₦airaland Forum

DeLaRue:
Kazakhstan - the postal child of glutonous oil spending, the richest country in Central Asia is on its knees now.

According to Al Jazeera, "Many struggling to make ends meet in main city of Central Asian nation whose economy is heavily dependent on oil." http://www.aljazeera.com/news/2016/02/global-oil-glut-leaves-kazakhstan-reeling-160204150626887.html

Their currency has fallen sharply, and the government recently cut their budget by 40%!


If Buhari cuts Nigeria's budget by 40%, all hell will break loose with PDP and misinformed youths calling for arms to fight the 'dictator.'

Btw, 40% reduction in Nigeria's budget will cause near - mass starvation of a sizable portion of the Nigerian population.

eLcastro:
lol....badh guy.,juz so i displease u...we was a sick NOI doin wel dan a health Kemi...one start wonderin if she was well.,she 4 fyt dat committee chairman

agabaI23:
lol let me rephrase my question.

What indicators of performance do you want us to compare...

DeLaRue:
Op said, for a while, he restrained himself from commenting on the present economic situation.

Given the nonsense he wrote above, he should have listened to his inner counsel and keep mum.

agabaI23:
What are we supposed to compare?

Elosky20:
he forgot to mention that in 2008 our foreign reserve was $64.8 bilion, bt in 2016 it is $28.8 bilion, the govt used it to defend the naira then.
http://www.thisdaylive.com/articles/2007-2012-movement-in-foreign-reserves-account/138991/

eLcastro:
workin on a zero based budgeting..op u dey china.? Cuz here 4 9ja we neva evn get budget

kayfra:
Comparing someone defending the national budget for the first time versus someone that has done it several times since OBJ days is asinine.

The OP has some loose screws.

Elosky20:
he is good in politics, bt nt an economist

mnairaland:
Sorry.Just wanted to capture ur monica.

BTW
That was insightful analysis.

madridsta007:
I am not partisan, my friend. I find these comparisons quite inane and unnecessary. The ECA was funds put aside for 'rainy days'. You see it is all about wisdom. Are you a Christian? Do you know that putting away excess savings for later days, was the concept Joseph used in saving Egypt from famine? Norway has about $700bn in a sovereign fund. They had started saving decades ago, hence theirs is that much. Most oil producing countries have such funds; hence, out of 40 oil producing countries or so, you find Nigeria only wailing about the drop in oil prices. The ECA might have been unconstitutional, but it was common-sense. Your governors messed that common sense reasoning up, and to hang their mess on NOI is simply ridiculous.

TonyeBarcanista:
1. Shagari lost power through coup and even won re-election. It has nothing to do with oil slump.

2. IBB lost power through demand for democracy. In fact, after devaluating the Naira through SAP, he squandered whatever came of it. It has nothing to do with oil slump.

3. GEJ lost power because people were fed up with his handling of the economy. However, his government Deliberately devaluated Naira from 155 to 167 in 2014, and later to 199 in early 2015. However, the Open market rate didn't exceed 230/$. It has nothing to do with oil slump.

For the record, oil price crashed in 2008 December and 2009 February to $30pb without killing the Naira.


This astronomic fall has nothing to do with dollar...

Yyeske:
Please try educate the OP better, so amazed at the nonsense he wrote up there. He never said anything about the increase in imports and reduction of our exports, not saying anything about our not having any buffers to cushion this melt down, increase in our population and reduction in income was not addressed by him. Educate him more.

Flexherbal:
Can we separate politics from religion?

santino09:
Scientific method? A economy? Ah brother change your lifestyle oooo.

Elosky20:
why is the same oil slump affecting the economy of saudi-arabia and venezuela then or is buhari the president there.

TonyeBarcanista:
I believe you can comprehend. Read the OP again and the post after it to get the message. This is NOT the first time there will be oil slump in case you don't know.

madridsta007:
If the share of the Government's ECA was taken or used by NOI, in any ILLEGAL way, the current Government would have SINCE made it public and asked for her arrest.

However, they can not as she acted within the ambit of the law and, thankfully, still has possession of documents and signed approvals of the ECA spend.

Ask yourself why the FG has used flimsy propaganda to chase her- propaganda which they have ceased to use, as she released facts to embarrass them?

She works for major international agencies- if there was any proof of theft against her, why has the government not issued an international arrest warrant via interpol on her?

The major problem with our present unitary system are the Governors, some of whom, have budgets larger than many African countries- according to a report by the BBC. Instead of Buhari using his assumed anti-corruption notoriety to pursue and investigate these ones, he however blessed them with a bail out.

modath:
Just get ready for anonimi's forro assault for this ya kweshion....

According to his pictoral ads......

MayorofLagos:
Who is this bad boy? 'm fallaw dis nyggah hian!
Boss, you killed it, YOU KILLED IT.MEHN!!

Dang! All yanmiris should.come and bow to this guy. This is the real gburugburu in case yall dont know!

MayorofLagos:
Performance is measured on scorecard metrics over a service term, not on 10mins presentation.

If you want true comparison on image, then go and bring NOI video on her first term under Obasanjo and at the end of her first two months in office. That will give use true and fair comparison of the two at the spot in their service.

You agree?

oduastates:
In other words , they do not like the fact that Buhari is not allowing our money to fly out of our coffers
A hit job .
It might interest you that they said almost exactly the same thing in 1984.
However 1984 happened to be the only year in the 80s that Nigeria was able to pay for all her imports without borrowing from foreign banks

FriendChoice:
Don't be a lie. This is presidential villa Abuja President Muhammadu Buhari (L) Receiving Letters of Credence from the Ambassador-Designate of The King of Saudi Arabia To Nigeria, Mr Fahad Abdullah-Sefyan, at the Presidential Villa in Abuja.

Obiagelli:
Its unfortunate that 16yrs of Pdp rule could not diversify the economy, a consequence o SAP

jamesibor:
This is what the Economist had to say about Kemi;

“However, the new finance minister, an accountant who cleaned up the books of one of Nigeria’s smaller states, is poorly qualified for the job."

http://www.economist.com/news/middle-east-and-africa/21678776-after-six-months-nigerias-president-no-longer-leads-alone-work-last