₦airaland Forum

GenBuhari:
[b][size=19pt]1. Cleansed Nigeria of corruption as head of state

2. Reduced inflation rate from 40% to 3%

3. Prosecuted and jailed hundreds of corrupt politicians, officials and business people

4. Reduced our debt

5. Diversified our economy focusing more on agriculture

6. Stabilised Naira (changed colour of money to stop illegal printing and theft of our money)

7. Rejected IMF loans and its ruinous dictates

8. Recovered looted funds from looters

9. Refused to Devalue Naira or raise fuel price

10. Captured Exiled looter Umaru Dikko in the Uk

I can go on!

Anyway I don't want any reward from Okupe I don't handle stolen money



Please people, come hell or high water make sure you collect ur permanent voters card ASAP we can't allow the PDP govt to use PVC distribution as excuse to delay elections.

Ebola is a hoax please be prepared for the re-emergence of Ebola (hoax) on the eve of elections.
Don't allow govt to use Ebola hoax to delay elections [/size][/b]

If they try to delay we need to resist!

GenBuhari:
[b][size=19pt]1. Cleansed Nigeria of corruption as head of state

2. Reduced inflation rate from 40% to 3%

3. Prosecuted and jailed hundreds of corrupt politicians, officials and business people

4. Reduced our debt

5. Diversified our economy focusing more on agriculture

6. Stabilised Naira (changed colour of money to stop illegal printing and theft of our money)

7. Rejected IMF loans and its ruinous dictates

8. Recovered looted funds from looters

9. Refused to Devalue Naira or raise fuel price

10. Captured Exiled looter Umaru Dikko in the Uk

I can go on!

Anyway I don't want any reward from Okupe I don't handle stolen money



Please people, come hell or high water make sure you collect ur permanent voters card ASAP we can't allow the PDP govt to use PVC distribution as excuse to delay elections.

Ebola is a hoax please be prepared for the re-emergence of Ebola (hoax) on the eve of elections.
Don't allow govt to use Ebola hoax to delay elections [/size][/b]

If they try to delay we need to resist!

jamace:
Who fears politician Buhari who has been demystified by democracy to a mere politician who is as corrupt as the rest of them. Wake up from your slumber. Clear your military mentality.

ba7man:
Isn't it obvious PDP are panicky with his emergence as APC presidential flag bearer??

"Do you want to go to jail"??, "I'll fight corruption by building schools not jails"................Those are words by GEJ himself.

They are scared of GMB. So scared that they haven't announced any Plans for the country but spent billions of Naira on smear campaigns against him.

Rextayne:
ok i'm waiting

GenBuhari:
[b][size=19pt]
1. Cleansed Nigeria of corruption as head of state

2. Reduced inflation rate from 40% to 3%

3. Prosecuted and jailed hundreds of corrupt politicians, officials and business people

4. Reduced our debt

5. Diversified our economy focusing more on agriculture

6. Stabilised Naira (changed colour of money to stop illegal printing and theft of our money)

7. Rejected IMF loans and its ruinous dictates

8. Recovered looted funds from looters

9. Refused to Devalue Naira or raise fuel price

10. Captured Exiled looter Umaru Dikko in the Uk

I can go on!

Anyway I don't want any reward from Okupe I don't handle stolen money



Please people, come hell or high water make sure you collect ur permanent voters card ASAP we can't allow the PDP govt to use PVC distribution as excuse to delay elections.

Ebola is a hoax please be prepared for the re-emergence of Ebola (hoax) on the eve of elections.
Don't allow govt to use Ebola hoax to delay elections

If they try to delay we need to resist![/size][/b]


[size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 [/size]

http://www.elombah.com/index.php?option=com_content&view=article&id=5720:is-general-buhari-the-problem-with-nigeria&catid=36:pointblank&Itemid=83

Buharinomics was General Buhari’s economic program marshaled out to salvage the nation in 1984. He summarized the objective of his economic policy (as articulated in the 1984 budget) as follows: "To arrest the decline in the economy, to put the economy on a proper course of recovery and solvency, and to chart a future course for economic stability and prosperity" (West Africa, May 14, 1984).

He had previously done similarly, in March while receiving the visiting Sudanese President, Gaafar Nimeiri. Upon his inquiring of what the new military government had in mind for the nation it then ruled, Buhari said to him: "The priority [of his administration] is for economic recovery, providing employment opportunities, improving people's living conditions, consolidating internal security and ensuring foreign respect" (Africa Now, March 1984).

