₦airaland Forum

FreeStuffsNG:
At the time the administration of Ex-President GEJ ended, about 30 states of the Federation were unable to pay salaries for months and civil servants were dying from hunger.
Some states like Imo state have even reduced the days that civil servants must come to the office from 5 to 3 days and two days were days allotted for the civil servants to go and work as farm labourers.

Taylor94:
And Tinubu led us to what?



Watch these mods push this rubbish yo front page because its from a Pro Tinubu

sholatech:
What an irony? Recession that Nigeria and many countries went into and came out from how many years ago? Pls remember that good luck left leadership more than 8 years ago and Buhari couldn't improve the economic conditions. He even increased minimum wage that most state governors cannot pay up till now.

EyeCumInPiss:
Which is better?

LIKE for Jonathan's Recession
SHARE for Tinubu's Renewed Shege

Burob:
Price of crude was at an all time high under Ebele, & he did not save anything.

I want to believe he used the money to pay Petroleum subsidy, & the remainder to be shared by Pdp for election purposes.

Wujio:
Bitter igbo man. Anambrians see through you and know how to decide your future. Does the oresident alone have the sole right to determine the financial policies of the country or you were deaf when Oshiomole confirmed that they went against the advice if the minister of finance to share money. Hypocrite, always quick to jump on Jonathan because of the peaceful disposition of the south. Why not jump on Buhari the same way. Bloody hypocrite

FreeStuffsNG:
I was rudely flabbergasted and distressed by a thread titled
HOW WAS JONATHAN ABLE TO MANAGE THE ECONOMY https://www.nairaland.com/7883556/how-jonathan-able-manage-nigeria that made the frontage early this morning.
This is because of the brazen attempt by the opinion writer to revise a recent history of our nation that is well documented as a monumental failure by posterity.

It's equally necessary to help settle the back and forth unproductive arguments that did not help most commentators on that thread understand the basis for the failure of the GEJ administration so we can help monitor the current administration not to take Nigeria on the failed path taken by the GEJ administration.

There are many credible reports that highlighted why the administration of GEJ failed and mismanaged our national economy but I will take the liberty to share one with you below.

One of those credible accounts of verdict on the administration of President Goodluck Jonathan by a former CBN Governor, PDP member and current Governor of Anambra state, Professor of Economics, HE Prof Soludo is reproduced below.

The verdict of history is that Ex-President actually wrecked the economy of Nigeria and led Nigeria into a recession.
Thank you for reading.
Regards.


How Jonathan led Nigeria into recession – Soludo

Published on June 6, 2017 By Ameh Comrade Godwin


A former governor of the Central Bank of Nigeria (CBN), Prof Chukwuma Soludo, has revealed how Nigeria’s economy got into recession.


He attributed the economic woes facing Nigeria to the wrong choice of economic policies by former president, Goodluck Jonathan.

Soludo disclosed this while speaking at an international conference organised by the Department of Business Administration of the Nnamdi Azikiwe University (UNIZIK) in Awka, Anambra State.


According to Soludo, the recession the country was facing was as a result of what he termed “bad habit of borrowing” at a period the country was in boom.

He blamed the past administration for plunging the economy into a glitch, saying the government did not act on time to save the situation.

Soludo also criticised the Treasury Single Account (TSA) policy, which, he said, stifled the economy further because it channelled public sector funds to the CBN.


He said, “Huge spending by government was one of the ways of solving the economic problem, but two wrong steps by the current government ruined that opportunity. They brought in the TSA and channelled funds into one account that did not allow spending. They also fixed the price of foreign exchange. These are things you do not do when a country is in economic crisis.”

He said the recession happened because the Goodluck Jonathan administration failed to save earnings from crude oil sale when there was unprecedented boom in oil prices.

He said, “Poor ideas transcended over superior ideas, and we went into recession which was slightly avoidable. That is why academics must be alive to their responsibility of nudging us to reality. If you borrow at a time of boom, what will you do in a time of lack? Even my grandmother in the village knows this.


“At the same time, when we had boom, we had unprecedented unemployment. The problem with Nigeria’s policymakers is that once oil goes up, we take it that it will remain so, and we continue to spend. But once there is a shock and oil prices go down, we just think it is temporary and we start borrowing. Nigeria can be fixed, and what it takes to fix Nigeria is not rocket science.”

He also called for fiscal federalism to help the states and local governments live beyond “running to the centre for their sustainability”.


https://dailypost.ng/2017/06/06/jonathan-led-nigeria-recession-soludo/
Mynd44 nlfpmod

RepoMan007:
I was shocked by that thread also.
OBj was better than YarAdua who was often nturn better than GEJ. The trend flows through to Buhari and now emilokan crooner. The structure is faulty and leaky so no need blaming the top men much. Though they contributed too with demonic moves and policies.

Soludo is a fruad for blaming GEJ's policies here though. Supply of dollar isn't a GEJ thing. It was a market force reality.

Taylor94:
And Tinubu led us to what?



Watch these mods push this rubbish yo front page because its from a Pro Tinubu