₦airaland Forum

tuniski:
Oh so GeJ met it @160 and left it @220 after 5yrs. That is 60naira depreciation at average 12naira a year abi. This govt under 2yrs took it from 220 to 560 that is 240 which is 120 average. That is a record in poor economic management. Even if it is now 400 it is still 180 averaging 90naira a year, is that exceptional to you? Abeg be discerning!

First clarification is this, GEJ met it at N160 and it stayed at N160 till 2014 Oct/Nov just after oil price began to crash. It was between ~Nov 2014 to May 2015 that it crashed from N160 to N220. Also within that period, the reserves crashed from ~$38bn to ~$28bn. So if we agree that oil price was the real problem (a lot of Jonathanians still bluntly refuse to accept this commonsensical fact), may I remind you that oil price was still above $60/barrel as at May 2015 but beyond that date after the current admin came in, it further crashed to as low as $28/barrel and to compound matters, oil production fell by up to 50% all through 2016. So if you must carry out your above weak calculations, please do well to consider all supplementing and complementing factors.

Now it is quite commonsensical to note that when the CBN injects dollars in the system, it strengthens the Naira. But for several months prior to May 2015, the CBN kept pumping dollars into the system (albeit at a reduced rate) to shore up the Naira Value and this led to the rapid drop in the foreign reserves (~$10bn in 8 months), but the Naira still crashed from N160 - N220 nevertheless.

Now after the reserves dropped to $28.6bn as at May 2015, reducing the amount the CBN injected into the system weekly was inevitable (forex restrictions) because nobody wants to imagine what would happen to an import dependent nation should it run out of forex reserves. And of course, that reduced forex injection fueled the forex scarcity which saw the Naira crashing uncontrollably.

If only GEJ had saved up like his predecessors did (instead of squandering the forex previously saved by his predecessors to a negative balance), especially considering that his regime enjoyed an unprecedented boom in oil income, then the CBN would certainly have had enough to sustain its weekly dollar injection and the Naira definitely wouldn't have crashed the way it did post May 2015. Nigeria did not run into trouble in 2008 when we had a similar oil price crash which lasted about 6-7months because we were bailed out by a $20bn intervention from the CBN (saved by OBJ/Yaradua). With a measly saving of ~$30bn (reserves + ECA), I wonder what you expected the new admin should have used to bail out Nigeria in the current oil crisis which has lasted close to 3 years now since you claim the fault is 100% from the current admin and not the saintly last guys.

You asked me to be discerning, I have just given you an explanation from a discerning mind regarding the situation of things in your country. It is not enough to just give a shallow analysis saying "when GEJ was there, the dollar was N160 and only crashed to N220, so therefore it is Buhari's fault that it crashed further." Such a shallow analysis should be reserved for an audience which is not privileged with education or discernment. If you want me to give a further breakdown of all I wrote above, complete with links and citations for every single figure, i can gladly do that after working hours. Thanks

xynerise:
Before fans of Funke Akindele start throwing plastic chairs at me, take a seat and read carefully.


Is Jenifa's Diary rated PG? If no, then the problem starts from the censor board.

Originally, Jenifa's accent could be traced to the Ibadan people in Oyo state but she really exaggerated , but that is not the point though.

My point is, people who already know the right grammar to use may not be a victim of this but people especially children who are still learning The English language should not be viewing that movie.

I heard a little girl speaking exactly like Jenifa. She was telling another kid "Joe, ava? and he replied "I is fine". Think of the damage it will cause to their English speaking ability on the long run.

Jenifa's Diary is not for school children but people watch it with kids around and you know kids learn things fast and if they know it, it is hard for them to forget it.

My advice is, don't watch Jenifa's Diary around kids.

Your insult is welcomed.

I agree with you 100%

tuniski:
When will it be 197 to the dollar and inflation drop to under 10%? If this yeye govt achieve that by 2019, we will forgive them while sending them away.

Why didn't you ask Jona to return back our reserves to the level he met it in 2010?.... I wouldnt even be talking of the Naira which he met at N150/160 but handed over N220 and an empty reserve. If the current govt can get it back to N300, then they hav done exceptionally well given the circumstances.

Children of nowadays... How dare she talk to her parents like that?... This isnt even about the dress but about her rude response.

emmasege:
In an ideal situation, the immediate past president should be invited to join in the commissioning of that road for the sake of brotherliness and national unity, because I remember he started the project. This is one thing PMB should do when necessary to douse the tension of disintegration in the land, particularly in the defunct Eastern Nigeria.

Which road are you even referring to?.... The one whose reconstruction was also started by OBJ but was never progressed?... or the one which GEJ inherited and still did not progress but rather used the award of the contract 'on paper only' as an election bait to corner votes?.... or is it the one that is finally being constructed by the current govt but which up to 10% has still not yet been completed?