In a nutshell, Buharinomics set out to arrest the decline in the economy and refocus it towards recovery. Buharinomics was to wean the nation off consumerism and profligacy, while channeling it towards frugality and productivity.

To accomplish this, the government was to cut down on its expenditure, engage in more efficient restricting and controlling of foreign exchange outflow, undertake the revival of the country's productive capacity (concentration was on agriculture), and broaden government's revenue base.
www.nairaland.com/attachments/635156_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
The first test of Buharinomics was implemented to revive the comatose banking industry and arrest local currency hoarding. In April 1984, the government ordered a change in the color of the Naira. This action was dubbed the “real coup” by unscrupulous business men and politicians who had almost eliminated the need for commercial banking in Nigeria by keeping their moneys under their mattresses or by trafficking them into neighboring West African countries.

This currency change, which forced all holders of the Naira notes into exchanging them for the new naira notes at commercial banks, infused billions that had remained unaccounted for into the banking industry and eliminated counterfeited currencies, which had inflicted inflationary and other nefarious effects on the economy.

This measure had an immediate revitalizing effect in the banking industry and was an unqualified success. Banks that were close to collapsing became vibrant again, to the extent that some of them began to hire hitherto unemployed Nigerians.
www.nairaland.com/attachments/635893_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
To cut down on government expenses, the federal work force was cut by 30% and imports for 1984 pegged at 4 billion pounds (mostly on basic foodstuffs, spare parts, and raw materials for local industries), against 14 billion pounds spent in 1983. To ensure that Nigeria remained respectable on the international business world, Buhari committed to honoring Nigeria’s debt payment schedule irrespective of the limited earning potential of Nigeria.

In August 1984, Buhari was on one of his meet-the-people nationwide tours, which he began as soon as the administration got on its feet. Everywhere he went, the people embraced him, coming out en mass and ushering him tumultuous cheers and unreserved applause.

In one of his speeches to the people (this one in Owerri), he reiterated Nigeria’s commitment to honoring its debts, the dire economic situation notwithstanding. "The task of this administration is how to persuade Nigerians to understand that for a number of years to come, we would be paying debts, the roads may be long and thorny but we believe that on our shoulders lies the responsibility to save our fatherland from devastation that has resulted from mismanagement" (Newswatch, February 18, 1985).
[img]https://www.nairaland.com/attachments/635886_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
Buhari could not have been any more correct in his statement above. Assuming Nigeria took no further loans, its breakdown of loan repayments was as follows: 3.9 billion naira ($4.4 billion) in 1985, 3.7 billion naira ($4.19 billion) in 1986, 2.8 billion naira ($3.2 billion) in 1987, until a decrease to 703 million in 1991 (Concord Weekly, May 6, 1985).

Nigeria’s precarious financial situation made it impossible for it to finance capital projects and meet up its balance of payment obligations. With oil export pegged at 1.3 million barrels per day by OPEC, borrowing from external sources became necessary. To this effect, Nigeria proposed borrowing 1.795m naira to finance its capital project from the IMF. The patriotism with which General Buhari handled Nigeria’s dealings with the IMF was the highlight and beauty of Buharinomics.

[img]https://www.nairaland.com/attachments/635887_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]
In order to qualify for the loan, IMF gave Nigeria certain conditions which must be met. In 1984 when the naira exchanged for $1.34, the IMF demanded a minimum of 60% devaluation of it. Buhari refused, agreeing only to a "crawling peg"—a mechanism whereby government would realign the currency gradually, forestalling or minimizing economic and social dislocations because of such drastic devaluation of its currency.

In addition to the devaluation of the naira, IMF demanded that government took other drastic actions: (a) The government must remove its subsidy on petroleum. (b) It must curtail its expenditure. (c) Government must rationalize its tariff structures. (d) It must put a freeze on its wages. (e) It must put a total end of non-statutory transfers to State governments, (f) Government must at least institute a 30% raise on interest rates—government resisted this because the decline in its revenue earnings and its debt obligations made it almost impossible to raise interest rates without triggering inflation (West Africa, May 14, 1984).
www.nairaland.com/attachments/908607_Gen_Buhari_jpg680f0e3cee55a5a2432551406739fb8e
The Nigerian government and veteran economists in Nigeria (like Aluko, Onosade, Okigbo, etc) could not make sense of being asked to devalue its currency when Nigeria’s imports were in dollar and its export (fixed quantity of oil) was also in dollar.

