₦airaland Forum

Say Amen, say Amen

Una wicked oh, una want the guy to use im own mouth curse im destiny?

For the love of money...

xreal:
The same period Nigeria increased pump price to 145, Venezuela also increased theirs, but with a reasonable and complementary increases in workers wages and salaries. They hardly feel hardship.

Lol... please dont compare Nigeria with Venezuela for any reason; Venezuela increased pump price by 6000%.....

I pray for successful startup and most especially, the completion of this project. It can single handedly solve Nigeria's short term power woes.

divinehand2003:
Editor’s note: President Muhammadu Buhari-led federal government has been under pressure over the statistics released by the National Bureau of Statistics that shows a negative growth in the first two quarters of the year.

Joseph Edgar in this piece advises President Buhari to immediately look at Ministries of Finance, Solid Minerals, Labour, Youth and Sports, Transport, Agriculture, Communications and Technology.


Buhari with ministers

The score card has come in and the Federal Government has performed woefully. I will spare us the boredom of reeling out the stats all over again. We are in a more terrible state than we were one year ago. To mention just one indicator, over a million people have joined the labour market in just one year. This is really the lowest of all since we became a country and it is so sad that I happen to be a father and Nigerian at this time.

READ ALSO: Economic recession: Buhari must wield the big stick to sack these 3 ministers

It can no longer be business as usual. We will not withdraw our mandate as the mandate was freely and joyously given but then again we retain the right to ask questions and demand answers. The major question is, ‘What will be done by the Government to make sure that we get out of this stupor and on time?’ This question must be answered objectively and with the single-minded focus of a government that truly believes in its change mantra.

For me, the first thing the Government should do on the road to recovery is to look closely at the cabinet. There should be a major earth-shaking cabinet change. The contraption that is this cabinet must be dissolved. Enough of the rent seekers, the political godfathers have been rewarded enough, their acolytes must give way for more serious minded egg-heads who have the capacity and depth to face this massive economic turbulence we are going through.

What this means is, if the president is very patriotic, which I know he is, then he must forget the second term and do away with the political jobbers in his cabinet. He is the very best President we can have at this time since his strong and firm commitment to what is right and his no nonsense attitude when it comes to taking firm decisions will put his people in a strong position to implement well thought out policy initiatives.

For me, the following ministers should be immediately looked into:

1. Kemi Adeosun, finance minister

2. Kayode Fayemi, minister of solid minerals

3. Chris Ngige, labour minister

4. Solomon Dalong, the minister of sport

5. Rotimi Amaechi, minister of transport

[size=14pt]6. Akinwumi Adesina, minister of agriculture[/size]

7. Adebayo Shittu, minister of communications and technology

To me, we need people in these ministries who understand the dynamics of the various sectors that they superintendent. Other Government parastatals like the Investment Promotions council and other allied organs must not be left out.

We need a dynamism the present crop of technocrats despite their selfless devotion to the country simply do not have the capacity to deliver. For a country in the kind of fix we find ourselves to have a major economic parastatal to be battling with dress code just highlights the ineptitude that we face in a war situation. How will dress code help us out of the woods? Even if people have to come to work naked, let them come, as long as efficiency is returned to the work place.

READ ALSO: Buhari urged to sack these 6 ministers

So my call is an immediate reshuffling of the cabinet and the bringing in board of true professionals with in depth understanding of the evolving dynamism of the new economy.

https://www.naij.com/958222-buhari-pressure-sack-7-ministers-immediately-list.html

Adesina? Issorait!

damton:
okay.

I'd like you to find out what was the import bill value, population and federal budget of these two period.

Would be interesting to know that too.

