₦airaland Forum

Boss13:
I watched the video clip three (3) times and I am a bit worried. Yes, she was speaking unprepared and gave illustrations, but her choice of words gives me concerns.

She is the minister of finance and must be articulate with budget terms. Rather than N6 billion from the centre. She should have used the agency was allocated N6 billion cash receipt as indicated in its budget. Also she mentioned, capital, overhead and salary. Madam Kemi, it is Capital and Recurrent Expenditure - Overhead and Salaries falls within Recurrent Expenditure. The agency also made N16billion cash proceeds from the public and I think the minister meant N22billion and not N24billion - arithmetic error. This happens, but one begins to judge her competence based on errors like this.


My other concern is if this agency got extra cash receipt of N16billion, was it indicated in their budget as cash receipt, since N6 billion caters for both capital and recurrent expenditures. How was the N16billion utilized in the last fiscal year and only N3million was declared as surplus. I agree with the minister that the agency should be audited to ascertain whether there have be misappropriation of funds.

Overall, these are petty errors and should be excused.

This is what you call pettiness.
Using it to cover up the main crust of her arguments.
So people expect exact numbers when when the Rough Order of magnitude is enough to argue her point even if it is a bit off.

Boss13:
I really do not enjoy commenting about NOI, but her tenure as finance minister and coordinating minister of the economy is extremely shocking. Our present predicament is as a direct consequence of her actions. During and after the Obasanjo regime, we had no debt, infact there was surplus. The federal reserves was bolstered with about $43billion, please note, not million.

During NOI, the government was borrowing money to pay salaries. That is a huge indicator of calamity and in her own prudent way of lying, she said the economy is in good shape. The economy can never be in good shape if you borrow to pay salaries, which means your expenditure is more than your income. Now, we are back to huge debt.

Also, another astonishing issue about NOI competence was that, when the US started their shale oil cracking, there were indications that the US would discontinue or reduce its oil dependency in other countries, this woman, with her Harvard degree and world bank experience, should have forecasted an economic tsunami about to hit Nigeria. We saw it coming and we knew oil prices would drop. If I had bet against the Nigerian economy at that time 2011, I would have been sleeping in my Banana island mansion now. She did nothing, but indirectly supervised the looting of the federal reserves and even borrowed to sponsor election in the guise of fighting Boko haram.

Let's be honest, if Jonathan had won the election, NOI would have forced Emefiele to devalue the naira and possibly the naira would be N1000 to a dollar. Throughout her tenure, her interest aligns with that of world bank. To me, NOI was a voodoo economist and the worst finance minister so far. I say this without prejudice or ethnic bias, we even belong to the same ethnic group.

You are rare.

Ecoterrorism:
I don't see how ethnicity crept into this article. We are all observers to the current Blame Jonathan by the Presidency taken to a height of iberibeism that Nigerians are now sick of it

You can choose to put your head in the sand and assume that tribalism and clan politics is not playing a role . But when criticisms , comments and opposition lacks objectivity and fails the critical test ,
When the feedback you are getting ,says that the reason for all the criticism is not because of the normal power struggle between political parties .
When the idea of voting for someone is forbidden because of his very existence as a person in spite of the total failure of ........

Sorry , there not enough selfless men like mbaka ,Ndidi to prove otherwise .
Even then , they are regarded as Efulefu

You guys are grasping at straws.
Straight off-the-top answers to a question is the little thread these buffoons hanging on to .
They even cut the video to hide her superior arguments and total command of the stage , the issues and her job


What is more important , the numbers or the critical concept behind the job description and the role of a finance minister.
......
"One of the biggest indictment was right there in her answers.
WHY WERE THEY NOT REMITTING THE N16 BILLION TO THE FEDERATION ACCOUNT AND NO ONE CARED?

That alone is one of the biggest indictment of Iweala as nothing but an incompetent finance minister.
The no 1 responsibility of a finance minister is to find and manage money on behalf of the government.
How does a government agency earn money and the person who is suppose to find money for government programmes does not care ?
What exactly are you there for ?
She even had a bigger mandate giving her total command and control over the entire economy.

