krendo:


The average Nigerian can criticise the last government, Nigerians did not elect APC to spend the next 4 years blaming the last government.

APc were supposed to make "progress"

Where is Buhari's plan or roadmap to economic progress?

Nobody is telling you that the APC will only busy itself criticising the last government. Buhari and his Ministers have been informing us of their "roadmap" , short and long term, to success and I can only assume you missed it. The point is that many who never voted for Buhari and the APC, and actually wanted the PDP and GEJ to continue, are merely levelling insincere criticism. There is nothing wrong with objective criticism but when you start asking for the head of a finance Minister 3 months into a job, over very serious problems that may take years to alleviate, then it is obvious those kind of critics do not want the best for Nigeria or for the President and his team to succeed. They will criticise Adeosun over the budget yet she is not in charge of it and the critics are clearly ignorant and mischievous. All in all, it will be tough going and Nigerians need to get behind Buhari and his team. Constructive criticism is always good and welcomed.


http://www.ft.com/cms/s/0/ed7107d8-8c57-11e5-a549-b89a1dfede9b.html#axzz3xhCI0386

November 16, 2015 3:25 pm
Nigeria’s finance minister makes non-oil revenues top priority
Maggie Fick in Lagos



Nigeria’s new finance minister said raising non-oil revenues was her top priority, as the slump in oil prices continues to take its toll on Africa’s biggest crude exporter.
Kemi Adeosun, a 48-year-old British-born accountant, was sworn in last week by President Muhammadu Buhari nearly six months after the former military ruler took office — a delay that led some critics to complain of a policy vacuum in Africa’s larger economy.

She told the Financial Times that stricter enforcement of earnings collection from federal agencies and more diligent bookkeeping were the types of “micro” issues her ministry would focus on to mitigate the effects of crude prices that remain below $50 a barrel.
Her message chimes with what Mr Buhari told his new cabinet colleagues at a retreat before they were sworn in: pare down the costs of running government ministries through simple cost-saving measures such as cutting travel and the number of vehicles in convoys.
“Forget about oil — we don’t control the price of oil. That’s not where our problems lie,” Ms Adeosun said.
For years, Ms Adeosun explained, a mindset of “we have oil” meant Abuja had practically given up collecting the right amounts from other state bodies, as she rattled off a list of federal agencies she says had habitually under-reported their revenues. “Because of oil, we’ve ignored everything else,” she said.
She added that she had already begun “drilling down into the details” with ministry staff to assess how much “parastatals” — state-run or affiliated agencies — remit to the government.
She also praised the lack of pomp and circumstance at the ministerial swearing in ceremony, a sharp contrast to state ceremonies of past governments. “The programme was a piece of paper, that’s it,” she said.
Ms Adeosun was most recently finance commissioner of Ogun state, where she focused on improving fiscal oversight at state institutions. Before that she worked for Chapel Hill Denham, a Nigerian investment bank. Until her mid-30s she lived in London, where she worked for PwC in the global risk management department.

Ms Adeosun is not the first finance chief to note that a near exclusive focus on oil, which accounts for almost four-fifths of government revenues, had been poisonous for Nigeria.
Her predecessor, Ngozi Okonjo-Iweala, made a similar case at times during her tenure. But under the administration of President Goodluck Jonathan, weak oversight of oil revenues deprived the state coffers of many billions of dollars a year.
“I don’t want to say we’ve been indisciplined,” Ms Adeosun said. “But I’d say, when you have the money, you can be extravagant, flying first class instead of business [class], business instead of economy” — an acknowledgment that Nigeria’s finances are now much more precarious.
Referring to criticism from parts of Nigeria’s business community that she has considerably less experience than Ms Okonjo-Iweala, a former World Bank managing director, Ms Adeosun said her accounting background meant she had the skills to get her country’s financial house in order.
“In Nigeria we always talk about the macro issues, we always start from way up high. But we don’t pay attention to the micro ones. That’s now my job,” she said.
Mr Buhari has changed the way responsibilities are divvied up among the economic team in his cabinet. He removed the budget file from the finance ministry and gave it to the planning ministry, where he has appointed Udo Udoma, a former senator, as minister of budget and national planning.
Mr Udoma, who left his job as chairman of one of Nigeria’s largest manufacturing companies to take up the position, is joined by Okey Enelemah, the new trade, investment and industry minister. Mr Enelemah is the founder of African Capital Alliance, a Lagos-based private equity firm.

gists:

So you have indirectly admitted that you don't have any suggestion that she can implement. You can only suggest someone else that can do the job under 3 months. May I ask you what revolutionary impact/policy has the minister for industry (whom you want to take over) done in his ministry within this same period that makes you think he will do better as the minister of finance?

Don't mind him. Read the article below from 2014 to note majority of the current woes Buhari is valiantly tackling began under the PDP and the very corrupt and highly inept GEJ many of these guys worshipped, never criticised and even backed to continue in office for 4 more years. Note the comments of intelligent economists and analysts, who do this for a living, below while some charlatans continue to come here with their half-baked arguments motivated by nothing but prejudice andhatred of others. They should remind us again who failed to save when oil prices were high as highlighted in the article below if not their thieving messiah GEJ and his looting minions.They should also remind us as well who turned the power privatisation into a "come and chop" crony capitalism exercise that is only producing darkness. If the article below warns in 2014, when oil was $68.00 per barrel, warns “We’re a substantial way from the economy even starting to think about being able to recover,” is it not obvious those wanting Adeosun and buhari to perform miracles in months are not sincere and do not mean well for Nigeria? Some of these guys are very shameless.

http://www.wsj.com/articles/nigerias-tumbling-currency-a-victim-of-falling-oil-prices-1417535209

Nigeria’s Tumbling Currency a Victim of Falling Oil Prices
Highly Oil Dependent Economy Feeling the Pinch
Nigeria’s currency has fallen to record lows as the country is hit by its dependency on oil, the price of which has tumbled 40% since June.
REUTERS
By PATRICK MCGROARTY, DREW HINSHAW and JOSIE COX
Updated Dec. 2, 2014 2:20 p.m. ET
3 COMMENTS
Nigeria’s currency tumbled to a record low on Tuesday, hammered by falling oil prices that have weighed on Africa’s top economy as it heads toward an election.