Just pulled this off http://www.tradingeconomics.com/nigeria/imports

Import bill trend between 1999 to date
https://cdn.tradingeconomics.com/charts/nigeria-imports.png?s=nigeriaim&v=201609061157n&d1=19990506&d2=20160906&type=column

1999-2007
https://cdn.tradingeconomics.com/charts/nigeria-imports.png?s=nigeriaim&v=201609061157n&d1=19990506&d2=20070506&type=column

2007 to date
https://cdn.tradingeconomics.com/charts/nigeria-imports.png?s=nigeriaim&v=201609061157n&d1=20070506&d2=20160906&type=column

I'm not sure what's covered in the figures represented in the charts, but a closer look shows the average import bill has multiplied by up to a factor of 10 since the early OBJ days till now.

What's even the government's obsession with demolishing even now in the peak of a recession?

Shuoo!.. Ogboru don join APC?

www.nairaland.com/attachments/4202160_3_jpeg182845aceb39c9e413e28fd549058cf8

Abi my eye dey see double?

kingreign:
A 21st century proactive government would not dare to bid for oil blocs and build a Refinery especially at these period where oil prices in the int'l market isn't very predictable. Its a very capital intensive venture, it takes time and also youd need to consider other factors such as professionals available, environmental factors, the international oil markets and international politics.

I personally wished Liyel Imoke had continued where Donald Duke stopped, but did a bit of fine tuning and polishing of his regional development programmes. Its not too late for Ben Ayade to beat a retreat, call all relevant stake holders and past administrations to understand their plans and vision for the state (if they had any in the first instance). Then build upon the gains of those visions, and try to correct some anomaly.
CRS is a tourist destination but its dwindling due to the recent economic and financial hardship experienced, but he (Ayade) could revamp these tourism and also reinvigorate the Tinapa resort and many other resorts, push for SMEs opening up and also support them.

I see CRS as a good destination for tourism development with their rich cultural heritage, water bodies, and also their rolling hills, and forest reserves which could be used to generate income for the state.

I wouldn't agree with you there at all, irrespective of the price of crude, a refinery would still make its profits. Furthermore, because I doubt the capacity of a state government (or FG) to manage anything, I suggest if such things as refineries, high speed rails or light rails, power plants or airlines are established, the only survival mechanism is for it to be operated by private ventures and the government should just be shareholders with minimal management influence.

Forward thinking leadership.... If only governors of richer states can be this visionary.

States like Akwa-ibom, Rivers, Delta and Bayelsa should have since constructed their own state owned refineries and petrochemical plants which should be managed as profit driven private ventures. There's also been a loud cry about northerners owning oil wells, very soon there would be a new round of oil block allocation and I'm very sure because of the uproar lately, the next bidding process would be relatively transparent. I still wonder why Niger-Delta state governments can't float state owned oil companies which can also bid for oil blocks since the states have the capacity to raise the required capital.

Nigeria and poor maintenance culture are like this...

**insert Jacob Zuma hand pix here**

How can anyone blame the cows for grazing in the stadium when the stadium itself looks like a forest reserve?


[img]https://www.nairaland.com/attachments/816519_The_Stadium_main-bowl_before_2_jpgdba1b740598779d97686ed4690288a39[/img]
[img]https://www.nairaland.com/attachments/816520_The_Stadium_main-_bowl_at_presentjpg_2_jpgd229fe09779175abb88467054e33a97c[/img]
[img]https://www.nairaland.com/attachments/816521_The_Stadium_main-_bowl_at_presentjpg_1_jpgcac636e4b59efedc88e4f3387f15b1f4[/img]
www.nairaland.com/attachments/816522_National_Stadium_Abuja_environment_at_present_3_jpg3c9f8a8771c00a45c6070a000303f8fd
www.nairaland.com/attachments/816526_National_Stadium_Abuja_environment_at_present_4_jpgf24cc34a659845dfecc569153f4b0250

If the stadium was already looking like the above pictures in 2012, only God knows what it looks like now.

kahal29:
PRESS RELEASE
[b]We all know how badly oil price has gone, a situation that adversely affected our foreign reserves and mounted pressure on the naira. No matter what approach we adopt to manage and deal with the situation, recovery will be slow. It is not President Buhari’s fault. Everyone seems to forget when the whole country was supporting more spending as against saving. But here we are today, soaked in the rainy day. President Buhari should not be used as anybody’s scape goat!