Which road exactly are we talking about here? And how many past presidents are we even going to invite assuming the construction is ever completed?

henrydadon:
am watching this live now..

every news channel is covering it..and they are treating it as a serious issue.

but a bomb went off today in maduguri..why is it not been covered and given much attention?..oh wait..bomb blast is now a normal thing in nigeria all thank to buhari

You were making sense with your comment but not until you then decided to betray your intelligence with your closing words. I suppose in your world Buhari is the one throwing bombs in Maiduguri, or probably the bombs there started going off in 2015.

Jesusloveyou:
and so what?
That is the same reason magu cannot be confirm.

Wetin concern MURIC and Magu?... Is Magu their chairman?

The result of poverty and joblessness.

sarrki:
Baba Gej failed us all

He failed humanity and mankind

This has nothing to do with GEJ

Delta state has always had governors that have been receiving huge sums courtesy of 13% derivation and those extra funds are purely meant for these purposes, not for one governor buying multi-million pound palatial mansions in London and Dubai, or another governor spending hundreds of millions to welcome him back from overseas jail.

zoba88:
According to Com Enudi Marcus,National President,SAVE NDOKWA NATION GROUP,information gathered from their brethren in Beneku,Ndokwa East,Delta state,has it that the only "pontoon" that ferries people across the river is very bad now,works half day in,three days out.No standard bridge except wooden bridge despite oil/oil companies being present in the area.

See screenshot of what he wrote below

cc; Lalasticlala,mynd44

Source: http://www.trezzyhelm.com/2017/03/the-bad-state-of-bridge-in-benekudelta.html?m=1

But isn't this the reason why when other states were collecting between $100 - $150 million paris refund, Delta state collected between $300 - $400 million?

What is that extra money meant for and how do the leaders in Delta state use these extra funds?

Last time I checked, things like this is the primary reason we have bodies like NDDC and Niger Delta ministry, but instead those bodies are just conduit pipes to turn pauper leaders/elders to billionaires overnight.

I give up on the kind of leaders we have in this part of the world.

Jesusloveyou:
the muric simply said, is not his concern but someone told him,
So nothing to debate about.
But you and i know is very possible for akpabio to say so, and you and i also know akpabio wil vehemently deny it.

2 things:

1. What is the business of Muric or whatever they call themselves with what akpabio said?....

2. If Akpabio said it, and so freaking what?

Gomeromo1:
This call from madam Kemi just confirms her incompetence. She is supposed to be providing leadership to the CBN and not cry like someone who has been given a task too big for her.

Did you read where she said she has absolutely no authority or control over what the CBN does?.. and are you aware that on several occasions she had proposed one thing and the CBN proposed the opposite?

onnenka:
Compare these with what was happening before the evil and certificateless herdsman came to power.

onnenka:
Looks like the days when militants were in charge were far better. Look at my post above.

Common sense tells me that if those militant loving leaders and their allies had saved enough forex in the nation's reserves as their predecessors did (instead of squandering it all prodigally), then the country would have had enough forex to sustain the same level of imports even at the worst days when oil price crashed.

When a country's income is $100, the managers go on a prodigal squandering spree and make no savings at all in the storehouse. Then the income drops to less than $50 and some people who pride themselves as 'educated' cannot discern why the expenses (or imports) had to drop; rather their intelligence tells them it is because the new manager of the barn is certificateless, hence the low purchasing power.

...And then one begins to wonder the benefit of the certificate these educated ones have over their certificateless illiterate counterpart.

All these confused useless religious groups that aren't sure of what their mandate is. What's the freaking business of MURIC with senate confirmation of Magu?

And even if Akpabio made the alleged statement, Ehen! And so fucking what? How is that anyone's concern? and most especially, how is that MUrICs business?

abeniagbon:
Then why is it only for commercial user only?

They have to start from somewhere, and besides we have more commercial vehicles on our highways than private cars.

Long overdue... stupid speeding is responsible for over 70% of the fatal accidents on Nigerian roads.

These guys get mind oo... So after all these they still get to show their face in public freely?

Na wa

Mynd44:
Finally , emergency services can now rediect their resources to other areas instead of concerntrating it on one person/corpse.

Not that it is not sad that he died but too much resources would have been lost to this search

Attn: Mynd44, Seun, lalasticlala,

Why is the wrong picture still being used to report this story? The person in the picture posted by the Op has since yesterday been making public disclaimers that he isn't the suicidal doctor. Why una wan give the guy family members high blood pressure?


https://www.youtube.com/watch?v=5ZTsAZsrNiA

This kind of story sef... I can't really point out if this is in favour of Dino or against him.

But finally, no be today Dino jaguda start.

jpphilips:
We did less than 1m bbls when we lost most of our export lines at some point, no one is surprised at what is happening, so long as oil remains above $50, CBN can sustain this policy, next is the DSDP that will start in April because Forcados is back online, that will likely push down the cost of energy petrol especially, gradually inflation and recession will subside.
Only m0r0ns thought that buhari was the problem.

