₦airaland Forum

luvinhubby:
See what your Buhari people are doing, maybe GEJ or fall of crude price caused this also?

Are you a learner?... na today u know say Nigerians dey sell birthright?... or na today you know say politicians are the same irrespective of party?

Naija people and selling of their birthright are like...

*abeg where that jacob zuma pishure dey?**

...He said he shared the story with friends he believes he can trust including Linda Ikeji and that he didn’t want to story out because it would embarrass her ex-fiancee’s mother, but Linda Ikeji went on to publish the story despite specifically telling her not to.

“When the ‘friend’ you shared your personal story with goes ahead to shade you with it on her blog, you know you trusted a snake!,” he said.

“Out of respect for my friend and now ex fiancée, I never shared the story of what happened between us publicly, but I shared it with some friends I felt I could trust. Folks @Chude , @DebolaLagos , @bellanaija and @lindaikeji and a couple of others.”...


...Describing Linda Ikeji as a dangerous snake, Omojuwa is asking others to learn from his ‘temporary stupidity’ and never to trust someone like her....

You wish for a story to be kept secret, and you go ahead to share it with several people, including people whose job is to be industrial amebors?... Hopefully that stupidity was only temporary.

Die-hard Jonathanians need to be featured in the Guinness book of record as the longest running weepers.

OMG!.. What did I just watch now?

Some humans need to be tightly bound with strong ropes cos it's only a matter of time before they run naked into the market square.

When would some people understand that a protest for good governance isn't necessarily a protest against Buhari?

Nigerians na wa!

No be Mr Jollof face be that?

Olympus seems to be falling

holarindey:
when this boy go wise eh? does he expect them to be trekking or why isn't he trekking? The world is revolving and God is not a wicked God. If you work well for him he'd do remarkable things in your life. most of those things they own, they didn't buy them with their money. Those horses are like rolls Royce now.

The apostles never owned horses, Jesus himself never owned horses too. Nobody says pastors should walk or shouldn't own cars, but living in obscene opulence and embracing excessively luxurious lifestyles, that is totally man-like and not Christlike.

oyetunder:
Well, we have given them the liberty to insult us. The British people has forgotten how their companies like 'shell' contributed to our problems. Yea, their banks helped our leaders to secure stolen wealth for years...and the best they can is to return the exact amount without considering the interests such monies generated deep into their economy. To some shallow minds, they will think I'm not making any sense by taking this stand against BBC, but considering the shallow education our country has to offer, I'm not bothered. The same Britons who are asking questions today ensured that most African nations are backward. They never allowed sound minds to rule when they were leaving. They handed over to the North...and all those African sharp minds that challenges them were hindered or even terminated. External influences cannot be overlooked when it comes to Africa Nations at all. Shameless people, till today, they are finding it hard to return those 'items' their fathers took away from our palaces. Stolen things which they proudly display all the time in their museums. Jollof rice ko, pondo yam ni. If not for our shameless leaders, how come this little island of colonial thieves would have the audacity to be insulting us.

It seems the only thing the black man knows how to do is blame the white man for all his woes. When shall we wake up and understand that spending the rest of our lives blaming, blaming and blaming others will not solve anything?

Odingo1:
FG have prove he is alive by sending various pictures of him in London and said that he is not dead

Lol... I thought people said the pictures were fake?... Nigerians too funny

johnamedu:
so up to this state of our ruined economy, u and your afonja are still pointing finger at past administration. We cant be suffering and keep calm like u people. It is a pity you have no shame. I thought that buhaty would learn from his past mistake in 1984 and do things better now, but it is really unfortunate that he has ruined just in two years the fastest growing economy in Africa he met. You and the whole of afonjas have no justification for the messy state of our economy and you can't exonerate yourselves. You should cover your head on shame.

