat were shovel and tipper will be used instead of spoon n plate.
yes u can say that again
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 5:53pm On Feb 01, 2016
happybrother:
Time will tell. Am embarrassed that my HERO is the minister in this ministry.
Nigeria and their leaders failed to inspire me. That's why I strongly believe that am on my Own.
Again ,time will tell.
Fashola you mean
Politics › ‘nigeria Is Running Out Of Cash’, CNN Sets Off Alarm Bells In New Report by erunz(op): 5:47pm On Feb 01, 2016
According to this CNN report, Nigeria is in trouble and cash starved. The report suggests that Nigeria needs an emergency bail out to survive in the times of crashing Oil prices. Read below:
Nigeria is considering asking the World Bank, the African Development Bank and other international organizations for help to plug a hole in this year’s budget created by the collapse in crude oil prices. The government said it is looking to borrow as much as $9 billion to fund its cash-starved economy.
The 75% plunge in crude prices to around $33 per barrel means Nigeria is now losing money on some of the oil it pumps.
Nigeria is the second major oil producing country, after Azerbaijan, to admit it might need emergency financing because of low crude prices.
Africa’s largest economy is also the continent’s biggest oil producer. The sector accounts for about 35% of GDP, 75% of government revenue and 90% of export earnings.
Nigeria grew by 4% in 2015, and the International Monetary Fund expects a similar rate of expansion this year.
But the government has been burning through its foreign currency reserves, which fell to $28 billion at the end of January from $43 billion two years ago.
And its budget deficit is growing fast. The government wants to invest in big infrastructure projects and make the country less dependent on oil.
The deficit is now expected to reach 3 trillion naira ($15 billion) in 2016, up from a previous estimate of 2.2 trillion.
Nigeria is also suffering from frequent power cuts and fuel shortages because it doesn’t have enough capacity to refine it own crude.
The finance ministry denied reports that it has already asked for emergency cash, but said it is considering a World Bank loan as one way of funding the deficit.
“The truth is that Nigeria… has indicated an intention to borrow 1.8 trillion naira principally for investment in capital projects to stimulate the economy,” Finance Minister Kemi Adeosun said in a statement.
Nigeria is exploring the option of borrowing from multilateral organizations such as the World Bank and AFDB, as well as the Export-Import Bank of China, because they offer lower rates of interest than other lenders, she said.
Nigeria is a member of OPEC, and has been pushing for the Saudi-led oil cartel to cut production to support prices.
OPEC decided in 2014 to wage a price war with low cost producers in the U.S. and elsewhere in a bid to defend market share. Many OPEC countries are still making money at these prices but others are losing.
Nigeria’s average production costs are estimated at about $31 a barrel.
- See more at: http://www.thewhistleng.com/nigeria-is-running-out-of-cash-cnn-sets-off-alarm-bells/?utm_source=&utm_medium=twitter#sthash.mXStXAxP.dpuf
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 5:44pm On Feb 01, 2016
obailala:
On a serious note, the 2016 budget is not inspiring at all. What on earth is the government doing to radically promote agriculture and solid minerals' development?? All we hear about is 'a plan' to focus on these two areas but I am yet to see or hear of what this plan is all about. The 2016 budget doesn't even make any 'inspiring' provisions for these ministries to give one the impression that they are serious about diversification.
the 2016 budget is a budget of chain and should be condemn by all
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 5:28pm On Feb 01, 2016
more items from the wasteful budget of negative change

Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 3:24pm On Feb 01, 2016
DropShot:
The essence of the NASS is to carry out oversight duty on the budget and remove what is ambiguous, wasteful, unnecessary and others not in the interest of the nation.

