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Jerrybabasam's Posts

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Politics / Re: Bandits Convert Classrooms To Hideout In Zamfara by jerrybabasam: 8:08am On Sep 08, 2021
The next uprising will start from the north because that part of Nigeria have for a long time used religion to subdued the fundamental right of youths in their region. This is the result we are getting today which have increased the level of insecurity in all part of Nigeria. Bandits, Fulani Herdsmen, Gunmen, Boko Haram and so on.. May God save Nigeria
Jobs/Vacancies / Re: What Is The Highest Salary You Have Ever Received by jerrybabasam: 10:38pm On Sep 06, 2021
I never worked for salary, I never received salary aside NYSC allowance back in 2007

2 Likes

TV/Movies / Re: Tega Evicted From The Big Brother House by jerrybabasam: 7:16pm On Sep 05, 2021
She should go and take care of her child. If her husband take her back that's his problem because I don't know why some people are taking parasitamol for another person's headache.
Politics / Re: If You Could Change One Thing About Nigeria, What Would You Change? by jerrybabasam: 7:55pm On Sep 02, 2021
Now Buhari
Sports / Re: Manchester City's Benjamin Mendy To Spend Two Weeks In Prison by jerrybabasam: 2:08pm On Aug 27, 2021
Black men will not respect themselves in a society that priorities women issues ahead of men. Anyway CONJI na bastard. You just have respect yourself always.

5 Likes

Politics / Re: Operation Hadin Kai: MNJTF Foil Terrorists Attack On Yobe Town, Recover Weapons by jerrybabasam: 9:32am On Aug 26, 2021
Until Nigeria government disclose the sponsors of Terrorist in the country, no insane person will take the news of foiling attacks from terrorists serious again.

2 Likes

Politics / Re: Hadi Sirika: Nigeria To Start Production Of Airplanes Before 2023 by jerrybabasam: 9:27am On Aug 26, 2021
That will be 21st wonder of the world . We are watching!
Politics / Re: FRSC, Fiscal Commission Disagree Over Remittance Of ₦5.1 Billion by jerrybabasam: 9:25am On Aug 26, 2021
Buhari administration is just clueless and heartless. Lawlessness have taken over Nigeria, Army, Police, Bandits, Herdsmen, Gunmen Ipob and so on
Politics / Re: Muhammed Dingyadi: Do Not Pick Up Arms To Defend Yourselves, Report To Police by jerrybabasam: 1:52pm On Aug 25, 2021
This is one of the clueless talks that are associated with this APChit government.
Romance / Re: Men, Why Do You Cheat On Your Partner? by jerrybabasam: 1:48pm On Aug 25, 2021
Just go and study male animals you will get your answer holistically.

1 Like

Politics / Re: Court Refuses To Restrain NPF, AGF From Arresting, Extraditing DCP Abba Kyari by jerrybabasam: 11:08pm On Aug 19, 2021
2021 is an interesting year, Abba Kyari is putting APC and Nigeria to shame while Joe Biden is putting Democrats and America to shame. Parties of devilish people

4 Likes

Nairaland / General / Re: What Is That Thing That No Amount Of Peer Pressure Can Make You Do? by jerrybabasam: 11:22am On Aug 19, 2021
Smoking in any form God forbid

1 Like

Politics / Re: 54 Soldiers Jailed For Demanding Better Arms, Regain Freedom After 7 Years by jerrybabasam: 11:26am On Aug 18, 2021
This was one of the reasons people faulted the government of President Jonathan, but it is clear that GEJ is far better than Buhari.
Politics / Re: Sylva: Jonathan Packaged, Handed Over A Broken Economy To Buhari In 2015 by jerrybabasam: 7:51am On Aug 06, 2021
ANALYSIS: Six years in office, Buhari fails to deliver on economy
With just two years been left, the administration has performed terribly on seven key economic parameters.
ByOladeinde Olawoyin June 1, 2021 5 min read
When the presidential campaign of the All Progressives Congress, APC, was formally inaugurated in January 2015, then candidate Muhammadu Buhari promised to tackle corruption and insecurity, and develop the economy.

Mr Buhari, a former military head of state, told members of the party at the Adokiye Amasiemeka Stadium in Port Harcourt, capital of Rivers State, that he would pick competent hands to run the nation’s economy, which he said was in poor shape.

“The fundamental issue facing this country is insecurity and the problem of economy which was being made worse by corruption. I assure you that we are going to finally assemble a competent team of Nigerians to efficiently manage the country,” he said.

