₦airaland Forum

preetyb:
Are u saying nothing can be done to save our economy from this mess?
Of course this administration has never been responsible for any thing bad but the past administration abi?... Its all affecting us, what ever comes out of this administration we will all enjoy or endure.

preetyb:
I don't still understand what this govt is up to, is it that they want this country to be worth nothing before they start thinking and acting or what?
O God Save Nigeria!!

Lemon12:
Ruling on a bail application filed by his lawyer, Mr. Vincent Egechukwu Obeta, Justice Ademola also set aside an order earlier granted the DSS to detain Kanu for 90 days to enable the security agency complete its investigation.

The judge said Kanu’s continued detention after three months without trial, violated section 158 of theAdministration of Criminal Justice (ACJ) Act 2015 and section 35 of the 1999 Constitution.

He said there was no law that permits the DSS or any other security agency to detain any Nigerian beyond the period stipulated by the Constitution, when in fact, there was no intention to put the person on trial.

anonimi:
Bro, what happened to Sai Baba's promise?
Should we forget it?


www.nairaland.com/attachments/2186280_buhari2blaugh1_jpegc35d9ea4e30142f9302718e17f58f220

godoluwa:
@obailala, is it only Nigeria that survives with crude?

godoluwa:
I knw what i'm saying. decrease in crude oil price is not today, not yesterday but since the days of GEJ. next?

Lemon12:
can't u read ? The charges were struck out by the Court .. Not withdrawn .. FG got no case on him ..

Nigerian court releases detained Biafra campaigner

A Nigerian court has ordered the release of a pro-Biafran activist whose arrest prompted a series of protests in Africa's most populous country.

Nnamdi Kanu had been in the custody of the Department of State Services (DSS) since his arrest in October for operating pirate Radio Biafra and belonging to an unlawful organisation.

The order by the Abuja high court on Thursday to free Kanu came a day after the prosecution withdrew criminal charges against him in a magistrate court.

"I set aside the orders of November 10, 2015 and order the release of the applicant [Kanu] on bail unconditionally," Judge Adeniyi Ademola said, reversing an earlier order.

He said there was no need to further detain Kanu because "there is no charge before any competent court of jurisdiction" against him....

godoluwa:
use ur brain for once, not only Nigeria was affected about d fall in price of crude oil. we are talking about salary here & not the price of crude oil. next?

Lemon12:
Thank buhari ke !! For what kwanu? Court gave order for nnamdi Release not buhari...

They should sue buhari for illegal detention not thanking him

godoluwa:
waiting for APC ZOMBIES to blame GEJ as usual.
meanwhile,

TonyeBarcanista:
Another emotionally disturbed fellow. Which VP ticket did Igbo have under APC? Who is lying to you guys? How can you be deceiving yourself to say Igbos let go of VP slot in APC to vote GEJ? Who was the Igbo VP person? See dude, you supported Goodluck which is okay but STOP using it as blackmail tool. It doesn't work that way man.

That you supported Goodluck does NOT invalidate the historical relationship between Awo and Ikoli, an Ijawman. It doesn't negate the fact that Awo's advice made Gowon to give us our Rivers state. That people voted for PMB or others doesn't mean they hate Ijaw. Election is purely a game of choice. Politics... Damn, even Sylva(Ijawman) didn't vote for Goodluck... Same way Ribadu(Fulaniman) didn't vote Buhari.

If you like say I'm bantu na your business... Na your toroh o...

LordAdam:
It's either that you aren't reading my comments or you are feigning ignorance.

I am no economist, so I do not claim to know the answer. However, you would expect that a man who had been vying to the top spot for 12 years would have a blueprint. From the looks of things, he doesn't. And that is worrying.

There are enough funds. There is still revenue. The Nigerian economy is more diversified now than it was in 2008. We have a decent debt profile so we can borrow modestly. And we have a government that claims to be more accountable.

We have the raw materials, the only thing that is missing is enlightened action from PMB.

The excuse of the savings not been enough is lame.

-Lord

LordAdam:
1. It is not the worst fall in 11 years. Prices fell from $145 to $32 in 2008.

2. There is a lifeline. The shocker is that PMB has chosen not to use it. So this is not the worst. In addition, the fall in 2008 was accompanied by the global financial crisis and the fall was the sharpest in recent history (between June and December of the same year). The current fall from around $110 to $35 was between August 2014 and November 2015.

-Lord

Flets:
What is Buhari's economic direction? I need an answer.

LordAdam:
I have never condoned the corruption under GEJ. Also, most of the money Dasuki shared was the returned Abacha loot (the same Abacha PMB said did not steal). And by the way looting progressed under the OBJ and Yaradua administration that you are now applauding. So close the issue of looting.

To the issue at hand. Oil started falling in August till May when GEJ handed over. That's 9 months. And the economy held steady. It's 6 months since PMB took over, and the economy is in tatters.

The fact is the PDP governments handled the economy better than the APC government.

-Lord

LordAdam:
No sensible person is asking for a miracle overturn. What everyone is asking for is a break of the fall.

