₦airaland Forum

We have too many low hanging fruits in our economy. Almost there but never hitting the mark. I will say this administration has done ok to stabilize the economy but reality hits different. What hurts this economy the most is the devaluation of our currency, even though the authorities argue it was necessary.

Prices are beginning to come down, inflation too, but it's coming down in trickles. Now, governance is absolutely needed to make sure these low hanging fruits are gotten.

For example, our production in oil has hit a snag. Yes it has increased but hasn't hit the target set by the president. We were supposed to be hitting 2m barrels by now but recent reports talked about a drop in September to 1.4m barrels. Why? NNPC performed at negative 94% and no one has been stationed? Bayo Ojulari has been in the helm of affairs of the NNPC for close to 6 months now but we haven't seen any tangible reform. What's happening? I think the president has to be very decisive in hiring and firing so that the Memo is received by all and sundry. What's happening with our refining capacity? With Dangote, we should be a net exporter of refined petroleum products but here we are. That to me represents a big question mark on this administration. If the same surgical approach is used for NNPC as it was for both the CBN and Finance ministry, I think we will have better results.

2. Electricity is still a zero for this administration. They haven't gotten it right, and I wonder why the power minister still has a job. How can the economy grow without electricity? How can manufacturing improve? There has to be a state of emergency declared on electricity. It has gotten to that point. It's a matter of give us result in 6 months or resign to anyone who intends to head that ministry. The reform needed there is achievable if we had the will.

3. Food security and inflation is still a big problem and I believe this is as a result of the security situation. Yes the service chiefs have been fired, but why is Egbetokun still the IGP? To me he has failed. I don't care if it's another Yoruba man there, but there has to be change. Is he keeping him because of 2027 election? Food prices are coming down, but not enough. Until a bag of rice comes down to about 27,000 that it was before, and groceries begin to go down, then we can begin to see real change.

There's just so much this administration can achieve. It's perfectly poised for them but I doubt there's any will. I feel the president has surrounded himself with sycophants and a lot of show boaters like Wike and Umahi who have their own hidden presidential agendas and a few good men like Wale Edun, Cardosso and Bosun.

This administration can be perfectly tagged as "a few good men". A perfect example of the 80-20 rule where only 20% of the people in this administration are contributing 80% of the work.

seunmsg:
When you are sick and have lost weight considerably, the first task of doctors is to stabilize your condition. After stability is achieved, the recovery process begins. After full recovery, we then start talking about growth.

The IMF and lots of other international organizations that are projecting Nigeria for growth know far more than you. They’ve seen all the indices and they are very confident in projecting a GDP growth rate of 4.2 for the country in 2026.

oga, since buhari time we are still recovering for how long?

anonimi:
What a terrible thing that happened to our country in 2015, when Tinubu made his expired soldier APC president, promising change only to destroy the prosperity handed over by PDP.

How did we end up with APC’s extreme poverty shege that Tinubu has worsened to the extra level?


>>>
>>>

Unfortunately for you,
• Your PDP - that was in Power for 16- yrs ,yet could Not Construct A Single Road 🛣️- Not even the Lagos - Ibadan Express Road that was Awarded To A Lawyer By OBJ and Later to be Re- awarded by Buhari,
- the East - West Road is now being Constructed by Tinubu govt,
-The IJEBU- Ode - ORe -Benin- Road - Was Awarded by Chief ANININ- Mr Fix it of your PDP then, Money Allocated,yet the Road is still not Done,
• Mama Okonji-Iweala -was our best Minister of Economics then and she said
' We ( the govt) need to Borrow Money 🤑 to pay Salaries '
So,you are always here with your fallacy but the Nairaland Forum Management allows you,so continue your Hates and Bitterness on the Govt-of the day.
Just Facts and TRUTH.

seunmsg:
When you are sick and have lost weight considerably, the first task of doctors is to stabilize your condition. After stability is achieved, the recovery process begins. After full recovery, we then start talking about growth.

The IMF and lots of other international organizations that are projecting Nigeria for growth know far more than you. They’ve seen all the indices and they are very confident in projecting a GDP growth rate of 4.2 for the country in 2026.

You're not ashamed. 4% growth rate for an underdeveloped country. When you're supposed to grow at a minimum of 6%.