“I am appealing to you, the damage done to this country is great. The level of unemployment, level of insecurity is intolerable. The journey has begun. It will take time, it will take patience, it will take support from you to make sure that we succeed.

“Let us make sure that our votes count. The problem we are facing today is the problem of security and economy. We have gathered competent hands to manage the economy and tackle insecurity.”

Saturday, May 29, marked six years since Mr Buhari took power as Nigeria’s president, after defeating former president Goodluck Jonathan in 2015 and winning re-election in 2019. He has just two years left to complete two maximum four-year terms.


Former Nigerian president, Goodluck Ebele Jonathan
Former Nigerian president, Goodluck Ebele Jonathan
His six-year reign as president has seen the nation wriggle through numerous economic challenges, with inflation and unemployment at worse levels than he met them. On a comprehensive note, how has the economy performed under this administration?

Inflation
Prior to 2015, the nation inflation rates remained at single digit––even as analysts opined at the time that it was high. For instance, in the whole of 2014, the nation’s rate of inflation moved between 7.7%, which was the lowest, to the highest point of 8.5%.

In 2015 when Mr Buhari took over power, inflation rate averaged 9%.

In recent years, the nation has seen a persistent surge in inflation rates, reaching the highest levels in four years. Data released by the statistics bureau has shown that Nigeria’s inflation rate has since skyrocketed amid increase in food prices and poor purchasing power.

In March 2021, inflation rose to 18.17% from 17.33% recorded in February 2021. This represented 0.82% points higher than the February figures, according to the Consumer Price Index report released by the National Bureau of Statistics (NBS).

In April, however, the bureau said inflation rate stood at 18.12 per cent.

TEXEM

Food Prices
A key element of inflation in Nigeria in recent years is the skyrocketed prices of food and related goods and services.

In February, this newspaper reported that Nigeria’s food inflation rose to the highest level since 2008, a sombre illustration of the crisis the nation’s food sector has faced, with millions of poor citizens struggling daily to buy food at exorbitant rates.

Food inflation climbed to 20.57 percent year-on-year in January 2021, according to data released by the Bureau of Statistics, making it the highest in over 11 years.

Nigeria has seen one of its longest inflationary streaks in recent months, amid border closures and a blockade of southern Nigeria.

Analysts blame the rise in food prices on COVID-19 pandemic disruptions, dollar shortages, and lingering restrictions on imports of certain food items even after the nation reopened its borders. Another factor is the incessant attacks on farmers, which has caused shortages of goods.


Unemployment
A key element of the Buhari-Osinbajo campaign mantra in 2015 was job creation.

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When the administration took over power in the second quarter of 2015, unemployment rate rose to 9.9% in the third quarter of that year from 8.2% in the second quarter, according to the National Bureau of Statistics (NBS).

Since then, unemployment, poverty and economic disempowerment have remained a disturbing feature of the Nigerian life.

Between May 2015 and May 2021, Nigeria’s unemployment rate has more than tripled.

In March, the nation’s statistics bureau reported that Nigeria’s unemployment rate rose to 33.3 per cent, translating to some 23.2 million people, the highest in at least 13 years and the second-highest rate in the world.

The figure jumped from 27.1 per cent recorded in the second quarter amidst Nigeria’s lingering economic crisis made worse by the coronavirus pandemic.

Unemployment rate in the country has more than quadrupled since the economy slipped into recessions, first, in 2015, and later in 2020.

The federal government in its Economic Sustainability Plan had predicted that the rate of unemployment would rise to 33.6 per cent at the end of 2020 if urgent steps were not taken.

GDP and Recession
Between May 2015 and now, the Nigerian economy has fallen into recession, twice.

The economy fell into recession, first, in 2016 when the economy contracted 2.06% between April and June. The country saw two consecutive quarters of declining growth, the usual definition of recession, when its vital oil industry was hit by weaker global prices. Among other concerns, analysts blamed Mr Buhari’s failure to initiate an economic roadmap and constitute a cabinet for the economic recession.

Again in 2020, Nigeria slipped into a recession after its gross domestic product contracted for the second consecutive quarter, according to data released by the nation’s statistics bureau. The data also showed the impact of the COVID-19 pandemic and low oil prices on economic output.


Meanwhile, the GDP growth rate put at 2.3% before 2015 has since slowed, now averaging 1.01%.

Naira
In November 2015, six months after Mr Buhari took over as president, the naira sold against the dollar at N197.

Between then and now, the Nigerian unit has gone through ceaseless devaluation, with two of such exercises occurring in 2020 alone.

Last week, the Central Bank of Nigeria adopted the Nafex rate as the government’s official exchange rate for the naira, effectively devaluing the currency yet again by 7.6 per cent.

