mutvy:
Ghana devalued the cedis in the 80's and paid heavily for it. I wish what I was reading was false.

Yes but they came out better

The rest of the more than 30 African countries who didn't implement the IMF recommendations to the latter, became worse off afterwards. Such structural changes are implemented with consistency over time, mix them with corruption and the outcome, present day Nigeria.

onatisi:

Bros ,I swear . Buhari is the easiest and most predictable president i have ever seen,ppl usually wonder how I can predict him so accurately. Believe me if I was playing Baba Ijebu or sport betting on buhari movements I would have made millions of naira

Well said bro well said.

collins2much:
As an typing my uncle is wife and children are wailing. His wife told him not to go for the maintance but he went because of the cash. RIP

Sorry for your loss brother.

onatisi:

Just wait and see,he will make a statement from america about fuel scarcity in Nigeria and appeal to Nigerians to give him time ,a statement he cannot make in Nigeria.
We have a president who feels comfortable ruling the nation from abroad or inside the presidential jet.

My brother it's like the two of us understand this man like the back of our hands, my madam has been wondering how I became a prophet☺, I just laugh because I juxtapose 1984 with Venezuela and the outcome, Buharinomics.

dunkem21:
Anything to ease the sufferings, haba

I came across this from before the last general elections, can you please auote aksonmans post on the frontpage. That was from a year ago and GEJ had managed timely devaluations unlike Buhari who has wasted so much time that devaluation now may be detrimental to our economy. The devaluation issue should have been a quick response at the initial stage now we have a very huge gap between the official and parallel rates which may make an eventual devaluation to have significant adverse effect on the economy. Well the inflation is already here.

Aksonman:
I'll vote GEJ because I have very high self-esteem and i do not hold him responsible for my personal problems...unlike Buhari fans.

GEJ is doing a great job. Crude oil prices slumped, Naira has been devalued for months now, yet inflation has not reached the roof unlike what's happening to Russia now.
In Nigeria, the things you bought at N100 when Naira was N160 to $, still cost N100 (or even less) now that it's N200 to $.

Someone is managing our economy very well.

AnakinSkywalker:

Didn't they blame sabotage as usual?

This one caught them red handed abi?

NAOC - Not An Oil Company.

They behave more like truck pushers than an International Oil Company but only in Nigeria do they act this way.

Bro you know them very well, incompetence personified.

AnakinSkywalker:

Didn't they blame sabotage as usual?

This one caught them red handed abi?

NAOC - Not An Oil Company.

They behave more like truck pushers than an International Oil Company but only in Nigeria do they act this way.

Bro you know them very well, incompetence all over.

Aksonman:
I'll vote GEJ because I have very high self-esteem and i do not hold him responsible for my personal problems...unlike Buhari fans.

GEJ is doing a great job. Crude oil prices slumped, Naira has been devalued for months now, yet inflation has not reached the roof unlike what's happening to Russia now.
In Nigeria, the things you bought at N100 when Naira was N160 to $, still cost N100 (or even less) now that it's N200 to $.

Someone is managing our economy very well.

Well said sir

Pidggin:
If they truly have 3trn in savings from TSA, why are they still collecting N50 from Bank transactions, and why increase tax on communication tarriff? I thought these measures were put in place to bail out a broke gvt, if we have saved 3trn, why are they still robbing ordinary Nigerians.

Don't forget we read some time ago that the tsa money was not for budget funding, rather it was money that belongs to the MDA's and govt has given them access finally to the TSA acct.

This is a govt of lies, built upon lies cemented by lies supports by lies and will be killed and buried by lies.

PS: They should tell us how much the NNPC alone owns in that TSA fund and would be needing to run her operations

http://pulse.ng/business/adeosun-n2-9-trillion-in-tsa-will-not-be-used-to-fund-2016-budget-minister-says-id4762522.html


http://www.thisdaylive.com/index.php/2016/03/04/fg-grants-mdas-access-to-tsa-as-transfers-hit-n2-9tn/


Dear Pidggin, could you please quote these on the front page? So others can see the treachery and lies of this government, people don't need false hope.

abumeinben:


u think ExxonMobil won't succumb to secure a huge contract bah?

