₦airaland Forum

anonimi:
Were we the first in 2015 for this ranking, just as our economy was, before Tinubu scammed us into replacing PDP privatisation and deregulation prosperity of 16 years with APC extreme poverty shege that was fraudulently sold as positive change


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Oga,let me complete your story that you skipped. Read it,Jonathan's govt is part of the problem,don't be sentimental.



November 24, 2014

‘Blame Okonjo-Iweala, Sanusi for Nigeria’s economic woes’


Sanusi Lamido Sanusi and Okonjo-Iweala

•$73 crude benchmark too optimistic
•Falling oil prices not responsible for deteriorating economy
•Expect tough times ahead
•Nigeria has done many things wrong in the last four years

By Omoh Gabriel with reports from Mike Ebo, JonaH Nwopoku

Economists, private sector operators and bankers have concluded that the present economic woes bedeviling the country cannot be attributed to the current crash in oil prices but to the lack of monetary and fiscal policy coordination in the last four years.

They thus blamed the Minister of Finance, Governors who insist on spending the excess crude savings and the immediate past Governor of the Central Bank of Nigeria (CBN) for not working together with the Ministry of Finance to formulate policies that would have ensured the economy was insulated from external shocks. They equally said that the crude oil budget benchmark of $73 for 2015 budget is too optimistic on the part of government.

Taking a swipe at the Monetary and Fiscal policy authorities in the last four years, Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria, AMCON, Mr. Mustafa Chike Obi said that the toughening economic situation in Nigeria is not only as a result of falling crude oil prices but also a combination of factors, especially some misguided monetary and fiscal policies in the last four years.


Chike-Obi who stated this while delivering a keynote address at the 4th Annual CBO Capital Investors Conference in Lagos, noted that there is going to be tough period ahead for Nigerian economy and that both government debt and inflation should be expected to rise in the days ahead.

“There is going to be a tough period for Nigeria going forward. There are a number of things that have led to this point. Clearly, everybody is pointing at oil prices but pointing at the oil prices as the reason for our tough times is probably looking at a small part of the problem. We have done many things wrong in the last four years.

“We have had situations where monetary policy authorities made so much noise on how they want to offset what the fiscal authorities are doing, so you hear the CBN saying the fiscal policies are too loose and they want to tighten; and the fiscal authorities saying that the monetary policy is too tight and there is a need to make it loose.

“I have long maintained that this is counterproductive and that the fiscal and monetary authorities should work together to achieve the same goal,” he told the investors who gathered to discuss the place of private equity in Nigeria’s economic future.

Economic implication of declining oil prices

Commenting on the issue, Director-General of Lagos Chamber of Commerce and Industry, Mr. Mudal Yusuf said: “The current scenario of sliding oil price is significant and scary. It is at its lowest in four years. For an economy that is 95% dependent on oil for its foreign exchange earnings; and 85% dependent for revenue, this development should be a cause for concern. The single most important vulnerability of the Nigerian economy is its heavy dependence on oil. Crude oil market conditions have profound implications for the Nigerian economy. Current trend with oil price pose major downside risks to some key macroeconomic variables and the general economic conditions. The main impact points include the following: Government Fiscal Operations; Naira Exchange Rate, Capital flow reversals, Stock Market, Foreign Reserves, Inflation, Interest Rate and General operating costs for enterprises.”


https://www.google.com/amp/s/www.vanguardngr.com/2014/11/blame-okonjo-iweala-sanusi-nigerias-economic-woes/amp/

Ikaeniyan0:
There's a time on nairaland Obidients, do create threads on nairaland daily, crying and wailing about how the naira was falling, where have they all disappeared to?

To thin air. They were even predicting it will reach 3k per dollar, but God has turned their imaginations to nothing.

nothingspoil70:
They will avoid this thread now, but if it was a negative news, we will already be on the 12th page

like the wike issue

Say it how it is let's not play politics with everything

Obidence is a disease that need cure

Ikaeniyan0:
There's a time on nairaland Obidients, do create threads on nairaland daily, crying and wailing about how the naira was falling, where have they all disappeared to?

Of course they've disappeared. People that are deliberately praying the country they are living in fails just so they will say we told you that, we told you this

Can we just give a thumbs up to our financial people without calling Obidients and others. The thread is about finances not calling out names. These are the kinda things that brings us back as humans and a nation...

3Ceagle:
First time in a very long time I am reading something that pleases the heart from this country'. Nigeria has been first in the worst things one can ever imagined in the past 10 years.
So the question will be, how did we get this bad. The answer is APC.

APC knew Jonathan's plan to remove fuel subsidy was good and also many other planned policies like SURE-P but they deceived Nigerians, gaslight the then government, brought insecurity to the nation and gave us an ineffective ruler in the person President Buhari. They were basically playing chess with lives of Nigerians.

They cannot stand now to say, they have improved the indices. The question I will asked them is from what Base have they improved the living standard? Is it from the time of Obasanjo, Yar'Adua or Jonathan?

