₦airaland Forum

sarrki:
Eeeeyah why the thing come pain you like that

Oh! You dey there? Nothing pain me, I just dey curious say you get twin brother for Nairaland.

Mynd44:
The last time a Nigerian president spoke with the King of Morocco, it ended up to be a lie and a diplomatic row.

I am watching ooo

Dude, I thought you're supposed to be a MOD for Nairaland, sometimes your comments resemble those of Sarrki. Na wa ooo

obailala:
The govt gave licenses to 23 qualifying oil and gas investors to build modular refineries since early 2016, we haven't heard anything from those investors till date. I'm still not sure I understand how or why you are now blaming the govt for the decisions of our big oil magnate who prefer importation to building refineries.

If that is the case can we conveniently conclude that nothing has changed in terms of governance in Nigeria? Can we also infer that the only deference between PDP and APC is just the nomenclature? Past administrations also gave out licences to investors without fruition until APC bombed into the scene with the chant of change. Are you suggesting we should now treat the APC govt with kid gloves and exonerate them from the blame of failing to do due diligence and providing enabling environment before issuing the licences in the first place? Where's the coveted change? My friend, you'll have to work round the clock to defend the incompetence and naivety of this government.

obailala:
Nigeria depends so so so much on imported goods so even at N1000 to a dollar, there would still be a mad rush for the dollar. Cmon man, we import virtually every drop of petrol and kero and diesel we use in this country. And unlike many other nations that need these products for just transportation, our power supply in Nigeria is over 70% dependent on these same products which we import.

You may say we are focused on the 'no alternative' rhetoric, but guess what?... it can never be overemphasised that we had no immediate alternatives. Even the so called bailout funds you highlighted as a possible solution wouldnt have been able to scratch the surface.

Again, regarding the bailout funds, while I agree with you that the funds could have been used for great things, do you really know the impact of 27 out of 36 states being unable to pay salaries in a nation like Nigeria where govt is the biggest employer of labour?

My man there's no justification whatsoever for the bailout to the governors. In fact, that singular decision signaled the beginning of Buhari's woes. The States suddenly saw themselves as toddlers who should be spoonfed instead of fending for themselves.Buhari should have stood his ground by asking the prodigal governors to account for their respective allocations in the last 2 years before been considered for bailouts, if necessary. With regards to oil import expenditure what happened to the modular refineries promised the nation 15 months ago? This govt doesn't deserve any pity.

obailala:
Bro, I honestly feel tired, completely weakened having to explain some of these things to people like you because I know you are well enlightened, but you have simply chosen to act like you don't comprehend simply things all because of sentiments.

Yes, several policies of the admin aren't good, but it would make a lot of sense if we could just remain focused, put the unnecessary sentiments aside for just one moment and then address issues 'as they are' instead of how we want them to look. I am tired of having to sound like I am defending bad policies such as the maintenance of multiple exchange rates by the CBN/FG, the fact is that I am not. But for once like I said, put the sentiments aside and call a spade a spade.

A little background... Nigeria has an inordinate thirst for imported goods from basic petroleum products to the least of the items we eat; this means a high demand for forex. Nigeria gets over 90% of its forex from oil sales and with the oil crash, the primary source of our forex was cut by more than half. Like you said, GEJ left about $28.6bn specifically in the reserves as at May 2015 when he handed over. A question for you is, do you know how much was in that reserve 6 months before that handover date?... There was about $38.6 billion in the reserves but it crashed rapidly within 6 months to $28.6bn because while the FG/CBN kept issuing forex 'normally' as if nothing was wrong (in a bid to save the Naira), the inflow of forex into the reserves had dwindled seriously (due to the oil crash) leaving a negative balance.

Meanwhile at the time in question (Nov 2014 - May 2015), oil still sold averagely above $60. Another question for you is, if we could be losing about $1.67billion monthly from the reserves when oil still sold for over $60, what do you think would have happened to Nigeria if the forex restrictions were not enforced having in mind that the oil crash continued to as low as $28/barrel?... Do you know what happens to an import dependent country when its forex reserves drop to zero? Google Venezuela to get an insight.

So I am completely sick and tired of people still saying forex restrictions by Buhari led us to the present mess because while that may be correct, one would have expected these overnight economists to be gracious enough to also tell us if Nigeria really had another option at the time considering that Nigeria was fast running out of reserves.