Mr man carry your stinking wailing and foolish tribal thought process elsewhere. At a GDP growth rate of 2.3% as at the 2nd quarter of 2015, your ignorance also stinks to high heavens to actually think Nigeria was still anywhere close to the fastest growing economy as at the time of handover.

Awoo88:
And has the over ten billion blasted by Buhari not stop the downward spiral of the naira You can try to rewrite history but the facts are there.

I simply gave you a factual scenario which you and many others keep overlooking probably out of emotions/sentiments and nonchalance. The primary reason Nigeria is in a mess today is because of its stupid overdependence on oil; oil prices drop and everything goes south. The scenario I painted earlier was just to show you that the crash of the economy/Naira had started in full force even buhari took over. If only we had a functional power system and functional refineries, it wouldnt have gone this bad. A functional power system would spur industrialisation and functional refineries would ensure Nigeria saves over 60% of ots total import bill. I do not see how these 2 major scenarios are the making of buhari.

I'm not trying to make excuses for the govt, there's no doubt that they are dormant and havent exhibited any tact in reversing the trend (which they met), but saying that the present condition of things is solely the making of the present govt that took over at a downtime less than 2 years ago, that would be speaking from a position of ignorance.

cstr55:
[b]And who was the cause of buhari epic failure in 1984?
This man came in and met a country that had the highest standard of living in africa and possible the carribean.
And in just 2 years, he destroyed the system with his gross ineptitude, and by trying out a sort of pseudo-communism without the intelligence to actually make it work.
Go and read the various CIA files on the old moronn you call president and weep for your country.
Your president won election, and knowing the precarious state of Nigeria, the idiott waited for six months to appoint largely equally useless ministers after investors have fled due to mixed signals and uncertainty thereby liquidating the economy. Even donald trump with all his tomfoolery knows what it means to be president.
It is one thing to hate jonathan and the PDP, it is another to support an even worse candidate and still stand by such idiocy.
Even the average northerner who i consider incapable of rational thought are actually beginning to think rationally and are speaking against this govt of disgrace and ineptitude.
You and your afonja brothers are a traitor to your fellow citizens. Useless people with no scruples.[/b]

Buhari did not singlehandedly destroy anything, the indiscretions of the leaders b4 him in allowing the country rely only on one volatile commodity is even a bigger cause of the problem. Only dull brains look at where they fall insteas of where they first slipped. Meanwhile na ur papa be afonjo

Awoo88:
I understand that you have to defend Buhari but please be smart about it. It took almost six years for the dollar to raise from 170 to 230/216. It took Buhari less that a year to drag the dollar from about 203 he met it to 500 hundred. It was his brainless policy that resulted into scarcity. It was demand far exceeding supply that that drove to the dollar to what it is. Instead taking economic steps to address the situation, his frozen brain resulted to brute force. Can you name a single step Buhari has taken that have not increase the price of dollar

It took less than 6 months for the Naira to fall from 160 to 230 as soon as oil prices began to crash, and that was despite the $10billion the CBN blasted within that 6 months period of November 2014 to May 2015 to save the Naira; dont forget the oil price was still above $60 at the time. When you argue as well, you need to argue with some intelligence. The dollar was steady at 160 from 2010 - late 2014 when oil began to crash. If you dont know this, then little wonder you and many others always jump out to spew uninformed arguments.

Of course after spending $10bn of reserves to save the naira and the naira still crashed to 230 at the black market. With a paltry sum of $28.5bn left in the reserves, any smart individual knows it would have been silly to keep spending at that rate to save the naira hence the forex restrictions which further drove the price of the dollar high.

HarveySpecter1:
It wasn't only buhari but he is one of the people responsible.

People like you are the reason Africa will never develop.

Speaking the truth or asking analysts and critics to at least analyse with the truth cannot be termed a vice. I cannot be the reason behind Africa's backwardness, but rather, the people who open their eyes and lie to themselves and others everyday about how the previous governments were saints who turned Nigeria to dubai and then boom! Buhari comes in and reverses everything. People who keep peddling this nonsense because of silly sentimental attachment are the real reason why Africa is backward. People who see nonsense and call it beauty because of sentiments.

