₦airaland Forum

Geniro:
Judging by the current admin jacking up the budget to over 6 trillion loaded with vile nonsense. What is your defense towards that ? Huh !!

Would NOI tow such senile route if she was still in charge ?

The high spending is meant to stimulate the economy even in the downturn, go educate yourself and stop insulting your mothers out of sheer ignorance.

nduchucks:
Ngozi is being unnecessarily mischievous and dishonest.

Prior to the 2008 crash of oil price, Nigeria's foreign reserve had reached an all time high of $62billion. Upon the crash of the said price, CBN had more than enough reserves and funds in Excess Crude Oil account to defend the naira and keep the economy going strong, to weather the storm.

Now, prior to the current crash, GEJ's administration had not only squandered the reserves but also the excess crude oil funds, all in furtherance of re-electing GEJ and his PDP goons. To perfect the looting of the reserves, they found a way to get rid of Sanusi.

Today, our foreign reserves are less than $27billion and the excess crude oil funds have been depleted.

Iweala should shut da heck up and kwantinu to enjoy her cut from all the loans she secured for Nigeria from China, until nemesis catches up with her. Barayi banza.

NOI actually acknowledged that the economy survived in 2008 because of the savings. Pay no attention to the dubious characters who titled the report this way, they know Nigerians only read titles.

NOI however absolved herself of all blame by claiming it was the governors that prevented her from saving under GEJ.

TheGoodJoe:

It is only ethnic and tribal bigots that cloud their reasoning of basic logic.

Ngozi Okonjo-Iweala announced that hard times was on the way. So how come now the hard times is here Buhari takes the blame.

With or without Buhari, we would still be in this mess. If Ngozi Okonjo-Iweala had managed the reserves, it would not be this bad. Unfortunately, she did not and people want the blame on others.

The funny thing about the cretins is that when you deflate their lies and senseless arguments with facts, they resort to name calling and accuse you of BLAME GAME.

Just the other day I was in an argument with one confused boy who claimed Buhari/Fashola have destroyed our power infrastructure. He thinks a Buhari who only just got his first budget approved should be blamed, but he doesnt think a GEJ who spent over $10bn on power but handed over an epileptic system which was generating a measly 1327mw as at handover should take any blame.

Some these cretins and their opinions really need to be ignored totally, but I fear for the level of damage they would have done in terms of distorting public opinion if allowed unchecked.

shachris02:
you are not being truthful to yourself if you say GEJ left nothing.

WHat did GEJ leave?.... A pile of debt, lower forex reserves and lower ECA than he met?... What exactly did GEJ leave?... What kind of trolling are you up to this afternoon?

mekaboy:
Is oil prices the reason why the stock market is crashing?

Is oil price the reason foriegn investors are selling off their stocks and bonds are moving dollars out of the country instead of bringing in dollars?

Would they have been on the run if GEJ won?

Even dangote said it's GEJS economic policies that made him who he is today.

The moment Nigerians voted in NEPA certificate, investors knew it was time to leave. As they are running back to their country, our president is running after them.

Economics 101:
Investors do not go to a society where there is no money. There is a reason why foreign investors would prefer a Nigeria over Chad or Togo as their investment destination, it is because there is so much money to be made in Nigeria. With the drastic drop in oil prices and the sharp drop in the nation's income, Nigeria is no longer as lucrative a destination as it used to be for foreign investors.

The stock exchange is also about money, when there is no money in the economy, the stock exchange loses vibrancy, and investors (especially foreigners) would pull their funds out and take it elsewhere where money can be made. Just like in life, it is during hard times a man knows who his true friends really are.

Would it have happened if GEJ had continued, the answer is yes! it started happening when GEJ was still on seat and NOI warned Nigerians to brace up for hard times.

Go and educate yourself, it is mostly common sense. But you allow bigotry and careless sentiments to block your ability to discern simple things.

shachris02:
and buhari has being in office for exactly almost one year now.

The present crisis has lasted for close to 2 years bro... and oil still sells below $40. Yaradua's case lasted for just about 6 months before prices began to pick up; within a year, prices had returned to normal. There is a clear difference.

shachris02:
you don't get it, do you? Before yaradua, our reserve was around $45 billion in 2007. After the oil price crisis and low oil revenue, yaradua rasised this amount to $47 billion.

i'm more particular about yaradua than GEJ's tenure. Buhari should go back and find out how yaradua was able to save amidst a global economic meltdown. How he was able to grow our Economy amidst a meltdown.