That's it! We are so fixated on this rethoric of "we don't have any other alternative". This is in responce to the last paragraph of your post. APC as an opposition party had all the time in this world to fashion out alternative ways of running govt before coming to power. They knew the country's reserve was aiming southward as a result of dwindling oil revenue months before taking over. At inception, instead of emptying the treasury to governors in the name of bailout, the funds should have been given out as lifelines to the non-oil sectors which constitutes a large chunk of the country's GDP. That would have helped local production to a great level, boosted local supply and reduced import. Do you know the significance of this? The mad rush for dollars engineered by the CBN restriction policy would have been nonexistent while, maybe, the country wouldn't have plunged into recession. I rest may case here.

obailala:
Oh yes buhari's approach aggravated the Niger Delta bombings, but at least he has since reversed on that approach hence we haven't heard cases of bombings in close to 4 months.

Then for the forex policy which you claimed was changed, this is the very point where I called you out. To the best of my knowledge and as a matter of fact, nothing has changed and we still practice a multitude of dollar rates. The appreciation of the Naira seen last week is principally because the CBN resumed disbursement of forex into the market and that is not a new policy; this isn't the first time in the last 2 years that the Naira would suddenly appreciate following the CBN's injection of forex into the system, but then, you cannot give what you dont have. About 3 months ago, in order to rebuild up the reserves which had dropped to dangerously low levels (~$23bn), the CBN severely cut the disbursement of forex into the market and this is what put the recent pressure on the Naira which pushed it up to N520. With the reserves now built up close to $30bn, the CBN simply resumed disbursements and this is what led to the recent appreciation (not any new policy or 'obnoxious' policy reversal as you claim). Hopefully with oil price now averaging $55 and oil production now over 2million bbls, it may be possible for the CBN to sustain the weekly injection of forex into the system to continue appreciating the Naira without our reserves dropping to the very low levels again.

In summary, there was no new spectacular policy or reversal of any 'obnoxious' policy; except you are saying the policy is Buhari saving money in the reserves for 3 months and then now injecting the saved FX back into the system to appreciate the Naira. You can't give what you don't have and the CBN wouldn't have been able to inject FX last week into the economy if it didn't save up in the last 3 months.. Of course the only thing which people who are ignorant of the happenings can see is that "the resumption of FX injection happened when Buhari is away, so therefore it is a reversal of Buhari's policy by osinbajo and it is appreciating the naira."

cc: NaijaFutbol

My friend, let's try as much as possible to be sincere when national issues are discussed. I am sure you know deep down within you that the plummeting reserve was not responsible for this govt's flappy forex policy. At departure in May 2019, Jonathan left a reserve of $29.6b which grew to $30 or thereabout, few weeks ago. So, what has changed?

The truth is that Buhari's govt is fond of taking decisions without considering its implications. They tried to control demand for some imported items by restricting access to dollars forgetting that people would invade the parallel market as an escape route. That was the genesis of the plunge in the value of naira.

Before deciding to place restrictions on the 41 so-called luxury items (which they have now relaxed), govt should have enhanced local production to a significant level thereby foreclosing the possibility of panic buying and crazy dollar rush.

obailala:
Which politics exactly are you referring to? Buhari's policy is what ensured that Nigeria's economy is hinged on only one commodity right?

If you want me to school you on what's really going on, I can. So please stop boring me with these your 'Buhari this Buhari that' shallow analysis of the economy.

I deliberately mentioned your post for the purpose of being "schooled". Did you read the part of the NBS report that spoke about haphazard production activity in the oil sector as a result Niger Delta agitations? Was Buhari's thoughtless grandstanding on military approach rather than dialogue, not responsible for that? What about his forex policy that favours the elite, stifling the manufacturing sector of funds needed for raw material importation and preventing them from operating at optimal capacity? Is the manufacturing sector not a major contribution to the nations GDP? Why did the Naira suddenly rebound against the Dollar if not for the reversal of Buhari's obnoxious forex policy? Face the truth, my friend.

obailala:
From the chart, the worst days are definitely over.

www.nairaland.com/attachments/4937575_gdp_pnge12995fdcab17955e38dd83f477bc56b

That's if Buhari and Osinbajo desist from playing politics with the Nigerian economy. When we tell you guys that Buhari's flipflop policies are responsible for the recession, we are often taken as enemies of the state.

loomer:
Na to catch this man beat am well well be the best solution for the country.

Haba bros. Too wrongs don't make a right.

Lanretoye:
this man never pass one information since he was appointed minister.

He has been passing wrong information. That's why he's called minister of misinformation.

BrutalJab:
How will this man children feel after hearing the lies their father tell?

Honestly, I don't know how they get along with him. I do have the same thought too.

Deelaw:
I used to have much respect for elderly pple until Lie Mohammad showed up....Now I feel so much disgust.

The reverse is now d case!

I think he owes the elderly some apology...

Forgive him.

ajepako:
They have blamed....