Nigeria overestimated oil prices this year by a wide margin—and is now suffering. Economists fear weak oil prices may prevent Africa’s most populous nation from hitting the 7% growth the International Monetary Fund has forecast for this year.

“We’re a substantial way from the economy even starting to think about being able to recover,” said Nitesh Shah, an analyst at ETF Securities in London. “The government’s options are limited.”

Oil and natural gas make up almost all of Nigeria’s exports and 80% of government revenue, according to the IMF.

As Brent crude prices have slipped 40% since June, to $68 a barrel, the wheels have begun to come off Nigeria’s economy.

Nigeria, whose economy surpassed South Africa in April as the continent’s largest, has striven to generate revenue beyond oil. Recent years saw promising growth in booming telecommunications, banks, hotels and other service businesses.

But to sustain that growth, businesses say they need bigger ports, more highways and fewer blackouts that crimp factory production and curb tax revenue. A weaker naira will make it more expensive to build that infrastructure.

The naira slumped to 186.9 to the U.S. dollar, traders said, extending a slide that has shaved more than 10% off its value this year.

Many African countries are paying the price for counting on one commodity to drive their economies. Growth has stalled in oil-rich Angola. Falling copper prices have dented growth in Zambia. Lower iron-ore prices were hurting Guinea, Liberia and Sierra Leone even before the Ebola epidemic made things far worse.

ENLARGE
President Goodluck Jonathan, standing for re-election, has come under pressure to avoid unpopular spending cuts. As a result, the current budget of nearly $30 billion is hardly $1 billion leaner than last year’s, but the decline in oil prices has choked revenue.

In October, Nigeria—which spends a fifth of its budget on its military—borrowed an additional $1 billion to buy helicopters, fighter jets and other equipment to combat Islamist militants. On Tuesday, the insurgency Boko Haram bombed a market in one city and raided police barracks in another.

In November, the government submitted a revised budget that proposes spending cuts based on a new average oil price of $73 a barrel. But even that price could be “overly optimistic,” warned the central bank governor, Godwin Emefiele.
‘We get used to high oil prices and assume it’s going to be there forever.’
—Ken Iwelumo, former investment banker
Nigeria isn’t the only big oil producer with a wilting currency. Russia’s ruble has shed nearly half of its value against the dollar since May. Norway’s krone has dropped 17% since then, and the Canadian dollar is down 5%.

[size=14pt]But Nigeria is particularly vulnerable. Unlike its peers, it didn’t save while oil prices were high. A public fund that contained $20 billion in oil proceeds when crude prices first surged past $100 a barrel in 2008 had shrunk to $4 billion as of November.

“We get used to high oil prices and assume it’s going to be there forever,” said Ken Iwelumo, a former investment banker who now farms catfish in Nigeria.
[/size]
Economists say oil prices could stay low for months. The 12-member Organization of the Petroleum Exporting Countries, who collectively pump more than a third of the world’s oil, agreed last week to maintain a target of producing 30 million barrels a day.

Meanwhile, the country’s power-privatization program has hit snags. Investors say they can’t improve supply until the government invests $1.5 billion a year to replace a rusted-out grid of power lines.

Nigeria’s All-Shares Index fell 1.8% on Tuesday, extending a drop of almost 18% this year.

In November, Nigeria’s central bank tried to support the naira by limiting sales of the U.S. dollar. When the naira continued to drop, the central bank bought the Nigerian currency to pump up demand, traders say. The bank’s foreign-exchange reserves shrank by $2 billion and the selloff continued.

Last week, the central bank raised its benchmark interest rate by one percentage point to a record 13%. It also lowered the naira’s target trading band to around 168 against the dollar from 155 previously.

The naira is still trading outside that target. Fresh dollar sales by the central bank did little to stop its slide, traders say.

“Things are happening too quickly, too suddenly, too sharply for the average Nigerian or even analysts to process,” said Bizmark Rewane, managing director of Lagos-based Financial Derivatives Co. “We do not know what will happen.”

Sunnybobo3:


£1=N410.

You guys never fail to amuse me with your pathetic and unintelligent excuses that you think hides the glaring fact that you do not mean well for Nigeria and Buhari. Did the depreciation of Naira start under Buhari ? Stop coming here to embarrass yourself daily. you're not fooling anyone and it is crystal clear you and your ilk desperately want Buhari to fail. The article below is from 2014 when your lord and messiah , who you never criticised over the falling Naira, was President. Shame on you enemies of progress. Nigeria needs no external enemies with 'citizens' like you. Majority of the current woes Buhari is valiantly tackling began began under the PDP and the very corrupt and highly inept GEJ you worship. Not the comments of intelligent economist and analysts, who do this for a living, below while you and your kind continue to come here with your half-baked arguments motivated by nothing but your hatred of others. remind us again who failed to save when oil prices were high as highlighted in the article below if not your thieving messiah GEJ and his looting minions.Tell us as well who turned the power privatisation into a "come and chop" crony capitalism exercise that is only producing darkness. You guys are very shameless.

http://www.wsj.com/articles/nigerias-tumbling-currency-a-victim-of-falling-oil-prices-1417535209

Nigeria’s Tumbling Currency a Victim of Falling Oil Prices
Highly Oil Dependent Economy Feeling the Pinch
Nigeria’s currency has fallen to record lows as the country is hit by its dependency on oil, the price of which has tumbled 40% since June.
REUTERS
By PATRICK MCGROARTY, DREW HINSHAW and JOSIE COX
Updated Dec. 2, 2014 2:20 p.m. ET
3 COMMENTS
Nigeria’s currency tumbled to a record low on Tuesday, hammered by falling oil prices that have weighed on Africa’s top economy as it heads toward an election.