Central Bank of Nigeria on the need for a Trade Remedies Legislation
Central Bank of Nigeria (CBN)
The naira had official been placed at a fixed rate of 379.

The currency exchanged 410.25 for a dollar on the relatively flexible Nafex or Investors and Exporters window, almost two weeks after the CBN erased from its website the exchange rate that for about a year was seen as the government’s official rate.

In March, the CBN had denied devaluing the naira after the Minister of Finance, Zainab Ahmed, said the government had adopted the Nafex rate used by investors and exporters.

The move was part of the government’s resolve to harmonise the nation’s multiple exchange rates.

The reduced value of the local unit has had effect on investment as much as it has impacted local businesses and manufacturing outfits.

Earlier on Sunday, Garba Shehu, presidential spokesperson, said the naira is in the “best possible health it can be, given the circumstances we are in”. Mr Shehu explained that the COVID-19 pandemic has negatively affected the global economy, and “only the Nigerian economy is recording ‘positive growth’ in Africa”.

Foreign Exchange Policy
The nation’s foreign exchange policy has been riddled with uncertainties, especially in recent months, largely due to the incoherence in policy appreciation on the parts of the Central Bank of Nigeria (CBN) and the Ministry of Finance.

For instance in March, Nigeria’s finance minister, Zainab Ahmed, stirred controversies when she said that Nigeria had adopted a new flexible exchange rate policy for official transactions, a claim the Central Bank of Nigeria swiftly denied.

Minister of Finance, Zainab Ahmed 1
Minister of Finance, Zainab Ahmed (PHOTO CREDIT: Official Twitter Handle)
The development raised concerns among investors and analysts, with many opining that the uncertainties could undermine investment.

In the same vein, people have mixed feelings about the nation’s foreign exchange management policy, with many flaying the government over its numerous restrictions and other transparency concerns in forex allocation to Bureau de change operators and other high-profile individuals by the CBN.

Debt
The nation’s debt profile has risen considerably since Mr Buhari took over power, as budgetary proposals have been designed considerably around debts.

According to the Debt Management Office (DMO), Nigeria’s debt profile stood at N12.12 trillion as of June 2015, shortly after Mr Buhari took office.

In March, the Debt Management Office (DMO) said Nigeria’s total public debt as at December 31, 2020 was N32.915 Trillion. The figures include the Debt Stock of the Federal and State Governments, as well as, the Federal Capital Territory.

DMO said after Nigeria exited recession in 2017, the level of new borrowing by the Nigerian government had been declining as part of the government’s measures to moderate the rate of growth in the public debt stock in order to ensure debt sustainability. It added that new borrowing to part finance budget deficits “had declined steadily from N2.36 Trillion in 2017 to: N2.01 Trillion in 2018, N1.61 Trillion in 2019 and N1.59 Trillion in the first 2020 Appropriation Act.”

However, the DMO admitted that the trend was reversed in 2020 due to the economic and social impact of the COVID-19 Pandemic as new borrowing in the revised 2020 Appropriation Act was N4.20 Trillion. It argued that “many countries including the advanced countries also increased their level of borrowing as a result of COVID-19.”

Analysts have however argued that the level of borrowing could prove unsustainable, especially if premium is placed not only on the nation’s debt-to-GDP ratio, but its worrisome debt-to-recovery
Copied from© 2020 The Premium Times
Properties / Re: Chinonso Uba's Ezeacho Hotel, House, Shops Burnt In Imo, 2 Feared Killed by jerrybabasam: 10:09am On Aug 02, 2021
There was a country called Nigeria
Politics / Re: Ali Kachalla: Unveiling The Zamfara Terror Kingpin Who Downed NAF Jet by jerrybabasam: 10:06am On Aug 02, 2021
Ali Kachalla is part of their agenda. If someone who's not raised weapon against the state can be bombarded and humiliated in the dead of the night, that will tell you the kind of people that are handling the affairs of Nigeria. Republic of cow??

5 Likes 1 Share

Travel / Re: Slay Queen Embarrassed By Bolt Driver For Not Paying, Boyfriend Couldn't Show Up by jerrybabasam: 10:00am On Aug 02, 2021
Most of these ladies are parasites and bunch of destiny killers

8 Likes 1 Share

Politics / Re: 2023: I Don’t Know What Record Yahaya Bello Will Campaign With – Sagay by jerrybabasam: 6:44am On Jul 01, 2021
Maybe he is thinking and believe that he will use Helicopters to do the needful as in the case of Dino Melaye, but he has forgotten that Nigeria is too big to be fooled again. Never again will Nigerians be rule by power drunk again.
Politics / Re: Mbaka Waits In Vain As DSS Fails To Show Up With Summons by jerrybabasam: 10:11pm On Jun 09, 2021
It's unfortunate that most of clergy men didn't hear from God Almighty before they threw their support to the electioneering of Gen Buhari. He became president of Nigeria before their vision got cleared. Now both the sheep and shepherds are suffering from the demonic government. May God in His infinite mercy save Nigeria!

