₦airaland Forum

Buhari's biggest mistake is staying silent on the economy and delaying appointment of cabinet members till Sept.

In a bad economic state, no fight against terrorism can be sustained and chances are that will be more sectoral crises.

Does Buhari want to do the following:
1. Devalue the naira?
2. Remove or retain petrol subsidy?
3. Deregulate or maintain status quo on oil and gas downstream sector?
4. Issue more licenses on power sector or government take over?
5. Sustain ban on textile and furniture or help promote the local industry
6. Any subsidy for farmers?
7. Etc

These are the reasons why
1. Dollar sells for 245 naira in the parallel market
2. The stock market has lost over 1 trillion naira in the past six weeks
3. The volume of capital flight from the economy is the highest in history
4. A kilo of chicken has risen fron 700 naira to 1200 in the market
5. Petrol scarcity still persists, and for locations where itis available... It sells for over 100 naira per litre
6. There is huge economic uncertainty


In addition, Boko haram has continued slaughtering
Buhari has continued to mingle with a nation responsible for all the crises in the world today at the expense of nations who are ready to buy our crude
Niger Delta continues to give ultimatum
Fulani herdsmen has taken over north central
SE has taken the biafran struggle a notch higher
He has continued to make apointments along regional lines further widening the ethnic tensions across the land

And with the Iran crude hitting the market soon, and there are no policies or even technocrats to keep our economy ready...... The future of Nigeria looks very gloomy if nothing drastically happens before September.

The economy, finance sector, agricultural sector, and trade and commerce sectors cannot wait September. Aviation, transport, works, education etc can wait till Sept.

Enough of playing to the gallery, snapping pics and making a big deal of a US visit. Some aspects of our society need desperate attention.

When we complain that Buhari cannot afford to delay his key cabinet members, they say we should give Baba time.

Unfortunately, the world is not sitting waiting for Nigeria to get its acts together. Buhari cannot afford further delays is setting the economic direction and getting in his key ministers to drive the efforts on select sectors such as Finance, agriculture, trade and commerce etc. Other ministers can wait for later but not the key ministers.

By Sept when crude is selling for less than $40/ barrel, Dollar selling for 300 naira... then we have a finance minister. But then, it will be too late to react.

I hope this government does not plunge this country into anarchy

PassingShot:
I used to think you're somewhat clever.

1. You admitted that we don't presently have a good system. And PMB is now trying to put some structures that will ensure check and balance in place but you're complaining.

2. The Naira dropping in value may have something to do with absence of a full cabinet but I doubt if much. GEJ had full cabinet and a dollar was 230 Naira when he left. Much of the problem has to do with drop in oil price to which our economy is heavily tied.

3. You conveniently ignored the fact that our foreign reserve has continued to increase since coming of PMB which is a very good development for the economy. Or do you need me to tell you the implications of that?

4. The only failure of PMB in this policy is that it was not communicated earlier than now. Otherwise, he has a sound plan for the economy and insurgency.

1.Kindly explain to me how Buhari is putting in those structures single-handedly? How can any sane and learned man believe that Buhari will single-handedly fix the structures across all ministries and parastatals when he is not even a technocrat in anyone?

2. All of a sudden you APC e-rats agree crude oil drop was responsible for Naira depreciation but you all hitherto blamed it on GEJ and his Govt. But you cant get away with that, We've gone through the impact in the fall of crude price and that ended at 218/ 220 per dollar. Unfortunately, the jump to 245 in 6 weeks is due to the poor policies by the CBN governor who has been acting as the Finance Minister and Buhari has no details to check and call the guy back to order. Emefiele is simply enriching his fellow bank executives through round-tripping because of the gap created by Buhari's negligence of the economy.

3. Why has the foreign reserve been on the news even when we've always added to it?... The answer is propaganda. Besides, since the CBN does not fund imports of those key 40 items that whose FX sales were suspended ... Those spare dollars are now available for the reserves... But at the expense of the fast depreciating naira.

4. Buhari has been wrong so far, its a different thing to argue online. Reality will set in soon.

obailala:
President Buhari has just given a very clear explanation as to why he will not be in a hurry to appoint ministers no matter what his detractors or what anyone thinks; ministries have to be purged of leaking holes and the strong institutions which you reference the US as having would have to be created in Nigeria FIRST before he appoints ministers. What is too much to understand in that?...

Of what use is it to hurriedly appoint ministers and then the 'business as usual' of monumental lootocracy continues?... I and everyone else who voted Buhari voted him to do things differently. If one of the differences involves carrying out a thorough purging of the system and strengthening the institutions FIRSTLY, then so be it. I also want those ministers to be appointed, but Buhari is the president and I am very confident he knows what he is doing.