Borrow ,waste and steal is easier , I guess .
You may want to go and review the YouTube videos of your so called worldbank "expert" who wrecked the economy during a boom.
An ordinary competent bookkeeper who is aware of the limits of her responsibilities, would do a better job than iweala.
By the way , the finance minister is not in charge of preparing budget . That role belongs to the budget office . She is not a minister of the economy like iweala . Her jobs is fund the government and make sure all revenues get into the government's purse.
If and when she strays out of line , and stop doing her job, we will be on her back . I expect her to be an activist minister . That is the only way she can become the best ever .
She can achieve this by shining light in the darkest recesses of government; Just like the senator pointed out .
Meanwhile, the feedback I am getting is this Adeosun woman is aggressively blocking a lot of loopholes and conduit pipes for looting but entrenched civil servants and their private sector acolyte do not like it . Mass sacking incoming .

You can watch the full video and compare it to the pathetic performance below.

https://www.youtube.com/watch?v=DLO1Y_BwVTo

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

Nigeria has never risen before

Rays123:
Interesting view. To my understanding, capitalism is an economic system in which each individual economic agent is engaged in economic activity with a large measure of economic freedom. Individual economic actions conform to the existing legal and institutional framework of the society which ks governed by the institution of private property, profit motive, freedom of enterprise and consumer sovereignty. .

This is the theoretical definition. In the real world ,it does not work like that .
How is it going to work when vested interest control governments and the institutions are manned by the people they are supposed to be regulating?
You are more likely to find the freedoms in a farming settlement in Osun than in Lagos .
In America , free market capitalist gutted their manufacturing sector and shipped plants to China for a quick extra buck .
German nationalist socialism on the other hand, beefed up their manufacturing without selling their heirloom to China. Today, their earnings from exports is simply incredible .

Bugatie:
....and your point is?

"A man whose personality is fully developed never fears anything; he cringes not, and never feels inferior to anyone; His breadth of mind enables him to exercise his freedom in such a manner as not to endanger the interests and freedom of others. He is a citizen of the world - free from narrow prejudices. He is what he is because the three main constituents of his entity - his body, brain, and mind - are fully developed. Mens Sana in Corpore Sano!"
- Voice of Reason (1981)

Bugatie:
The crime itself is when you refuse to forward and continue to trace backwards.

"Any system of education which does not help a man to have a healthy and sound body and alert brain, and balanced and disciplined instinctive urges, is both misconceived and dangerous."
- The People's Republic. 1968

I have said it on many foras.
If Nigeria is ever going to get it right politically , it is going to happen in spite of the south east rather than because of the South East
When did it become a crime to trace back how we got to this point . Whether 5 yrs , 10 yrs or 100 years?

Naija9090:
SE is the epicenter of capitalism in Nigeria. SW and North is largely socialism...depend so much on federal allocation.

keep deceiving yourself. Maybe you saw market........
Better service delivery is not socialism and capitalism is not 4 x 4 shops.

There is nothing like a free market.
Anyone who brings that crap to you need to get his head examined . He is likely to be a sociopath or psychopath or lack critical thinking abilities .
The so called free market is rigged on every layer .
The free marketers are the same people whose entire business model is on government money or favour.

We all know that Nigerian banks are it fit for purpose and they tow the path of least resistance. But the idea of a cabal being the cause of the crisis is nothing but rubbish.
I have written many comments on this matter .
Let me ask you a question .
How many landing strips were in Nigeria under abacha and how many do we have today .

Answer : under abacha , over 100 private landing strips were discovered . SHOCKING?
Today , I have no clue .