The recurrent expenditure, which has escalated and constituted a huge burden on our yearly budget rose from N950.32billion in 2006 to N1.372.20 trillion in 2008 and N2.593.62 trillion in 2015. This was not created by President Buhari.

Similarly, the total cash call (oil production cost) which rose from about N200 billion in 2006 to about N1.2 trillion in 2015 was not a creation of President Buhari. The cash call has remained another tale of burden on our yearly budget. Statutory transfers including that of the NASS are not left behind. Statutory transfers rose from just about N100 billion in 2006 to N375.62 billion in 2015. President Buhari was not the President then.

Debt servicing also rose from about N300 billion in 2006 to N953.62 billion in 2015. These expenditures have over the years constrained the budget and made it difficult to channel sufficient funds towards productive sectors that can sufficiently grow the economy. Domestic borrowing also skyrocketed during this period and created devastating consequences on the economy.

Government at that time continued to mop up money from commercial banks at a rate considered one of the highest in the world, while the real sector is left with nothing. And even when they were able to access funds, it came with an unbearable interest rate. President Buhari met this situation on ground. He did not create it, but is doing his very best to take us out of the economic quagmire. We should all support him.[/b]

I need to save this piece for reference.

So many have been asking some very ignorant questions lately; e.g. why an oil price of $45 is considered too small even though OBJ had as low as $9 at some point in 1999. Several have also asked why a foreign reserve of about $28.5 billion is considered too small even when OBJ inherited about $5.4 billion in 1999 but didn't complain.

www.nairaland.com/attachments/4201748_img20160906084312_jpeg95d996df88c8d8e3440a5108deb2a2dd

Fayose sef!... He just had to stop the convoy for this, man na man

I watched the debate, all 4 candidates were mediocre.

Ize-iyamu (PDP) couldn't make a single sentence without saying APC/oshiomole, he seemed to have come out there just to wail and pass blames.

Obaseki (APC) couldn't make a single sentence without referring to how APC/Oshiomole had transformed Edo state to eldorado

Osaro (APGA) couldn't make a single sentence without appending himself to the success of Obiano of Anambra, claiming he wanted to bring Anambra success to Edo.

Areloegbe (LP): Lol

TijaniAbu:
Is Saudi Arabia going through what Nigerians are suffering? Buhari is an outdated idiot. Economic mismanagement is a crime. He will not end well.

Saudi Arabia
With a population of roughly 30 milllion had a foreign reserve of about $750 billion at the start (Aug 2015) of the oil price drop. Today they have about $550 billion, i.e. they have spent roughly $200 billion to stabilise their economy in these 2 years of low oil prices.

Nigeria
With a population of over 170 million (roughly 6 times the population of Saudi) had a foreign reserve of about $38-$40 billion when the oil crash started. As at May 2015 when buhari took over, our reserves had been reduced to $28.5 billion, for over 170 million people. Forex restrictions were therefore enforced as a matter of emergercy to prevent the reserves from falling to zero (Venezuela). Of course enforcing that inevitable forex restriction is what further drove Nigeria into the present recession because businessmen and manufactures couldnt get the forex they needed and 'fair weather' opportunistic foreign investors started moving away to the next location to milk.


Now since you wanted to compare Saudi vs Nigeria, I implore you to compare the figures above and honestly tell us, between you and buhari, who is really the outdated idiot and who will not end well for insulting his elders?