GEJ

PEJ

PDP

GOD

Now

LOOTING?

Next will be TONTO

TOKE

TIWA

TOOLZ

TTT

TBOSS

And even

TELEMUNDO

Iranu

Until there's nothing to blame again.

BeardedMeat:
Lair Mohammed is doing his work. But he should pray Buhary doesn't die in London because the cabal won't waste time in kicking his lying mouth back to his obscure town in kwara.

Why politicians jettison decency when defending their govt is utterly appalling.

When asked the reason for the sky-rolling prices of foodstuffs in the Nigerian market during the South-East Town Hall Meeting in Umuahia, Abia State, some hours ago, Minister of Information Alh Lai Mohammed placed the anomaly at the doorstep of mass looting of dollars by politicians.

It's on record that the same Lai Mohammed pinned inability of farmers to grace their farms in the northeast due to Boko Haram escapades as the reason for scarcity of food items when confronted with the same question few months ago.

To set the record straight, the looting of treasury (including hoarding of dollars in private homes) did not happen under the present adminstration hence it beats one's imagination why a bag of rice was sold for N8k in an atmosphere of "massive looting" while the reverse is the case under a government that says it's recovering loots.

Just last week the CBN went back to its vomit by reversing some of its monetary policies including the unbanning of certain import items, a decision that made the Naira to significantly rebound against the US Dollars. This points arguably to the fact that this government's lopsided and unthoughtful fiscal and monetary policies are the reason for instability in the prices of foodstuffs, not necessarily looting of treasury. Lai Mohammed should stop taking Nigerians for a ride.

Pure lie. Buhari's handover of power to Osinbajo was not down to any political advancement or display of patriotism but a clever move to prevent loosing out in the power equation. Any attempt by Buhari to do otherwise would have ended his grip on power and given birth to a new power bloc.

Buhari simply wants to have his misdemeanors in govt covered up until 2019 even when it's glaring he doesn't have anything to offer. The man is a good schemer.

Max24:
The guy is a whistle- blower. This same govt recently started promoting whistle blowing. But it appears they only want whistle blowing on opposition. No whistle blowing against govt officials will be allowed. You can blow against people like Fayose, Wike and so on but never blow it on El Rufai.His offence seems he blew it on the protected guys.

The first whistle blower in this administration (Jubrin) is now on self-imposed exile due to Buhari's nonchalant, selective and vindictive style of governance. Only those eavesdropping on PDP members are regarded as whistle blowers in Buhari's govt.

Qmerit:
The ruling People Democratic Party (PDP) in Gombe State has won all the seats contested in the council polls conducted on Saturday

That settles it. APC will clear it too if it rules the state, APGA same

Without the aid of Federal might and INEC connivance, APC can't win any free and fair election in Nigeria judging from the pains it inflicted on the citizens in the last 19 months. No question about that.

This is not just a landslide, it's total annihilation of APC. In the words of crooked zombies; "PDP can't win election in Nigeria again"

Though I have had course to disagree with Reno Omokri on some national issues the recent been his comment on Adeosun's polytechnic background, I nonetheless think his description of Ameachi's state of mind is spot on. I personally think Ameachi oftentimes suffers from partial contact and haphazard lucidity. When a serving minster speaks as if his party was still in opposition, then one needs to question his mental accuracy and sense of judgement. If he's so sure about any missing $48billion, why has it been difficult for Ibe Kachukwu to unravel it as a former MD of NNPC and now as a minister of state for petroleum? I am very sure that the very first drops of water in Ameachi's mouth at infancy is the water of lies. The man is seriously sick and mentally impaired.

sarrki:
Just thank God we have baba at the helm of affairs of this nation.
The damaged caused by your hero according to Goldman Sachs and other reputable economic analyst shows that it will take 5 decades to cleanse the system of what your hero caused.

So speaking big big grammar is not the issue

Exchanging banters with you is sheer waste of time. I don't know where you scooped your so called economic rating but the whole world is unanimous in thumbing down Buhari's economic misadventure in the last 19 months. The greatest political mistake ever made in our nationhood is the election of Buhari as president. The man is only good enough for a local councilor.

engineerboat:
At the conclusion of the River state supplementary election yesterday from 2015

BELOW IS THE SUMMARY FOR ALL ELECTIONS IN RIVERS STATE

TOTAL SEATS WON:


Governor: PDP

Senate:
PDP =2
APC =1.

House of Reps:
PDP =10
APC =3.

State House of Assembly:
PDP =25
APC =7.

Total seats cleared
PDP =38
APC =11.


Though there are still litigations in the Court by both parties. But as it stand we can therefore say that River State will at least have some rest and peace of mind for some time to come.