Since Buhari stepped in, all he's done is share all monies that were previously saved.

The oil crisis which happened during Yaradua's time lasted for about 6 months before prices began to pick up; within a year, prices had returned to normal.

mekaboy:
She is saying oil price does not crash the economy, it is the management that crashes it.

Remember even if he present NEPA bill as certificate you will still vote?

That NEPA bill certificate can crash the economy like it did in 1985.

Apply some common sense man... When there is no economy, there is nothing that can be managed even if you hire the best angelic managers. She has simply said Nigeria survived the meltdown in 2008-2009 simply because Nigerian leaders then had saved substantially. The recent crisis is hitting Nigeria badly cos the ineffectual clueless one did not have 'saving' in his dictionary. I remember the ineffectual one bragging that Nigeria's economy was booming, hence we had lots of private jets in 2014. It took oil prices to dip a bit before all that crashed in his face. Now today, some buffoons are claiming this is all buhari's fault.

9jatriot:
Not sure of GEJ. But Yar'Adua saved added about $3billion. that puts it at about $63 in total (ECA and Federal Reserves). If PDP do not try to paint APC black, they would not refer to the mistakes of PDP again. But as long as PDP try to score cheap points then people will be reminded of their failure.

I keep saying this same thing, the only reason APC keeps falling back to blame PDP is because PDP and their confused supporters (who obviously are suffering from selective amnesia) keep accusing APC of things which the PDP was worse off. The APC only RESPONDS to attacks by PDP, and then after being confronted with evidence, the PDP supporters realising how shamelessly guilty their own heroes are always resort to statements like, "but we voted you in to change it."

erico2k2:
Yes but the UK govt have changed this I can't remember exact date but they going to increase the tax. DID you hear about the VW scandal?
Herehttp://www.thisismoney.co.uk/money/cars/article-3330102/MPs-call-diesel-scrappage-scheme-changes-car-tax.html

Well I dont know about a plans to change the diesel car tax band. But to date in the UK, car tax is still dictated by CO2 emissions and diesel cars still pay less.

shachris02:
check this thread. Amidst the meltdown, yaradua actually saved us some good money.

https://www.nairaland.com/1985177/external-reserve-debt-under-obasanjo

Yaradua did not save amidst a meltdown, I'm sure you know that is illogical. Rather he saved before the meltdown when oil prices rose to its highest value of $147 and within a year, up to $20billion was saved in the nation's reserves. The entire $20billion saved was eroded during the meltdown, that is how Nigeria survived in 2008-2009.

Ignorance of the Op stinks

OBJ left a forex reserve of over $40billion + ECA savings of over $20billion

Yaradua took over, oil prices rose to its highest ever of $147/barrel, and within a year, Yaradua had grown the forex reserves by an extra $20billion. And then the global economic crises of 2008 came, oil prices also crashed from $148 to less than $40/barrel. But Nigeria didnt feel it because both OBJ administration and Yaradua's infant administration knew the importance of saving for the rainy day; according to CBN records, it cost Nigeria a whooping $20billion to counter the effects of the oil price crash in 2008.

Today, unlike the oil crises of 2008 which lasted just under 1 year, we have a crises that has stretched for almost 2 years and we do not have either the ECA funds or sufficient funds in our forex reserves to combat the effect of the present economic crisis. Meanwhile ignoramuses all over the place are busy blaming Buhari for a crisis which has been exacerbated purely by the incompetence and thoughtlessness of the last administration. Nonsense!

cktheluckyman:
GEJ left $30billion in the excess crude account. Please ignoramuses get your facts right

You need Jesus!
https://i279.photobucket.com/albums/kk143/faeini1/laughing-monkey.gif

Lol... The oshokomole has been tamed by the softer pears. Chaii!.. some ladies just know how to cause havoc.

erico2k2:
They are definitely not cleaner. This has been proven in Europe hence heavy tax on them.manufacturers lied then.same way vw lied about thier emission test

In the UK, owners of diesel cars pay less road tax than users of petrol cars and this is because diesel engines are adjudged to have less CO2 emissions.

deluxez12:
baba under Gej I never bought fuel above #130 and there was nothing like scarcity of fuel

Someone must have been in coma in April/May 2015.

bjdon:
Are you dumb, ignorant or both?
The reason PMB meet less funds , was because over $10 Billion dollars in the excess crude fund was shared between the governors. Who pressed for it to be shared? Rotimi Amechi, the man who would later become Director of Buhari's campaign. GEJ did not want the money shared out, Amechi and other governors even went to court to force the FG to share out the funds.Despite all this ignorant people like you still keep running your mouths blaming GEJ and Ngozi for everything.

