Volksfuhrer:
Devaluation of the naira was hasty.

Why the panic? Would the stock market not go into panic because it has just been devalued as well? Would this panic not further compound the woes of the currency?

After all, why would foreign capital remain in a naira denominated economy that has just been devalued. Could it not be argued that the stable currency brought foreign capital here in the first place?

And if this is true, would further devaluation not become necessary to stem further pressure on the naira? Then why create a vicious circle?

Do we live in an insulated world of our own. The CBN is left with no choice. We saw it coming and this is just the beginning. #Harshtruth

barcanista:
Good Idea, however the constitution allows for a minimum of 36 Ministers but we have 42 Ministers at present(if I am not mistaken). We have lots of MDAs with conflicting roles that a Presidential committee recommended merging and scrapping of some. Some are even obselete, it is for the President to send a bill to NASS to repeal the law creating some of these agencies. As for the income of government officers it is just too much. A Minister for instannce have his own Special Advisers, Senior Special Assistants, Secretary, Principal Secretary, Secretary to the Secretary, PAs, Special Assistants and other bloated Aides. These Aides earn their own bloated Salaries, Allowances, and other estacodes

We don't have 36 ministers, we have 72 ministers - you forgot the ministers for state (their deputies). Will cutting the cost for public office make them work, I don't think so. It will make them steal more but 72 ministers is just too much, you can hardly tell who is who and who is probably working.

barcanista:
Good Idea, however the constitution allows for a minimum of 36 Ministers but we have 42 Ministers at present(if I am not mistaken). We have lots of MDAs with conflicting roles that a Presidential committee recommended merging and scrapping of some. Some are even obselete, it is for the President to send a bill to NASS to repeal the law creating some of these agencies. As for the income of government officers it is just too much. A Minister for instannce have his own Special Advisers, Senior Special Assistants, Secretary, Principal Secretary, Secretary to the Secretary, PAs, Special Assistants and other bloated Aides. These Aides earn their own bloated Salaries, Allowances, and other estacodes

Exactly.. The Oronsanye panel estimated that over N800bn would be saved yearly if the FG fully implements it's report.
An obvious merger I'm in favor of is that of the ICPC, Code of Conduct Bureau, and the EFCC. The anti-fraud units of the Nigerian Police should also be merged with the new EFCC.

Jonathan fulfilling his destiny to bankrupt Nigeria

CFCfan:

Exactly.. The Oronsanye panel estimated that over N800bn would be saved yearly if the FG fully implements it's report.
An obvious merger I'm in favor of is that of the ICPC, Code of Conduct Bureau, and the EFCC. The anti-fraud units of the Nigerian Police should also be merged with the new EFCC.

I agree with the merging of EFCC, ICPC and CCB but they can't be merged with SFU of the Police, as that is not obtainable anywhre except you want the new anticorruption body to be under the control of the Police Force

I'm so happy about the mature debate and enlightenment between barca and boss13. I think we have gotten to that level where we ignore these paid agents and there distraction. I so love how u maturely ignored one of them who came to spew their usual thrash. I feel the devaluation is hasty. What happened to the austerity measures. They are hiding a lot. We had so many months of oil windfall. Yes, we were saving the so called excess crude account, but we never had any impact of the windfall. It dint reflect in our exchange rate neither did it step down our lending rate. Unfortunately the scam called subsidy will still be paid to import refined product. If our refineries were fixed and new ones built as our lying president told us, we would mitigate the effect by knowing we won't have to import refined oil products. We can even reverse to only selling more valued refined products. Unfortunately we have a criminal as a president. A peep into the excess crude account, I'm sure will baffle Nigerians. God is giving us all the reasons to drive dis man out of aso rock. By His grace, we shall do that.

barcanista:
I agree with the merging of EFCC, ICPC and CCB but they can't be merged with SFU of the Police, as that is not obtainable anywhre except you want the new anticorruption body to be under the control of the Police Force

It won't be under the Police. The new body would still be a separate legal entity

anonimi:


I really pity this your Akigbemaru (He who screams to slim down) job oh

Perhaps you are not aware of the Russian Central Bank's response for even an economy that has some industrial base unlike ours.