Nigeria overestimated oil prices this year by a wide margin—and is now suffering. Economists fear weak oil prices may prevent Africa’s most populous nation from hitting the 7% growth the International Monetary Fund has forecast for this year.

“We’re a substantial way from the economy even starting to think about being able to recover,” said Nitesh Shah, an analyst at ETF Securities in London. “The government’s options are limited.”

Oil and natural gas make up almost all of Nigeria’s exports and 80% of government revenue, according to the IMF.

As Brent crude prices have slipped 40% since June, to $68 a barrel, the wheels have begun to come off Nigeria’s economy.

Nigeria, whose economy surpassed South Africa in April as the continent’s largest, has striven to generate revenue beyond oil. Recent years saw promising growth in booming telecommunications, banks, hotels and other service businesses.

But to sustain that growth, businesses say they need bigger ports, more highways and fewer blackouts that crimp factory production and curb tax revenue. A weaker naira will make it more expensive to build that infrastructure.

The naira slumped to 186.9 to the U.S. dollar, traders said, extending a slide that has shaved more than 10% off its value this year.

Many African countries are paying the price for counting on one commodity to drive their economies. Growth has stalled in oil-rich Angola. Falling copper prices have dented growth in Zambia. Lower iron-ore prices were hurting Guinea, Liberia and Sierra Leone even before the Ebola epidemic made things far worse.

ENLARGE
President Goodluck Jonathan, standing for re-election, has come under pressure to avoid unpopular spending cuts. As a result, the current budget of nearly $30 billion is hardly $1 billion leaner than last year’s, but the decline in oil prices has choked revenue.

In October, Nigeria—which spends a fifth of its budget on its military—borrowed an additional $1 billion to buy helicopters, fighter jets and other equipment to combat Islamist militants. On Tuesday, the insurgency Boko Haram bombed a market in one city and raided police barracks in another.

In November, the government submitted a revised budget that proposes spending cuts based on a new average oil price of $73 a barrel. But even that price could be “overly optimistic,” warned the central bank governor, Godwin Emefiele.
‘We get used to high oil prices and assume it’s going to be there forever.’
—Ken Iwelumo, former investment banker
Nigeria isn’t the only big oil producer with a wilting currency. Russia’s ruble has shed nearly half of its value against the dollar since May. Norway’s krone has dropped 17% since then, and the Canadian dollar is down 5%.

[size=14pt]But Nigeria is particularly vulnerable. Unlike its peers, it didn’t save while oil prices were high. A public fund that contained $20 billion in oil proceeds when crude prices first surged past $100 a barrel in 2008 had shrunk to $4 billion as of November.

“We get used to high oil prices and assume it’s going to be there forever,” said Ken Iwelumo, a former investment banker who now farms catfish in Nigeria.
[/size]
Economists say oil prices could stay low for months. The 12-member Organization of the Petroleum Exporting Countries, who collectively pump more than a third of the world’s oil, agreed last week to maintain a target of producing 30 million barrels a day.

Meanwhile, the country’s power-privatization program has hit snags. Investors say they can’t improve supply until the government invests $1.5 billion a year to replace a rusted-out grid of power lines.

Nigeria’s All-Shares Index fell 1.8% on Tuesday, extending a drop of almost 18% this year.

In November, Nigeria’s central bank tried to support the naira by limiting sales of the U.S. dollar. When the naira continued to drop, the central bank bought the Nigerian currency to pump up demand, traders say. The bank’s foreign-exchange reserves shrank by $2 billion and the selloff continued.

Last week, the central bank raised its benchmark interest rate by one percentage point to a record 13%. It also lowered the naira’s target trading band to around 168 against the dollar from 155 previously.

The naira is still trading outside that target. Fresh dollar sales by the central bank did little to stop its slide, traders say.

“Things are happening too quickly, too suddenly, too sharply for the average Nigerian or even analysts to process,” said Bizmark Rewane, managing director of Lagos-based Financial Derivatives Co. “We do not know what will happen.”

DropShot:

And that's Buhari's fault?

It's his fault that our economy is oil dependent?

It's his fault that oil price has crashed?

It's his fault that Jonah couldn't build upon our foreign reserves?

It's Buhari's fault that Jonah failed to save despite unprecedented earnings?

Wailers lack capacity for critical reasoning.

Thank you. Is it Buhari's fault Nigeria remains a mono-economy pathetically dependent on crude oil sales after PDP has led for 16 years? Is it the fault of the APC that the SME sector is moribund? These guys just open their mouth to talk irritatingly in senseless ways that show they are not objective at all and do not mean well for Nigeria.

pluto04:
I didn't say that whatetever that mean. I said she has been on the post for 2 months which is not long enough to implement her ideas. She is not rssponsible for monitary policy. Emefiele is and he should be sacked. Kemi is not responsible for the oil crash or nigeria's mono economy. NOI had 8 years (obj and gej) to prepare us for a day such as this. NOI did not prepare us and it is very absurd to call for her return.