A good leader does the right thing! Not the popular thing. GEJ was not a good leader. Even Obi will not be a good leader.
You observe that after the subsidy removal, Obi backtrack that he never said he was going to remove subsidy immediately but in phases, that he was going to fight criminality first. But Tinubu stood his ground!
Today, you're saying why did Tinubu oppose GEJ!
Opposition is a normal thing in a democracy. You measure a good leader by the actions they take, not because of the price of rice and beans.

TallNigerian:
The government seem to be getting it right in terms of economy. But what of security?

All these economic gains will be short-lived in the face of rising and unchecked insecurity. Kogi State roads are now hotbeds for banditry and kidnapping.

The former Army Chief Lagbaja was really getting things right in terms of insecurity when he was alive. Even the likes of Gumi were quiet totally. He suddenly died and boom, we started hearing about those folks again..

It was so unfortunate the man died!

PulaPower:
The former Army Chief Lagbaja was really getting things right in terms of insecurity when he was alive. Even the likes of Gumi were quiet totally. He suddenly died and boom, we started hearing about those folks again..

It was so unfortunate the man died!

why does it seem like the people who mean well for Nigeria don't live long enough to make the most impact?

saintopus:
Until the common man on the street benefits from this I still consider it worthless

Dem say usd is now more accessible and exchange rate more stable.....u still dey find until common man benefits.....is it until they start to share dollars on the street to everyone you will be happy? Make common man go find work,he go benefit.

3Ceagle:
First time in a very long time I am reading something that pleases the heart from this country'. Nigeria has been first in the worst things one can ever imagined in the past 10 years.
So the question will be, how did we get this bad. The answer is APC.

APC knew Jonathan's plan to remove fuel subsidy was good and also many other planned policies like SURE-P but they deceived Nigerians, gaslight the then government, brought insecurity to the nation and gave us an ineffective ruler in the person President Buhari. They were basically playing chess with lives of Nigerians.

They cannot stand now to say, they have improved the indices. The question I will asked them is from what Base have they improved the living standard? Is it from the time of Obasanjo, Yar'Adua or Jonathan?

You are getting it all wrong.....if gej had succeeded with subsidy removal.....fuel would have shot up to 2k per liter because we would have been totally dependent in imports as all our refineries are moribund.... There weren't concrete plans for local capacity until the buhari govt came and made dangote possible.....if not for dangote the subsidy removal would have been an abysmal failure and we would have been crying blood......The oil cabal would have held gej to ransom and his characteristic ineffectual style would have been helpless....that was why buhari had to hold on till the dangote refinery was about 80% completed.

Don't mind the nobi cho Cho Cho let things improve for the common man not all this unrealistic jargons

saintopus:
Until the common man on the street benefits from this I still consider it worthless

Ikaeniyan0:
There's a time on nairaland Obidients, do create threads on nairaland daily, crying and wailing about how the naira was falling, where have they all disappeared to?

And what exactly is the economic value of this to a nigerian?

anonimi:
The reason is quite simple really. Tinubu and APC are very corrupt and more corrupt than their opponents in PDP.

Oshiomhole’s Assembly of Past Criminals, APC is filled with propagandist liars who pretend to be redeemed saints.

We are operating capitalism/ free market economics at full blast.....just like it is in america,if you are unproductive,you won't have money,no free money anywhere.....if you are productive in this tinubu Nigeria,u can never be hungry.....only unproductive people are crying.

commoditiesnig:
A very welcome development.

A good one from Jagaban.

nairalanda1:
1.GEJ should have told buhari, tinubu, and company in 2012 to go and sit down, and remove the subsidy anyway. That's the mark of a bold leader. (Tinubu anyway had karma come to face him in 2023...when he realized that things were really bad).

After all, the buck in 2012 stopped at GEJ table.

Also, lol...Nigerians have been opposed to subsidy removal for years. Back in 1992, and even in 2005, anytime subsidy removal was proposed, people always violently said no.2012 was not an anomaly. Even now, most nigerians are opposed, but government is pressing on because they know that IMF won;t loan them any more money if they keep subsidy, and the subsidy was also tending towards eating almost all our annual budgets....

Not all Nigerians were decieved....personally, I was not a GEJ or PDP or even APC and tinubu supporter back then, and in 2011/12, Idid some reading, and realized why subsidy was bad, and what past governments had been trying to tell us up to that point.

2.Times were hard under Obasanjo, Yaradua and GEJ, even with rises in oil prices...most people were suffering and complaining of price increases back then. Times never change in nigeria.

Just commend Tinubu for doing what your GEJ couldn’t do and move on, instead of all these dilly dallying. I know you’re not happy with the report

Queseda:
Just commend Tinubu for doing what your GEJ couldn’t do and move on, instead of all these dilly dallying. I know you’re not happy with the report

The problem is, tinubu removed subsidy because he was backed into a corner, not because 'sane economics'

Even now, he is keeping subsides on power, which is a nice way of driving off sane investors from the sector.

Also, lol...you guys don't know what our real problem is since independence. All these positive reports have been there, from 1960, most people still suffer

If you like, call me obidient and ipob

MrSly:
And what exactly is the economic value of this to a nigerian?

