₦airaland Forum

Sh.it that make me lose hope in mankind.

Those saying it is a black thing should know that in history whites did worse. It is a human thing not specifically a race thing.

-Lord

@OP, blaming APC makes you worse that the APC supporters. Because it means if someone told you to put your hands inside a blue flame, but told you it does not burn, you would do so without finding out for yourself if the person is right.

All of you that regret voting for PMB should stop the regret. Live with your decision.

Because if PMB starts performing tomorrow, you guys would switch camps immediately. You guys are the problem with Nigeria. Irresponsible adults behaving like kids.

-Lord

According to traditional belief, the Ooni is a god. Of course, he can choose to pay allegiance to another god. That is the prerogative of the Ooni.

The angle from which the critics are coming is that the Ooni chose to pay allegiance to an Hebrew God rather than a god in the Yoruba pantheon of deities. Which should raise eyebrows because there are over 100 deities in the Yoruba pantheon.

Christians should not quote me. The Oba of Benin will not kneel in a church because he does not pay allegiance to the Hebrew God. Call him diabolical or not. He chose core tradition and he has as much if not more right to his belief than you do.

-Lord

baralatie:

and the solution is...........

Sound economic policies by PMB.

-Lord

baralatie:
I now one thing PMB does not need to defend the naira like the era of GEJ.that $29bn is the lifeline he has.he loooses it and you will be the first to call for Hus head!
Now do you know how the finance minister Arrived at that "high" $10bn borrowing.Gej was borrowing $5bn to fulfill the fed budget.
I agree that PMB inaction or non participation in economic solutions cost him a little but I still stick to my calculations.
PMB does not have to spend the reserve and yet the success of the economy and its economic solutions are staring in his favour both in the short term and long term.
it will be as if Nigeria was never on oil.
simple

1. There is no way a man like PMB and his economic team will lose $29b without anything happening, if he adopts a calculated course of action. If you think so, then you own Nigerians an apology for voting PMB, because PMB was not elected to warm the seat, he was elected to take tough decisions and get Nigeria working against significant odds.

2. GEJ was borrowing to push Nigeria's growth. PMB is borrowing to keep Nigeria afloat.

He should act. If he is not acting, there should be viable explanations why. Fighting corruption does not count as a viable explanation. Neither does blaming the past administration or oil price fall.

-Lord

obailala:
Just like I said, this one is the worst because there are no saved funds to wedge the effects of the fall. I'm yet to know what this lifeline you talk about is, could it be massive borrowing?

It's either that you aren't reading my comments or you are feigning ignorance.

I am no economist, so I do not claim to know the answer. However, you would expect that a man who had been vying to the top spot for 12 years would have a blueprint. From the looks of things, he doesn't. And that is worrying.

There are enough funds. There is still revenue. The Nigerian economy is more diversified now than it was in 2008. We have a decent debt profile so we can borrow modestly. And we have a government that claims to be more accountable.

We have the raw materials, the only thing that is missing is enlightened action from PMB.

The excuse of the savings not been enough is lame.

-Lord

obailala:
I'm glad you also appreciate the fact that looting also happened under Yaradua and OBJ, but the difference is clear from a thousand miles away; there was looting, yet they were able to save massively even though they earned less revenue on the average than GEJ's reign.

Based on what indices exactly did you come to the conclusion that PDP handled the economy better?... You obviously do not know how bad things had degenerated to by the time PDP was handing over to the APC. Please dont tell me you're also in the category of those people who claim that the exchange rate was N198 as at May 29th?... May I inform you that the nation was at ground zero as at the time PDP handed over, APC has just been struggling to prevent the nation from falling off the cliff.

As at the end of the 2Q 2015, the nation's GDP growth rate had fallen to about 2.35% (it even improved against all odds in the 3Q to about 2.8%). Exchange rate was about N251 to a dollar as at May (many didnt know this), it was afterwards the CBN had to start the draconian forex restriction to wedge the fall of the naira. The forex restrictions helped at the initial stages but it no longer seems to be effective any longer. Are you also aware of all the debts left for the present administration (including the fuel subsidies since August last year)?..... Or is it the fact that the FG had to borrow to pay salaries of workers late last year and early this year?.... Please tell me exactly on what basis of comparison did you arrive at the conclusion that the PDP managed the economy better than an APC which is yet to even see an economy?