What I can assure you is that the misapplication of resources has continued since 1979.
Nigeria spends but does not invest .
The total wealth of a country is not only measured by foreign reserves , sovereign wealth etc . It is the sum total of the wealth of her citizens.
The Nigerian so called elites have not only cornered all the available wealth , the politicians are also misapplying the available wealth.
Yes ,
This is a concept I want you to get used to.
THE MISAPPLICATION OF LIMITED RESOURCES.
All those private jets they buy and maintain is an example of the misappiication.
You would have expected someone on whose lap an oil block ( free money ) fell to use that as launching pad to build a mega corporation spanning all sorts of sectors from aluminium to steel , from mechanical to electrical , from mango to rice etc . But no . instead , they go on shopping sprees and parties .
This is why I will support any effort to strip all oil blocks from all Nigerians and vest those in the Nigerian state.

Nothing less than I expected
Nigeria must learn to crawl before attempting to fly.
The era of bankers has ended .
The era of cottage industries is now .
Dummy politicians carry head go dey look for foreign investor .
The bunch of beggars Awolowo talked about .
Foreign investor to construct your roads
Foreign investor to grow your cassava
Foreign investor to make your candles .

Nothing more than a bunch of clueless dolts


Cotton value chain
Ginneries,Clothing ,Socks , bra , pants, brands ,mall standard clothing stores, mens and women clothing

Building and construction value chain
Clay Brick, roofing tiles , marble ,floor tiles
Pencil , pen
Shoes

Agriculture value chain
Chocolate , cashew nut snack , vegetable oil , fruit juice and other processed foods,Biscuits and other snacks

Wood and woodwork value chain
Tooth pick , pallets , furnitures, design

These are just a few of the possibilities. You can start a cottage industry in many of these with less than $20, 000 .
We start doing this and then ramp up on quality to start competing in the export market.

dBard:
The cheapest and best source of protein n essential nutrients is Milk.
That's why milk is regarded almost as a complete meal on its own.

Careful how quick u call someone clueless

For a Nigerian , the cheapest is beans

Make sure they get criminal records with photographs to match . Else we will end up with another bode George disturbing the peace in the SW

slimfit1:
You think someone like him will come up with fantastic ideas soft drinks don't we have enough already stupid idea.

You do not have enough already.
There are 1200 edible fruit on planet earth.
Every single fruit is a potential drink .
This is before the start talking about the possible combination of various flavours .
Billions of possible combinations.
Who knows , a combination might even be a cure for cancer or HIV .

grandstar:
You fail to get it!

Does Nigeria have any comparative advantage in producing milk? The answer is no.

There will either be compromises in terms of cost or quality if made here. Dangote cement fleeced Nigerians harming the construction company.

You think manufacturing exist in a void. There are issues relating to competitiveness, productivity. logistics, value supply chain and so on.

When the rich world buys our raw materials and make higher value products from them, we call them wise. When Nigeria imports raw materials and adds value. he is called unpatriotic!

The typical answer of a bird who refuses to learn how to fly . Competitive against whom producing the toothpick and toilet rolls that you use ?

godoluwa:
[s]daily balanced diet requires a tin of milk & egg. How old are you plz? [/s]

A balanced diet requires the right amount of protein ,carbs and vitamins
How clueless are you?

antispexish:
heard a lot bout the airport remodelling until I had to travel and saw the wonderful work done with my own eyes.
The toiled was locked at a beautiful sign said showed it was under repairs.

one beautiful bucket was also placed beside where I was seated, being steadily filled up with clear rain water or liquid coming from the ceiling.

The only thing on that machine that you can use to move without actually walking(dnt know the name)is its old engine.
The most beautiful, most remodelled thing I saw was a billboard of Jona with that buf****nic smile of his.
Though i had to wait like 3 hours to retrieve my luggage but I enjoyed the show of one elderly oyinbo man shouting at all the officials cus one of them collected N2000 and disappeared while not doing the job he collected the money for. Some officials wanted to collect money from him to help search for the missing official.

That" fantastic " remodelling job added $1 billion to your national debt.

Genius100:
What did you read? Can you post the link?

Nigerians are clowns. Fashola proposed a modest increase in power tariff and they are protesting. These are the same clowns telling Buhari to devalue. Do you guys understand that refined petrol is imported? Are the masses ready to pay N200 per liter if Buhari devalues? Or do you guys want us to go back to the subsidy regime with all its inherent corruption?