Thankfully the economic foresight of the dynamic duo of Jonathan/Sambo team that has led to growth in our agricultural and automobile sectors etc will make the impact less than it would otherwise have been when the clueless federal governments that we had previously did NOTHING concrete to sustain, talk less of expand, our industrial base.

BTW, may I advise you to find a better way of earning your livelihood!

Yet your economy is on a free fall.

Obiagelli:

Yet your economy is on a free fall.

Free fall, maybe in planet pluto

Algeria place its budget benchmark at $35 per barrel for several years and was busy saving during the oil boom. Nigeria kept buying jet, i remember our president saying Nigeria Economy is growing because more people buy private jets (stupid comment). We kept host stupid event and celebrating bullshit. Today it has dawned on us.

Keneking:
Jonathan has finished us ...he must just go next year

Before next year if possible.

Those in the export sector of the economy will see this as good news. The people waiting on government to butter their bread, will keep crying. One commodity is funding the activities of your welfare state, when that commodity coughs, you people will always catch cold.

barcanista:
I agree with the merging of EFCC, ICPC and CCB but they can't be merged with SFU of the Police, as that is not obtainable anywhre except you want the new anticorruption body to be under the control of the Police Force

Let the FG disband the police, let states run their own police according to their pockets, let the Dss become federal police corruption and terrorism as their main objectives just like the FBI. We need to do away with all this icpc and efcc nonsense.

Cc CFCfan

atlwireles:
Those in the export sector of the economy will see this as good news. The people waiting on government to butter their bread, will keep crying. One commodity is funding the activities of your welfare state, when that commodity coughs, you people will always catch cold.

What are you exporting? Have we even covered our local market.

Obiagelli:

What are you exporting? Have we even covered our local market.

You are good with producing data, make that your assignment and find out what Nigeria exports. Start with Ijebu garri, you be surprised what the real economy does in this country.

Kx:
From being the biggest economy in Africa by GDP figures to devaluing the nation's economy in a space of a couple of months

The exchange rate and interest rate just got transformed. under the transformation agenda!
So much for Fresh air!

The lies and propaganda of this administration is being exposed by market forces by the second. Too bad some people still insist Jonathan is the way to go. Imagine the earnings accrued to the economy over the past five years yet instead of investing heavily in the non oil sector in order to cushion the effects of the ever volatile international oil market, Jonathan was most interested in increasing the number of presidential jets on Aso Rock fleet!!

What a squandermania!!
What a useless government!!

This is a welcomed development. It is called Quantitative Easing and will be readjusted in the future. This will jump-start the Economy.

Instead of ignorant people complaining about Fiscal Policies they know nothing about, why not just ask questions ? Or better still, find a product or service to export and earn extra on foreign exchange.

Anyway, I dont blame una, when student protest N60,000 a session school fees, what do we expect ?

atlwireles:


You are good with producing data, make that your assignment and find out what Nigeria exports. Start with Ijebu garri, you be surprised what the real economy does in this country.

' Nigeria's international trade is 92% import, 8% export '

thenationonlineng.net/new/nigerias-international-trade-is-92-import-8-export/

Obiagelli:


' Nigeria's international trade is 92% import, 8% export '

thenationonlineng.net/new/nigerias-international-trade-is-92-import-8-export/

Really, what makes up that 92% you import and the 8%, you export? Before you post junk, take 5 mins and see, if it makes any sense.

Billyonaire:
This is a welcomed development. It is called Quantitative Easing and will be readjusted in the future. This will jump-start the Economy.

Instead of ignorant people complaining about Fiscal Policies they know nothing about, why not just ask questions ? Or better still, find a product or service to export and earn extra on foreign exchange.