Election is not war. All politicians must learn to respect peoples choices and allow the choices prevail.

Using federal or state instruments to subvert the peoples will is very dangerous to our democracy and must be put to a stop.

Good afternoon.

Engineerboat

God bless you. Good job.

PassingShot:
PDP cannot even produce a Nigerian president again.

Maybe in the next life sha, who knows.

Who wants s Poverty Development Party aka Papa Deceiving Pikin?

It's easier for KOWA to produce a president than a party whose members compete for "Best/Worst Looter Award"

They make noise online only to be rejected again and again offline by electorate. Look at Ondo, Edo and even their struggle in Rivers!

Ranting of a shameless APC town-crier. Only God Almighty knows what the future holds for PDP, so just try to cool your nerves. If PDP stands for "poverty development" and a bag of rice sold for N8k during its reign as against the current market price of N18k, how do you describe All Progressives Conmen (APC), a party that killed the Nigerian economy within the spate of nineteen months?

Nigerians from all walks of life knew how Buhari used the security agencies and INEC to thwart the people's will in favour of APC in Edo and Ondo states but I assure you that he won't go unpunished. He would reap his rewards in full.

sarrki:
Only a enemies of state will not support pmb

But PMB is his own number one enemy.

Africa is backward and it will remain so for quite a while because its leaders choose to speak from both sides of their mouths. Economy is the fulcrum of any nation and when a ruler fails economically, he has failed in everything. Economy affects the family, politics, security, religion and entire sociocultural landscape. If the economy is bad, it engineers corruption and insecurity(insurgency, armed robbery, kidnapping, ritualism etc), When the economy is in comatose politicians manipulate the unsuspecting populace to ease themselves into offices. In a nutshell, having scored abysmally low in economy Buhari is a complete failure. At this stage of his life, Obasanjo should stop sugarcoating his words.

Africa is backward and it will remain so for quite a while because its leaders choose to speak from both sides of their mouths. Economy is the fulcrum of any nation and when a ruler fails economically, he has failed in everything. Economy affects the family, politics, security, religion and sociocultural landscape . If the economy is bad, it engineers insecurity(insurgency, armed robbery, kidnapping, ritualism etc), When the economy is in comatose politicians manipulate the unsuspecting populace to ease themselves into offices. In conclusion, having scored abysmally low in economy Buhari is a complete failure. At this stage of his life, Obasanjo should stop sugarcoating his words.

Sermon from the pulpit of a serial looter. When people like the SGF boldly talk about corruption in Nigeria, it obviously makes a joke of Buhari's anti-corruption crusade. This country has gone to the highest bidders.

Nigerians are not even obsessed with N1 to $1 any longer. Buhari and Osinbajo should kindly return it to the 2015 value of N205 per dollar. At least if this government doesn't know where it's heading, it should know where it's coming from.

merit455:
what is this one saying

He was saying absolute rubbish. That Sarrki guy is just senseless.

Nigerians are not even obsessed with N1 to $1 any longer. Buhari and Osinbajo should kindly return it to the 2015 value of N205 per dollar. At least if this government doesn't know where it's heading, it should know where it's coming from.

ericsmith:
last i minute i checked buhari is alive,,enjoyin uk& us hospitality sorry trump bursted una bubbles ...
fayose culd tell wen buhari wil die buh culd not forsee pdp losing d elections,,rite b4 is eye pdp is fallen apart,, if fayose life is all about buhari then he is vindicated,,buh sheriff stil pdp chairman is a mess fayose wil neva b cleansed of... 2018 is almost here his case for court go sweet pass BBN..
if yu are nt agbero lik am suspecting,,my advice bro go law school..jus 1years ,,,fayose might nid most of yu.

You just sold yourself out as the real Agbero. Did you really type 1years? Now repeat after me; 1 year. Say it again, 1 year. Now you can stop.

ericsmith:
what fucking shame ,,we all are not promised tomorrow,,FIY youth die more this day than the aged ones.. make ur research
fayose said buhari too old @ 70+ ,,but america the number one country in the world jus voted in a 71yrs old man... what is the probability fayose wil even enter 70+ ,,no curse buh nuttin is sure til it as happened ... #reality
fayose and wike brought/choose sheriff ,,so why blame apc/buhari..
one thing fayose is yet to tell us is how buhari sent gift to them (himsef & wike) to install sheriff ....
ordinary party chairman is takin PdP years,,jokers wan rule nigeria .. #shame

Typical of APC jingoists, always engaging in half truths. Fayose did not only speak about Buhari's age, he also raised alarm over his health status. The man is vindicated today.