He wasn't a minister before working for Exxon, the reverse was the case, since he had risen to position of a vice president at Exxon before he was appointed a minister.

gbadexy:
Waiting for a credible source to confirm it.
Apc made me to download and read animal farm by George Orwell once again.
The man was a prophet and apc reminds me of the book.

What credible source bro? The video is already there in the link provided.

These people think being in government is all about collecting huge perks in the office and pushing every iota of discomfort to the masses. There is a reason you were chosen to be a leader, to give hope and not hopelessness, peace where there is anxiety, love where there is fear, but these guys are just not standing up for the masses.
It is very clear that why some zombies are standing with buhari,
Buhari is not standing with the insecure masses in Agatu.
Buhari is not standing with the students abroad who need forex for their education.
Buhari is not standing with the masses at the fuel stations, losing countless man hours.
Buhari is not standing with the populace and industries who need electricity.
Buhari Is not standing with the doctors/patients who perform surgical procedures with torchlight.
Buhari Is not standing with the populace during election re runs marred by violence and inconclusive by default.
I could go on but the aforementioned are just a few.

abumeinben:


u think ExxonMobil to secure a huge contract bah?

Huh?

mars123:
I don't want to talk about history. Diezani is history. she has done her part. if by the end of Buhari's tenure, she is still roaming free, then I shall swallow my vomit. My own understanding is that NNPC under Kachikwu is undergoing cleansing that yourself cannot deny if you're a bit truthful and the cabal as usual doesn't like it.

Well I hope you will make good your promise if it gets to that. Have a wonderful week ahead.

IyaIode:

Abi o, but he can send nonsense budget to the National Assembly

The same man who claimed not to know the details of his budget on Al jazeera, is now insisting on details as though he has always had an eye for details.

magicminister:
According to Wikipedia, Dr. Emmanuel Ibe Kachikwu obtained a Masters and Doctorate Degree in Law from Harvard University, with distinctions.
Out of curiosity, i decided to check up his name on the Harvard alumni directory.
No record of him ever attending Harvard university came up.

http://alumni.harvard.edu/help/directory-search

OP on the link I posted, it says some can chose to have their names hidden so the alumni directory is not a reliable means of ascertaining the status of a graduate of the school, and the surest way to find out will be to contact the registrar of the school.

Moreover he had a career with America's biggest oil and gas firm ExxonMobil, these are people who are rigorous in verifying their personnels' records.

mars123:
if Kachikwu wasn't doing something right, he wouldn't have had this kind of opposition. Buhari knows that Kachikwu has started to step on the tail of the snakes in the petroleum sector with policies like the unbundling of NNPC and the rest. They will come for his neck surely.

what intelligent Nigerians should ask themselves is why is nobody attacking the minister I.e Buhari himself.

The same way diezani was doing something right against them canals and they came ruthlessly after her. Today she is gone and with all they accused her of, one year down the line she can say "the princes of this world came and they found nothing in me".
They have been in office for a year with access to all the books plus all the forensics and everything and it's even funny that now the current opposition NNPC is releasing figures in defence of her (as regards remittances).

“The National Assembly has passed the budget and sent the bill to the President but the details did not come with the bill,” the presidential aide said, adding: “Of course, the President cannot sign something without seeing the details. The normal practice is that the details would have accompanied the bill. When the President presented the Appropriation bill it was accompanied by the details.”

Tell us another nonsense.

OP to be honest this one is much.

drizzymadbet:


fool, no be only how many likes for baba. Do you know how a wrong policy can wrong the nation. this guy lacks consultation, you cant know everything not to talk of a brain dead dude who thinks he knows everything.

A man who has rescinded every decision he has made and some people still think he wouldn't rescind the currency decision after causing untold hardship and needless sufferings.
This government has operatedby trial and error since inception but still hailed on by confused supporters.

Benue and Taraba are 1st and 2nd safest cities-Buhari 2016

tosin2013:
This danladi umar guy!

I hope hes life is not in danger o. Cos the sarki we know is a very desperate man.

Very good judgement however. Cos a thief ran away, does not mean another thief should be let go.

Very good judgement. Saraki may the gods save you from this pit u enter.

The thief did not run away because we have his details plus address and he is completely traceable.