Jonathan an Ijaw man was growing a 500 billion dollar economy at a rate of 7 - 8% annually. The current charlatan is growing is forecasted to grow a 250 billion dollar economy at 4% and you are praising him. Mind you, under GEJ, the dollar was floated as well. How you folks who are exceptionally dumb and unpatriotic find yourself in political support corridor, and how your incompetent leaders find themselves in power is amazing and sad for the entity called Nigeria.

Dicoomoba:
Tinubu is a Yoruba man with sense so leave it for him

olyrayy:
You're not ashamed. 4% growth rate for an underdeveloped country. When you're supposed to grow at a minimum of 6%.

We are already a developing country. Read the IMF projections again my dear.

You can not see this type of good news being posted from sahararepoters except news of doom and sorrow.I pray God will touch the heart of enemies of Nigeria.

God bless good people of Nigeria
God bless Mr President
God bless federal republic of Nigeria.

Julius1995:
Jonathan an Ijaw man was growing a 500 billion dollar economy at a rate of 7 - 8% annually. The current charlatan is growing is forecasted to grow a 250 billion dollar economy at 4% and you are praising him. Mind you, under GEJ, the dollar was floated as well. How you folks who are exceptionally dumb and unpatriotic find yourself in political support corridor, and how your incompetent leaders find themselves in power is amazing and sad for the entity called Nigeria.

With oil prices at its highest peak yet at the end of the day fg have to be borrowing money when prices started going down to pay salaries because they couldn't diversify the money judiciously

Bluntemperor:
Unfortunately for you,
• Your PDP - that was in Power for 16- yrs ,yet could Not Construct A Single Road 🛣️- Not even the Lagos - Ibadan Express Road that was Awarded To A Lawyer By OBJ and Later to be Re- awarded by Buhari,


- the East - West Road is now being Constructed by Tinubu govt,
-The IJEBU- Ode - ORe -Benin- Road - Was Awarded by Chief ANININ- Mr Fix it of your PDP then, Money Allocated,yet the Road is still not Done,
• Mama Okonji-Iweala -was our best Minister of Economics then and she said
' We ( the govt) need to Borrow Money 🤑 to pay Salaries '
So,you are always here with your fallacy but the Nairaland Forum Management allows you,so continue your Hates and Bitterness on the Govt-of the day.
Just Facts and TRUTH.

Why have you fabricated facts that can only deceive and destroy the badly educated and uneducated masses, deliberately made so by the progreThieves who steal money that should employ teachers for the free education of all children

Lordave:
Lagos– Ibadan Expressway: As A Responsible Govt, We Had To Intervene – Jonathan

President Good-luck Jonathan Friday, flagged off the reconstruction and expansion of Lagos-Ibadan express way, 35 years after its construction during the administration General Olusegun Obasanjo as Nigeria’s militaryHead of State.

Jonathan said that job on the 127. 6 kilometre road which would cost N 167billion would be completed in 48 months, even as he reiterated the commitment of his administration to the provision of enduring and sustainable transportation networks across the country.
Two companies, Julius Berger Nigeria Plc and Reynolds Construction Company, RCC, Limited were awarded contracts. Julius Berger would handle Section 1, stretching about 43. 6 kilometres from Lagos to Shagamu Interchange while RCC is to execute section 11 of the project, which is about 84 kilometres starting from Shagamu to Ibadan in Oyo State. The projects were earlier awarded to Bi-Courtney Highway Services before the contract was revoked in controversial circumstances last year.

Jonathan described the dual carriageway, as very important because of high volume of traffic it carries … estimated at 84,000 vehicles daily.’’

He said that the’’Federal Government in 2009 entered into a concession agreement with a concessionaire as a premier Public Private Partnership, PPP, scheme in the road sector in the country’s economic development,’’ because it was a major artery that connects Lagos, the economic nerve centre of the nation and the host of major Nigerian seaports to other statesof the federation.’’

According to him, “at the regional level, it is a section of Trans-Saharan highway that links Lagos on the Atlantic Ocean to Algiers on the Mediterranean Sea. The road is therefore of great socio-economic importance not only to Nigeria, but to the sub-region at large.