Awoo88:
It was Buhari and his 1984 frozen brain that started this hardship. It was his stupid trial and error forex policy that is the cause of present condition. the nonsense Osibanjo wants to start with food. Buhari is the reason dollar went from 200 to 500 naira. It is Buhari and his bigotry is the reason rice is selling for 22000. He had in less than two years drag Nigeria to level far below what he met. I don't wish anybody death but if he dies now it will be a very good thing

Firstly, the dollar was about 230 in the black market as at May 2015 when Buhari took over. So if buhari's frozen brain is the sole reason the dollar rose from 230 to 500, so whose frozen brain made the same dollar to rise from 160 to 230 in such a short period as soon as oil prices began to crash even though oil still sold above $60 at the time and we still had the complete 2.2 million barrels per day production volume?

I would appreciate your honest answer.

TonyeBarcanista:
The government has done a lot of wrongs, they have left some of the important things undone and deserve every backlash.

BUT

A jamboree like the botched tuface protest was destined to causing more problems including deaths without addressing any of the existing problems.

I seriously wasnt expecting the protest to be violent. The calibre of people involved would have prevented any violence from breaking out.

Awoo88:
The protest is about bad governance and Buhari idiocy and incompetence is the direct cause of this present hardship. 2face mess up big time. He should not have started the thing in the first place

Buhari alone?... was it buhari alone that spent over $25billion between 1999 and 2015 and couldnt fix our rotten power system which could have at least helped industrialisation and diversification?... Was it buhari alone that couldnt fix any of the degraded roads across the country or give is a modern rail system to boost transportation and agriculture?... Was it buhari alone that sat down and watched while his friends (and enemies alike) all acquired private jets with moneys meant to fix our refineries and build new ones?.... today over 60% of Nigeria's forex goes to petroleum product importation but you certainly do not think that these things have anything to do with the recession?... I'm sure it is buhari idiocy that led the nation not to save when there was excess revenue and now the same idiocy is blamed for its inability to bail Nigeria out of the mess when there is dwindled revenue. Very good reasoning from you!

TonyeBarcanista:
And what will a one day jamboree do to make the government sit up other than causing unnecessary clashes and deaths of people? What is exactly the protest demand? What exactly does the protest meant to achieve?

These are fundamental questions

Yes the planned protest was directionless, but as meaningless as it was, it was necessary just as a knock on the door of the govt to at least communicate with Nigerians about what they are currently doing (if any) about the current depression. Are you aware the govt hasnt really communicated to Nigerians officially regarding the state of the nation from the insecurity to the inflation?

Awoo88:
A very big shame on him. An opportunity to show Buhari how unpopular he has become gone just like that. Tuface you mess up big time

The protest isnt about buhari's popularity or non-popularity. Unfortunately, a lot of people just saw it as another opportunity to come out and wail without direction.

TonyeBarcanista:
Tuface has done well! I, Tonye salute his decision

For the record, the botched protest, which I refer as jamboree was aimless and tactless. It lacked core objective and was highly bereft of purpose.

I will join any protest with a defined purpose and goal. I'm not impressed with Baba but I can't be silly.

The protest was certainly going to just be a nationwide party, but trust me, it was necessary. The government has been dormant for too long.

Sincerely speaking, this is bad!

Nigerians and abuse of power are like 5 and 6. So a little unruly child calls her mother over a teacher striking her and the next thing the mother does is to invade the school an army of useless policemen who obey stupid orders from stupid superiors?

modik:
You would acknowledge that there was investor's confidence erosion when Mr president's economic road map failed to hit the ground running after his inauguration.?