Standing5:
Following bumper to bumper.
If I get what you are saying, you are pointing out the need to process relatively raw materials into value added products. Example is crude oil being refined into petrol, diesel and kerosine. The processing of crude can give us more jobs instead of selling it in its raw form of crude for less.
Good thread. I hope those shouting APC 'n PDP learn.
One factor holding us down is the issue of abused subsidy system. In developed countries subsidy is tailored around productivity and not consumption. Take the case of dollar for example. The govt in time past decided to be selling part of excess petrodollar and flooded the fx market with it at a cheap rate. This meant when dollar ought to be exchanging for say, N450 and above it was going for N150 because the govt was in the habit of selling excess petrodollar at around N150. This single act meant the govt started subsidizing anything being imported with dollar. It is common knowlegde that we consume alot of foreign items. This subsidy over time has discouraged export of ideas/services and products. Imagine a farmer that exports honey or moringa, or even programmer/blogger/web developer who exports his or her service in exchange for say $1,000 per annum. Instead of getting $1000 X N450 = N450,000.00 per annum in Naira equivalent he/she gets $1000 X N150 = N150,000.00. This has discouraged productivity while encouraging consumption of foreign goods.

This analysis makes a lot of sense... I love threads like this that educate on the way forward, not the ones looking for who to blame.

chigoizie7:
@ the end, u still arrived @ the same thing. On your second to last paragraph.

The OP, did not under estimate other factors leading to decline in both on our external reserves and scarcity of Fx.

The op just singled what u had on ur 2nd to last paragraph as one of the core reasons.

Me I be novice too but will only give the little explanation I understand. The Op simply tried to downplay the contribution of the drop in oil price to the current recession. He tried to insinuate that the main reason behind the recession is bad policies by govt which forced foreign investors to pull away. That is a very flawed and absurd conclusion because whatever capital those foreign investors pulled away from Nigeria makes up less than 5% of the total income Nigeria is losing currently due to the oil crash.

But, I still want to understand one thing here. Why did our external reserve got reduced by $10 billion in that 6months, between, 2014 and 2015?

Secondly, why didn't the naira fall between those periods? I mean, what did that administration do to prevent such situation?

Nigeria is an import dependent nation which imports almost all our basic needs from fuel to food to clothing to even raw materials like polythene used in everyday packaging. FOr every single item we import, it requires forex spent from the forex reserves. The forex reserves balance is maintained by the money we make from exportation. Nigeria exports primarily crude oil to earn this forex but now the value of crude has dropped drastically (over 60%). The implication of this is that the money we spend for importation is far more than what we presently make from export, i.e. we have a negative balance of trade (more forex going out than is coming in). That was the reason behind the rapid drop in the external reserve in those months.

Why is it that there is so much demand on fx now, even when over 40 commodities has be delisted from getting fx on importation, ( I mean, as a layman, their quota shouldn't be in consideration now).

Now with the dangerously rapid reduction in the external reserves, the govt had to implement restrictions in forex supply to several items we normally import (41 items). CBN also stopped granting forex requests easily and this on one hand helped to greatly reduce the rate of depletion of the external reserves (reduced the rate, didn't totally stop the reduction cos we still have a negative balance of trade), but it also killed several businesses that depend on forex and also strangled foreign businesses who couldn't evacuate their profits back to their home countries (this forced several foreign businesses to close and exit). Once again I ask, would you have preferred the CBN to grant forex to everyone and risk running our external reserves to zero?...

Does our total budget, revenue and it's projections contribute or determine how much fx that is needed by the economy, both private sectors?( assume that our 2016 budget is pegged @ 6trillion naira, and projections based on sale of crude for 2016 is about that 6trillion naira, having in mind that oil accounts for over 90% of the total budget if not less. Does it mean that we can only have access to fx equivalent of 6trillion, I mean in all sectors, both importers?) having in mind the revenues from non oil sectors dropped by N134 billion in just 3months, what could be d cause? Is it associated with oil sales?

because our external reserve right now is around 30billion usd, which is equivalent to about 6trillion. As @ the time this administration took over the wheels of this economy.

