Obailala's Posts
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£100 billion moved into their economy annually from corrupt individuals alone. The UK is obviously very happy about this. |
shizzle1:If you read what I wrote earlier, and you had a functioning brain in your skull to comprehend it, the first quetion you should have asked yourself is if Nigeria's debt profile increased or not without any commensurate infrastructural development/achievement under NOI/GEJ even at a time when Nigeria earned 400% more than what it earned during the time of Kemi. LordAdam, please come carry this bingoKeep describing your family there. Ezi ohia! |
LordAdam:Even though I know you aren't, let me just assume you are an adult with a functional brain and clarify my points once again. Maybe you will comprehend my English this time and quit chasing me around like a frustrated child who's desperate to feel good about himself by teasing supposed enemies. 1. I never said NOI was incompetent. So I'm not sure why you keep running around town with that (it probably just makes you feel good). NOI is a renown economist who already had a great profile before joining government in 1999. Her CV would give her a job anywhere in the world. 2. The keypoint in my argument is, no matter how competent you might be, the team you work with matters a lot to your success. That explains why the same NOI who had a wonderful record of achievements in her team with OBJ (including clearing Nigeria's debts and growing our reserves massively), ended up screwing up in her team with GEJ by depleting Nigeria's reserves and returning Nigeria to a debt pit totalling between $50-60billion. NOI personally lamented this several times both in speeches and in her book. 3. The origin of all this banter was when you and several others on the other thread missunderstood the English of Amina Mohammed and kept dancing around on how Kemi was the one responsible for bringing Nigeria back to a debt pit of over $70bn. FYI, Kemi met between $50-60billion in total debt stock by the time she stepped in, and that striking amount was accrued under the nose of NOI most ironically at a time when Nigeria enjoyed unprecedented income. shizzle1:You must be describing your father and your family there. Sorry boy, I'm not your sibling. |
jayson87:You are the one livving in the delusion of politicians. In all i said, I quoted economic indices and verifiable figures, not the words of any politician. When you're given figures, it's left for you to use your head to run the analysis yourself. |
LordAdam:Oga, when $400bn flows into an economy, even if the leaders are idiots, the economy will have a semblance of flourish regardless of whether the money was spent wisely or not. But then, the only way to know whether the money was spent wisely or not is by observing what happens when the excess money stops flowing. The speed with which Nigeria's economy nosedived as soon as oil prices just began to drop is the greatest indicator of how wisely or otherwise the income boom was handled. From late 2014, contractors weren't paid, oil importers weren't paid, $2billion had to be borrowed early 2015 to pay salaries, $10bn was eroded from the meagre reserves to defend the naira but it nevertheless fell from 160 to 230; reserves they met at around $45bn was wrecked to $28.6bn, gdp growth rate instantly began falling uncontrollably the moment oil income started dropping, less than N20bn was budgeted for the entire ministry of works in 2015 meaning that zero capital projects were to be done in 2015, of course as contractor werent paid, retrenchment of workers started. For all these to have happened instantly from the moment oil money started reducing, it was clear evidence that the whole boom in the economy between 2010 - 2014 were just a smoke screen function of high oil prices.... Air head wouldn't understand this though. |
famosh:The guy is a known online troll, there was a time I promised myself never to respond to him. I dont even know why I bother today. |
famosh:Its pathetic the way many of those jonathanians clowns think. They wanted a miracle from Kemi. A feat which even more renowned persons like NOI could not achieve in times of mega unprecedented income, that's what the buffoons accuse Kemi of not being able to achieve with $28 oil price, $28bn reserves and less than 1m bpd oil production. NOI/GEJ earned almost $400bn in oil income but ended up accruing debts upon debts after crashing reserves. Kemi/Buhari earned less than $100 but even almost doubled the reserves, and were able to stabilise the economy, yet the clowns think a 400 vs 100 comparison makes any sense. |
Adekdammy:Oya go and arrest her. |
LordAdam:NOI boosted Nigeria's economy under OBJ but grounded Nigeria's economy and left us in great debt under GEJ. For anyone with any level of intelligence, it should be obvious that the team she worked with matters. I'm probably overestimating your intellects. Good night! |
Adekdammy:For a clearance cert?... You think we're talking about contract papers for huge sums here?.... Even in developed climes, the worst that even happens to a person who deliberately uses a fake university degree is to be disgraced out of office. Here we talking of nysy clearance?... you even have to start by proving she did it intentionally. |