The implication of devaluation was that Nigeria would pay more to import lesser quantity of goods than it did prior to any devaluation. It would also export the same amount of oil it exported before any devaluation and derive lesser revenue than it received before any devaluation The impacts of it debt payment would have harsher effect on the citizenry if the naira was devalued.

This did not make any economic sense to Buhari; it struck him as an insult on the intelligence of the African. Finance Minister Onaolapo Soleye and Alhaji Abubakar Alhaji who led the Nigerian delegation to the last negotiation in Washington were chewed out by US Federal Reserve Chairman, Paul Volcker, for presenting the Nigerian governments rejection of most of these recommendations. For rejecting the IMF conditions and the loan, the Buhari administration got into the black book of Washington.

Already, it had earned the dislike of 10 Downing Street for cutting down Nigeria’s imports from the UK by about 350%. In any case, without the IMF loan, government was still in a bind as to how to finance capital projects and pay for imports, especially spare parts for local industries, food items, etc.

At this juncture, the genius and resourcefulness of Buharinomics illuminated to the delight of the African.
www.nairaland.com/attachments/686219_buhari_parade_jpgcf420c430ac5cdb9a5c0fadf1e0fb509
First, the administration sent Oil Minister Tam David West to OPEC to seek a raise in the quantity of oil that Nigeria could export. If OPEC agreed, Nigeria would expect to generate extra revenue in the long run from any increase of its oil quota and this would assist tremendously in augmenting the shortfall in the nation’s purse.

Professor West came back empty handed—the US and Britain had put pressure on their puppets in OPEC (like Saudi Arabia) to refuse Nigeria’s request.
www.nairaland.com/attachments/710787_buhari_pic_gif0b92a71a0ffa3f1da9713778c0f7a2f0
To counter OPEC’s bluff, the Buhari administration entered into a $2 billion barter trade agreement with four countries. Nigeria daily bartered 200,000 barrels of oil as follows: (a) completely knocked down parts for automobiles from Brazil. (b) Construction equipment from Italy (c) Engineering equipment from France, and (d) Capital goods from Austria.

This barter trade took care of the administration’s need to have borrowed money but it intensified the ill will the US and Britain had for Nigeria. By bartering this oil, Nigeria was: (a) solving those needs which the proposed IMF loan was geared toward. Doing so without borrowing or feeling the pains of spending the meager amount generated from its OPEC approved 1.3 billion a day oil export is the stuff an economic wizard is made of. (b) Britain had been cut off as Nigeria’s major supplier of the goods which the countries in the barter agreement sent to Nigeria. (c) The US usurious money lenders were denied the chance to suck Nigeria dry through the IMF loan. (d) American and British oil companies were irate that the oil being bartered would flood the oil market, cutting in on their profits. (e) The oil being bartered was oil that used to be illegally bunkered before Buhari put illegal oil bunkering artist out of business.

For once, an African country had put positive economic mechanism in place to salvage its ailing economy without swallowing IMF’s poison pills.
www.nairaland.com/attachments/726098_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
As far as America and Britain were concerned, there was a price to be paid by this Buhari, who thought he was smart enough not to accept subservience to their authority.

To begin with, a London newspaper (The Financial Times) published Nigeria’s barter trade agreement with Brazil (which, in truth, was done in secrecy because Buhari treated some aspects of his economic policy as State secret). The British thought it was going to incite OPEC against Nigeria since OPEC as a body did not support oil bartering.

Oil Minister Tam David West, in a press conference, said, “If a nation believes it is part of its strategy for national survival to do this [barter trade], why not?” To assure OPEC that Nigeria was not indulging in barter trade in order to pull out of OPEC, he added ”Our strategy is to stay in OPEC and make its presence felt, and work together on programs that will be for the economic interest of all” (Concord Weekly, May 6, 1985).

There is more to this barter trade than time will permit one to detail in this piece. For now, it is worth noting that it was the major reason for which Britain and America wanted the Buhari administration overthrown.
www.nairaland.com/attachments/754009_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
The counter trade showcased Buhari as a visionary. He made America and Britain feel silly and they swore to get him out of office.

When Babangida took over, on his maiden speech to the nation he promised to revisit the counter trade agreements. Within two weeks in office, September 17, 1985, he setup a panel to review it and recommend to his administration how to revive the economy without the use of counter trade.