Indeed. The PDP is to blame is because the Party had been in power for 16 years from 1999 to 2015 yet indolently and woefully failed to diversify Nigeria's economy away from the unhealthy and dangerous dependence on oil that is now the bane of our economy. The entire world knows that all oil-dependent economies are in trouble currently. I really don't know why some Nigeria will want to pretend as if economic miracles are possible under these very difficult conditions. Nigeria has to gradually steady the ship and then move forward because many have warned us for years about our reliance on oil only for successive PDP Presidents to shun such warnings. The least any decent Nigerian can do is give Buhari and his appointees, like Kemi, a decent amount of time to clean up the mess instead of expecting abracadabra' in three months. More laughable, if you check their past post, is the fact that those attacking Buhari and Adeosun are the very same Nairalanders who blindly supported the PDP, NOI and GEJ, the cause of our economic problems, to carry on for 4 more years yet they want Adeosun sacked after 3 months in office. Below, from 2014, is one of the many thousands of articles warning us about the danger of depending on oil. What did GEJ, NOI and the PDP do about the constant and consistent warnings if not concoct lies and propaganda to deceive Nigerians?


https://www.facebook.com/PublicPolicy101/posts/245297668964829

The Art of Public Policy Analysis
6 January 2014 ·
SALVAGING A COLLAPSING MONO-ECONOMY
Nigerian economy is mono –product, depending largely on a single commodity-Oil. Other sectors of the economy have been relegated to the background, while the management of the Oil revenues has proven in-efficacious in driving the economy to achieve sustainable development due to gross corruption and overt ineptitude.
This scenario has serious negative implication on the nation’s development calculus, as after five decades of oil exploration activities; a good percentage of Nigerians still lives in abject poverty, unemployment is indeed pronounced and productivity is at its lowest ebb.
These avoidable circumstances need a quick salvage of possible economic diversification. It is revealed that considering Nigeria’s peculiar circumstances and the successes recorded before the advent of oil, there is need for diversification and Agriculture is a possible option. There is an urgent need for Nigeria to break loose from the current inherent problems which characterize her mono-economic structure largely dominated by Oil which will soon vanish. International price instability and unfavorable quota arrangement are also some of the problems apparently intrinsic in the economy.
The strategy expected of the stakeholders saddled with the decision making responsibility is a taut Agricultural Policy formulation and execution like the extant Agricultural transformation agenda of 2012

Agricultural transformation agenda is a sub-policy under the inglorious transformation agenda of President Goodluck Jonathan whose achievement is broad in the media and thin in reality. Nevertheless, it’s a noble effort toward achieving the internationally proclaimed millennium development goals which has become a sing song on how to make the giant of Africa one of the twenty best economic in the globe so that the big brother position in the comity of nation in Africa will be weighty.
The need to diversify the Nigeria’s economy begins with the United States of Africa as the largest single buyer of Nigerian Oil. The United States of America buys 40 per cent of Nigeria’s Oil. Yet Nigeria is the fifth supplier of Oil to the United States of America. If the Obama’s determination to expand drilling in Alaska becomes a reality, America’s need for foreign Oil will be drastically reduced. Besides, the relentless effort of the Americans’ and some other developed nations to come up with alternative sources of energy such as solar power and the use of ethanol to drive car is a negative development for Nigeria’s Oil market at the international milieu.
Even in the recent time, The Toyota Company has developed a car and truck that can do 51 kilometer per gallon of fuel or some of the newly invented Ford cars that consumes just a gallon of fuel in a 48-kilometer journey; the fuel consumption habit of the American is changing and the change is going towards a reduced fuel importation into America.
Need be for diversification to enhance job creation and survive the current prevailing global economic uncertainty, there are a lot of skilled and unskilled unemployed Nigerians with very limited industries to absorb them in owing to the Nigeria’s sickening economy. All this put together is enough to debunk the belief in some quarters that Oil is the beginning and the end of Nigeria’s economic prosperity and sustainability, because before 1956 Oloibiri Oilfield discovery, Nigeria has been doing well in the area of agriculture with the existence of Groundnut Pyramids in the North, Cocoa and Coffee in the West and Oil Palm in the East. This tripartite nature of the then Nigerian society brought about a healthy rivalry between and among the regions thereby fostering meaningful development. One of such remarkable developments was the building of the Obafemi Awolowo University Ile-Ife (formerly University of Ife) by the Western region from Cocoa Production whose glory was later ceded to the Federal Government, and thus became one of the conventional universities of the Federal Republic of Nigeria.
However, from an African perspective, there is no doubt that the development of Agriculture in the nation is intricately linked to the general economic prosperity. In other words, it’s futile to attempt to achieve overall economic development without first addressing the food security problem:
Direct government involvement in the business of agriculture, like what Aliyu Tanko from the BBC Hausa says that the Honorable Minister of Agriculture Dr Akinwumi Adesina has introduced a more transparency approach into the supply and distribution of fertilizer which has previously been marred by massive corruption.
Adesina’s intention to make many millionaires from Agriculture and the plan to make available storage (silos) facilities in every state headquarters across the country to increase domestic food supply by 20 million MT by 2015 is a promising and possible ambition.
The extant FADAMA project should be properly funded, monitored and supervised in such that money gets down to the expected quarters and siphoning or misallocation could be prevented to impact positively on the per capital income and food production in the economy.
The Nigerian government should start using the proceeds accrued from the fuel subsidy to invest heavily on Agricultural production and to create jobs in order to provide everlasting palliative measures to the harsh effect of Oil subsidy removal and ensure a viable food security mechanism.

sickstars:

Mogbe

Commissioner for finance osun state
And osun state is in a very sorry state

To minister of finance




Headies needs to award the woman as rookie of the year

Nd apc party as comedy label of d year

When you do not even know where Adeosun worked previously is it not safe to assume you are another prejudiced and biased commentator?

gists:

Right!!
We can also recall Babangida to come undo the corruption foundation mess they created.
Brilliant! If NOI couldn't do it over 5year (on her second tenure) when crude was selling over $100/barrel, is it now that it sells for less than $30 that she will do anything meaning full in less than 6 months that adeosun has been the minister.
Just think sincerely about it.