LordAdam:Oga, there's nothing wrong with Kemis performance; quit hating on her as if she snatched your lollipop. One person doesnt determine the direction of an entire economy. You cant blame her for the recession in Nigeria, except you wanted her to perform miracles. She was appointed during the recession. She isn't the one who killed all the refineries in Nigeria and ensured Nigeria imports it's entire 1.2 billion litres of petrol monthly. She wasnt the one who made Nigeria an import crazy nation to the point of importing palm oil, toothpick, handkerchief etc... She wasnt the one who didnt diversify Nigeria's economy for decades, she wasnt the one who ensured that Nigeria, a country of 180 million people depended on only one volatile unpredictable commodity for all its income, and neither is she the one who brought down oil prices and crippled Nigeria's economy. She was appointed at a time when Nigeria's economy was already in the abyss with oil prices rock bottom at $30; within 2 months of her appointment, Nigeria's oil production was down to less than a million barrels. None of these was her fault so I wonder why you keep blaming her for not performing magic or comparing her with people who were in office when there was robust harvest. Even when oil prices were still up to $70, the world class NOI was already fidgeting, asking Nigerians to prepare for doom, borrowing to pay salaries, running down the reserves to save the Naira which was already crashing, owing contractors across the nation, owing fuel importers etc. And of course Nigerias gdp raye was already nosediving. Yet you think a younger Kemi who was brought in when Nigeria was already in a pit is an idiot?... You're simply a bitter hater. In summary, kemi got into the office when Nigeria's income was down by over 80% but somehow, she was able to manage things, prevent total collapse, and oversaw the rebound from that abyss. She did well and besides hating economic illiterates, I am yet to see any seasoned economist within or outside Nigeria thay has labelled her incompetent. |
Adekdammy:But like I said, she's already received the worst possible punishment. |
LordAdam:Make I tell u again, there was nothing wrong with Kemi's performance as finance minister. The work of finance minister isn't to perform money doubling magic. Okay as dem done appoint another mallam to the post, hope we're all happy now? |
seborrhic:She would have absolutely no issue in the UK. Even here in Nigeria, the worst that can happen to her is what just happened; i.e. giving up her appointment. People saying she should be charged to court, how exactly can it be proven that she intentionally used a fake nysc clearance?... Under the circumstances, the worst punishment for the offence is what has already happened. |
Wow! This is massive and commendable. Abeg when are they commencing the London route?... And I hope they get a space at Heathrow. |
Shayetet13:Like I said before, oil prices began to crash from mid-2014. At the time, Nigeria's GDP was between 6-7%. At the time of handover in 2015, GDP growth rate had nosedived to 2.35% and with the forces which caused that still being very active and even worsening (oil price drop), hitting zero was inevitable... Of course many Nigerian youths don't know this, all they know is PDP vs APC rants and some textbook fairy tales from magician economic analysts. 2Q 2014, Nigeria's GDP growth rate was 6.54%, 3Q 2014, Nigeria's GDP growth rate was 6.23% 4Q 2014, Nigeria's GDP growth rate was 5.94% 1Q 2015, Nigeria's GDP growth rate was 3.96% 2Q 2015, Nigeria's GDP growth rate was 2.35% www.nairaland.com/attachments/5411323_gdp_gifa9b921e6218c89d27c14de9cfcfe7d21 https://tradingeconomics.com/nigeria/gdp-growth-annual Because you could not find Angola in recession anywhere, you called it pointless and ignorance. Forgetting that despite the fact that the oil drop hit countries hard, but only Nigeria slipped into recession. Why? The decision to delay devaluing Nigeria's currency meant many businesses struggled to get foreign currency to pay for imports, which had a cooling effect on the entire economy. The Buhari's govt latter after serious pressure allowed the naira to float, which should have been done much earlier.The reason I called it pointless and ignorant was because the Angola you mentioned was a very ridiculous and laughable example which exposed your ignorance. Since the oil price slump, Angola's economy hit the rocks, they are still yet to recover from the recession even in 2018. But of all nations, it was Angola you chose to mention as example?... It's sad that you have access to internet data but can't do simple research with google, sad! https://d3fy651gv2fhd3.cloudfront.net/charts/angola-gdp-growth-annual.png?s=angolagdpyoy&v=201808291220x&d1=20140414&d2=20180914&type=column And point of correction, Algeria never used $100bn to fight recession, i dont know where you get this your road side economics. Algeria spent so much cos of high import bills.The primary cause of Nigeria's recession was the scarcity of forex due to the low inflow from oil sales during the oil price drop, coupled with a lack of adequate forex savings in our reserves to meet Nigeria's massive import . When there's such a reduction in forex inflows, countries fall back to their foreign reserves to meet up with their forex needs to prevent the sort of crisis Nigeria faced between 2015 and 2017. Here's a brief excerpt from a reuters report on Algeria's reserves: "Reserves were $97.3 billion in December 2017, down from $114.1 billion the previous year, $144.1 billion in 2015 and $178 billion in 2014, when crude oil prices started falling, until partly recovering this year." https://www.reuters.com/article/algeria-reserves/algerias-forex-reserves-fell-by-73-billion-in-jan-may-pm-idUSL8N1TP0M8 Like I said before, Algeria's reserve dropped from about $194billion (January 2014) to about $97billion in December 2017; a