Mass insanity reign supreme in the country .
Many of the stuffs on the import prohibition list are rotting away on the farms .
The rest , you can manufacture with machines that cost less than a beat up Tokunbo car ( less than $20,000).
Yet the mumus are shouting free market all over the place .

Na by force to devalue .
The black market is already devalued . Enjoy devaluation there.
I have no time for a lawyer/ civil servant economy.

Tissue paper making machine $85, 000
Toothpick making machine(1000 cartons/month) $3000
Roofing tile making machine $14000

Arcard:
na still import u go import am, way dm naija engineers

There are thousands machine fabricators in Ibadan . If they are familiar with the machine , then good let them build . If not , import . The CBN is funding the importation of machines and spare parts.

nnachukz:
The poster posted what was on ground before Jonathan came to power and what he left behind. You supposed to have disputed his argument with facts within the range of time he made reference to instead of resorting to name calling. Moreover, what the poster posted are things you can research on. People like you are the ones who put us in our present condition through their deception and hatred for the truth.

Maybe if you are using a tribal / clan tinted glasses .
How was he the best? How did the worst turn into the best ?

1He built all our 30 year old refineries that started working again once he was kicked out Abi?

2 Or the major dual carriageway built out of the forest by gowon, murtala and obj that developed potholes or no tar sydrome the day Buhari was inaugurated.

3 I forgot , he recommissioned power stations already commissioned by obasanjo the actual finder and builder?

4 What about the mobile network you used to type this rubbish . He must have organised and supervised the start of GSM in Nigeria.

5 I forgot , he brought Facebook to Nigeria , he must have brought the internet that started with abacha's dial up and went fibre with obj's marine one and two undersea cable .

6 yes I remember that he put trains on ancient tracks on which renovation started during abacha's regime and continued through abdusalam, obasanjo and yar adua regimes . Just ride in on a chariot and claim other people's glory .
Lagos - Kano track , he must have flagged off the rehabilitation in 2011 while busy stealing the money needed to do the rehabilitation.



7 Nigeria now produces and export the rice that was imported into Nigeria. Only problem is that Jonathan's friend get a license to import that rice and get to sell that license to an importer by showing that they grow invisible rice .

8 He built 7th mainland bridge and chased the ocean with Eko Atlantic
He also built new port harcourt city.

Eko Atlantic and New port harcourt city are 2 project bigger in vision , character , usefulness and potential than whatever Jonathan squandered the over $500 billion earned by Nigeria .

All the other rubbish on your list , mark my word , by the middle of next year , the ministry of works alone , will have more groundbreaking projects than the local government standard projects that exist on paper.

How I wished we had a Lenin, Stalin or Mao.
Many of you belong in a reeducation camp.

You cannot make this up.
The worst .
Evn the absolutely corrupt shagari government was light years better .
Everything Jonathan touched was a scam. Everything

Next2Bezee:
I can only imagine that the reason why you'd take joy in the suffering of your fellow Nigerians is either because you're not in Nigeria yourself or because you've already determined that you'll never be successful and useful in life and thus wish poverty on everyone else.



What bitter medicine? How can you tell me the previous governments and this present one doesn't have a hand in the increased levels of importation?



If it worked in 1983, care to explain why the naira equivalent of a dollar has now multiplied almost 166 times more than it was then?

I don't understand how in God's name you think think its ok for the government to dry up forex without stimulating and encouraging the various sectors that are lacking first. Do you think its every raw material that can be produced locally at the moment?? Nothing will grow out of this, You are just suffering and smiling as you have been doing before.



A hungry man is not only an angry man but a jealous man as well.