And I entered this discussion because APC erroneously want to peg the blame on GEJ and falling oil price as if it is the first time or the worst fall in history.

Currently, the banks do not need bailout, in 2008 they did, so you can understand why $20b was used to cushion the economy in 2008 and why we do not need that much in 2015.

The current practice of an official exchange rate and controlled dollar use is a relic of the GEJ administration. What novel idea has the PMB administration initiated to cushion the slumping economy? Enlighten me!

-Lord

LordAdam:
From the shit you wrote. You accept that the 2008 financial crisis and oil price fall was well managed by a PDP government run by Yaradua in which GEJ was the VP. Which is not something your APC masters have been saying.

You also stated that about $20b was used to cushion the crisis. And oil did fall from a high of $145 to $32 in 2008 https://en.m.wikipedia.org/wiki/World_oil_market_chronology_from_2003.

The GEJ government had been using the reserve to wedge the economy since August 2014 when the last peak was recorded. The reserve as at December 2014 was $34.2b. And the ECA of $20b is irrelevant in this discussion because it was not used in 2008. And by the way, $2b was left in the account as against the statement that you said it has been squandered.

Now to your question. $29.1b is sufficient to wedge the effects of the slumping oil prices. If PMB knew it would not be enough, why did he not step down from the race?

-Lord

magicalx:
Shut up! It's obvious we have people in government who have no clue what they are doing

baralatie:
the beauty of this period and the period at which PMB finds himself.there is a whole lot that he can do and has nothing to do with oil.
infact if he follows very well or if he had been dligent by now PMB would be soaring on economic scales!
well for what I am seeing he has the biggest breakthrough ever made at his tips!
and nothing America and oil price can do to stop it.
unless he does nothing!



why is this topic in culture section!

EternalTruths:
Yes we put the blame on APC

Buhari is a Northerner who can convince his people to embrace True Federalism and they will agree.

Instead of doing that, he made himself petroleum minister

Dimienedonkz:
stop lying, dollar was 187 as at 29th May. if u had known dat u can't manage d economy why not live it with d pdp. we never had it ds bad for pdp 16yrs rule. oh, I wasted my vote on apc. omg

baralatie:
and the solutions stares right in PMB face!
as long as he does nothing it just keep piling!

LordAdam:
Shut up!

Is today the first time oil is falling to $35? Did oil not fall from $145 to $32 in one year in 2008? Did the PDP government of Umaru Musa Yar'Adua (may his soul rest in peace) not handle the situation better than the current APC government of PMB is doing presently?

And then the whole world was in a financial mess. Hundreds of thousands of people lost their jobs in America. The European fell into crisis, and more than 10 countries in the EU needed bailout including giants like Italy and Spain. Even till this day the EU is not out of the mess, there are widespread reports that a growing percentage of women in Greece prostitute themselves for food not even money because of economic hardship.

Even here in Africa, SA felt the punch. But Nigeria stood tall. I remember the CBN bolstering our banks with $5b in bailout funds, and all-round the economy cushioned the effects of the global financial crisis and the plunge in oil prices. Do you know why? Because the coordinator of the economy then was GEJ as the vice president and sound economic policies were made.

So you, PMB, and APC should shut your mouths. Your asses will be jealous of the amount of shit that come out of your mouth.

GEJ left a $35b reserve and a foreign debt ratio of 12 percent. If PMB cannot use that to cushion the effect of falling oil prices then he is USELESS. We could as well declare the office of the presidency vacant.

I'm sick of the lies you guys are peddling. I'm out for you bunch.

-Lord

...The sharp fall in crude oil prices during the financial crisis also affected Nigeria’s economy. Crude oil prices dropped from a peak of $147 in July 2008 to about $41 in March 2009. Nigeria’s federal government, which earns about 90 percent of its revenue from oil sales, saw its revenue drop by 44 percent during the same period. The government dipped into its reserves to make up for this fall in revenue. Consequently, Nigeria’s oil savings dropped from about $62 billion in third quarter 2008 to about $42 billion in first quarter 2009.

ireasontight:
thank God the zoo is crumbling

EternalTruths:
Please close your mouth

If you think the situation can't be reversed, then your secondary school need to refund your school fees


What Nigeria needs now is to diversify her economy which can speedily be achieved through True Federalism

Once Nigeria diversify her economy, we will be able to export several non oil products which will see dollar flow into our reserve.

Pidggin:
What is this? With all the kwaruption allegation this APC government is accusing the PDP of, in 16 years our currency was never this bad, Buhari, please humble yoursle and ask for madam Ngozi's help.

dunkem21:
I have one problem .. After using the idea, they won't even care to acknowledge the source or even give an oral appreciation ..


INEC and JEGA is guilty of this ..

dunkem21:
Crap ..

..Something can be done to save the naira ..

..If the handlers of the economy is at loss and cluelessly incompetent, let them give way for smart brains ..

Again, I can save the naira ..quote me anywhere

Old2020:
This country is drowning faster than an underwater vessel. No clear cut economic blueprint from this administration yet. Who has seen the minister of Finance?