Four years later and due to non-performance by the concessionaire, which resulted in recurring fatal accidents, unprecedented traffic jams, security breaches, compromised public health and safety as well as the continued public outcry on the state of disrepair of this road, the concession agreement was terminated in May, 2012.

“As a responsible government, we had to intervene immediately in order to ameliorate the hardship faced by the general public on this road.

Consequently, in November 2012, we deployed two reputable road construction companies to carry out emergency repair works on the road to ease off traffic and at the same time, we commenced the process of procuring the contracts for full reconstruction and expansion of the road.

“The procurement of contracts for the road was completed on schedule, and I am happy to inform you that Messrs Julius Berger Nigeria Plc and RCC Nigeria Limited emerged as successful bidders and were subsequently awarded the contracts. This government is committed to the timelycompletion of the project and has made adequate arrangements for its funding.

http://www.vanguardngr.com/2013/07/lagos-ibandan-expressway-as-a-responsible-government-we-had-to-intervene-jonathan/

Guestmale:
With oil prices at its highest peak yet at the end of the day fg have to be borrowing money when prices started going down to pay salaries because they couldn't diversify the money judiciously

Ngozi was being mischievous with her statement issued a few days before Buhari became president, whose support she would need for her international job search.

In the face of dwindling oil revenues, Minister of Finance, Ngozi Okonjo-Iweala, said the Federal Government has borrowed about N473billion to pay salaries and fund the 2015 budget.

The Minister, who was speaking in Abuja on the details of the N4.493trillion appropriation already passed by the National Assembly, said the federal government had to raise its borrowing level from N570 billion to N882 billion to enable it meet its financial obligations to workers and contractors.

The minister blamed it on the decline in oil revenue in late 2014, which accounted for 50 per cent cut in the total federally collectible revenue as well as the low revenue receipts from non-oil sources.

Despite past efforts to reduce government borrowing level, she said the acute cash flow problems forced government to take the decision to curb the negative impact of revenue crunch.

The Minister said about N380billion came from external sources, while the balance is for domestic borrowing.

“We have tried to work within the budget,” she said. “Last year, the borrowing came down to about N570 billion. But, this year, because of the very difficult cash flow situation, we have provided N882billion in borrowing.

“About N380billion of that is external borrowing and the balance of N502 billion is for domestic borrowing. All we have borrowed so far is N473billion, which is within the budget.”

Contrary to recent reports that there was no provision in the budget for fuel subsidy, Mrs. Okonjo-Iweala said the lawmakers actually made a provision in the budget for about N100 billion for petrol and another N45.52 billion for household kerosene fuel subsidy.

Although President Goodluck Jonathan is yet to sign the 2015 Appropriation Bill into law, Mrs. Okonjo-Iweala said the expenditure so far made was legal, as the constitution authorises the government to incur such expenses within the first six months of a fiscal year.

https://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html?tztc=1

Moreover if the economy was not diversified, how did PDP achieve over 6% in 2013 and 2014, despite falling oil prices? This was the first time that Nigeria would experience growth even though oil price was declining.

anonimi:
FG, States, LGs Share N568.4 Billion for Oct
15 NOVEMBER 2013

Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that the states had requested for $2bn to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

The International Monetary Fund (IMF) is just a lending institution.
The goal of the IMF is to cripple the economy of non-Western countries.
No African country has prospered as a result of following the advice of the IMF.

By the way, why is IMF matter coming up on the front page almost every day?
Is there any sponsorship from the IMF here?

Northernblood8:
Don't be deceived. We are recovering not growing. If you lost 10,000 naira and then recovered 500 naira, you've actually not made any progress

It is progress depending on what you went through.

You know, I like your analogy. It's brilliant and apt

panpan:
The International Monetary Fund (IMF) is just a lending institution.
The goal of the IMF is to cripple the economy of non-Western countries.
No African country has prospered as a result of following the advice of the IMF.
By the way, why is IMF matter coming up on the front page almost every day?

The goal of the IMF is not to cripple the economy of any third world country, it's actually to help them because most of them can't think straight and like going cap in hand.