Naira will get to 2000/$ before December 2024 in the mud

nairalanda1:
The problem is, tinubu removed subsidy because he was backed into a corner, not because 'sane economics'

Even now, he is keeping subsides on power, which is a nice way of driving off sane investors from the sector.

Also, lol...you guys don't know what our real problem is since independence. All these positive reports have been there, from 1960, most people still suffer

If you like, call me obidient and ipob

It doesn’t matter what you think, he did what no other president has done by removing the subsidy. We know you’re not happy about it but he has written his name in gold and history will be kind to him. Now, rest

Ikaeniyan0:
There's a time on nairaland Obidients, do create threads on nairaland daily, crying and wailing about how the naira was falling, where have they all disappeared to?

What was the exchange rate on May 29, 2023 when Tinubu became president and the rate today?
Do you celebrate failure because you scored 15% last year and now scored 30% this year?

Honestey:
Hate him very much but Tinubu's administration is doing well. It's why he is having these series of attacks both locally and internationally.

It’s not meant to be easy, but victory is assured as long as he stays focus.

bewla:
like the wike issue

Say it how it is let's not play politics with everything

Obidence is a disease that need cure

My issue with them is their blatant hypocrisy, driven by ignorance and mob mentality—they can’t even think beyond the group.

Ikaeniyan0:
Naira will get to 2000/$ before December 2024 in the mud

How much is naira to dollar currently? Tinubu will handle economy and shettima will handle security in the mud. Nigeria is not economically viable neither is it safe.

mikeapollo:
What was the exchange rate on May 29, 2023 when Tinubu became president and the rate today?
Do you celebrate failure because you scored 15% last year and now scored 30% this year?

Buhari spent 8 years in power, how much is it when Jonathan hand over to him in 2015?
How much is the dollar when Jonathan take over as the GCFR and when he hand over to Buhari?

Lithiumite:
We are operating capitalism/ free market economics at full blast.....just like it is in america,

if you are unproductive,you won't have money,no free money anywhere.....if you are productive in this tinubu Nigeria,u can never be hungry.....only unproductive people are crying.

How is Tinubu and his successor placeholders productive, if they increase tax burden on people and the IGR and budget to N3.4 trillion from N42 billion 26 years ago but fail to provide ordinary water supply to all households?

Can it be that you are confusing looting with productive? Abi, what else do you think happened to all the trillions of the past years

Lanrelagboi:
Lagos has now crossed the 3 Trillion Naira annual budget mark. Crossed 2 Trillion in 2024.

Memory Lane: the first full-year Lagos State budget (Year 2000) in the 4th Republic was in the region of 40-something billion Naira. And it was described as “unprecedented” back then.


https://x.com/toluogunlesi/status/1877326708904181856?t=R_xycXnffVtjtiWwoGCzAQ&s=19[/quote]>>;
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https://www.youtube.com/watch?v=g5v-F81hNTs

Ikaeniyan0:
Buhari spent 8 years in power, how much is it when Jonathan hand over to him in 2015?

How much is the dollar when Jonathan take over as the GCFR and when he hand over to Buhari?

Why is Tinubu failing to deliver on his promise for dollar rate, just like his expired Buhari failed?

Tinubu’s failure is despite saving $84 billion from subsidy removal and borrowing $3.3 billion to specifically defend the naira.

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp
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Muhammadu Buhari, presidential candidate of the All Progressives Congress (APC), has promised to ensure that the naira would be equal to the dollar in value if voted into office.

NAN reports that Buhari said this on Monday during the south-east presidential rally of the party at Dan Anyiam Stadium, Owerri.

“It is sad that the value of the naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy,” he said.

He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected.

https://www.thecable.ng/ill-make-naira-equal-dollar-says-buhari/amp

anonimi:
Tinubu’s failure is despite saving $84 billion from subsidy removal

Do you think you're talking to a kid?

Where did you get this your own figure from?

Ikaeniyan0:
Do you think you're talking to a kid?

Where did you get this your own figure from?

I got it from Tinubu’s government of propaganda since he has no clue about proper agenda governance outcomes.

Kiss the truth.

TimeManager:
The Federal Government has revealed that the elimination of the petrol subsidy under President Bola Tinubu has resulted in savings of over $84 billion, which are now being channelled into the construction and rehabilitation of 40 key road projects across the country over the past two years.

This was disclosed in a policy brief released by the National Orientation Agency (NOA), titled “Two Years Later: Key Benefits of Subsidy Removal,” and made available to journalists over the weekend in Abuja.

The report, which reviewed the outcomes of the subsidy removal since May 29, 2023, noted that the policy averted a looming economic crisis.

It also enabled the Tinubu administration to clear long-standing financial liabilities, increase capital investments, and support the financial stability of state governments.

https://businessday.ng/news/article/84bn-saved-from-petrol-subsidy-now-financing-40-key-roads-report/?amp

Here on Nairaland, good news attract hate while bad news is celebrated.

Less than 3 pages after how many hours

I now know the real noise makers and propagandists.