Indeed. The logic of some folks. NOI had years to make a difference and all she will now be remembered for is being the lying mouthpiece of a very corrupt and highly incompetent government. Does it make any logical sense to give such a person more time in a position she abused so badly over years or give someone new at least a fair amount of time to clean up the mess NOI and co caused? When people begin to submit argument that makes no logical sense then it becomes obvious what is motivating their inane talk.

pluto04:
NOI was a coordinating minister. She had her chance. We know what she did with that. Kemi has only been in the post for 2 months. She should also get her chance to implement her ideas. All the things you you are accusing Kemi off are actually the CBN Governors failings. He has been there since last administration and appears to be a clueless yes man. He doesn't report to Kemi. He reports to PMB. So answer to your question. Emefiele should be sacked and replaced by Soludo.

Simple.

TheArchangel:
You argue and write like a career journalist and the likes. I do not have the time to indulge, wait for your fellow career analysts. On NOI I stand again and again...who is your option, stop dodging the question. All this textbook analysis are pointless.

Another silly and rhetorical question that highlights your basic dishonesty and prejudice. What do you mean who is my option, to the extent you accuse me of "dodging the question", when I have made it crystal clear I think Adeosun, as the substantive Finance Minister in office for only 3 months, should continue and be given the chance and support to succeed? With your willingness to lie like this it is clear I am right that nothing but good old ethnic prejudice is motivating your contribution here.

TheArchangel:
I shouldn't be addressed as " you guys" for stating my opinion.
With all the tales of woes emanating from the posts that mentioned me, I am yet to see any of you mention someone who can get us out of this.

I still stand on my opinion that as NOI "got" us into this mess she as hell should be compelled to redo the wrongs on our economy. Period.

Is this a joke or just the usual nonsense talk motivated by the blind ethnic devotion to your own some of you are now famous for? So it is logical to give dangerous incompetence more time to do more damage rather than remove its harmful effects as soon as possible? I bow for the 'logic' of some of you. NOI who is a failure of many years should be given another crack of the whip yet Adeosun must be removed even when she is not 4 months in office? You guys will really struggle to hide your latent bigotry until you begin to accept that everything does not revolve around you and yours alone. I cannot even believe your argument even as I know the sentiments motivating it. NOI who, for years, looked on and lied while billions was stolen should be brought back to replace Adeosun? I ask again, are you for real?

azzima:
Some Nigerians are just plain silly. Can someone tell us where how GLOBALLY renowned and esteemed Madam Puff Puff take us?where billions are being siphoned like nothing under her watch while crude oil was $100 a barrel? Same goes to the fools shouting that a seventy something years old man is too old to rule us. Can someone remind me where our younger Mr PHD took us ?ethnic sentiments have blinded our reasonings indeed.

Thank you. Adeosun is 3 months in office and these wicked elements have been calling for her sack from day one. I even had to laugh when they proclaimed her incompetent and unfit because, according to them, she did not pose 'confidently' in a picture of her and Christine Lagarde !!!! They even began comparing the picture of Adeosun and Lagarde with that of NOI and Lagarde !!! It shows you how ethnic hatred has destroyed the soul of some people completely. Despite the mess NOI made, over several years, they back her blindly yet will not even given Adeosun a few months to get into her stride. The good thing is that this Presidency, unlike that of GEJ, will not be distracted or held to ransom by chest-beaters, terrorists and ethnic haters. Shekau, Kanu, Dasuki, Tompolo, Asari Doku-Orobo et al and their followers have already learned this expensively. Buhari and his appointees, unless he sacks them for poor performance, are going nowhere for till 2019 or 2023 and some children of hate better get used to this.

They did everything to vote in a continuation of the evil that was killing Nigeria yet, after they lost, they do not even have the basic decency to allow Buhari and his team work to repair the damage their heroes caused. Very wicked, bitter and eternally bigoted folks. look at the trhead below. Is it not pathetic? Praising an established failure of several years (NOI) over a picture and condemning a new appointee of 3 months (Adeosun) over a picture also. Who does that if not those whose heart and objectivity has been totally destroyed by hate? The way they keep hounding Adeosun, from the day she was appointed Minister, leaves no one in doubt this is about pure and unadulterated ethnic prejudice.

https://www.nairaland.com/2852613/christine-lagarde-okonjo-iweala-vs-kemi

gists:
@Gbawe,
Thank you jare. i don't even know why I dey waste my energy on the dude.
They are just sore losers.

Indeed. They are nothing but hateful elements and it has taken a principled and resolute President, i.e Buhari, to totally discredit them and show them up as nothing but emptily braggart children of hate and bigotry. They supported GEJ, NOI, Allison-Madueke et al blindly for years. Now it has been shown, beyond any shadow of doubt, that those folks totally destroyed Nigeria mercilessly over a period of several years yet they still have the audacity to be calling for the sack of Adeosun who has been Finance Minister for 3 months and trying to clean the mess their heroes caused b!! Very wicked, bitter and inhuman folks. As if the entire world does not now see through the impotent wailing of these bigots.

If these supporters of GEJ, NOI et al had any human decency in them they would be ashamed at the mess those folks created and get behind Buhari and his appointees like Adeosun. I am just grateful we are in an era of a strong Presidency where the stock of empty braggarts and enemies of progress has gone down horribly to the extent they are nothing but a butt of jokes these day only capable of impotent ultimatums and empty chest-beating. Adeosun is going nowhere and she will get a chance to get it right so haters of Northerners (Buhari) and SW folks (Adeosun) should prepare for the 2019 election. Ali Baba (GEJ) and his 40 thieves (Dasuki, NOI, Allison-Madueke et al) are not coming back any time soon. The people of Nigeria have given Buhari and Adeosun, by extension, their mandate . let haters GOD (go and die).

SeverusSnape:


You're an old man, but you always type heaps of trash.