Before you label someone else dumb or ignorant, you need to look yourself in the mirror. 36 state governors asked for their share of the ECA funds because the FG/GEJ/NOI were deeping their hands into the funds and making illegal withdrawals without informing the states. Again, 36 governors (comprising of up to 25 from PDP) asked for their share and not Amaechi/APC like you chose to put it in this your weal attempt at playing the blame game.

Secondly, the FG's share of the ECA was 52% of the entire funds. Kindly tell us if it was also APC (which ironically hadnt even been created then) that pressed the FG/GEJ/NOI to 'eat' the about $11billion which was the FG's share?

We would love to hear your 'non-ignorant' opinion on this.

[size=15pt]"...our economy remained stable because we had accumulated about $22 billion in the Excess Crude Account"[/size]

Q.E.D

bloodyBLOGGER:
the OP is a mumu blogger. He copied my post from NL front page to his blog and brought it back to NL again.

Lol... It's a very common practice in Nigeria. And the thief would post it in a very colourful blog, people would accuse you of being the thief.

Not every filling station sells diesel in Nigeria. If you have a diesel vehicle, that may be a problem. For those saying diesel vehicles are noise makers or heavy emitters, that is absolutely false, diesel vehicles have cleaner emissions and are more efficient all round.

15-22m is the estimate I was given for a similar development in Ph depending on the quality of finish I wanted. Would be nice if real property developers come into this thread to save the day.

Pidggin:
GEJ + NOI left behind an economy with over 7% annual growth rate how was it destroyed?

Ignorance!

They left 2.3%

Montaque:
ok. there is a practice with which subsidy is paid that made it assessible in arrears. and it has been ongoing without hitch till may 2015. because of the legitimate fears I explained earlier. The payment of subsidy isnt a matter ofcourse, it needs be verified before payment, after the product is discharged, and because of the volume in the whole country, it takes time to verify and offset the debt, but the marketers wanted an all at once payment which resulted in the lockdown, although uba broke rank and sold despite the marketers agreement not to sell. mind u, their were enough pms in the marketers depot but they refused to offload n supply until their demands r met.
Presently, the importers did not refuse to import fuel as u said. NNPC took over the business of Import cos govt thought they can import alone and supplement with the 40% produced locally. but they saw they cant do it since the one locally produced isnt guaranteed. who do u blame now, the marketers that were stopped or the govt that couldnt do their forcast well to understand that they cant monopolize import effectively?
Shalom.

There was a protest by the importers late last year which prompted NNPC to take over the import business.

fujirice:
So what problem has that solved now?
Has that removed the suffering of the masses? Of you and I?
Abeg we should stop making excuses for these guys that's why they are messing up.
A good standard of living is our right!
They promised to make life easy for us but we are yet to see it and the only thing a rational thinking human being will do is to go dig up this mess?
I still spit on this thread again.

The thread wasnt meant to solve a problem, it was meant to clarify a misconception. That was clear from the start.

fujirice:
Please can we stop all these stupidity?
So what if there was fuel scarcity in the past.
Is that enough reason to continue suffering it now?
Where is the CHANGE this government promised us?
Instead of you guys to be looking for what we propel us forward we are going to the past to dig up one of our worst moments just to make up for the ineptitude of this present administration.
I spit on this thread and whatever it stands for!
Tufiakwa!

The point behind this thread is simply to deflate the folly which has been spread across Nigeria by the usual suspects that there was never fuel scarcity under GEJ and that the present scarcity is the worst in history. The fact is that the fuel scarcity which happened under GEj in his last days was actually the worst in history and it was also caused by the revenue loss due to oil price drop.

Montaque:
Sorry for that.
petroluem marketers who were owed some arrears were afraid that the new administration will nit settle the debt because buhari disclaimed subsidy payment. so the marketers went on industrial action to force govt to pay them before leaving. thats what resulted in that may 2015 scarcity.

Oh! it's no longer APC sabotaging, it's now petroleum marketers that went on industrial action because they feared a Buhari who hadn't even been sworn in?... You don't even think the GEJ led government which owed them their arrears since August 2014 should be blamed?... But you think a Buhari who hadn't even been sworn in should be blamed for fuel scarcity which happened when GEJ was still president?....