reduction of almost $100billion to ensure the economy wasn't strangled by the kind of forex crisis which Nigeria faced. Here's a little chart of the foreign reserves for Algeria. https://d3fy651gv2fhd3.cloudfront.net/charts/algeria-foreign-exchange-reserves.png?s=algeriaforexcres&v=201804091419x&d1=20080101&d2=20181231&type=column [s]Thats on record. Nigeria had sufficient internal elements to prevent it from slipping into recession only if the govt did the right things when the oil crisis hit. It is well known that countries have economic crisis, even the united states of recent times, but they hardly slip into recession. So blaming Nigeria's recession of the previous government that passed out several months before recession hit is dumb. Cos those months after the oil crisis were more than enough to put solid policies that will revive the economy of any nation talkless of a large economy such as ours[/s]If you are interested and if you're ready to pay me for more of my time, I can show you a breakdown of how Saudi Arabia spent about $200billion within the same period to stabilize their economy and prevent the economic crisis/recession. Every single country that's dependent on purely oil for their forex went through some form of crisis; only countries with substantial reserves survived it. Even Nigeria attempted to fight it between 2014 August and March 2015 with almost $10 billion take from the reserves; but with our reserves dropping to a dangerously low level (below $30billion for an import thirsty nation of 180million mouths) and with no hope of oil prices climbing any time soon, we couldn't plough further into reserves, and therefore forex hoarding hit the streets and destroyed everything. The previous govt was just lucky to bailout when things were about to get really nasty. Education is key, and it doesn't end in the classroom. With the internet data you have, you really don't have an excuse for being unable to conduct a little research before coming online to label people liars whilst exposing yourself. |
LordAdam:I never said Kemi is better than NOI; the latter is obviously more experienced. But the criticism and blasting Kemi has received over performance is nonsense. It makes no sense comparing the performances of 2 finance ministers when one oversaw plenty whilst the other reigned during a time of drought; it's an unfair and imbalanced comparison and such can only be done by inconsiderate trolls. Another factor you have to also look at is the boss of the minister. The same NOI who performed wonderfully well under OBJ returned under GEJ and ruined her profile; of course many are too myopic to have noted that. 2 days ago a thread was opened making one of those thoughtless comparisons bothering on how NOI cleared Nigeria's debts down to $3bn and how Kemi came in and pushed our debts to over $70bn. Of course majority of those commenting on the thread were too myopic (or should I say too dumb) to just ask the vital questions. The question that should have been asked was, the NOI who was hailed for her debt reduction feat under OBJ, to what level did she grow Nigeria's debt profile between 2010 and 2015, a time when Nigeria earned unprecedented income?... The narrative on that thread made it seem like Kemi grew the debt from 0 to over $70bn. There is nothing unusual about people borrowing to survive during times of income drought. Between 2010 and 2015, Nigeria earned almost ~$400bn from oil sales but between 2015 to early 2018, Nigeria earned less than $100bn; in both periods, Nigeria borrowed massively. Does much need to be said about this? |
This dude was a real dumbass. After winning his case in court, was it even necessary coming out in public to spew trash?... Especially to the point of lying against and calling out the names of people who knew the truth? .. what sort of pathological stupidity makes one to do that? Now the idiot has just give the authorities of CU the right to invade the privacy of real innocent students. |
This one weak me I swear... This aboki is just irredeemable ![]()
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Just 10 million? ![]() |
wirinet:Its really sad that people still come up with the senseless argument suggesting that the immediate past government was any good in terms of financial responsibility. Under the last five years of PDP, Nigeria made almost $400bn from oil sales but still ended up borrowing massively and even running down the country's reserves from about $45bn to $28.6bn. Under the present government, Nigeria has made less than $100bn from oil sales but reserves have been built up marginally to about $47. It's acknowledged that the debt stock is pretty high and disturbing, but given the above scenarios, only a capital buffoon would think the last govt was better than the current in terms of debts accrued. I wouldn't even want to talk of the ignoramuses who keep coming up with the silly argument that Nigeria was economically robust prior to handover. With Nigeria's GDP growth rate nosediving from over 6% to 2% in the periods prior to handover (due to oil price drop), only illiterates would argue that the current govt ALONE was responsible for the rate hitting the zero mark even when it was obvious that the uncontrollable economic factor which led to the crash (i.e. oil price drop) kept getting worse. |