And you are a dishonest individual for guessing the age of those you have never met. No sane or objective person, used to working with fact, does that. Bottom line is that your ilk, i.e bigoted and rabid supporters of GEJ and anyone you are ethnically affiliated with, simply do not want to see let alone acknowledge facts even a child of age 5 can appreciate. Who would ask for the sack of a finance Minister that is 3 months in office, in a globally ultra-difficult period for a mono-economy reliant on oil, if not the same IPOD sympathisers and bigots who will never give Buhari and his appointees a chance yet gleefully backed GEJ, NOI, Allison-Madueke et al blindly to continue leading Nigeria?

Do you guys have no shame or decency? I forget you are a child of hate unable to feel shame and incapable of decency. The good thing is that Buhari is a resolute President who will do what has to be done to rescue Nigeria from the damage your heroes caused while you will remain here wailing childishly and impotently.

gists:

dude, apart from the fact that they are not mono-economy like ours, what else can you tell us about their policy that you personally know that is absorbing the shock? Is it adeosun's fault that we are mono-economy?
The finance ministers (or equivalent) of those countries that you said I shouldn't mention have been in office far longer than adeosun. so what the heck is your point?
And you still have not answered the question even after all your rants. provide a solution or name someone else (if sacking is still your solution) from anywhere in the world that could have prevented/reversed our situation within the time-frame she has been in office.

Don't mind these unreasonable individuals and their hate-centred perspective. It is the same point you make I pointed out on the thread below. The irony is that you will find, if you inspect his past post, that the person you are trying to make sense to was probably a rabid supporter of GEJ and the PDP i.e those who got us into the mess we are in today that Buhari, Adeosun et al are trying to clean up.


https://www.nairaland.com/2874969/dwindling-economy-shows-buhari-not#42114816

oduastates:
The case :
The case of the sinking boat after the drunk sailor crashed and broke the boat's hull.
While some are putting in the effort and are trying to bail water out of the boat,the others are sitting and asking why you are not paddling.
SMH

Thank you. I cant stand these functional nairaland illiterates ( mainly made up of ethnic haters, SE/SS election malcontents and bitter folks) who fail to engage their brain and insist on childishly screaming "the economy" . What booming economy will any reasonable Nigerian expect right now. Fact number one : we are a mono economy with our major export being crude oil. We are and will continue to be vulnerable to oil price for the foreseeable future . It is therefore not difficult for a reasonable adult, devoid of prejudice, to note that the healthy and booming sale of crude is directly and inextricably linked to the economic success and well-being of Nigeria.

http://www.answers.com/Q/What_is_a_mono_economy

a mono-economy is a economy relying on one major export or natural resource to bring most of the currency into the country.

Fact number two is that crude oil price, due to no fault of Buhari, has gone from $110.00 per barrel under GEJ to $30.00 per barrel under our current President. this is devastating for a mono economy i.e a fall of more than 60% of the value of the export its economy is almost solely reliant on. Do some hateful Nigerians think at all and can they see what GEJ and the PDP have done that Buhari is trying to reverse?

What economic/employment/infrastructure miracles do Nigerians expect when the last government looted everything that would have enabled us to go into this difficult period in a more economically assured and insulated manner? To make matters worse, and courtesy of the PDP, we do not have the required 'buffers' that will help us survive and overcome this difficult economic downturn more easily i.e a strong SME sector, robustly diversified economy, adequate 'rainy day savings' et al.

To be honest, it is crystal clear it is only unrepentantly hateful elements , ala IPOD supporters and Boko Haram backers, who will fail to see that GEJ and the PDP are 100% to blame for our current woeful situation and that Buhari/the APC need time and support to turn things around. What makes things more tragic is the fact that it is those who fanatically supported the disastrous GEJ for a second term that are attacking and criticising Buhari childishly and unreasonably.

obailala:
Are you for real?... Are you aware that the same NOI was still the finance minister as at May 29th 2015?... Ignorance is no excuse in this matter, go and read about how bad things had already fallen as at the time of handover when oil even still selling above $60/barrel.

As at the 2nd quarter of 2015, the much touted Nigeria's GDP growth rate had already crashed to 2.3%, that's like it's lowest since 1999. Also in just a few months of the oil price crash (from November 2014 to May 2015), the Naira had crashed from about N170 to $1 to about N220. I wouldn't want to mention the steady decline in the nation's forex reserves within this same period and the fact that as at February/March 2015, even the FG had to borrow money to pay common worker's salaries. It was also within this same period that the FG could not pay subsidy arrears (since August 2014) and that led to the fuel scarcity we had in May 2015 and also the most recent fuel scarcity because even the new government delayed in paying off those debts. Now within this period in view, oil prices still sold above $60/barrel and you really think NOI was such a miracle worker?

Thank you. This is why I say some Nairaland are something else. Intelligent Nigerians, devoid of ethnic prejudice and bias, know that NOI was nothing but a glorified liar and con artist. She helped prop up the lie of "biggest economy after rebasing" while Nigeria was virtually broke and her economy had shrunk and rotted to the core to the extent the GEJ government was borrowing to pay workers salary. In fact NOI was the face behind the nationally destructive 'Ponzi scheme' the GEJ government is now famous for. I make bold to say that only hardened IPOD bigots would dare mention NOI at this point, as a solution, because it is crystal clear she is a fully complicit member of the woeful leadership crew that got Nigeria in the horrible mess she is in today.

TheArchangel:
Okonjo iweala irrespective of whatever is the best person to get us outta this problems now, you can sue her after but she understands finance and economy more that many. She just have to work without anybody harassing her for her to focus.

Are you for real? Have you been living on another planet for the past 5 years not to know that NOI is a weak-minded and unscrupulous woman who abetted and rubber-stamped all the financial impropriety and recklessness the GEJ government got away with that has now gotten Nigeria into the horrid mess she is in today? You guys are something else honestly.

omowolewa:
See, we have Minister of Budget a department under MoF but now separated from Ministry of Finance, we have coordinating person for economy.