As for the concerns of things getting more and more difficult due to the delays, I am sure you read the final sentence where he says “Have patience. All things become difficult before they become easy.”

Can you explicitly enlighten me on this ongoing purging and why September is the deadline for all the purging activities? i don't want hear-say..... what is ongoing in the ministries now?

It is absolute stupidity to justify the delay in appointing ministers by referencing the Obama administration who had no cabinet members for several months.

Even without a president, the USA will function because they have strong institutions and systems. The president only makes modifications to these systems to make them better. Unfortunately, everything grinds to a halt in Nigeria at every change of government because the systems are non-existent or not strong enough. That is why we cannot apply same policies in both cases.

The US dollar cannot depreciate the way the naira has done in the past six weeks because of absence of US cabinet members because the institutions are strong and semi-autonomous.

Before September, Dollar will be selling for 500naira. And then, even the best of heads as Finance minister will have a herculean task in his or her hands. Some sectors of the Nigerian society can wait for September but definitely not the economy.

Amaechi is already in the dustbin of Nigeria's political history.

Whatever is left of him now is the goodwill of the men he spent Rivers people funds to get into power. But few months from now.... Amaechi will know his place.

With billions laundered by Amaechi's wife, the impunity perpetrated by Amaechi in office and loss of face at the home front....... Amaechi is a political orphan and at the mercy of whoever cares.

If Buhari will fight corruption fairly, Amaechi will spend some years in jail.

TooNoisy:
Mumu OP,

The stock market is going down simply because of the devaluation of the naira. Foreign investors are now existing the market due to the depreciating naira and that is what is causing the downturn in the stock market.

Naira devaluation was caused by GEJ and started during GEJ's time. It's only going to get worse because they stole part of our foreign reserves we had and spent it on elections. Stop the cheap blackmail

Am sorry but you are clueless on the subject.

Devaluation of the naira is not a new event. Dollar once sold for 80, 100, 120, 150, 170 naira and has continued to devalue. Within that same period, the stock market has appreciated in value. As such your analogy is helplessly flawed.

Devaluation is not even a bad policy, silence and lack of direction by the new govt is the biggest issue.

If Buhari wants to devalue the naira, he should proceed and leave no room for speculation and capital flight.

If Buhari wants to take away subsidy, he should be quick with it or vocally say otherwise because a lot is hanging in the balance

What does he want to do with the power sector? More private participation or govt take over?

What of Oil and Gas downstream? Is he privatising the refineries or not? Is he bringing more private players?

Look, investors are impatient and wont stand an inch of speculation. Once a nation loses direction..... key investors pull their money.

On issues of economy, you dont leave a vacuum or attempt the market to correct itself on autopilot.

Especially in Nigeria where there are no strong systems and institutions. .... Buhari should have set the economic direction from the first day.

He can afford to delay on other less important ministries but his cabinet members on issues of economy and security should have been sworn in the week after his inauguration.

The impact of this two months delay will be felt in the economy for the next 3 years cos the investors are not keeping their funds waiting for Nigeria to find direction.... they have long invested in more secure grounds.

Buzzj17:
Why can't people see that someone somewhere is bent on tarnishing amaechi's image? Initially they came after him, it did not stick, not its his wife.
Politics in Nigeria is dirty. People will do anything to shoot you down.
The problems with these stories is that one gets judged even before the matter is investigated.

The account numbers are there, you can go verify yourself. You don't have to wait for EFCC

Nigeria might witness intense hardship in the coming months.

Its just about to converge, some people are playing to a script.

First Son of the Federation

Islam relegates women to the background so the office of the first lady has been replaced with the Office of the First Son of the Federation.

Hahahahaha

Is this real or comedy?

The vindictive son of destruction called Obj cannot afford to swallow the fact that GEJ called his bluff when he thought he mattered most.

And to make matters worse, he has no stake in the current govt despite screaming himself hoarse during the campaigns.

Even in the SW, the same Tinubu he loves to hate has more sway than he does in the scheme of things. 

And all of a sudden, he realises how powerless and inconsequential he has become despite his intrigues....... all because one certain GEJ he assumed he had in his pocket put him where he belong.

GEJ is out of power, So is Obj. As usual his rants will never end.

The kind of patriotism and support APC and Buhari gave the last government through criticizing their every move and threatening to soak dogs and baboon in blood.

Imagine evil APC asking for support they couldn't give just few months back.

Hypocritical rubbish! !!!

Buhari's magic wand to fixing Naija's problem disappeared since May 29th.

Even ardent Sai Baba crew are getting concerned too.

fowowe411:
God bless you for acknowledging the fact that the foundation was laid by the last administration, but I hope you will say the same when you hear about bomb blasts that this menace too started under the last administration and you stop being hypocritical!