You are been inaccurate and exaggerating a lot. Nigeria was not at ground zero when PDP handed over. If it was so then Nigeria is currently at minus digits now. The amount of job loss, owed salaries, capital flight, and dwindling business is monumental. These are the indices I am using.

Why GEJ did not save a lot is because it takes money to drive an economy. Nigeria was running at an average of 6 percent growth rate and we are very close to achieving our goal of being among the top 20 by 2020 (tell me Nigeria's economic ranking currently compared to 2010?).

About the debt. Everybody owes, and it is why economics is not arithmetic. You need sound policies. You don't just pay those who owe you because there is money available. There are multiple needs for the money.

The GEJ administration has been averse to the idea of subsidy. We also know that the marketers are ingenuous. So you can understand that when prices started falling in August 2014, the government knew that we had more pressing challenges than paying a bunch of hapless businessmen with disturbing intentions. The GEJ government should be lauded for that call.

Also, the current government would still borrow to pay salaries so I fail to see your logic about GEJ borrowing to pay salaries.

Moreover, I will be fair to not judge PMB by 6 months of ruling. So I reserve my verdict.

My gripes are:
1. Do not blame oil prices and GEJ's government.
2. Stop being inactive. Do something.

-Lord

obailala:
Oh yes that's right, a miracle overturn is not feasible. Without any other 'immediate' source of income, I'm afraid the trend would continue a bit longer till maybe around N350 to a dollar . The CBN may finally even decide to officially devalue the naira massively.

And yeah, nobody is here to blame GEJ for the present problems, GEJ is already a past issue and we should naturally be looking forward. However I personally get annoyed when the issue of the falling naira is mentioned and people immediately swoop into the room raining insults at buhari even when it is clear that the major problem is the oil price which has just fallen to an 11-year low. Now it is okay for Nigerians to call out the government in times like this, but I find it even more annoying that the very people with the loudest voice in this criticism are worshippers of GEJ; a man who happens to be the one who squandered the only lifeline which would have gotten Nigeria out of this mess quickly.

..and yes, contrary to your assertion, this is actually the worst case of oil price fall for Nigeria because there is absolutely no lifeline to wedge it.

1. It is not the worst fall in 11 years. Prices fell from $145 to $32 in 2008.

2. There is a lifeline. The shocker is that PMB has chosen not to use it. So this is not the worst. In addition, the fall in 2008 was accompanied by the global financial crisis and the fall was the sharpest in recent history (between June and December of the same year). The current fall from around $110 to $35 was between August 2014 and November 2015.

-Lord

baralatie:
let us look at what you just said
1,$29bn is what Nigeria has now as a result of oil backlog savings.
2,you are suggesting Nigeria to spend the while $29bn HOPING that in 2017 oil price will get back up
3,at the end of 2017,Nigeria has $0 and cannot sustain its economy and it has to borrow and consequentially becomes like Greece.


like I said the above is not even a solution when you are looking to diversify your economy.
in short the above plan puts you into economic slavery!

It is conclusions like this that make people say APC supporters are zombies (sorry if that hurt you).

The nation has been on autopilot, that is why the reserve is still at $29b currently.

In no where did I say, all $29b should be used. There should be controlled borrowing, but not the kind of frivolous borrowing Adeosun is projecting.

Nigeria is still making revenues. PMB should do more to assure that our producing capacity increases back (I'm sure you heard the news that Angola has overtaken us as the largest oil producer in Africa).

Then he should impress on the state governments to pay their workers timely. This will improve current spending rate and keep more businesses open and in extension keep people from losing their jobs.

Then he should steer clear of Capital-intensive projects and focus more on projects that are nearing completion (I don't mean the "we will" shi.t that Fashola is doing).