Budget is not MoF's sole responsibility, we have inputs from different sources/MDAs, we have political policies been interpreted through budget. Remember we are just running a Zero Based Budget for the first time, a policy prescribed even before she became the honorable minister. We have human factors too
We have imported issues which we are still battling with in our nation so we have to take every point at a time.

Hers is to formulate fiscal policies of which she is still gearing on at.


(am responding because we are on social media where anybody can take you serious) Cool down

My guy, it seems like you never received the memo and that is why you are here trying to teach IPOD wailers and children of hate basic sense. No one takes those guys seriously on NL any more and they are generally ignored because everyone knows they hate Buhari and pretty much everything that moves and is not Igbo. Good luck trying to talk sense to a people only targeting Adeosun because of her ethnic group and not because of reasons which can be borne out by logic. The woman has already announced her solid and sound thinking publicly and any sensible Nairalander or Nigerian would know she cannot perform miracles for where Nigeria finds herself today courtesy of the PDP.

The irony of the matter is that these hateful elements you are wasting your time with are the same folks who supported GEJ blindly for the 5 years he was President and even gave him 100% of their votes to continue for another 4 years yet they are already preaching that Adeosun, only a few months in office, should be removed. Dude, learn what Nairaland is about lately and learn to ignore the children of hate and their impotent rants and ultimatum. Everyone who loves Nigeria is getting on with the job at hand while they are busy trying to settle scores 24/7. How will any sane or objective person ask for the removal of a finance Minister who has only being in office for three months? Is that fair or logical? This alone shows the motivation of those calling for her sack when they rabidly and blindly supported Okonjo Iweala, for many years, while she only made a big mess of Nigeria under GEJ.

What goes around comes around . Now Metuh and others will understand the saying "power is transient".

oduastates:
The case :
The case of the sinking boat after the drunk sailor crashed and broke the boat's hull.
While some are putting in the effort and are trying to bail water out of the boat,the others are sitting and asking why you are not paddling.
SMH

Thank you. I cant stand these functional nairaland illiterates ( mainly made up of ethnic haters, SE/SS election malcontents and bitter folks) who fail to engage their brain and insist on childishly screaming "the economy" . What booming economy will any reasonable Nigerian expect right now. Fact number one : we are a mono economy with our major export being crude oil. We are and will continue to be vulnerable to oil price for the foreseeable future . It is therefore not difficult for a reasonable adult, devoid of prejudice, to note that the healthy and booming sale of crude is directly and inextricably linked to the economic success and well-being of Nigeria.

http://www.answers.com/Q/What_is_a_mono_economy

a mono-economy is a economy relying on one major export or natural resource to bring most of the currency into the country.

Fact number two is that crude oil price, due to no fault of Buhari, has gone from $110.00 per barrel under GEJ to $30.00 per barrel under our current President. this is devastating for a mono economy i.e a fall of more than 60% of the value of the export its economy is almost solely reliant on. Do some hateful Nigerians think at all and can they see what GEJ and the PDP have done that Buhari is trying to reverse?

What economic/employment/infrastructure miracles do Nigerians expect when the last government looted everything that would have enabled us to go into this difficult period in a more economically assured and insulated manner? To make matters worse, and courtesy of the PDP, we do not have the required 'buffers' that will help us survive and overcome this difficult economic downturn more easily i.e a strong SME sector, robustly diversified economy, adequate 'rainy day savings' et al.

To be honest, it is crystal clear it is only unrepentantly hateful elements , ala IPOD supporters and Boko Haram backers, who will fail to see that GEJ and the PDP are 100% to blame for our current woeful situation and that Buhari/the APC need time and support to turn things around. What makes things more tragic is the fact that it is those who fanatically supported the disastrous GEJ for a second term that are attacking and criticising Buhari childishly and unreasonably.

Kastonkastroll:
I believe before this year runs out, boko haram will be history in Nigeria. The previous administration did little or nothing to decimate boko haram when it was still a ragtag group, instead everybody was busy playing politics with human lives. Accusing fingers were pointing at all the unnecessary things in this world, from the northerners want to sabotage GEJ government to buhari/APC are the sole sponsors of boko haram. And the very unfortunate thing was our ex-president believed all the hogwashes instead of putting his feet on the ground to curtail the excesses of the mauraders...

True. Also, they were too busy looting all the funds disbursed to fight Boko Haram. What we are seeing now is proof, as some of us argued, that if the sincere Presidential will is present and our army are well-equipped then Boko Haram will be defeated in the end. What may remain may be sporadic attacks that better intelligence gathering and use can curtail seriously.

Reference:
Bad, bad move. Buhari is certainly not a politician and the party, the APC will suffer for it in the long run. 'You stoop to conquer' and even if he didn't do it for Kogi, he should have done it for Bayelsa, which means for Nigeria and her polity, her nascent democracy, for the good of the game.

It is good to be principled but it is wise to be broad minded. Such is expected of leadership. Am afraid this will not endear the President to the people of the delta and give more ammunition to those who wish no well to the Nigerian project.

Mr. President...you no try for dis one atall.

I don't agree at all. Buhari has given good reasons for not congratulating Dickson and they are reasons most Nigerians will find perfectly acceptable and reasonable. Buhari prefers his Presidency to be serious and above needless frivolity. I don't see anything wrong with this and I don't really see why a President must be obligated to congratulate election winners at gubernatorial level. Buhari should congratulate other winners of Presidential elections worldwide or the winner that takes over from him. That is enough. It is not every old protocol Buhari and the APC must adhere to. The sky will not fall if this becomes the new norm.