2 Likes

Politics / Re: Twitter Ban Is An Attack On Freedom Of Speech - Kadaria Ahmed (Radio Now) by jerrybabasam: 9:31pm On Jun 07, 2021
This Buhari administration will go down as the most clueless government in the history of Nigeria. The only government that undertakes action before reasoning.

11 Likes

Nairaland / General / Re: How Buhari Stopped Monguno’s $2.5bn Arms Deal With Dubai Merchants - The Cable by jerrybabasam: 3:32pm On Mar 18, 2021
Jesus said it's finished!!! Nigeria
Nairaland / General / Re: How Buhari Stopped Monguno’s $2.5bn Arms Deal With Dubai Merchants - The Cable by jerrybabasam: 3:30pm On Mar 18, 2021
The verbal words have started emanating, from all indications, there is pure element of Truth in what Gen. Munguno alleged against Gen. Buratai. Nigerians now see the reason why ambassadorial posts were given to the former service chiefs. Any deal from government agencies I believe the attorney general will be the one to draft the deal agreement. ?? The cabasl will do everything possible to tannish the image of NSA so that Nigerians will not believe anything emanating from his office. To ba fa Gburu, Gburu a fagbo. (if you touch one of the cabals others will unleash their weapons on you)
Business / Re: Access Bank To Shut Down 346 Banks Nationwide (List) by jerrybabasam: 5:00am On May 03, 2020
One of my friends who works in Access Bank started showing attitude towards me just because i was relating scenario happening in Oil companies downsizing their staffs after 3 weeks of lockdown. That this lockdown will lead to so many job loss but instead of him to reason with me he turned me to his enemy now his branch is among the listed to be closed down.
Literature / Re: What Is The Most Difficult Book You've Ever Read? by jerrybabasam: 5:47pm On Jan 17, 2019
Macbeth by William Shakespeare
Properties / Re: Help Me Before Termites Collapse My Building by jerrybabasam: 8:49am On Nov 27, 2018
You can get termite wipe off from your building by applying SOLIGNUM mix with KEROSENE / BLACK OIL . Just go to the building materials market and buy the SOLIGNUM and spray it to the entire Rafters .After spraying stay away from the building for 2 to 3 days for safety. Good luck!
Crime / Re: Nigerian Scammer, Bayo Awonorin Extradited To UK Over £12M Money Laundry by jerrybabasam: 11:26am On Sep 15, 2018
phoenix90:
Na dem. Awon 'red mud housing', school of digital skull mining and international crime syndicates. We Yorubas hereby accept that the Igbos are the greatest tribe ever on earth. grin grin

EVANS People the greatest!!!
Politics / Re: Nigeria Economy Rated Best In Africa By Forbes-see Link by jerrybabasam: 1:25pm On Sep 12, 2018
Buterflyle0:


Copy and paste people who do not think for themselves or ask for help to understand what they do not know is who you are
It is unfortunate that you have resulted to insulting
people for saying their opinions . Meanwhile it's not your own fault just because you are emulating the people that mentored you.

2 Likes

Politics / Re: Nigeria Economy Rated Best In Africa By Forbes-see Link by jerrybabasam: 7:28am On Sep 12, 2018
I can't believe Forbes anymore.

3 Likes

Politics / Re: Nigeria Economy Rated Best In Africa By Forbes-see Link by jerrybabasam: 7:26am On Sep 12, 2018
Are the people at Forbes alright ?

2 Likes

Religion / Re: Father Mbaka Attacks Buhari: 'Disaster Is Coming, Angels Warming Up For You' by jerrybabasam: 9:17pm On Jul 22, 2018
I think Father Mbaka make similar statement against. Jonathan in 2014 but then Apc followers were happy because he spoke against their supposedly enemy. Now the government of the day must swallow their pride and prepare for future disasters that await them. Nigeria is bigger than Buhari and Propaganda
Education / Re: JAMB: Exam Body Remits N7.8b To FG by jerrybabasam: 5:20pm On Jul 22, 2018
A government that suppose to offer free education are making profit from her citizens. What a misplace of priorities!

2 Likes 2 Shares

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