Do you know that what is considered luxury to you can be basic to others? Do you think that its all rich families that are corrupt?? Some worked really hard to get what they have, why should they not enjoy the good life..is it because you cannot afford it too

Corruption is the only reason why devaluation has not worked over the years and you can blame the governments for that. The reason why local food products have increased is because they're being imported and the government has done nothing to encourage the agricultural sector and increase local production. Don't forget that there are other costs factored into the food stuff u buy at the market like transportation and all that and those costs have equally gone up!



The rest here is gibberish so i rather not quote it. Reducing importation by increasing locally made products WILL NOT WORK if there is no financial stimulation and encouragement from the government. Now the government has stifled importation as best as it can, yet it has made no steps towards trying to improve important sectors and basically we are importing nothing and producing nothing to sustain our demand, so who is suffering?? is it Buhari that is travelling abroad anyhow??

Nigeria is rapidly headed down the inflation route and more companies will fold and soon with #1,000 naira won't even be able to buy you pure water because most of the the pure water factories would have closed up and the few that are open would sell at exorbitant prices.

STOP MOANING AND GET TO WORK .THIS IS AN OPPORTUNITY

small size plastic pencil making injection molding machine

US $58,000

Transformation agenda dolts on the loose .
Show us how to build a shrine where dollar start raining
from the sky.
Kudos to all Nigerians in the diaspora for allowing those of us at home to continue being useless.
Your taxed dollars is what is keeping us going .
Do they know ?
I think not .

LordVoldemort:
The items include the following:

Rice
Cement
Margarine
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Private airplanes/jets
Indian incense
Tinned fish in sauce(Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods(deformed and not deformed)
Iron rods and reinforcing bard
Wire mesh
Steel nails
Security  and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and Glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Textiles
Woven fabrics
Clothes
Plastic and rubber products, polypropylene granules , cellophane wrappers
Soap and cosmetics
Tomatoes/tomato pastes
Eurobond/foreign currency bond/ share purchases

Thank you for the list . I am going to use it

knowledgeable:
You don't get it, and your kind, can never, never get it period!.

Nigeria can never, never, modernize, transform or industrialize until she goes through political restructuring. There are basically two schools of thoughts on why Nigeria is not working economically or politically. One camp believes, is bad leadership & corruption, and the other camp believes is foundational political dysfunctional structure. To me, let there be a scientific( not academic) research studies undertaking on those. You will be surprise to find out on corruption eg, that those hausa/fulani stealing $billions are on economic jihad against the infidels and the southerners corruptly enriching themselves are born out of extreme greed and selfishnes due to the dysfunctional political structure we inherited(I hope am wrong). How can devaluation of naira cure something that is a religious obligation and spiritual??.

The ultimate outcome of all these, some 80% or so of the population will below $1 a day of existence, the middle class will become extinct quick quick, Nigeria will be depopulated as tens of millions of people will die out due to shorter average life span. By the way, if you apply this basic math(I think I saw that in UN wesite). At a population of 180 million with an average life span of 55yr with the developed and the newly developed world average of 70yr translate that Nigeria will loose 40 to 50 millions of her population by the year 2045. And when you back track that calculations from 1960 after the independence, you will figure out how many millions have perished due to this inherited dysfunctionality.

Whether you restructure or not , continuing with this same behaviour will lead to the same result all the time.
On stealing , it is a pan Nigerian problem made easy by crude oil .
Like I said before, crude oil falling to zero will reveal the true state of the Nigerian economy or lack of a functional economy.
I remember my visit to London in 1997. Passing by the Nigerian embassy, I saw a dirty bottle with crude oil in it on display through the window.
Written on the window was
"NIGERIA , A COUNTRY FLOWING WITH MILK AND HONEY".

That bottle showed that Nigeria had , and still has nothing to sell or offer the world apart from.......
That mentality is a big part of the problem.

erico2k2:
Simple Economics,it's cheaper to get it from china to thier shop than getting it from Kano .take MAF for example it's cheaper to get it from china than Nigeria..So we need strong economic policies like tax breaks to help.

The China they keep it from was not always that much cheaper.
They made the sacrifices

SLIDEwaxie:
u shld increase ur sinking capacity and think wider.