I doubt if I understand your question here. Budget and reserves are 2 different things completely. The fx reserves is a stockpile of forex the CBN uses to facilitate foreign transactions for Nigerians. Every time you purchase something from beyond the shores of Nigeria, you may use your naira denominated debit card for the purchase but the CBn receives your Naira, and pays the international seller the dollar equivalent; now the dollar equivalent being paid by CBN is drawn from the CBN foreign reserves. That's why it is very important that the foreign reserves dont drop to zero, cos if that happens, we cant even import simple necessities like petrol or rice to feed; if the reserves are zero, it means the Naira is worthless and even if you bring a million naira, it wouldn't be able to get you even a plate of rice.

Meanwhile regarding the drop in non-oil revenue, that is just a collateral effect of the forex scarcity issue; if manufacturers cant get foerex to import raw materials, it means they will produce less, and if they produce less, it means less profit and less profit means they pay less tax and less tax paid means less revenue (non-oil) for govt.

BraniacX:
Oh sorry!! You're a bigger authority on health issues than the W.H.O so how arrogant of me to take their word over yours especially since it doesn't fit your A.P.C narrative!! for somebody as enlightened and knowledgeable as you are, the point that so-called eradicated diseases still have mutant non virulent(pathologic) strains out there looking for the right host (victim with compromised immunity) to express some form of virulence in is irrelevant!! afterall it doesn't fit into the A.P.C narrative!! I remember Nigeria being declared polio free and i also remember Nigeria is not the world or is it? you tell me! The battle for good health like governance is a continuum but if the current regime fails to take any actions to forestall future disasters, it becomes the fault of the previous afterall, anything to spare your A.P.C's blushes.... Right?

Okay I am sorry, W.H.O are omni-potent and omni-science and omni-present gods whose methods of verification are infallible.... In fact it was actually Buhari that went to a lab somewhere, manufactured polio virus and then proceeded to infect some kids in the war torn north east where everyone had previously been declared polio free. Buhari why?!

anonimi:
If a well run business only has two airplanes it's regular routine service should be such to detect any ad-hoc service that can be dealt with one AFTER the other.
#CommonSenseIsNotCommon202.

lol.. guy shift go one side

anonimi:
Are you suggesting that BOTH planes have not been undergoing REGULAR checks and maintenance to be service worthy thus putting the lives of passengers at RISK
I hope that is not what you are suggesting.
I hope NOT!



https://pbs.twimg.com/media/B-_or5ZUoAAqlz3.jpg



[img]http://pbs.twimg.com/media/B-wNrUkW0AAr9B3.jpg:large[/img]

This man, so you never tire to upload these your pictures?... Very soon you will start uploading satellite images

Regarding the matter at hand, I'm sure you should know that routine vehicle service (engine oil change etc) is different from an ad-hoc service which might involve changing gearbox or bringing down the full engine. #CommonSense101

Izonpikin:
pipeline vandalism is not the major factor for the under usage of gas in nigeria...the madness of our leaders is the major problem...

Vandalism is one of the biggest hinderance to the efficient utilisation of gas in Nigeria. Yes there are other problems which rest mainly on the government paying only lip service to development of gas infrastructure, but you cannot play down the impact of vandalism. As an example, more than 50% of the gas power turbines in the country are lying idle presently, thanks to gas constraints.

BraniacX:
Zombies never fail to disappoint!!

Maybe you need to take your advice because you come of as either as you put it "too lazy to read" or mentally incapable of comprehension and assimilation!! FYI the W.H.O and UNICEF declared Nigeria polio free not the F.G so i wonder what election they were contesting when they did that, the W.H.O also declared Nigeria ebola free so maybe they were also running an election back then but the truth will surely come out soon when you contact ebola right?
Funny thing is your yiddih-yaddah gibberish about territory not under F.G control under G.E.J being the cause but i recall the efficient voter registration and collection of P.V.C's by child voters and IDP's in these areas not under FG control when G.E.J needed removing by hook or by crook while southern areas under FG control ...... Well let's not talk about that!