Anyway, I dont blame una, when student protest N60,000 a session school fees, what do we expect ?

This boy, oil prices fell to $40 under yaradua, did the pdp learn anything?

atlwireles:


Really, what makes up that 92% you import and the 8%, you export? Before you post junk, take 5 mins and see, if it makes any sense.

Go and read the link, ask direct questions, i don't have time tonight

Obiagelli:

Go and read the link, ask direct questions, i don't have time tonight

Sorry, your rubbish is not worth my reading time.

National Bureau of statistics Q2_2014_Trade_Report is out there for you to educate yourself.



http://www.nigerianstat.gov.ng/

http://www.nigerianstat.gov.ng/pages/download/249

Obiagelli:

This boy, oil prices fell to $40 under yaradua, did the pdp learn anything?

Yes, they learnt vital lessons not to depend on Oil alone, and that's why Dr. Jonathan is going full throttle to harness our potentials in Agro sector, etc.

Thanks for asking, by the way, I am not a boy.

Obiagelli:

Let the FG disband the police, let states run their own police according to their pockets, let the Dss become federal police corruption and terrorism as their main objectives just like the FBI. We need to do away with all this icpc and efcc nonsense.

Cc CFCfan

You're right in a way. I won't call for the total disbandment of the Police; I'll prefer that the it be decentralized in such a way that the State Police Commissioner would be independent of the IG operationally, and that the State police commands be equally funded by the States and the FG.

The State Police commands would only enforce State laws too.

atlwireles:



Sorry, your rubbish is not worth my reading time.

National Bureau of statistics Q2_2014_Trade_Report is out there for you to educate yourself.



http://www.nigerianstat.gov.ng/

http://www.nigerianstat.gov.ng/pages/download/249

How exactly does this link differ from mine.

Obiagelli:

How exactly does this link differ from mine.

You are kidding bah?

CFCfan:

You're right in a way. I won't call for the total disbandment of the Police; I'll prefer that the it be decentralized in such a way that the State Police Commissioner would be independent of the IG operationally, and that the State police commands be equally funded by the States and the FG.

The State Police commands would only enforce State laws too.

We seriously need to overhaul the police, there is absolutely no way we can get anywhere with the present crop of officers we have, let state government recruit new officers, it could be done systematically.

Btw i will like to know if police Commissioners are appointed or elected in the US. I have heard stories of non officers becoming commissioner.

pendy70:
Obiageli why are you engaging these TANoids on remote control in conversation. Can't you see the way barcanita and others ignore them.

Why not allow them continue in their misery and foolery

Good advice i should take. Thanks

Obiagelli:
Algeria place its budget benchmark at $35 per barrel for several years and was busy saving during the oil boom. Nigeria kept buying jet, i remember our president saying Nigeria Economy is growing because more people buy private jets (stupid comment). We kept host stupid event and celebrating bullshit. Today it has dawned on us.

What is the population of Algeria.

Obiagelli:

We seriously need to overhaul the police, there is absolutely no way we can get anywhere with the present crop of officers we have, let state government recruit new officers, it could be done systematically.

Btw i will like to know if police Commissioners are appointed or elected in the US. I have heard stories of non officers becoming commissioner.

In the US, the Police Chiefs are either elected or appointed by the mayors.

Billyonaire:
This is a welcomed development. It is called Quantitative Easing and will be readjusted in the future. This will jump-start the Economy.

Instead of ignorant people complaining about Fiscal Policies they know nothing about, why not just ask questions ? Or better still, find a product or service to export and earn extra on foreign exchange.

Anyway, I dont blame una, when student protest N60,000 a session school fees, what do we expect ?

If we had encouraged resource control and fiscal federalism, Nigeria would have developed so many export products that situations like this would affect only oil producing states.

States that export non oil products, would still be receiving inflow of dollars