That's why they're there.
are you sure they do that, or they will just rubber stamp the budget
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 3:18pm On Feb 01, 2016
byrron:
So Aso Villa has a landlord It pays rent to? grin grin grin

I have always known that Nigeria is the 10th planet and not a country, a place where impossible thing's are made possible.
E surprise me too oo
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 2:58pm On Feb 01, 2016
1.6BN for construction of Minister duplex? when we are trying to cut cost. this government doesn't know it priorities
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 2:56pm On Feb 01, 2016
TippyTop:
You mean the Zombie Association of Nairaland(ZAN) am immune to their shenanigans.
na you talk am no be me o
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 2:26pm On Feb 01, 2016
TippyTop:
Only gullible and ethnic chauvinistic peeps ever believed Fashola was upright.
the hailing hailers will soon come after you
Politics › Re: XCLUSIVE: Aneni,igbinedion Planning To Hijack PDP Candidacy For Pastor Ize-iyamu by erunz(m): 2:21pm On Feb 01, 2016
apc propanganda
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 2:20pm On Feb 01, 2016
TippyTop:
And when Fashola is caught again he would reply he did not sign the cheques.
he's a saint na
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 2:20pm On Feb 01, 2016
this is a budget of chain, we keep funding same item every year
Politics › Re: Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 1:58pm On Feb 01, 2016
more

Politics › Wasteful And Suspicious Item On The 2016 Budget- Budgit by erunz(op): 1:57pm On Feb 01, 2016
BudgIT took to its twitter page with the hash-tag #askquestion to criticize some of the item on the Nigeria 2016 Budget.

Politics › Buhari's Claim That Boko Haram Is ‘Not Holding Any Territory’ Exaggerated by erunz(op): 11:05am On Feb 01, 2016
During a meeting with United Nations Secretary-General Ban Ki-moon, Nigerian president Muhammadu Buhari claimed militant Islamist group Boko Haram are “currently not holding any territory” in the country. Is that so?

Researched by Ben Ezeamalu

https://africacheck.org/wp-content/uploads/2016/01/000_Par82194141.jpg
A billboard erected by Nigeria's governing All Progressives Congress (APC) promises to defeat Boko Haram. Photo: AFP/Pius Utomi Ekpei

Nigeria’s President Muhammadu Buhari claimed recently that militant Islamist group Boko Haram have been driven into “fall-back positions” and are “currently not holding any territory” in the country.

Buhari was speaking during a meeting last month with United Nations Secretary-General Ban Ki-moon. His comments came just weeks after he claimed that Nigeria had “technically won the war” against Boko Haram, which in July 2014 had moved on from staging ad-hoc guerrilla-style attacks on security forces to seeking, and gaining, control of large swathes of Nigerian territory.

For Buhari, a victory over Boko Haram is key to meeting promises that formed a cornerstone of the election campaign that swept him to power last year.

Boko Haram ‘technically defeated’

https://africacheck.org/wp-content/uploads/2016/01/000_6S23W.jpg
Nigerian President Mohammadu Buhari answers journalists' questions during his first presidential media chat in Abuja, on December 30, 2015. Photo: AFP/Sunday Aghaeze

The militant group’s deadly six-year insurgency in Nigeria’s northeast is estimated to have cost the lives of between 13,000 and 17,000 people, led to hundreds of homes, businesses and schools being destroyed and forced more than 1.5 million people to flee for their lives.

Soon after winning the election in April, Buhari set an ambitious December deadline to achieve victory over Boko Haram. Two days before Christmas, his information minister, Lai Mohammed, told reporters that he could “confidently” say that “the war against Boko Haram is largely won“. In an interview with the BBC, Buhari said Boko Haram were “technically defeated“. Forty-eight hours later a wave of attacks by female suicide bombers claimed the lives of more than 50 people in northeastern Nigeria.

So is Buhari’s claim that the militants no longer hold any territory in Nigeria correct? What does it mean for the battle against the group?

Villages in Borno state still occupied

https://africacheck.org/wp-content/uploads/2016/01/000_Par8282446.jpg
A survivor of a Boko Haram suicide bombing in a state hospital in the northeastern Nigerian city of Maiduguri in September 2015. Photo: AFP/Stringer

A community leader in Bama, Ibrahim Bukar, told Africa Check that claims that all areas of Borno state had been liberated from Boko Haram “are an exaggeration.”