I'm no economist, but I do know when there is a will there is a way. As I have said repeatedly on the forum, APC has a unique chance to make history in Nigeria. But they are making a mess of their opportunity.

People respect you more when you help in time of difficulty than when you feed them in time of plenty. Inaction is an expensive gamble that might cost this country a lot if it backfires and certainly PMB's and many APC party chieftain political careers if things backfire.

GEJ and PDP did what they could. They were not perfect and they made mistakes. PDP has made apologies time without number and have currently tried to be constructive. Even Nigerians have moved on from that. We are now at a stage where APC has to prove itself, and right now, they have failed woefully.

-Lord

obailala:
You wanted Buhari to step down and allow GEJ and his crew send us to helll?... God forbid you and your ideas.

Fact remains that a lot of savings are required to wedge the economy in times of trouble. OBJ saved, Yaradua saved and the moneys they saved got Nigeria out of a similar mess in 2008.

Now a GEJ who was also a part of that same PDP and who should have known the importance of saving for the rainy day decided to sleep on duty while charlatans like Dasuki was sharing billions, and you hereby have the effrontery to blame a new administration which kicked GEJ out and saved Nigeria from an impending doom?... You blame them for not being able to do anything even when you agree with me that the moneys that should have been used was squandered by their careless predecessors?... nna na wa for u oh!

I have never condoned the corruption under GEJ. Also, most of the money Dasuki shared was the returned Abacha loot (the same Abacha PMB said did not steal). And by the way looting progressed under the OBJ and Yaradua administration that you are now applauding. So close the issue of looting.

To the issue at hand. Oil started falling in August till May when GEJ handed over. That's 9 months. And the economy held steady. It's 6 months since PMB took over, and the economy is in tatters.

The fact is the PDP governments handled the economy better than the APC government.

-Lord

baralatie:
this your solution will just put us into the same trouble that hit Greece!
it is not a solution at all!

Greece is very different. Oil does not make up 90% of Greece's revenue. Oil price will improve by this time next year.

So, the issue is to weather the storm till it passes. And I believe with sound economic policies, we can do exactly that. Our reserve still hovers at about $29b.

The fact is that if we choose inaction over pro-action. Should things not get better in the short term, the pressure will grow too much that the next hit will be like hurricane katrina and paralyze the economy.

PMB is taking a huge risk with his inaction. He's hoping on his Sunni brothers in Saudi Arabia to do the right thing in the short term, forgetting that those guys have over $700b in reserves.

As they say, Delay is dangerous.

-Lord

obailala:
Truth is, there's absolutely no miracle that can be done to turn things around at least in the short term.

#I've got no idea why this topic was moved to Culture

No sensible person is asking for a miracle overturn. What everyone is asking for is a break of the fall.

And I entered this discussion because APC erroneously want to peg the blame on GEJ and falling oil price as if it is the first time or the worst fall in history.

Currently, the banks do not need bailout, in 2008 they did, so you can understand why $20b was used to cushion the economy in 2008 and why we do not need that much in 2015.

The current practice of an official exchange rate and controlled dollar use is a relic of the GEJ administration. What novel idea has the PMB administration initiated to cushion the slumping economy? Enlighten me!

-Lord

obailala:
Why would't Nigerian youths just read? instead they choose to base all arguments on flimsy hearsays?

In 2008, oil prices fell from $147/barrel to $38/barrel but Nigeria was able to survive it beause $20 billion from Nigeria's foreign exchange reserve was used to wedge the effect of the global economic crisis in 2008. The Nigerian foreign reserves dropped from $62 billion in mid-2008 to $42 billion in 2009. Such a massive bailout from the reserves could also be risked because a further $20 billion was stashed as savings in the ECA account. And and all that was a combination of savings made by (the useless) OBJ's regime and about $20 billion which was saved by Yaradua in just about 1 year when oil prices skyrocketted.

http://www.edinburghjournalisminternational.com/business-finance/why-nigeria-largely-escaped-the-global-financial-crisis.html


Now contrary to the erroneous figure you stated above, GEJ after reigning over the the highest average oil prices of above $100//barrel for his 5 year reign, he succeeded in squandering the foreign reserves to $29.1 billion as at May 29th 2015 when he handed over.
http://www.cenbank.org/intops/Reserve.asp
https://www.naij.com/483629-nigerian-foreign-reserves-increases-in-just-one-month.html

May I also add that we no longer had the $20 billion savings stashed in the ECA account by the time GEJ was leaving office.