So tell me, when are you going to find out G.E.J's and P.D.P's complicity concerning the dessertification of the north east or is that going to permanently remain a secret?

So if polio was completely eradicated, where did it appear from again?.... Obviously you cannot discern that the war-torn areas in the NE were not completely covered in the eradication process, hence the discovery of polio now in those areas. #CommonSense101

PaulIdu:
Since when did airlines start suspending operations totally just to for scheduled maintenance services ..The truth is that using Tinubu's influence this airline has gotten some form of bailout through the back door

An airline has 2 planes and both were diagnosed with mechanical problems and were undergoing repairs, so what plane did you expect the airline to be operating?

sleekymag:
Though I'm repeating myself I'll answer you. According to the budget signed by this government, N1.45 trillion (23.92%) is supposed to be from non-oil revenues. N1.51 trillion (24.92%) is supposed to be from projected independent revenue (whatever that means ),and N2.2 trillion is deficit. Bottom line, they called it a budget of change, which would depend less on oil proceeds,given the already low prices from last year, hence the low benchmark. Yet they're still using oil as an excuse.

I'll agree with your last paragraph,yea government relies more on oil than they admit (going by the budget). We however can't give up on our country,there's still hope,but PMB needs to be more proactive than ever.

Yeah it doesn't matter what it's called, oil revenue or tax receipts, the fact is that we still depend directly and indirectly on cash from oil for up to 90% of the nation's revenue; oil literally drives the engine of Nigeria and that's why the economy could crash so quickly upon the drop in oil revenues.

ideology:
oga, read up oil exploration, the gas in pipeline is just about 1/4 of gas released during exploitation, read up gas flaring, you will understand what I meant, good afternoon

I live in the oil industry, and I am aware of the constraints to gas utilization in Nigeria. Maybe you should try reading up articles on the constraints to gas utilisation in Nigeria. A simple example is our thermal power plants across the nation which are always down due to gas supply issues; it's not that we don't have abundant gas or that we don't know how useful gas can be, but rather, we have a more demonic problem called 'pipeline vandalism' which has hindered gas utilisation in Nigeria for decades.

sleekymag:
The so-called amount of $32bn that PMB met is now about $25-26 billion today. So it's only getting worse. Bottom line, PMB should sit up,np more excuses. Obasanjo met far less reserves,and crude oil sold for way less, our population to GDP was also far less,yet the economy grew.

Yes of course it is getting worse because the ailment that caused it (oil price drop) is still much around and is even worse. The government is struggling to reduce the rate of this depletion even as they look for ways to stop it.

From Nov 2014 to May 2015 (6 months), $10bn was lost even though oil still sold above $65/barrel; that's an erosion rate of $1.67bn/month. Between May 2015 till date, reserves have dropped from $28.5bn to just over $25bn ($3.5bn lost in 15 months); that's an erosion rate of about $0.23bn/month even though we all know oil price dropped to less than $30/barrel and oil production dropped by up to 50%. Truth is that the govt is struggling to maintain the reserves to ensure we don't degenerate to Venezuela and with the figure i raised above, I'm sure this effort is clear enough.

Now these efforts made to reduce the rate of depletion is responsible for all the economic problems we've been having since this administration: - crash in value of naira (due to short supply of forex), closure of industries (due to lack/restrictions of forex), exit of foreign investors (because of the same forex restrictions) etc.

Regarding obasanjo meeting less oil price, Nigeria of 1999 was totally different from Nigeria of today; a man earning N10k may have been comfortable in 1999 but that's not enough for monthly phone bill today. Population has increased, minimum wage has more than tripled, Nigeria's demand for fuel has multiplied astronomically (I'm sure you know a bigger economy uses more energy), Nigeria wasn't spending up to a tenth of what it spends today in importing petroleum products, the demand for forex wasn't up to a tenth of what it is today when everybody now has an international mastercard/visacard and can easily buy things from around the globe (far more forex demand), I can go on and on but the bottom line is that Nigeria of 1999 is far different from Nigeria of today.