I forgot he is In the far past ( as if the charges in today's case are not from the far past.)

Lalasticlala snake and olajumoke "av" come. I hope i got the password right.
This article is worthy of a wider read.

greatiyk4u:



No leader any where in the world is above mistake except the Heavenly leaders..............many worst cases have happened in Nigeria and nobody said sorry....illegal withdrawal of Tambuwals' security details as the Speaker HOR, kidnapping of a seating Governor, Chris Ngige, using Federal might, Wike conniving with UNN VC Batho okolo to sack Prof. Enejere without any reason, sack of Former. Enugu deputy Governor simply cos he has a poultry farm in the government house, the list is numerous...........saying sorry to the people He is leading alone is a sign of CHANGE

A saint is not someone who has never sinned but one who realizes his sins, feel sorry and determine never to do it again.

Most of you applauded him here on nairaland even when "wailers" pointed it out that it was a wrong call and very tribalistic in a case where 6 or so of the newly appointed VC's were from Kano.

And how sure are you he is right on his stance as regards the currency because clearly that's the only policy that this administration hasn't done a reversal, but funny enough I still see a reversal in his stance on the currency in time after much losses to the economy and untold hardship to the populace. Then you will ask yourself why we had to pass through all this delays and sufferings if they will eventually do the same (what's the point), just like in the case of the apointment of ministers.

vislabraye:


But the good thing is that he had to swallow his pride to rescind his decision. He must gave been following wrong advice all along because sycophants are all around him.

And how sure are you he is right on his stance as regards the currency because clearly that's the only policy that this administration hasn't done a reversal, but funny enough I still see a reversal in his stance on the currency in time after much losses to the economy and untold hardship to the populace. Then you will ask yourself why we had to pass through all this delays and sufferings if they will eventually do the same (what's the point), just like in the case of the apointment of ministers.
The world is gearing up for another round in oil price fall.

sinistermind:
I want to ask something... the last administration had 42 ministries and presented a budget of 4trillion and this current administration has 24 ministries with a budget of over 6trillion. Am I missing something here? Can someone educate my ignorance?

Bro the previous government never had 42 ministries at any point in time. Buhari has told this lie so much that he believes it. The government had between 26 and 29 ministries with 42 ministers some being ministers of state. Buhari had been operating with 36 ministers so we can say he runs 36 ministries (following in his footsteps). The reduction in 6 is because the 6 slots from the 6 geopolitical zones were not utilized in this administration.
Thank You

As Nigeria’s fiscal situation continues to deteriorate and the gulf between the official and black market currency rates yawns ever wider, the finance ministry is trying to cut costs wherever it can.

The latest target: government travel.

There is good reason for this focus. According to figures released by the ministry, travel was the single biggest government line item from 2012 to 2014, at N248bn ($1.25bn) for the three years combined (the ministry did not provide annual figures). This is equivalent to an extraordinary 18 per cent of total government spending.


The finance ministry reckons it can shave N4bn a year from travel costs by negotiating discounted airfares with carriers, or just under 5 per cent of the approximately N85bn yearly average.

“The Efficiency Unit has engaged in negotiation discussions with local and international airlines for discounts commensurate with the large number of ticket purchases made by government annually,” the ministry said in a statement.

“The savings generated will increase funding available to the government for capital investment,” it added.

Unfortunately these savings are a drop in the ocean. The country is staring at a budget deficit that is set to double to N2.2tn in 2016.

Falling oil prices have battered the economy of Africa’s largest oil producer while the government’s refusal to let the naira devalue has eaten away at foreign reserves and caused black market exchange rates to rocket.

NIGERIA’S PUBLIC FINANCES: IN DEEP WATER

Year Fiscal deficit, % of GDP

2014 1.24%
2015 0.79%
2016 2.16%*
Sources: World Bank, Reuters *estimate


According to President Muhammadu Buhari, the country will borrow up to $4.5bn on foreign markets this year to plug the gap. In January, it approached the World Bank and the African Development Bank for a $3.5bn emergency loan.

The high cost of travel for government officials is unsurprising. The Nigerian elite has a taste for luxury travel, shown by the proliferation of private jets in the country.