“We are not yet back to our local government,” Bukar, who now resides in Maiduguri – the state capital – said. “Apart from the Damaturu-Maiduguri road, there is no other road a civilian can travel without any problem. The army will not even allow us to go to Bama on our own, they’ll tell us to wait for their truck.”

A former resident of the market town of Gamboru-Ngala in Borno, Muhammad Awwal, said that Boko Haram still hold some villages in the state. “My source in Gwoza told me Boko Haram is gathering around Ngoshe and Ashigashiya, all in Gwoza [district],” Awwal said.

“In Kala-Balge, there are some parts which are still not liberated. In my local government too, there are places like Zanari up to Bulgaram still occupied by Boko Haram.” Awwal also claimed that villages in the Monguno district such as Zuma Kuwon and Lahadin Bida were still under Boko Haram control.

The caretaker chairman of Gwoza local government, Ibrahim Abba, told Africa Check that Boko Haram fighters are still present about 6 km from Gwoza township.

“Our major problem now is access road to Gwoza township (from Maiduguri) and Pulka (from Adamawa State). Our people going to market Limankara (about 13 km from Gwoza) use army escorts. The army have not given us permission to move on our own.”

Abba – who fled Boko Haram’s advance and now lives in Maiduguri – also told Africa Check that out of the 13 wards that make up Gwoza, there is no military presence in six.

“We are still appealing to the Nigerian army to move there. Boko Haram boys are there disturbing our people. It is only the Cameroonian army that reach there, and and when they get there, they do not differentiate between our people and Boko Haram – they clear everybody.”

In addition, the Nigerian military has yet to dislodge Boko Haram fighters from a stronghold in the 60,000 km² Sambisa Forest in Borno.

‘Operational bases but not governing any areas’

A security analyst and member of the Nigeria Security Network, Ryan Cummings, said Buhari’s claim that Boko Haram was not holding any territory was “difficult to assess because there is just no independent reporting from rural, northeastern Nigeria, specifically Borno state where a lot of the violence takes place”.

“In recent days, the Nigerian military has claimed to have dislodged Boko Haram from within local government areas which dilutes the credence of claims that all areas have been recaptured.

“It revolves around how you define whether a territory is being held. There is a fair claim to be made that Boko Haram isn’t governing any areas but they do have operational bases within rural north-eastern Nigeria,” Cummings said.

Conclusion: Buhari’s claim that Boko Haram “are not holding any territory” is exaggerated

While Boko Haram appear to have been driven from most major population centres, there is evidence that they still hold territory and have operational bases in some remote rural areas such as the Sambisa Forest. There are also claims by displaced residents that the militants remain active in remote areas like Gwoza and Monguno.

Buhari’s assertion that Boko Haram have “technically” been defeated has also been criticised by some analysts as the “defeat that never was“. The Nigerian government has effectively sought to equate loss of territory by Boko Haram with defeat. “The capture of territory by Boko Haram lasted only about six months in the six-year long insurgency,” Cummings said. “It appears that they are not looking to capture any more territory at the moment because it is such a resource heavy exercise to do so.”

“It is always a bad idea for the leaders of countries to declare highly active terrorist groups dead,” Max Abrahms, assistant professor of political science at Northeastern University in Boston, told AFP. “History shows that terrorist groups are extraordinarily difficult to snuff out once they have reached a critical mass. The truth is that terrorism is very easy to perpetrate.”

Historically Boko Haram’s strategy has not centred on territorial control or conventional military operations but hit-and-run guerilla-warfare tactics and suicide bombings that terrorise and demoralise.

While it appears that Boko Haram are no longer governing key areas and cannot launch conventional military attacks, their insurgency remains deadly. The recent spate of suicide bombings that have left dozens dead and injured is evidence of this.

While Buhari would probably have been correct if he had claimed that Boko Haram are no longer governing any territory or holding major towns, his claim that they are “not holding any territory” at all is exaggerated. The conflict appears far from over.