This Government is inexcusable in taking absolute responsibility for holistic governance failures. My opinion tho.


https://www.nairaland.com/3610659/how-much-prices-items-skyrocketed#53415195

Yes absolutely, the lackadaisical attitude of the govt in hitting the ground running (even till now) eroded and erodes investor confidence. At times like this, in order to restore confidence, the govt doesnt just need to be working on overdrive, it also needs to be seen working. However, the biggest single cause of the mess we find ourselves in is the sudden crash of oil prices coupled with the revenue lost due to sabotage of up to 50% of our oil export.

Meanwhile, the cause of the skyrocketing of commodity and service prices is the exchange rate, the dead Naira. Nigeria imports everything.

BlackBaron:
High oil prices
Demand and supply...

The first is obvious.

Demand and supply was helped largely by the volume of fx in circulation under Jonathan. There was a lot of contracts and also a lot of hard currency exchanges via politicians which fed the bdc market. Couple that to the liberal attitude to bdc by CBN by way of high fx sales. It always managed to be in excess of supply or just about.

Fair enough, while politician hand downs are evil and were a proportion of fx inflows for bdc. Buhari obviously cracked down on this, but he's also stopped spending completely. This has left the market completely drained of fx and with demand soaring. It's getting worse.

It's ironic Mr Buhari is absolutely clueless with no alternative to limit fx scarcity also went on to limit the amount of fx inflows into the economy by limiting fx from bdc to $8000 monthly via the CBN. This absolutely meagre sum can not even scratch the surface unfortunately and so here we are with crippling economic conditions.

In all of these, I find it weird that you have not been able to see or acknowledge the fact that there was a major drop in the forex inflow into the country and that was what ultimately led to the scarcity of forex in the system. You seem to just dwell on the fact that 'Buhari restricted forex supply to the market' without acknowledging the inevitable reasons why.

Are you aware of how fast the foreign reserves were running down between November 2014 and May 2015?... The reserves dropped by $10bn from $38.5bn to $28.5bn within this period, and despite this infused $10bn, the Naira still fell in the black market to N230 because there was still short supply in the market. Meanwhile this was even in a period when oil still sold above $60. Of course when it was obvious that the drop in oil price was not going to reverse, it was inevitable to start restricting what CBN issues to people and to the market, and that was the genesis of forex restrictions.

modik:
Suffice it to say that a clear conscience fears no accusations. It is only in Nigeria that we have smokes without fire?? Which defies natural laws and principles.

Be that as it may, I know that Nigerians are so deranged by the impact of this untold recession that they no longer know the difference between the truth and lies.

You know as well as I do that you can only tell the blind man, like Nigerians, that there is no oil in the soup, however you cannot tell same blind man that there is no salt in the soup cos his taste board knows better

I rest my case.

You have still not answered Mr Lai and you want to rest your case?... Isn't that obvious that you have no case?.. This is preposterous!

You spend the better part of the last 2-3 years accusing someone of being a prolific pathological liar, the person finally decides to respond to this accusation and your only response is "a clear conscience fears no accusations"?

4Play:
This narrative is such a silly cop-out. Yes, oil prices are crucial but Buhari's fixed exchange rate regime has made it economically unwise to bring in forex into Nigeria, except for remittances. This is the primary explanation for the collapse in non-oil sources of forex inflow which I noted in an earlier post:

--------
This is not true: We do not earn all our forex from crude oil exports. Remittances, capital inflow and non-oil exports contribute to forex inflows:

1) The World Bank has disclosed that Nigeria received a total of $21 billion from its citizens living abroad as home remittance in 2014 saying that growth of remittance is expected to slow this year.

Source: http://www.vanguardngr.com/2015/04/nigerians-living-abroad-remitted-21bn-in-2014-world-bank/

2) Represented by the Director, Development Finance of the CBN, Dr Mudashiru Olaitan, Emefiele blamed the decline of non oil revenue on the low level of loans to exporters which invariably contributed to the decline in non oil export revenue receipts from $10.53billion in 2014 to $4.39billion in 2015.