So for the love of God, what exactly are you talking about?... with what money do you expect the present regime to wedge the effect of the oil price crash?... Is it with the remaining reserve of less than $30billion dollars?

From the shit you wrote. You accept that the 2008 financial crisis and oil price fall was well managed by a PDP government run by Yaradua in which GEJ was the VP. Which is not something your APC masters have been saying.

You also stated that about $20b was used to cushion the crisis. And oil did fall from a high of $145 to $32 in 2008 https://en.m.wikipedia.org/wiki/World_oil_market_chronology_from_2003.

The GEJ government had been using the reserve to wedge the economy since August 2014 when the last peak was recorded. The reserve as at December 2014 was $34.2b. And the ECA of $20b is irrelevant in this discussion because it was not used in 2008. And by the way, $2b was left in the account as against the statement that you said it has been squandered.

Now to your question. $29.1b is sufficient to wedge the effects of the slumping oil prices. If PMB knew it would not be enough, why did he not step down from the race?

-Lord

I will wait for full details before I make my comment. But if it is true, then RIP to the dead.

You can never be too careful in Nigeria. The media is a circus these days.

-Lord

EternalTruths:
Instead of Buhari to kill the lust the North has for Southern oil, he made himself petroleum minister and invested 35billion naira in searching for oil in the North.
Penny wise pounds foolish

And the idiot said the victorious U-17 team players deserve only N150,000 per person, because N750,000 is too much. Big fool! How much does Zahra Buhari spend in a week that $3500 is too much for someone that represented Nigeria in an international competition and came home with the golden trophy.

And while we are at that, the foolish fool called Fashola wants to introduce toll on dilapidated federal roads and increase electricity tariff by 40% when some workers in some states have not been paid in 13 months. While the DULLARD PMB is nodding his head.

And blind mor.ons like the one I quoted in my previous reply will have the effrontery to shift the blame to oil prices and GEJ's government. Why on earth will any sane person increase the cost of living when the economy is at its direst moment?

Let's not get started on the finance minister who wants to borrow $3b in ONE year from external sources when OBJ, YARADUA and GEJ borrowed $7b from external sources in TEN years.

Or the deranged ekpa of a transport minister who re-commissioned trains already commissioned by the previous government. A person that did not know trains operated in Nigeria was appointed as a transport minister, and we are wondering whether the President is normal. He is an illiterate.

-Lord

obailala:
[b]Oh dear, ignorant people keep shouting economic blueprint as if an economic blueprint can perform a miracle and turn fortunes around instantly even with the prevalent rock-bottom oil prices?...

Funny thing is that it is mostly PDP agents and PDP supporters that have been shouting 'economic blueprint,' an economic blueprint which they could not implement in 16 years, an economic blueprint they could not apply in the last 5 years of plenty when oil prices where averaging $100 per barrel. The moment oil prices dropped in November 2014, the first thing the PDP did was to officially devalue the naira. Oil prices fell to ~$65 per barrel as at May 2015 when PDP was still in charge yet the exchange rate at the parallel market as at May 29th was in the range of N251 to $1; the almighty PDP magicians could not apply this wonderful economic blueprint.

Now they keep shouting that this administration is not applying 'economic blueprint' to magically turn the slumping Naira instantly when oil prices have just dropped to an 11-year low of below $35.

For anyone that cares to know, there is absolutely nothing that can be done to stop the continuous nosedive of the Naira in the short term, oil prices are rock bottom and Nigeria hardly has any other means of foreign exchange earnings. Enough of this political baseless rants about 'economic blueprint.'[/b]

Shut up!