Edited by Julian Rademeyer
https://africacheck.org/reports/is-president-buhari-correct-that-boko-haram-are-not-holding-any-territory-in-nigeria/#sthash.fSkFtMDG.dpuf
Politics › Re: Fayose Open Data Base For Widows by erunz(m): 10:13am On Jan 30, 2016
the fearless one of Southwest. one man squad, Oshiokomole himself. nice one coming from you
Politics › DP Has Since Overcome Defeat Trauma – Metuh by erunz(op): 6:59pm On Jan 29, 2016
PDP Has Since Overcome Defeat Trauma – Metuh

…..Seeks Technical Assistance To Deepen Democracy In Nigeria

The National Publicity Secretary of the Peoples Democratic Party (PDP), Chief Olisa Metuh says the party has since overcome the initial trauma that accompanied the electoral setback of the 2015 general elections, and is now poised to regain power at the center in 2019.

Chief Metuh said the recent variance of voices from its members is as a result of the party’s foundation of liberal democracy, which he described as a mark of strength, adding that the party has adequate internal mechanisms to resolve all issues within its fold.

The view of the PDP spokesman was contained in his opening remark at a meeting of the party’s Publicity Directorate with some visiting parliamentarians from the United Kingdom, led by Rt. Hon. Mark Field, member of Parliament and Chairman of International Office of the Conservative Party, and Colin Bloom, Director of Outreach-BCP in Abuja on Friday.

He told the visitors that the PDP faced serious challenges soon after it lost in the elections, culminating in the resignation of its National Chairman, a development that created some challenges within the party, but assured that every issue would be resolved by the party leadership by next week.

In his remark, Rt. Hon. Mark Field advised the party to ensure that it does not trash its brand in the face of challenges. He noted that while it is common for some party members to demand the removal of leaders after electoral defeat, care must be taken not to jeopardize institutional memory in the party.

“Never trash your brand no matter whatever the government of the day is saying about you”, he admonished the PDP.

The interaction was attended by PDP publicity staff, social media operatives of the party and officials of the International Republican Institute (IRI), who facilitated the visit.

Signed:


http://www.thebreakingtimes.com/pdp-has-since-overcome-defeat-trauma-metuh/
Politics › Re: ''Tolu Ogunlesi Wrote "The Economist" Article Calling GEJ ineffectual Buffoon'' by erunz(m): 11:43am On Jan 29, 2016
OK
Business › Cheap Oil Is Causing A Currency Crisis In Nigeria. Banning Imports Is No Soluti by erunz(op):
MORE than 30 years ago, a young general swept to power in the fifth of Nigeria’s military coups since independence in 1960. The country he inherited was a mess: bled dry by pilfering politicians within and hammered by falling oil prices without. Last year that general, Muhammadu Buhari, became president again—this time in a democratic vote. The problems he has inherited are almost identical. So are many of his responses.

In the eight months since Mr Buhari arrived at Aso Rock, the presidential digs, the homicidal jihadists of Boko Haram have been pushed back into the bush along Nigeria’s borders. The government has cracked down on corruption, which had flourished under the previous president, Goodluck Jonathan, an ineffectual buffoon who let politicians and their cronies fill their pockets with impunity. Lai Mohammed, a minister, reckons that just 55 people stole $6.8 billion from the public purse over seven recent years.

In this section
Crude tactics
Breaking the silence
United only by hatred
Beerbelly busters
Dying to work for the government
Castles in the air
Reprints
Related topics
Public finance
Nigeria
Muhammadu Buhari
Mr Buhari, who—unusually among Nigeria’s political grandees—is said to have just $150,000 and a couple of hundred cattle to his name, abhors such excess. As military ruler he jailed, fired or forced into retirement thousands of bureaucrats whose fingers had been in the till. This time, the Economic and Financial Crimes Commission (EFCC) has arrested dozens of bigwigs, including a former national security chief accused of diverting $2.2 billion. The EFCC has a poor record of securing convictions; but a single treasury account has been introduced to try to stop civil servants siphoning off cash. And agencies which may not be remitting their fair share to the state are having their books trawled by Kemi Adeosun, the finance minister.

Such measures are doubly important because the economy is swooning along with the oil price. The sticky stuff directly accounts for only 10% of GDP, but for 70% of government revenue and almost all of Nigeria’s foreign earnings.