1. it is impossible for every trader to still have the goods of almost 3 months on ground...unless u're a petty trader.

2. if it finishes...people will improvise. only the super rich will be able to afford the average things by then.

if a fake razor blade (Nigerian made) is sold for 5 naira, and imported tiger blade is sold for 20naira (current price), who wld buy the 20naira own unless they are rich enough?

in a nut she'll, the average Nigerian is more then the rich ones, those who prefer to import will be left at the mercy of the rich ones while the larger masses goes for the indigenous.

sooner or later, some average trader will stop importing because they will be unable to sell as quickly as they shld.

then the company in China will loose customers and decides to open a company here where the original blade will be sold for 10naira. then someone with the will of adenuga of GLo mobile will open a razor blade company and sell at 6naira...

that is where it all starts...

Thank you for bringing up the razor blade matter.

Razor blade making machine cost only $17000
Saw tooth making machine $2000
Conveyor belt making machine $20000 - $200000

Kenai:
Stop aimlessly digging, boy; you're in a hole already.
Your first post smacked of spine-chilling ignorance because it showed you know absolutely nothing about the issue you seek to discuss.
Your revisionism has already met a brickwall because we're not all fools here, and we weren't all born yesterday.
Should you, however, decide to limit your baseless revisionist babble to the other "Sai Baba" howlers, I will not begrudge you, for I never thought better of their reasoning capacity anyway.

In 1983, Buhari's myopic policies led to massive job cuts, particularly in the manufacturing sector due to the lack of raw materials as well as unfavorable business climate. Mind you, during this period, he was still busy chasing rats and jailing his opponents on trumped up charges - the Ambrose Allis, Sam Mbakwes, Tai Solarins, Alex Ekwuemes, Aper Akus, etc.

His ill-thought EssenCo had people queuing up to buy basic food, milk, sugar, toiletries, etc. like they were in Nazi Concentration camps, and you try to justify that nonsense.
Better ask the people who experienced that mess and stop trying to rationalize retrogression simply because of your partisan sentiments.

A number of weaknesses beset the Second Republic. First, the coalition that dominated federal politics was not strong, and in effect the NPN governed as a minority because no coalition formed to challenge its supremacy. Second, there was lack of cooperation between the NPN-dominated federal government and the twelve states controlled by opposition parties. Third, and perhaps most important, the oil boom ended in mid-1981, precisely when expectations of continuous growth and prosperity were at a height.

There were many signs of tension in the country. The Bakalori Project, an irrigation scheme in Sokoto, for example, became the focus of serious unrest in the late 1970s when thousands of farmers protested the loss of their land, and police retaliated by burning villages and killing or wounding hundreds of people. Widespread dissatisfaction became apparent with the Maitatsine, or Yan Tatsine (followers of the Maitatsine), a quasi-Muslim fringe group that who sparked religious riots in Kano in 1980, and Kaduna, and Maiduguri in 1982 after police tried to control this activities. The disturbance in Kano alone resulted in the deaths of 4,177 people between December 18 and 29, 1980. In 1981 teachers staged a strike because they had not been paid. As the political situation deteriorated, the federal government looked for scapegoats and found them in the large number of foreign workers who had come to Nigeria in response to the jobs created by the oil boom. In the crackdown on illegal immigration, an estimated 2 million foreigners were expelled in January and February 1983, of whom 1 million were from Ghana and 150,000 to 200,000 from Niger.

The recession that set in with the fall in oil prices after the middle of 1981 put severe strains on the Second Republic. For political reasons, government spending continued to accelerate, and the frictions among the political parties and between the federal government and the states only reinforced financial irresponsibility. Nigeria's foreign debt increased from N3.3 billion in 1978 to N14.7 billion in 1982. By 1983 the nineteen state governments had run up a combined debt of N13.3 billion. Heavy investment in economic development continued unabated. In addition to finishing a steel mill at Ajaokuta in Kwara State, for example, a second plant opened at Aladje, near Warri, in 1982. Steel-rolling mills also were built at Jos, Oshogbo, and Katsina--sites chosen for political reasons. By 1987 N5 billion had been spent on the steel industry alone, most of this committed under the Second Republic, even although the economics of steel development were questionable.