MrPristine:
Nice contribution but you did not address the critical issue of capital flight occasioned by the poor economic management /policies of this government.

"In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall"

Are you sure you know what $80 billion is?

Do you know that oil export accounts for up to 90% of Nigeria's monthly forex inflow?.... Are you aware the amount of forex inflow has reduced by up to 60% courtesy of oil price plunge and reduced oil output (thanks to NDA and co)?... Now if you studied elementary economics you should know the demand and supply laws and you should know what happens when supply of forex drops dangerously but the demand almost remains constant?

Are you aware that within 6 months between November 2014 and May 2015, Nigeria's forex reserves dropped by a whooping $10billion from $38.5 to $28.5bn?... This was when we still had the so called world class economic team and economic managers and this was even when the oil crash was still at the early stages and still selling above $65/barrel (as at May 2015). Due to the negative balance of trade (less forex inflow than outflow), reserves dropped by $10billion in 6 months and this didn't still prevent the Naira from crashing from N160 to N220. The first thing the new administration did was to impose restrictions on the release of forex by the CBN to prevent it dropping to zero (Venezuela).

Of course the restrictions (which was indeed a life saving inevitable venture) eventually caused dollar price to increase rapidly (demand and supply theory) and the restrictions also forced several foreign investors to unfortunately leave. But would you have rather had the vault of the CBN forex reserves opened to those investors and watched Nigeria instantly drop down to a Venezuelan situation?....

And finally, whatever capital flight that may have occurred due to foreigners leaving is just a scratch on the surface compared to the damage done by the crash in oil prices and the NDA driven reduction in production. Don't let politicians or sentimentally angry people distort the simple narrative, a spade must be called a spade. If oil price doesn't come back up miraculously, diversification is the only way out of the current situation and it takes time 9years) and money to diversify an economy.

ideology:
we waste our gas resourse.

If Nigeria builds facilities to process gas, we will make more money from gas than oil.

I just wonder if our leaders have brain at all.

This same gas that they keep bombing the pipelines everyday?

sleekymag:
Stop giving lame excuses. Put your 100k to better use. It's needed in this current economic climate. PMB met $32billion in our foreign reserves, how much is it currently? We're simply paying the price for being reactionary.

Civil servants who still have a job, why do they also complain of hardship even though they still get paid their 18k salary every month?

The above question I asked is exactly how your above statement of '$32bn in foreign reserves' sounds. $32bn reserves for 170 million people in an import dependent country at a perilous time when the primary source of forex income had crashed by 60%, probably it should have fallen to zero and we get the Venezuelan situation before you agree that there was something wrong with the amount?

sleekymag:
Lol, funny you. If you had gone through my post properly and without bias, you would have seen that the entire expected crude oil sales contribution to this year's budget is N820bn, which is just 13.5%. What happened to the remaining 86.5%? Why isn't government trying to ensure that is wholesomely intact? Did u see the second quarter drop of non-oil revenues of N134bn? Do you know how 3rd and 4th quarter figures would be?

Yes I had to use the term, budget of so-called change, because, why would they put N2.2trillion deficit in the budget? They want to borrow 36.6% of the budget to finance it? Who does that? It's deception in the first instance bro.

N820bn is from oil receipts in form of royalties, so where do you think the rest of the government's revenue comes from?... Cocoa?.. Groundnuts?... Besides the deficit amounts which are to be borrowed, the remaining government revenue is primarily from company tax. Guess the companies/industry whose tax still makes up more than 60% of this 'company tax' component?... I'm sure you should know the answer...

In summary, Nigeria is a rundown country which gets up to 90% of its revenue from oil (directly and indirectly).

Na wa oh... thought this thing was supposed to have been eradicated.