INTERACTIVE: Explore how oil prices affect OPEC and non-OPEC production and viability
Oil’s price has fallen by half, to $32 a barrel, in the months since the new government came to power, sending its revenues plummeting. Income for the third quarter of 2015 was almost 30% lower than for the same period the year before, and foreign reserves have dwindled by $9 billion in 18 months. Ordinarily there would be buffers to cushion against such shocks, but Mr Jonathan’s cronies have largely squandered them. Growth was about 3% in 2015, almost half the rate of the year before and barely enough to keep pace with the population. The stockmarket is down by half from its peak in 2014.

Domestic oil producers are feeling the pinch worst. Many borrowed heavily to buy oilfields when crude was worth more than $100 a barrel, and are now struggling to pay the interest on loans, says Kola Karim, the founder of Shoreline Group, a Nigerian conglomerate. This, in turn, threatens to create a banking crisis. About 20% of Nigerian banks’ loans were made to oil and gas producers (along with another 4% to underperforming power companies). Capital cushions are plumper than they were during an earlier banking crisis in 2009; but, even so, bad debts are mounting and banks that are exposed to oil producers may find themselves in trouble. “It wouldn’t surprise me if one or two went down,” says a senior banker in Nigeria.

The government’s response to the crisis has been three-pronged. First, it is trying to stimulate the economy with a mildly expansionary budget. At the same time, it is trying to protect its dwindling hard-currency reserves by blocking imports. Third, it is trying to suppress inflation by keeping the currency, the naira, pegged at 197-199 to the dollar. Only the first of these policies seems likely to work.

The budget, which includes a plan to spend more on badly needed infrastructure, is a step in the right direction. Although government revenues are under pressure from the falling oil price, Mr Buhari hopes to offset that by plugging “leakages” (a polite term for theft) and taxing people and businesses more. That seems reasonable. At 7%, Nigeria’s tax-to-GDP ratio is pitifully low. Every percentage point increase could yield $5 billion of extra cash for the coffers, reckons Kayode Akindele of TIA Capital, an investment firm. Mr Buhari also plans to save some $5 billion-$7 billion a year by ending fuel subsidies—a crucial reform, if he sticks with it. Even so he will be left with a deficit of $15 billion (3% of GDP) that will have to be filled by domestic and foreign borrowing.


Yet his policies on the currency seem likely to stymie that. The central bank has frozen the naira at its current overvalued official rate for almost a year. The various import bans (on everything from soap to ballpoint pens) are supposed to reduce demand for dollars, but have little effect. Businesses that have to import essential supplies to keep their factories running complain that they have been forced into the black market, where the naira currently trades at 300 or more to the dollar. Several local manufacturers have suspended operations. International investors, knowing that the value of their assets could tumble, have slammed on the brakes and some have pulled money out of the country just as their dollars are most needed (see chart).

Nigeria is fortunate in having low levels of public debt (less than 20% of GDP), but it is not helped by high interest rates, which mean that 35% of government revenue goes straight out of the door again to service its borrowings. It would not take much to push it into a debt crisis.

Frustratingly, this crunch is one that Nigeria has been through before—under the then youthful Mr Buhari. Then, as now, he refused to let the market set the value of the currency. Instead he shut out imports, causing the legal import trade to fall by almost 50% and killing much of Nigeria’s nascent industry in the process. Between 1980 and 1990, carmaking fell by almost 90%. Today, as in the 1980s, the president is making a bad situation worse.

http://www.economist.com/news/middle-east-and-africa/21689584-cheap-oil-causing-currency-crisis-nigeria-banning-imports-no?fsrc=scn/tw/te/pe/ed/crudetactics
Politics › President Buhari Repeating Economic Errors He Made 30 Years Ago-The Economist by erunz(op): 5:43am On Jan 29, 2016
“Give me lucky generals,” Napoleon is supposed to have said, preferring them to talented ones. Muhammadu Buhari, a former general, has not had much luck when it comes to the oil price. Between 1983 and 1985 he was Nigeria’s military ruler. Just before he took over, oil prices began a lengthy collapse; the country’s export earnings fell by more than half. The economy went into a deep recession and Mr Buhari, unable to cope, was overthrown in a coup.