modik:Mr A borrows during a period of plenty. Mr B borrows during a period of drought. Only an unwise person attempts to compare both scenarios. Under the last five years of PDP, Nigeria made almost $400bn from oil sales but still ended up borrowing massively and even running down the country's reserves from over $40bn to $28.6bn at the time of handover. Currently under the present government, Nigeria has made less than $100bn from oil sales but reserves have been built up marginally to about $47. Any sympathiser of the last government who sees this $400bn vs $100 comparison but still thinks it makes sense to mock the current govt and then praise the last govt over debt issues must really need help. |
Shayetet13:Unfounded?... Can you kindly point out the exact sentences you want me to provide reference for?... I'll be glad to provide references for every single word I typed above cos I didnt type rubbish. By the way, your references to Algeria and Angola not falling into recession are very watery and pointless comparisons. Different countries have different buffer measures against economic shocks such as the loss of value of their main trade commodity. A country like Saudi Arabia for instance with 1-sixth of Nigeria's population had 25 times more forex ($750bn) stored in their reserves for eventualities like a drop in oil prices. Similarly, Algeria with just over 1-fifth of Nigeria's population had about $195bn in forex reserves prior to the oil price drop. As at 2016 ending, Algeria's reserves had dropped to less than $100bn; that is to say it cost the Algerian central bank about $100bn in reserves to prevent a recession. https://tradingeconomics.com/algeria/foreign-exchange-reserves Your country has over 180 million mouths which are fed only by oil. By mid 2014 when oil prices crashed, how much did your expert leaders have in reserves to counter the impending recession?.... Oh sorry I forgot, Buhari should have manufactured forex to prevent recession... By the way, your comparison with Angola as one of the countries not affected by oil price plunge is obviously out of ignorance, my apologies. |
Shayetet13:Yes she did; Nigeria was already on the pathway to recession by the time she and GeJ bailed out of the sinking ship in 2015, only for the new captain to come in and was punished with 100% of the blame. As at May 2015, Nigeria's GDP growth rate had already dropped to 2% (from its average 6-7%); at the rate it was dropping, getting to zero (recession) was inevitable especially given that the primary factor causing the drop (low oil price and meagre reserves) was getting much worse. Also, Nigeria's forex reserve was dropping rapidly (it dropped from ~$40bn to $29bn within 7 months), exchange rate had also dropped from N160/$ to N220 just in early 2015, virtually nothing was allocated for capital expenditure in the 2015 budget (e.g. the Works ministry got less than N20bn for the whole country in 2015), the government was so badly short of cash that over $2bn had to be borrowed in Feb 2015 for things like salaries, fuel importers were owed subsidies running over $2bn in the last 8 months prior to handover, etc etc. All of the above happened when oil even still sold for over $60. But we all know how oil prices plunged further to less than $30 and how production volumes dropped by over 60% after the new govt took over. But still we have people who think and argue that all was rosy when NOI and GEJ handed over... Wouldn't even know whether to call this ignorance or just. |
I see a lot of wailers foaming in the mouth over this report. NOI/OBJ reduced Nigeria's external debt to $3bn and even saved over $60bn for Nigeria in forex; that was very commendable. But a simple question for the the numerous clowns blasting Kemi on this thread; during the 5 year period between 2010 and 2015 when Nigeria made unprecedented high income from oil to the tune of almost $400bn, how much debt did NOI/GEJ incur for Nigeria ?... What was Nigeria's total debt stock as at May 29th 2015?.....No need to even talk of the forex reserve that was depleted to less than $30bn even during the years of plenty, or the fact that Nigeria under GEJ/NOI borrowed over $2bn in February 2015 to offset recurrent bills including salaries. Someone also forgot the over $2.5bn (over N500bn) in subsidies owed to fuel importers which had to be offset by the new govt. |
HigherEd:As I understand, the only reason this chat was released or why this is even news is because this very school actually expels students when they find such harmless adult to adult chats in the private facebook or whatsapp messages of their students. I hear a student who is suspected could be asked to surrender the user details and passwords of their private social media accounts for the school authority to interrogate if they've engaged in 'inappropriate' communications or acts. Once caught, the student faces disciplinary actions and can be expelled. It's even more intetesting when you know that this very man has expelled several persons for the very act he's involved in. |
Can Ambooo really be removed?... Too many jokers around. |
Everyday politicians just pull out these massive crowds from their homes, even in the middle of the week? There's really a severe unemployment crisis in Akwa Ibom state. |
marvinsync:When I say they existed b4 ipob, do you need special tutoring to understand that I referred to Massob?... or arent you aware that massob existed b4 ipob? Why do I even bother responding to these kind of directionless emotional arguments?.... Abeg sorry! My bad!... The youths and street urchins who rampage about to enforce IPOB orders are OPC members, not ipob. Also, the police is intemding to go and arrest individuals who chose to sit peacefully in their houses. We will not take it!!!! Okay Bye! |
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?... What was Nigeria's total debt stock as at May 29th 2015?.....