A 2012 investigation by Nigerian newspaper Punch found that wealthy Nigerians spent $6.5bn on private planes between 2007 and 2012, making the country the biggest market for them in Africa.

Not all of them were bought with private funds. Under former president Goodluck Jonathan, Nigeria’s Presidential Air Fleet (PAF) acquired several new private jets, bringing its total to 11.

According to the UN, 46 per cent of Nigerians live in poverty, rising to 70 per cent in rural areas.

It is not clear whether the finance ministry’s targeted savings will address the lavish amounts spent on private jets by officials. The ministry did not respond to repeated requests for comment.

The PAF is financed from the defence budget and overseen by the Air Force. President Buhari has faced criticism for failing to cut down the fleet more than a year after he took office.

The revelation that the presidential fleet cost N5.8bn to staff and maintain in the first six months of his administration caused a furore in the national media.

The governors of Nigeria’s 36 federal states are not known to fly commercial, either.

Under former governor Rotimi Amaechi, the oil rich southern Delta state, for example, owned two private jets including a brand new $50m Bombardier jet purchased in 2012, and operated several helicopters.

Mr Amaechi is now Nigeria’s transport minister.

The cost of operating private planes is high. PrivateFly, a UK-based charter service, estimates fixed costs for a medium-sized private jet at around $1.8m a year.

“The biggest cost is the depreciation of the aircraft itself,” says CEO Adam Twidell.

He estimates that aircraft lose 20 per cent of their market value in their first year and 10 per cent yearly thereafter. Crew, engineers, maintenance, taxes and fees also factor in.

Many large companies and governments avoid such high costs altogether. Oil company BP, for instance, relies entirely on charter contracts. JCB, the world’s third largest equipment manufacturer by volume, has a single long range aircraft.

Mr Twidell estimates that three to five aircraft would suffice to service the entire UK government and royal family’s travel needs.

If Nigeria’s finance ministry is serious about cutting costs, targeting the government elite’s private air fleets might be a good place to start.

https://next.ft.com/international#axzz43iTcpSYH


I recall certain aircrafts that were supposed to be converted to a certain airline.

Sham budget!!!!

A budget padded and passed without significant reduction in the total amount.

Let the real stealing begin...

“So it is a good Idea that we should talk about the economy of the country but I think the driver should know more than the passengers but they don’t know direction. They are now fishing. They are fishing for ideas to run Nigeria because they don’t know.

“Again with all due respect, people won’t like the way I am saying it right now but they have to come to terms with reality; you can’t grow more than your pastor. You can’t grow more than your MD under the same roof. The president himself has very little capacity. He is limited by age.

“He is limited by academic competence and he is limited by exposure. If you can’t grow more than your pastor what will you offer and everybody has to look up to the president. So with his family of APC, they ought to have had an economic team, economic master plan for Nigeria.
“We should ask the president why are Nigerians suffering under him more than ever before.

Fayose you are well mouthed!!!!
Buhari will be pacing up and down by now.

freeze001:



In not spending,they create the impression of saving so they can have huge billions to declare as 'saved' compared to the 'wasteful spending' of the previous administration. It doesn'tmatter to them though that they owe people who have done legitimate business.

You are smart!!!!

And I appreciate that.

Emmy4Naija:
This to be sound like paying contractors money owned them by Government so that they can go back to work and re-engage workers.
If you read inbetween lines, the use of the word "re-engage" is a confirmation by Federal Government that many Nigerians have lost their jobs.

It's also disappointing that nothing was said about the passage of the budget, which when passed expectedly should drive MDAs spending. That brings the question; under which legal instruments are they going to release the N350 billion Naira?won't the money be appropriated for? Could it be as a bailout or payment of contractors debt?....looks like the latter.

Thought they said the money in the TSA was owned by the MDA's and notfor funding the budget?
Case of the more you look the less you see
http://www.thisdaylive.com/index.php/2016/03/04/fg-grants-mdas-access-to-tsa-as-transfers-hit-n2-9tn/

It's like indirectly someone has started discreetly printing money.

Where is onatisi my man, the owner/keeper of Buhari's Crystal ball.

Another sure way to increase the inflation and make the naira slide more against the dollar, since we are still dependent on imports.