Is today the first time oil is falling to $35? Did oil not fall from $145 to $32 in one year in 2008? Did the PDP government of Umaru Musa Yar'Adua (may his soul rest in peace) not handle the situation better than the current APC government of PMB is doing presently?

And then the whole world was in a financial mess. Hundreds of thousands of people lost their jobs in America. The European fell into crisis, and more than 10 countries in the EU needed bailout including giants like Italy and Spain. Even till this day the EU is not out of the mess, there are widespread reports that a growing percentage of women in Greece prostitute themselves for food not even money because of economic hardship.

Even here in Africa, SA felt the punch. But Nigeria stood tall. I remember the CBN bolstering our banks with $5b in bailout funds, and all-round the economy cushioned the effects of the global financial crisis and the plunge in oil prices. Do you know why? Because the coordinator of the economy then was GEJ as the vice president and sound economic policies were made.

So you, PMB, and APC should shut your mouths. Your asses will be jealous of the amount of shit that come out of your mouth.

GEJ left a $35b reserve and a foreign debt ratio of 12 percent. If PMB cannot use that to cushion the effect of falling oil prices then he is USELESS. We could as well declare the office of the presidency vacant.

I'm sick of the lies you guys are peddling. I'm out for you bunch.

-Lord

Those who have more concrete information about this should say something.

First, the $5b figure was calculated by the number of subscribers that were not blocked and the number of days for which they were not statutorily blocked. It's not like the NCC pulled the figure from their ass. MTN consented to the regulation.

Also, this is not the first fine imposed by the NCC, so I wonder why MTN thinks the commission does not have the jurisdiction to impose and collect that fine.

People like myself were being considerate and impressioned on the government to reduce the fine. Finally, the government reduced the fine by $1b.

Now, MTN is taking the government to court about the fine? I will wait for a few days to confirm that this story is true. If it is then I will do my little as a concerned citizen to pressure the government to reinstate the full fine. Including any legal cost incurred by the government during the litigation.

In fact NCC should put a deadline. If they don't pay up by then, they should withdraw part of their license to operate or increase the fine more.

What nonsense!

Those who have more concrete information about this should say something.

First, the $5b figure was calculated by the number of subscribers that were not blocked and the number of days for which they were not statutorily blocked. It's not like the NCC pulled the figure from their ass. MTN consented to the regulation.

Also, this is not the first fine imposed by the NCC, so I wonder why MTN thinks the commission does not have the jurisdiction to impose and collect that fine.

People like myself were being considerate and impressioned on the government to reduce the fine. Finally, the government reduced the fine by $1b.

Now, MTN is taking the government to court about the fine? I will wait for a few days to confirm that this story is true. If it is then I will do my little as a concerned citizen to pressure the government to reinstate the full fine. Including any legal cost incurred by the government during the litigation.

In fact NCC should put a deadline. If they don't pay up by then, they should withdraw part of their license to operate or increase the fine more.

What nonsense!

No body is perfect.

Anyone who thinks GMB is clean all through needs to have his or head examined.

Let him continue what he is doing. When he is out, the next president will make scapegoats out of those in his government. The cycle will continue.

My only concern is the economy.

-Lord

Whether you guys accept it or not, number 2 is FACT.

Number 10 is a PROPHECY.

PEJ get am for mouth.

-Lord

Nonsense. But he wants to use billions to look for oil in the north.

Give these boys better money jare. No be salary, na prize.

Let the coys rise up to the occasion, since the DULLARD sense don cake. Oh I forgot, them don use all their money pay fines finish.

For all those poverty-stricken APC supporters, no amount of money is too big for someone that earned it regardless of age.

-Lord

Na N40 una supporters tok. By the way, when will you guys stabilize world oil price?

-Lord

Dedetwo:
This clueless jackass did not know the trains existed before now. Yet he is an APC appointed minister of transportation. What a freaking country.

It speaks volumes about the people who are at the helms of affairs.

Shameless hypocrites!

Integrity demands that when you are wrong you own up to your mistakes. PDP has done theirs, but APC would rather do media trial than apologize to Nigerians.