I think it's all just political sentiments, these thing are quite commonsensical but even with thorough explanations, quite a lot of people wilfully do not still get it because they feel more comfortable and happy with the pointless political theories.

Jesusloveyou:
@obailala
where are they getting the dollars now.
When they were building reserve from 23b dollars to 30b dollars last year, why not release just a little 100m dollars/month even at that stage when it was 23b dollars.
This 100m dollars cbn is releasing every month is too small to defend the naira. I was expecting atleast 1b dollars to force the dollar to 250 naira.

I asked you a question b4, can you give what you do not have?

Dollar supply is higher now because oil now sells at an average of $55 per barrel unlike $40 average which it sold for last year. In addition, oil production has now increased to 2 million barrels daily as against 1.1 - 1.5 million barrels which was the case last year. Hope you now see the difference?

attacker321:
Emerging reports suggest that 30 people have been killed in Zaki Biam, Ukum local government area of Benue state, following a raid by some gunmen suspected to herdsmen.

The raid was carried out on Monday, March 20. A community leader, Chief Udam Wuhe, said more than 10 gunmen stormed the town from TorTonda- Zaki Biam road at about 5:00pm.

According to him, the residents counted not fewer than 20 dead bodies with several others injured and many houses razed.

Daily Post reports that Wuhe could not ascertain if the attackers were Fulani herdsmen.

The incident is coming barely one week after suspected herdsmen killed over 10 person in Buruku area of the state, which led to the governor, Samuel Ortom issuing them 72 hours ultimatum to vacate the area.

The state Police Public Relation Officer, Moses Yamu, who confirmed the killing, however, said the casualty figure has not been ascertained.

“We are yet to ascertain the number of those killed in the attack. Our men are already on ground there to restore normalcy to the area,” he said.

Below are more photos from the raid.

This day reports that most of those killed were said to be traders and businessmen.

According to an eyewitness, “the gunmen stormed the yam market on about 12 Bajaj motorcycles and four Toyota Corolla cars and started shooting at anyone in sight.”

Several cars and a fuel station were also razed as pandemonium engulfed the area.

The eyewitness described the incident as a bloodbath.

When contacted, the state commissioner of police, Bashir Makama, confirmed the killings but stated that the police were yet to ascertain the exact number of casualties.

Meanwhile, as the killings were going on, Governor Samuel Ortom was giving a run down of the security situation in state and measures taken by his government to bring an end to the invasion and attacks by herdsmen on innocent people of the state.

He stated that his decision to expel Fulani herdsmen in the affected areas of the state was to pave the way for Tiv farmers to continue their farming activities.

Ortom insisted that it was impossible for herdsmen and farmers to operate in harmony, pointing out that his administration would not fold its arms and allow people fall prey to foreigners and killers and it was his government’s responsibility to ensure security for the people

The governor further cautioned against confrontations as the herdsmen make their way out of the state, adding that the security operatives would ensure they move out safely to where they came from.

Also speaking with the residents, the state police commissioner, on behalf of other security agencies, called for caution among youths and urged them to restrain themselves from resorting to violence at the slightest provocation but to remain patient.

Makama promised that the security agencies would not relent in the discharge of their duties.

https://www.naij.com/1094823-breaking-gunmen-storm-benue-community-30-killed.html

lalasticlala

omenkalives

I thought the report yesterday said the attack on the community was carried out by some Tiv militia?... How come blogs today are now saying fulani herdsmen?

Jesusloveyou:
and i stil blame the cbn for all this mess we found ourselves.
All this speculators would have release their dollars they are be hoarding since last year.
Cbn were building reserve instead to release atleast 1b dollars every month. That means he should have defend the naira thru-out last year with atleast 10b dollars and we would have still arrive at 30b dollars in reserve with alot of economy gain.
Cbn stil need to release atleast 1b dollar to force the price to atleast 250naira.
Buhari is stil the best, and cbn is stil our problem.

Can you give what you don't have?

Are you aware that throughout last year, the CBN was releasing reduced amount of forex into the system but because there wasn't enough forex flowing into the reserves, the reserves dropped steadily to as low as $23 billion?... And of course it was after it got that low that the CBN decided to further reduce what it injected into the system to rebuild up the reserves. Now it's been built back up to $30 billion and the CBN has now resumed injection of dollars into the system.

I think the above explanation is very simple common sense logic, you cannot expect the CBN to keep releasing forex if it doesnt have the forex.

gbegemaster:
Well, I really don't like the stupid big brother show but this court case may not change anything.

There's the parental control feature that he can use to control viewing and if that doesnt work, he can fully opt out of DSTV or suspend his subscription for the duration of big brother.

He's not under any compulsion to watch.