There is too much nauseating, uneccessary and hypocritical ceremonies and pontifications attached to Nigerian politics. For example, I hate how Nigerian Senators are addressed as "Honourable" and "your excellency". What BS is that? I back this precedent Buhari has set. Too much 'owambe' nonsense with Nigerian politics while others worldwide just get on with the job at hand.

Holak:


So why did Buhari accept congratulatory message from people when he won including from Jonathan.

Buhari did not ask for their congratulation. If it is offered then Buhari would be impolite, uncouth and undiplomatic to reject it. Nonetheless this does not mean Buhari owes anybody any congratulation or that he should not do things according to his personal beliefs. If you throw me a lavish surprise Party must I do the same for you especially if I did not ask you to do it and I do not believe in the exuberant celebration of birthdays? Buhari is allowed to do things his way. A Presidency should feel free to have its own style and peculiarity especially if such is a positive development. Buhari, in my opinion, should get on with serious issues of leadership and not be congratulating every tom, di*k and Harry. The Presidency should also be a very serious and authoritative office distinct from what the PDP made it.

sammhi:

Nigeria would have become Libya or Somalia as PMB has shown that he is very rigid and quite uncompromising.. when he left in 1984 , Nigerians jubilated.. because we were fed up...hope it won't be so this time around...
life is more than eating eba ....so we have learnt from Gadafi , Syria debacle.

Buhari is allowed to set precedents that define his own Presidency as long as those are not bad or negative. The reason for Buhari's action has been explained and it is logical and perfectly acceptable to me.

“What of if he sent a congratulatory message and they go to court and the election is overturned, will he call back the congratulatory message? “This President believes that the presidency should be insulated from the conduct of elections and their outcomes,” Mohammed added.

HIGHESTPOPORI:
But he accepted congratulating message from Jonathan when he won, hypocrite!

You are merely insulting yourself because I don't waste my time discussing with IPOB wailers and children of anger. You guys are now firmly discredited to the extent only jobless folks take you seriously. Reserve your energy, gra gra and noise-making for rescuing the nitwit called Kanu. He is going to need it and congregating here daily to rant against Buhari will not help your boy. Silly nuisance.

DropShot:
Very logical reasoning. Why congratulating every winner including usurpers?

Buhari is so principled it makes you realise we would be far better off today if it were men and women like him that had led us since 1999 instead is shallow and self - serving crooks who do not deserve to be President and thus do not know how a President must act.

What Falana identified below is the crux of the matter. It is GEJ, Dasuki, Amosu et al who deserve very stiff punishment.

The government at that time sent the soldiers to the battlefield without arms and ammunition to prosecute the war. – The Goodluck Jonathan Administration deployed thousands of members of the armed forces to the north east region and forced them to fight the well-armed insurgents with weapons which were not serviceable. – The National Assembly at the time had appropriated sufficient funds for arms procurement but those funds were criminally diverted by the military authorities and their civilian cronies. – The conviction was a desperate bid to cover up the criminal negligence of the military authorities.

7lives:


This Dasukigate opened my eyes to see that majority of Nigerians no longer see anything wrong in stealing, no wonder their father said stealing is not corruption.
Who ever have ears let him listen, while Nigerians holds endless night vigils praying against imaginary witches and wizard, something more deadlier was spreading faster than virus, thank God for baba or corruption would have indeed kill Nigeria.

True. Very sad to see the the basic morals and sense of right and wrong of many Nigerians is now compromised. The destruction of Nigerian lives and property these crooks caused alone is horrible talk less of the many individuals and families displaced today because of the wicked and very callous looting of these heartless men. All attempts should be made to make them pay for their wrongdoings because it was not thousands of chickens that were killed due to the action of these guys but Nigerian men, women and children.

PassingShot:

Do you have any evidence to the allegation or you're just blabbing?

Just to educate you, the Senate President confirmed that the budget submitted by PMB was never tampered with; but that a different version was distributed by Enang.

2023 is still far; very far indeed!

Best to always ignore that joker same as many do here. People like him take bigotry and bias to a whole new nauseating level. They clannishly and blindly supported GEJ and every evil associated with him and now automatically oppose everything Buhari does even if such is the noble action of trying to prosecute those who caused the death of thousands and thousands of Nigerians. I don't have time to respond to folks like that as they are too prejudiced to ever see/talk sense. They usually never change either.

Sall:
Am really worried for the President because this people will surely fight back.

Yes and Buhari would/should be prepared for that. Ignoring their crimes/wrongdoing is not an option for Nigeria.

Tolexander:
what you need doing as a patriotic Nigerian is to pray for the success and not "boomeranging".

Indeed. Of course we know these are all powerful men but we must support Buhari to do whatever must be done to bring them to justice, cleanse the army and prevent this ever happening again. These wicked men, by commission and omission, made Boko Haram what it is today. Many fine soldiers and innocent Nigerians died because of the actions/inactions of these men and I don't see how a President with a good heart will allow these guys to simply walk away however powerful they are.

talktonase:
Won't be surprised if this will have a boomerang effect on buu buu!

"Evil thrive when good men do nothing". Buhari, as a very good man, has decided he cannot simply watch and do nothing over information at his disposal which shows how some folks, because of sheer greed, directly caused the death of many Nigerians. I am behind Buhari 100%. Sometimes in life you are left with no option but confrontation.

modath:


Anyone that can't reconcile #armsgate, has lost his/her sense of reasoning & humanity... wailing about persecution & ethnic/tribal divide should look at this little boy's face!!


He was killed in one of the crashes of faulty air force planes!!

Some people's hell will be custom made specially for them!! Thieves & serial killers dem

http://www.metronaija.com/2015/09/photos-4-years-old-boy-that-died-in.html?m=1!

http://www.stelladimokokorkus.com/2015/09/jesse-ajane-was-one-of-victim-of-air.html?m=1

https://www.nairaland.com/2567938/4-year-old-boy-died-kaduna-plane

Indeed.