Source: http://www.vanguardngr.com/2016/01/cbn-blames-declining-non-oil-revenue-on-low-export-loans/

3) For instance, figures obtained by the National Bureau of Statistics stated that as of 2013, the country had a total investment inflow of $21.32bn (N4.2tn). This figure, according to an analysis of the report, declined to $20.72bn (N4.08tn) and $9.64bn (N1.89tn) in the 2014 and 2015 fiscal periods respectively.*

Source: http://investadvocate.com.ng/2016/03/07/investment-inflow-nigeria-drops-n2-3tn/

From the above 3, non-oil sources of forex in 2014 totalled $52bn -$21bn in remittances, $10.5bn in non-oil exports and $20.7bn in investment inflows. So all the Nigerian government needed to do was make sure the 3 non-oil sources of forex inflow continued to grow to offset the reduction in oil export income. Instead, by displaying a disinterest in setting a clear policy direction and implementing the boneheaded fixed exchange rate policy; 2) and 3) above declined very fast making things even worse than they ordinarily would have been.

---------

* Investment inflow was down to $5bn in 2016. Worst figures in 10 years. See here:[url] http://investorsking.com/investment-inflow-nigeria-drops-10-year-low/[/url]

There is absolutely nothing silly about what I explained above, I simply pointed out that the drop in oil price was the major hammer that hit Nigeria's economy followed by the almost 50% drop in oil exports due to internal sabotage. While we all agree the confusion in the exchange rate fixing policy has great effects on our recovery today, that does not necessarily change the facts about oil price / reduced export volume being the biggest hits to the economy.

To repeat what I said earlier, investors don't take their money to places where they can clearly see cash flow is drying up; even the early morning akara seller would prefer to take her wares to a richer credit worthy neighbourhood. The major reason the investors move away is still tied to the forex scarcity in the country, a scarcity which is primarily an effect of the dwindling oil industry. All the things you mentioned as being responsible for a decline in non-oil revenue are still tied to the same scarcity of forex; from the lack of loans to exporters to the lack of forex to manufacturers, to the crisis in the aviation industry which has forced international airlines to leave completely or relocate to Ghana, all these were fuelled by the lack of forex to either repatriate profits or to import raw materials and equipment.

The only non-oil forex source which you listed above which isnt directly/indirectly linked to the oil revenue is diaspora remittances, and that aspect has seen a major leap in the last 2 years due to the dying Naira.

modik:
Hahahaha

If the Boldened is true, then Nigerians should apologize to the hero of Nigeria's democracy

I guess you know the only living legend who fits into that description.

When a knife remids you that it is one, then check well, it is not and has never been one.

If you have to put me to task in reminding you when you have ever lied for once, then check well if you have ever told a single truth.

The only reason you have been given the task to remind him is because you and your ilk have been dancing naked around town for ages singing about how he lies. Now he has dignified you with a response by asking you to point out examples of these lies which you and your generation have been singing about, but you are yet to redeem your dignity by providing an answer.

pasol4real:
Keep churning out stupid ,blind n epileptic excuses for a clueless ,dumb, directionless hopeless n inept government.
At the end it is u n ur offsprings that may suffer for it .
#istandwith2baba
To save Nija .

You dont have to insult me to get your point across. If you hate the govt so much, that is your choice, but that doesnt change the fact that the power infrastructure in the country is dead and rotten, and it did not die when the present govt took power.

The last time I checked, your own offspring will also suffer it if the mess isnt fixed, and your position that Nigeria's power woes started in May 2015, does not necessarily make you the smart person who you think you are.

NaLaugh:





That's true. However, don't forget Blacky's Bang Belly and a few other similarly "sexy" videos came out the same period as this video.

Here is Bang Belly, with Ibinabo's sexy ass in that sexy bikini and more.



https://www.youtube.com/watch?v=G7khgQLZmMg

Ibinabo, wow! No be today

Looks like a barracuda.