Nigeria is just full of too many hypocritical oversabi mumus.... Even if he doesnt want to disable his DSTV completely, the so called doctor can actually place a simple call to DSTV asking them to unsubscribe him from that particular channel. But instead he chose to go to court...

chukzyfcbb:
Mr man don't count your chickens before they are hatched. if you think naira is on the road to an everlasting recovery, you are a joker!!!

all these one CBN is doing na initial gra gra, from now till next year, don't expect the exchange rate to hit $1-250naira otherwise u are sick

If oil price stays where it is currently and if oil production which has currently hit 2million bpd stays where it is and possibly increased to 2.2milliin or more, you will be suprised at who the real joker is.

hiroz:
hahahahhaha...no so e bad,govt go dey settle agbero too... i have never been to warri...
later the same youths will say there is no development in their community, when they are the main hindrance to development...

It's actually worse than you can ever imagine. Several years back when Ibori wanted to renovate/modernise the Warri city stadium, youths in the area halted the jobs demanding the contractors must pay them 'development levy' or 'deve' for short. It was a major face off and the contract was halted cos the contractors and government bluntly refused to pay. Heavily armed mobile policemen had to man the construction site night and day before that job was completed. I wouldn't even want to go into details of what ordinary residents face, let alone companies.

The attitude is a real big mess and has totally chased investors away but it's quite funny when people who have no clue keep narrating weird political theories regarding why investors keep running away from the town. Lunchtime, you see youths barging into company after company, going straight to office canteens to eat free food. Meanwhile these youths are usually put on stipends by these companies for doing absolutely nothing but just for the sake of peace. Then again, just make an attempt to build a house, all they need to see is a tipper taking sand to a compound, it doesn't matter if the person is just trying to sand-fill his compound to prevent flooding, you must pay 'deve' in thousand or hundreds of thousands and if its a house, you might be paying up to a million if it's a storey building. Meanwhile of all the cities in Nigeria where Shoprite has opened outlets with all the glitz, Warri is the only place where youths woke up one day (roughly 4 months after its launching) and attacked, vandalised and looted the entire mall where shoprite was located because the owners/govt refused to settle; a very messed up situation which has crippled the once buzzing town.

olapluto:
I think I will sell my dollar today, although economics tells me that this CBN policy is not sustainable over a period of 2 months max.

hope u know oil price has been above $50 for several months now and Nigeria's production has risen up to 2million bpd?

Hope you also know that despite the release of over a billion dollars by CBN in the last 3 weeks, the reserves rose a tiny bit above $30billion?

You can keep hoarding, except you got plans to blow up one or 2 major pipelines

dokyOloye:
Pls,let us temporarily forget d fact that I am a wailer,IPOB yoot,flattie,and worse.
Pls,can som1 tell me what will happen when there's no more dollar to 'pump'?
Cos common sense says we'll b back to square one.
I need response from preferably seasoned economists or ppl in allied professions not an online hoodlum probably camped by Aregbe in 1 mud house in Osogbo,smoking d famous Osogbo weed non stop or d ones in one warehouse wt poor ventilation in Utako?

When there's no longer dollars to pump, the CBN will stop pumping, and the Naira will depreciate again to the same N530 it got to last month or even worse. This is exactly what happened sometime in October last year when the reserves dropped so low to $23billion, the CBN stopped pumping and started saving up and of course, the Naira started crashing till it got to N530.

But then since the CBN was saving, the reserves got up to $30 as at last month and the CBN could then afford to resume pumping of dollars; hence why it was amusing when people started jubilating and hailing 'a policy' of the Acting President for helping the naira appreciate earlier this month.

Meanwhile, the CBN pumping dollars these days may be sustainable if oil price stays at the current $50+ and if our boys in the creeks keep showing suffering Nigerians some mercy as has been the case in the last 3-4months. The reason the dollar was maintained at N150-N160 all through those years was simply cos oil price and sales was high and the CBN could afford to pump billions of dollars into the market regularly.

These benue people sef... their problems no dey end?... From Fulani herdsmen to TIV militia...

Cutehector:
rivers state especially.. Just go to the north now u will see good roads . their youths won't complain.. Back here in rivers state all what youths care about is marching ground money. Kai! Illiteracy is a disease..

hiroz:
lol.. rivers state is the worst when it comes to this marching ground money...
i especially pity drivers these youths harass them Everytime u load u must pay them...you want to buy land u pay, u bring sand u pay, bring cement u pay, roofing you pay..very lazy youths all they know how to do is to join cult... company wants to open factory they start their rubbish.
cant the government do something about this? it kills enthusiasm in contractors and small business owners..

If you guys really think these 'marching ground' fees are worst in Rivers state, then obviously you haven't properly been to a city called Warri. In that town, even the government has to pay 'deve' in order to renovate schools, hospitals or stadiums.