-Lord

Relax.

Una never c chim chon chim.

Anyhoo, after the reggae, play the blues. It's trying times for Nigeria, I think things will get better slowly when oil price improves next year.

However, during the 2008 financial crisis that shook the world by storm, Nigeria fared well, and the economy did not take a huge hit unlike the giants, US, China, France, SA et al.

But the oil drop has brought Nigeria to its knees. It speaks volumes of the APC administration.

-Lord

USELESS DULLARD.

Hypocrisy is when you accuse GEJ's government of borrowing too much, but then borrow $3b from external sources in ONE year when OBJ, Yaradua, and GEJ borrowed $7b from external sources in TEN years.

The finance minister points out Nigeria’s low debt to GDP ratio which is 12% compared to Angola (57%) and South Africa (48%) as the major reason the Buhari government can afford to borrow big.

.

And APC said GEJ left Nigeria in huge debt? Idiots!

First, Fashola, then Agric Minister, then Ameachi, now Adeosun. GEJ will be vindicated by everyone including PMB by 2019.

-Lord

OP, you do not owe the lady anything.

Girls live on guys money all the time and leave with the signature statement, "he is not right for me."

So I do not understand why guys can't do the same.

Any money spent out of love is CHARITY!

@OP, if you do not want to be with her for the rest of your life, do not marry her, even if she has donated a kidney to you. Marriages consummated out of pity or unreal obligations are the worst versions of hell on planet Earth.

-Lord

Bunch of ignoramus commenting on Nairaland. Indians protest rape and have made their rape law stiffer. https://en.wikipedia.org/wiki/Rape_in_India

At least they are crying out, what has your saint PMB said about the whole fiasco? Hypocrites!

-Lord

After hearing both sides of the story and consulting several sources I finally have to make my first post on this issue.

I fail to see how a group of marauding violent elements preventing passage of the CAOS necessitates the killing of 300 to 500 people. I would repeat that, 300 to 500 people amongst whom were women and children.

I do not like the ideology of Shia in Nigeria. Their members have been unruly on many occasions, they have serious undertones of harnessing Nigeria through an Islamic revolution, and some of their members have flouted federal, state, and local laws with impunity with a pat on the back from their leadership and wealthy sponsors.

However, let us not turn this into a numbers game. I fail to see how every of those 300 to 500 people were armed. The fact is that there were EXTRA-JUDICIAL killings, and that is unacceptable regardless of the reason.

In any case, the government should place a tight lid on the Shiites. It is clear that the group has violent elements as members and so the government should follow the rule of law rather than play God.

-Lord

efilefun:
smh some people just come online to post trash, firstly no credible newspaper reported the nonsense story except some hungry unknown blogs. Moreover will you give your kid who is less than 18 years millions Instead of something he can fall back on later in life
were the u23 players given same amount The way some people reason self Chaiii

So if your brother was part of the victorious U17 and was given N20,000, will you have the effrontery to spew this trash? If they were not given N20,000 each, what were they given?

-Lord

I know many of us think this is awful news, and it is.

But for a second, it is what Nigeria needs now.

The official rate of the Naira is pegged at N197-N199. Unofficial rate has been falling steadily to about N270 now.

Nigeria sustains the official rate with its dollars, and in simple terms the less money in dollars leaves the economy the softer the hardship we will feel. We can not eliminate the bad undertone of the economy, but we can manage it, and this is how it can be managed.

By the way. It's majorly the upper middle class and the wealthy that travel abroad for vacs and spend. Those in the lower economic brackets that may want to make dollar-denominated spends should push their plans to 6 to 12 months time. It's austerity measures and everyone should be ready to make sacrifices.

Those in the lower middle class and below should rest easy with this news. They should however rise up against plans to hike the electricity tariff by 40%, increase petrol price, introduce tolls on federal roads, reduce minimum wage and several anti-citizen policies. Now is the not the right time to introduce disruptive economic policies.

-Lord

The price of change.

MIKOLOWISKA:
Huh. ? Dumbasss

Deranged Troglodyte!