Corruption once again was rampant under the Second Republic. It had been a serious problem since the civil war, when wartime contracts often were awarded under dubious circumstances. Corruption became more serious after the war, most notably in connection with the cement scandal of the early 1970s, the Festival of African Culture (FESTAC) in Lagos, and the development of Abuja as the new federal capital. Corruption under the Second Republic was even greater. Major scandals involved the Federal Housing Scheme, the National Youth Service Corps, the Nigerian External Telecommunications, the Federal Mortgage Bank, the Federal Capital Territory Administration, the Central Bank of Nigeria, and the Nigerian National Supply Company. In addition, the halfhearted attempts to license imports and to control inflation encouraged smuggling, which became a major crime that went virtually unchecked. Umaru Dikko came to the attention of the international community because of an abortive plot to kidnap him in London and return him to Nigeria to stand trial for corruption. British authorities found him in a shipping crate on a runway moments before he was to be sent to Nigeria. Dikko was involved in many scandals, including the issuance of licenses to import rice--rice imports had risen from 50,000 tons in 1976 to 651,000 tons in 1982.

As elections approached in August 1983, economic decline that reflected low oil prices, widespread corruption, and continued government spending at record levels was proof to many that the Second Republic was in sad shape. The lack of confidence was evident in the massive flight of capital--estimated at US$14 billion between 1979 and 1983. The second elections under the Second Republic were to be its last. When the results were tallied in 1983, it was clear that there had been fraud. The NPN increased its control of states from seven to twelve, including Kano and Kaduna. Shagari was reelected president, and the NPN gained 61 of 95 Senate seats and 307 of 450 House of Representatives seats. Not even the supporters of the NPN expected such results. Considering the state of the economy and the public outcry over the rigged election, the Shagari government stayed in power for a surgprisingly long time.

Rich4god:
Two things must be involved, its either buhari appointed super clueless pple as his ministers and advicers or he has turned a deaf ear to all of them. Wch ever b d case, the economy is bleeding as a result.

Nope
Buhari is a nationalist.
He is giving you the mildest alternative available.


I will tell you the alternatives available completely disregarding the self centred and brainwashed textbook economists/business elites .

1 Let the naira float and not restrict supply ( the so called invisble hand of the free fixed market
The official value of the naira will immediately fall. manufacturers who can access currently at the official rates will immediately see their cost go up. They would have to pass off the cost increase to consumers in terms of higher prices .
Examples are cement manufacturer , local drugs companies , Nigerian bottling company , Uni lever ,UAC .
basically those companies who were there during the bad times and the good times .

Those companies set up to harvest Nigerian dollars without adding any value will immediately grab as much dollars as the can and take a hike .
We can afford to let these ones take a hike or fail.
Example is that South African company that left because they could not find the dollars to import clothes .
We need companies who will design and source for tailors locally .
Hopefully , someone will fill that vacuum.
So much naira was printed during the elections and a lot of the looted funds is looking for dollars .
Just that money alone will remove $3 billion from the $29 billion in forex .
Allowing Nigerians to have their way also means that in less than 6 months time , the central bank will have nothing to give . Nigeria would have to go out and borrow those dollars .
Knowing fully well that Nigeria is bankrupt international trade wise, the interest they will charge will ensure that your children will be paying the interests for generations to come.
This is where the international politics of masters and servants come to play . IMF and the World bank . Two organisations set up to destroy .
They will tell you to cut money on education , sell NNPC to thieves , sell rivers and waterways ( already floated by iweala during Jonathan regime , they will probably destroy what is left of your industry ( Those things Nigerians do to help themselves).
Basically , all the standard shock therapy which not only concentrate the wealth of a country in a few hands , but completely destroys the middle class.
After destroying your economy , they will send cameras to come and film makoko.

The second option is what we have now .