What the IMF does is make them cut their coats according to their sizes. This way they force them to cut things like expensive subsidies and other wastages which they can ill afford. But these pills are usually bitter to the citizens. If the leaders of such countries had done the right things there would be no need to go to the IMF in the first place

You would have contested on the integrity of Obasanjo not Dumb Jonathan I repeat very dumb guy 😂

seunmsg:
We are already a developing country. Read the IMF projections again my dear.

Nigeria is underdeveloped. Poverty capital of the world. Lowest life expectancy, bandits running amok, No electricity, and so on and so forth.

That is underdeveloped.

Developing is Indonesia, Bandladesh, India, etc.

olyrayy:
Nigeria is underdeveloped. Poverty capital of the world. Lowest life expectancy, bandits running amok, No electricity, and so on and so forth.

That is underdeveloped.

Developing is Indonesia, Bandladesh, India, etc.

India is a developing country like Nigeria. It has the highest number of poor people in the world despite a GDP growth rate of 6.2%. Go and argue with IMF that made the ranking and not me.

anonimi:
Ngozi was being mischievous with her statement issued a few days before Buhari became president, whose support she would need for her international job search.



Moreover if the economy was not diversified, how did PDP achieve over 6% in 2013 and 2014, despite falling oil prices? This was the first time that Nigeria would experience growth even though oil price was declining.

All these long stories just to defend indefensible and the most unbelievable and surprising part of it all is calling Okonjo Iweala mischievous with all the available records. Did Jonathan countered the fact that Nigeria borrow money to pay salaries. If all was well with Nigeria economy during Jonathan's regime why would Buhari have to bailed out many bankrupt states that couldn't pay salaries of their workers when he resumed office .

You can even say that the stealing by Diezane and Dasuki gates never happened. So you can now tell me how economy will be diversified when the money from oil high price has been stolen.

seunmsg:
We don’t belong to the list of poor and underdeveloped countries of Africa. We belong in the class of emerging markets and developing economies. IMF did the projections and not me. They are the ones that deemed Nigeria not to be in the same category of countries that you listed. We are in the same category with China, India, Brazil, Mexico, South Africa etc and our projected growth rate for 2026 is above the average growth rate of emerging markets and developing economies. See below where Nigeria belongs to 👇

Cho cho cho has started, "We don't belong to the list of poor and underdeveloped countries of Africa".

Did you see the second and third biggest economies in Africa there (Egypt and Algeria)? What shows you belong to the class of emerging and developing economies while others don’t? You even saw Russia clearly under "Emerging and Developing Europe", and China and India under "Emerging and Developing Asia". Where is Nigeria under "Emerging and Developing Africa"? Cho cho cho.

seunmsg:
Nigeria does not exist in isolation to global economic situations. In the same 2010 that you are talking about, China and India had a GDP growth rates of 10.4% and 10.3% respectively. Today, IMF is projecting same China and India’s GDP to grow in 2026 by 4.2 and 6.2 respectively. So, did Tinubu also brought APC to destroy and slowdown China and India’s economic growth?


Nigeria’s economic growth from 2010-2014 was powered majorly by the oil boom. In 2014, Nigeria had a GDP growth rate of 6.3%. That was the same year global economy started falling. The oil boom ended and Crude oil price was already on a free fall as a result of slowdown in global economic growth and By 2015 when APC took over, Nigeria was already borrowing to pay salaries and GDP growth rate had dropped to 2.7%.

Global pandemic finished off every country between 2019 and 2022 so what we have now is a global economy that is gradually recovering despite trade issues by Donald Trump. So, get yourself properly educated before jumping to compare Apple with oranges. While we all want a faster growth rate, we are now very stable and on a better and more sustainable growth trajectory.

Thank you. You are very well informed. Leave these political chochocho. Proper economic analysis requires reasoning without bias.

Sirjamo:
What I like most about this growth is, it's not powered by oil boom like the PDP era. It's the end product of strategic reforms by the great strategist himself.

This is an economic fact. It means that with good management it is sustainable unlike an oil induced growth.

PlushyRealtor:
When a nation's growth rises on paper but his prop sink in hunger(over 130 million Nigerians now living in poverty- IMF), this isn't progress- it is polished poverty wearing a mast of statistics.

It's possible if your population growth is more than your economic growth. We need to watch our population.