Now he is president again. (He won a fair election last year against a woeful opponent; The Economist endorsed him.) And once again, oil prices have slumped, from $64 a barrel on the day he was sworn in to $32 eight months later. Growth probably fell by half in 2015, from 6.3% to little more than 3% (see article). Oil accounts for 70% of the government’s revenues and 95% of export earnings. The government deficit will widen this year to about 3.5% of GDP. The currency, the naira, is under pressure. The central bank insists on an exchange rate of 197-199 naira to the dollar. On the black market, dollars sell for 300 naira or more.

Instead of letting the naira depreciate to reflect the country’s loss of purchasing power, Mr Buhari’s government is trying to keep it aloft. The central bank has restricted the supply of dollars and banned the import of a long list of goods, from shovels and rice to toothpicks. It hopes that this will maintain reserves and stimulate domestic production.

When the currency is devalued, all imports become more expensive. But under Mr Buhari’s system the restrictions on imports are by government fiat. Factory bosses complain they cannot import raw materials such as chemicals and fret that, if this continues, they may have to shut down. Many have turned to the black market to obtain dollars, and are doubtless smuggling in some of the goods that have been banned.

Nigerians have heard this tune before. Indeed, Mr Buhari tried something similar the last time he was president. Then, as now, he resisted what he called the “bitter pill” of devaluation. When, as a result, foreign currency ran short, he rationed it and slashed imports by more than half. When Nigerians turned to the black market he sealed the country’s borders. When unemployment surged he expelled 700,000 migrants.

Barking orders at markets did not work then, and it will not work now. Mr Buhari is right that devaluation will lead to inflation—as it has in other commodity exporters. But Nigeria’s policy of limiting imports and creating scarcity will be even more inflationary. A weaker currency would spur domestic production more than import bans can and, in the long run, hurt consumers less. The country needs foreign capital to finance its deficits but, under today’s policies, it will struggle to get any. Foreign investors assume that any Nigerian asset they buy in naira now will cost less later, after the currency has devalued. So they wait.

Those who fail to learn from history…

Mr Buhari’s tenure has in some ways been impressive. He has restored a semblance of security to swathes of northern Nigeria that were overrun by schoolgirl-abducting jihadists. He has won some early battles against corruption. Some of his economic policies are sound, too. He has indicated that he will stop subsidising fuel and selling it at below-market prices. This is brave, since the subsidies are popular, even though they have been a disaster (the cheap fuel was often sold abroad and petrol stations frequently ran dry). If Mr Buhari can find the courage to let fuel cost what the market says it should, why not the currency, too? You can forgive the general for being unlucky; but not for failing to learn from past mistakes.
http://www.signalng.com/president-mbuhari-repeating-economic-errors-he-made-30-years-ago-the-economist/?wt=3
Politics › Re: "We Can't Pay Salaries, Imo Is Broke" – Okorocha by erunz(op): 5:02pm On Jan 28, 2016
ekafine:
For the first time Rochas is facing the reality. You want your governor to lie that all is well when in actual sense the State is broke and down? whoever that will rule imo state next will have to beg for another state to annex imo state. APC should stay very far from Akwaibom. cheesy
YOU CAN SAY THAT AGAIN
Politics › Re: Ismaila Mu’azu Hassan Wins House Of Reps Rerun Election In Gombe by erunz(op): 4:57pm On Jan 28, 2016
TippyTop:
Imagine the dead PDP winning in Buhari's supposed stronghold.
NA SO WE SEE AM
Politics › Re: Ismaila Mu’azu Hassan Wins House Of Reps Rerun Election In Gombe by erunz(op): 4:50pm On Jan 28, 2016
TippyTop:
Is this not the same party NgeneUkwenu said was dead?
Na so my brother dead political parties, don't win elections. PDP!!!!!!!! POWER

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