₦airaland Forum

Very good and honest move. Ormoku has been a no go area, full of violence, Kidnapping, cultists, theft, robbery etc. Shops are been closed by 6pm daily cuz of fear, they even kidnap market women, street hawkers, etc.

Keep it up WIKE. This has nothing to do with witch hunting

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Idrismusty97:
Ok we know, You control the world. But still lining up to collect FG allocations just like every other state in Nigeria. You control the world but you still want an equal share of projects with zones that are 10 times their size. The South East should have the best roads and infrastructure in Nigeria with your tiny land mass, You will spend less for infrastructure.

Please are you aware that Lagos is the smallest state in Nigeria in terms of geographical size? And yet lagos benefits alot from the FG. Please kindly read Ephesians 5:15. It simple says "use your head"

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Do you know the geographical size of Israel? Do you know how small the are? Why are the controlling the economy of so many countries, why are they been feared by other countries, respected etc. Young man pls grow up, it's not about the physical size but the economic size, intellectual size etc. Please also know that there is a difference between population and population density. Google will help you with that. Onuku! (my friend)

Technically inconclusive election, inconclusive budget, inconclusive foreign trips, technically inconclusive defeat of boko haram, inconclusive naira falls, inconclusive change and still counting . . .

Not sure. Am currently in Imo, nothing as such

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tuniski:
In Hausa baya da arziki! Literary meaning he has no goodwill/posterity with wealth. Always there as the wrong man at the wrong time. Sai baba kai chanji. What an error!

Hmmmm! Let's pray history does not repeat itself.

HOPE THE NAIRA FALLS: BUHARI IS REPEATING THE ECONOMIC ERROR HE MADE AS AS A DICTATOR 30 YEARS AGO. by "The Economist"

“GIVE me lucky generals,” Napoleon is supposed to have said, preferring them to talented ones. Muhammadu Buhari, a former general, has not had much luck when it comes to the oil price. Between 1983 and 1985 he was Nigeria’s military ruler. Just before he took over, oil prices began a lengthy collapse; the country’s export earnings fell by more than half. The economy went into a deep recession and Mr Buhari, unable to cope, was overthrown in a coup.

Now he is president again. (He won a fair election last year against a woeful opponent; The Economist endorsed him.) And once again, oil prices have slumped, from $64 a barrel on the day he was sworn in to $32 eight months later. Growth probably fell by half in 2015, from 6.3% to little more than 3% (see article). Oil accounts for 70% of the government’s revenues and 95% of export earnings. The government deficit will widen this year to about 3.5% of GDP. The currency, the naira, is under pressure. The central bank insists on an exchange rate of 197-199 naira to the dollar. On the black market, dollars sel 300 naira or more.


Instead of letting the naira depreciate to reflect the country’s loss of purchasing power, Mr Buhari’s government is trying to keep it aloft. The central bank has restricted the supply of dollars and banned the import of a long list of goods, from shovels and rice to toothpicks. It hopes that this will maintain reserves and stimulate domestic production.

When the currency is devalued, all imports become more expensive. But under Mr Buhari’s system the restrictions on imports are by government fiat. Factory bosses complain they cannot import raw materials such as chemicals and fret that, if this continues, they may have to shut down. Many have turned to the black market to obtain dollars, and are doubtless smuggling in some of the goods that have been banned.

In charts: Explore Nigeria’s economy and politics

Nigerians have heard this tune before. Indeed, Mr Buhari tried something similar the last time he was president. Then, as now, he resisted what he called the “bitter pill” of devaluation. When, as a result, foreign currency ran short, he rationed it and slashed imports by more than half. When Nigerians turned to the black market he sealed the country’s borders. When unemployment surged he expelled 700,000 migrants.

Barking orders at markets did not work then, and it will not work now. Mr Buhari is right that devaluation will lead to inflation—as it has in other commodity exporters. But Nigeria’s policy of limiting imports and creating scarcity will be even more inflationary. A weaker currency would spur domestic production more than import bans can and, in the long run, hurt consumers less. The country needs foreign capital to finance its deficits but, under today’s policies, it will struggle to get any. Foreign investors assume that any Nigerian asset they buy in naira now will cost less later, after the currency has devalued. So they wait.

Those who fail to learn from history...

Mr Buhari’s tenure has in some ways been impressive. He has restored a semblance of security to swathes of northern Nigeria that were overrun by schoolgirl-abducting jihadists. He has won some early battles against corruption. Some of his economic policies are sound, too. He has indicated that he will stop subsidising fuel and selling it at below-market prices. This is brave, since the subsidies are popular, even though they have been a disaster (the cheap fuel was often sold abroad and petrol stations frequently ran dry). If Mr Buhari can find the courage to let fuel cost what the market says it should, why not the currency, too? You can forgive the general for being unlucky; but not for failing to learn from past mistakes.



SOURCE: http://www.economist.com/news/leaders/21689544-president-muhammadu-buhari-repeating-economic-error-he-made-dictator-30-years-ago-hope?fsrc=scn%2Ftw%2Fte%2Fpe%2Fed%2Fhopethenairafalls

ayanfeeledumare:
See who is talking about responsibilty. Tell me the responsibilty that PDP took for ruling the country aground with corruption for 16yrs. You can not give what you don't have. PDP: Bunch of election losers

Are you telling me that PDP never took any responsibility for the past 16 years?

Let me refresh your memory, 16 years ealier, no member of your family and extended family own a handset and they never dream of owning one but currently you own a handset. This is just one.

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mikolo80:
that was a private investment by the comms companies. verily I say unto you if thuraya had come first we will not have GSM today. pdp want to ensure our poverty so that they can always win election with rice sharing. apc are also Brooks but slightly better than pdp

Please what private investment has this government brought that can be compared to GSM, INTERNET . FYI thuraya is in Nigeria, I know some couple of friends who own one. Most importantly name 1 investment private or public that can be compared with the GSM

mikolo80:
that was a private investment by the comms companies. verily I say unto you if thuraya had come first we will not have GSM today. pdp want to ensure our poverty so that they can always win election with rice sharing. apc are also Brooks but slightly better than pdp

Please what private investment has this government brought that can be compared to GSM, INTERNET

mikolo80:
mention one good thing pdp did

Am not a member of any political party but am prmpted to mention one good thing PDP did that affected us all positively. . . GSM. INTERNET. . . . . .

If u think that's not good enough then . . .

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wow

sure

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