₦airaland Forum

How President Mohammadu Buhari Utterances Plunged Nigeria Into Recession - Dr. (Mrs) Ngozi Okonjo Iweala
Nigeria's former Finance Minister, Ngozi Okonjo Iweala has said President Muhammadu Buhari's unguarded utterances was responsible for plunging Nigeria into recession.
"I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything.
"It's also myopic to think that if Jonathan were to still be in power, we would be worse off.
"The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language.
"Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.
"After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars.
In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.
"Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts.
"That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.
"To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL.
In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall.
"To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.
"The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge.
"Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians.
"For your information, if your president "continues" with his unguided rhetoric, Naira will go down to N1000/$1. But we thank God, he is no longer talking." she said.


BY Dr. (Mrs) Ngozi Okonjo Iweala.


www.thenigeriangazette.com

How President Mohammadu Buhari Utterances Plunged Nigeria Into Recession - Dr. (Mrs) Ngozi Okonjo Iweala
Nigeria's former Finance Minister, Ngozi Okonjo Iweala has said President Muhammadu Buhari's unguarded utterances was responsible for plunging Nigeria into recession.
"I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything.
"It's also myopic to think that if Jonathan were to still be in power, we would be worse off.
"The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language.
"Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.
"After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars.
In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.
"Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts.
"That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.
"To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL.
In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall.
"To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.
"The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge.
"Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians.
"For your information, if your president "continues" with his unguided rhetoric, Naira will go down to N1000/$1. But we thank God, he is no longer talking." she said.

2019 will be very interesting in our polity

Legendary As usual. Tubaba you too much.

Good one Phyno, shine on it is your time.

APC stop killing private businesses via political vendetta. They should fellow the rule of law in the court trial of Ifeanye Uba and stop disobeying court orders.

Thank you for standing out and saying things the way they are without mincing words.

Where can 18,000 naira salary take an average Nigerian in this list?

WHy are people blaming this man? After all his former wife made him pass through. May be those blaming him wants him to suffer heart attack and die after giving his former wife all and was paid back with infidelity.

Nice lyric

psucc:
Let me settle this case: if nnpc owes capital oil N13b while capital oil stole he goods worth N11b, then let nnpc pay up the remaining balance and stop using the overused and abused DSS and EFCC to settle a matter she is guilty. Court arise, this is my judgement.

The Can't do that because capital oil debt is inconsequential. This is why the people from the east have no sense of belonging in this country.

The game continues, but God has the final say. Nigerians are watching,

OBJ the master strategist now tutoring his newest student in far away Italy. Well done sir.

omenkaLives:
This man is not just giving up on being a foolish idiot.

What a crying shame.

I doubt if somebody like him can ever come from your generation. Stop abusing people that God has chosen to be in authority for you can only attract what you appreciate.

Now that Americans and and EU have installed Buhari, why have they not helped him in steering the affairs of Nigeria? Same way they destroyed Libya and abandoned them. They were only trying to protect their multinational oil firms in Nigeria. See where selfish interests has led Nigeria to; the selfish interest of the north and world powers. Just hope Nigerians would be wiser next time.

You can't see omenka comment on this.

SO sad. Thought this suicide thing this year is only for naija, 2017 and suicide are like 5&6.

Who their matter eep for this recession ?

Nice one Phyno. Always representing the land of the rising sun. Ome n' uko, Chukwu nara ekene.

It is time to reap the benefits of indigenous auto companies.

Good one IVM and Sterlin band.

Good. But the $1 billion estimated for the procurement of the vaccines is ridiculous. Why not invest halt of such amount on our medical research institutes for production of the vaccines locally in this era of dollar scarcity?

Good that this is coming from respectable Northerner. Please this administration should just leave our economy the way they met it having seen that they have nothing to offer but impoverishing Nigerians the more by excessive borrowing. Even the ardent BMCs cannot see anything wrong with these policy blonder. This administration has nothing to offer apart from selective corruption fighting.




PROFESSOR ISA HUSSAINI Of FACULTY OF PHARMACY UNIMAID WROTE!!!
The blame for what Nigeria has become falls on you and me. Not our leaders alone.
Our wickedness stinks to the heavens as we go about our daily lives, pulling down everyone and everything to become rich. We import substandard products, fake drugs and expired baby food unfit for human consumption and we have the nerve to complain about leadership?
We even steal from widows, orphans, and refugees. We take their food and sell it for profit. No conscience. Nothing is sacred. No one is spared. We build substandard roads, schools, houses, hospitals, all for profit at the expense of human life;an invaluable item which all our profit and contract sum cannot buy.
One would think this behavior is reserved for urchins but it would surprise you that this is the character of many decent looking people who appear to be normal but are not any better than boko haram members. They are church members, Muslims, husbands, wives and sadly youths.
We pervert justice and pretend we don't know right from wrong just to serve our selfish interests. Slave traders pale in comparison to what we do to ourselves. We are wickedness personified. So much hatred flows in our blood and we transfer it to our children. It's evident in what we say and do.
We have fasting and prayer sessions all year long, night vigils and deliverance when the actual problem is us. We simply cannot learn to love others. It's me, me, and me. That's all that ever matters. It's sickening. Anyone who can't love has no business in politics, Government and in Nigeria. Until we understand this, we will continue on this path of destruction. I can Change. You can Change. They can Change and We can change by Sharing and Spreading this message. Change starts with Me. Change starts with you. Change starts with each and everyone of us...

Why is Dangote not prostrating? I thought even the Jagaban prostrated? Now these are equals, the rest were only serving there masters diligently. Over and out.

omenkaLives
I didn't even take that nonsense serious. The mom isn't the subject matter here and her daughter certainly didn't ask her to speak on her behalf.

We all know the "Apossle" dipped his finger in the chocolate and licked it clean. Just like COZA GO and Ese, this will blow over with time. Oyedepo's assault on that little girl also blew over, TB Joshua's false prophecy and building collapse blew over, Oritsejafor's gun running scandal blew over, etc Remember, this is NIGERIA! We don't touch "Men of Dogs" in this country!

If you have been carrying case of Benue/Agatu massacre the way you have been carrying Nigerian clergies matter, by now peace would have returned in Benue state. Please channel your energy appropriately.

Government of propaganda and lies

Sherrif where is your loyalty to your party? You want to ruin your party for personal gain?

Realignment. Where they sit to plot for next move owing to the current political realities in APC.

28 billion naira for one building? Even EFCC no dey tell Nigerians truth with such over inflated contract. What a country? May be they want to build another national stadium?

Hard working President of all Nigerians.

So so sad. Morality thrown to the dogs

The presidency should stop being political about the recent happenings in Nigeria. Even a toddler knows the truth. You cannot compare a Professor with a school cert. holder. APC/north should stop trying to bias the Acting President's mind because if not for selfish reasons, no any sane mind would choose wrongly during the last polls. I am not against any Ethnic nationality producing the president of Nigeria in as much as the candidate is going to be fare to all Nigerians and possesses the qualities to move the nation forward.