And now, you strangely don't think the marketers who refused to import fuel (because they aren't making enough profits any more) should be blamed, you rather think the blame should all be on Buhari's head?.... What a bizarre theory!

You know, as a normal concerned Nigerian, I should also be wailing over the shortcomings of PMB's government and the sufferings of Nigerians, but when I see the way some jonathanians defend the indefensible with the weirdest conspiracy theories, I would be silly if I abandon Buhari now and start blaming him for anything.

So it is safe to say only a GEJ could sign budgets without seeing details. Only God knows what was contained in those budgets. Oghene biko!

tomakint:
@ op, be sincere it was not this bad under Jonathan, mind you the shortage of fuel towards the end of Jonathan's tenure was a grand manipulations from the detractors of his government just to whip up sentiments from the already angry electorates who are hell bent to get him out. Jonathan's government had the singular honour of stopping our seasonal December 24th-28th shortage of fuel we witnessed for 6 years under Obj's eight years.... This is the noble truth.

No offence but this is a very unsmart conclusion. Tell me why abyone would want to sabotage a GEJ that had already been voted out and was about to handover?

Another Jonathanian also made this unsmart allegation which holds no single water for the power situation. Exactly in the same May last year, just a week to handover, power generation dropped to 1327mw and he claimed it was APC sabotaging power infrastructure. How could GEJ's detractors sabotage power infrastructure after they had already won GEJ and just a week to handover?.... The lameness of this allegation/excuse is legendary.

Just one of thise confused folks who have no idea why they really voted change. Fuel scarcity though can make anyone run mad.

Reading...

musicwriter:
My brother, you have some very good piece of information over there.

And, if you probe further you'll discover the so called foreign investors are nothing but a network of companies owned by the same IMF and world bank to prey upon third world countries. They run a network of companies installed all over the world to do their dirty jobs.

I decided to research it and landed to a network of companies that control the world's economy. Such withdrawal of investments as recently seen in Nigeria is usually synchronized in the target country to evoke panic and to pressure the head of state of such country into submission to IMF or and world bank loans. The elites are also heavily bribed to put pressure on the target head of state- which explains why Ms. Largarde has been all over the place allying from Genevieve to Orji Uzor Kalu, e.t.c.

If you research the west Vs Africa relationship a.k.a the battle of the pre and the predator, you'll realize the IMF actually need us more than we need them. Both the world bank and IMF know we can pull through this situation, if we do the right maths on our economy. But, they don't want that to happen!. All they're more interested is give loan to reap interests and to control our economy. It's very unfortunate after putting in lots of man hours researching these things to enlighten our people, you'll still see some dumb people here calling you a conspiracy theorist.

See the Capitalist Network That Control The World's economy www.africason.com/2015/05/the-capitalist-network-that-control.html

You've said it all. It's sad how these vultures continue to use this same old bait to trap third world countries for decades. It's just a continuous cycle.

kingthreat:
I am a business man. I import and my business is crumbling cos of insensitive policies. May Buhari soon actualize policies that will affect your source of livelihood too.

Okay businessman, apologies for your affected business. But then, let's say the truth, with the prevailing negative balance of trade occasioned by the drop in oil prices, the present forex restrictions are inevitable. If the FG/CBN lifts the restrictions and grants every request for forex, Nigeria will run out of forex reserves in 3-6 months.
http://www.vanguardngr.com/2015/05/external-reserves-cant-pay-for-more-than-3-months-of-imports/

The forex restriction isn't because Buhari is a sadist or because he is insensitive to the damage to your business, the restriction isn't also an 'economic policy' per se, rather it is a desperate move borne out of necessity, a need for survival. You certainly do not want to know what happens to a nation that runs out of forex reserves (especially for a nation like Nigeria that imports basic things like food and fuel). Just google the economic crisis in Venezuela presently and you will get a hint.

NNPC imported less than the required amount of fuel to satisfy Nigeria's demand, we all know the consequences of that in the past month. So just imagine what happens when we can't import fuel at all due to zero forex?... It is unthinkable. It is bad enough that the restrictions have affected your business, but remove the restrictions and in 3-6 months down the line when reserves dry up, it is not only your business that would be affected. As long as oil prices remain low and the negative trade balance remains, this forex restrictions would be a necessity. The only solution is to diversify the economy and expand the source of forex. But unfortunately, diversification takes good time. Nigeria is presently in trouble! and I laugh when I see people thinking Buhari is responsible for this.