The last administration handed over a country where Bokoharam was confined to Sambisa and all locations that were hitherto occupied by BH were recovered.

The handed over a sufficiently equipped military despite inheriting a badly deficient military.

And all the current administration could do was grant Bokoharam unfettered access from sambisa to maiduguri to Kaduna to Kano to Jos to Gombe to zamfara........ All in less than two months.

When it was said that gas supply network under GEJ was work in progress, they said it was for campaigns

When the power plants were being commissioned by GEJ, They said he was playing to the gallery

Today, there is improvement in power supply and yet they say its a one month old government without power minister and without direction that is responsible.

Not forgetting the role of increased water levels in our dams.

But nothing to gloat over yet cos if Buhari does not set the direction for the power sector quickly, even the GEJ benefits in this same sector will be lost in no time.

Power sector investors are waiting for the government's plan.... but they can't wait forever.

Illiteracy is worse than corruption.
Nigerians dont care about the process of getting results, they are only impatiently interested in the results and that is why they are most gullible

The vindictive son of destruction called Obj cannot afford to swallow the fact that GEJ called his bluff when he thought he mattered most.

And to make matters worse, he has no stake in the current govt despite screaming himself hoarse during the campaigns.

Even in the SW, the same Tinubu he loves to hate has more sway than he does in the scheme of things.

And all of a sudden, he realises how powerless and inconsequential he has become despite his intrigues....... all because one certain GEJ he assumed he had in his pocket put him where he belong.

GEJ is out of power, So is Obj. As usual his rants will never end.

Enough of the visits. The victims prefers to be at their homes rather than being visited.

What has Buhari actually done to stop the ever increasing BH attacks under his government?

What happened to the rampaging military offensives before power was handed over to Buhari?

On whose side is Buhari? ... Nigerian people or BH?

Buhari has succeded in giving Biafra more than requested publicity.

Take out the evil called Obj and Nigeria's problems will be halved

Very apt analysis. The only saviour will be OPEC stepping in to manage volumes in the global market.

Very dire times for Nigeria. Add bokoharam and ND militancy to the equation and it becomes more intense.

Only God can save Nigeria.

Believe APC at your own peril.

Besides, only a dummy will believe NLNG generated such amount of money in a month under Buhari. Same set of people believe improved power supply is of Buhari’s making in less than a month without considering water levels in our dams at this time.

Illiteracy is worse than corruption.

Is it a different radio biafra? Cos the 102.1fm is still airing

Government of the confused, by the confused, for the confused.

Online janja.wids as always have launched a self praise campaign on an action that has not proven effective.

What was the criteria for trimming the 43 to 29?

In the absence of a minister, which technocrat spearheaded this downsizing?

Is it not obvious that with just 29 importers, its now easier to connive to hold the nation hostage than when they were larger.

Have our problem been the number of importers or the loopholes within the import and subsidy payment process?

Even if we have just 2 importers and the process problems are not addressed, the problems won't go away

Who verified that the capacity of 29 in terms of throughput and existing facilities is sufficient for national requirements?

Who makes up this 29? What is the regional distribution?

Again what is good about this move to be gloated over? Are we continuing with subsidy payments or not? Are we issuing new licenses to refinery operators or we are maintaining the status quo?

What is the direction?

This is one of the reasons our educational system is a mess.

These lil boys will go back now to update their jamb form based on this misguided info.

With pa. Buhari, they will have their way cos they aided his propaganda into office.

18 man delegation?.... for what?

Is this not the same huge number of delegates APC complained about and campaigned against?

So what have they changed? Nigerians have been sold a dummy.

I don't blame them anyway, I blame the shallow headed Nigerians that voted this scam.

And to all the all the janja.wids quoting me, if Buhari has his agenda right ... He wouldn't need more than 3 people. And they will definitely not be renowned criminals cum governors.

With the way APC campaigned earlier, Buhari should be travelling alone.

PassingShot:
[s][/s]
Use your God-given brain at least for once.

BH remains one of the unfortunate GEJ/PDP's legacies. It was GEJ who looked the other way when BH was wrecking havoc everywhere.

BH pledged allegiance to ISIS when the clueless man was still in charge.

It was GEJ who was at the point of decimating bokoharam before hand over and confined their operations to sambisa.

The chief terrorist resumed work, stopped all offensive attacks by the military, removed military checkpoints, demobilized the SA pilots manning the military choppers, revitalized the bokoharam struggle.

In less than 2months, he has ensured bokoharam has unfettered access from borno, adamawa, kano, kaduna, jos, zamfara etc.

Buhari has shown his sympathy to the bokoharam course and islamization agenda both in words and action.