Babangida rolled back counter trade at the behest of his imperialist masters and at the detriment of the Nigerian nation and people.

[img]https://www.nairaland.com/attachments/754008_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
By the time the Buhari administration was overthrown in August of 1985, Buharinomics was beginning to yield dividends. For example, the inflationary rate had fallen from 23.2% in 1983 to 5.5% in 1985.

Nigeria did not regret rejecting the IMF loan because it was meeting its obligation of prompt debt payment and the bartered goods were, to some extent, holding up within the austerity measure which had been in place since the Shagari days.

Food was becoming reasonably available for two reasons: (a) The emphasis paid to agriculture had resulted in abundant food harvests, especially yam tubers. (b) The border closure made it impossible for unscrupulous business men to continue smuggling food items into neighboring countries where they sold for twice their value in Nigeria.

Had Buharinomics continued for at least five years, Nigeria would have joined the Asian tigers in economic growth and self reliance. We know that to be true because Babangida came into office and did everything the IMF asked and the Nigerian economy took a dive into the gutter and has not recovered yet.
[img]https://www.nairaland.com/attachments/754010_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]

sammyj:
You are daft!!!

Senjuchiha:
....c ur lyf,go sch u no gree,go get common sense u say na waec.....chai,i 4 lyk knw who born u

Akon419:
if this crab u have written is what achievements is,then you need a brain transplant . I still don't understand why all dis alamajiri brought up think alike.

lordcornel:
Stingy man u don't want me to eat ur money, u knw is jst one achievement where you want us to manufacture d remaining nine from.... Mtcheeeeewwww!!!!

Ftc thingz....chisos! Moonwalking in my agbada,e no easy especially here wey hommies dey spread mat sleep,waitin for new update to devour,Op abeg pass me one orijin make I celebrate ds one achievement after all me and my paddy buhari dey dsame one..#tongueout

yayitifury:
Nice one bro



Just dey pity dis man......
quote author=GenBuhari post=30199108][size=19pt]1. Cleansed Nigeria of corruption as head of state

2. Reduced inflation rate from 40% to 3%

3. Prosecuted and jailed hundreds of corrupt politicians, officials and business people

4. Reduced our debt

5. Diversified our economy focusing more on agriculture

6. Stabilised Naira (changed colour of money to stop illegal printing and theft of our money)

7. Rejected IMF loans and its ruinous dictates

8. Recovered looted funds from looters

9. Refused to Devalue Naira or raise fuel price

10. Captured Exiled looter Umaru Dikko in the Uk

I can go on!

Anyway I don't want any reward from Okupe I don't handle stolen money [/size]

gambit10:
Ur location is "US"...how can u be in the united states and still exhibit this level of stewpidity ?? #i_am_confused

GenBuhari:
[b][size=19pt]1. Cleansed Nigeria of corruption as head of state

2. Reduced inflation rate from 40% to 3%

3. Prosecuted and jailed hundreds of corrupt politicians, officials and business people

4. Reduced our debt

5. Diversified our economy focusing more on agriculture

6. Stabilised Naira (changed colour of money to stop illegal printing and theft of our money)

7. Rejected IMF loans and its ruinous dictates

8. Recovered looted funds from looters

9. Refused to Devalue Naira or raise fuel price

10. Captured Exiled looter Umaru Dikko in the Uk

I can go on!

Anyway I don't want any reward from Okupe I don't handle stolen money



Please people, come hell or high water make sure you collect ur permanent voters card ASAP we can't allow the PDP govt to use PVC distribution as excuse to delay elections.

Ebola is a hoax please be prepared for the re-emergence of Ebola (hoax) on the eve of elections.
Don't allow govt to use Ebola hoax to delay elections

If they try to delay we need to resist![/size][/b]



======================================================================================


[size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 [/size]

http://www.elombah.com/index.php?option=com_content&view=article&id=5720:is-general-buhari-the-problem-with-nigeria&catid=36:pointblank&Itemid=83

Buharinomics was General Buhari’s economic program marshaled out to salvage the nation in 1984. He summarized the objective of his economic policy (as articulated in the 1984 budget) as follows: "To arrest the decline in the economy, to put the economy on a proper course of recovery and solvency, and to chart a future course for economic stability and prosperity" (West Africa, May 14, 1984).

He had previously done similarly, in March while receiving the visiting Sudanese President, Gaafar Nimeiri. Upon his inquiring of what the new military government had in mind for the nation it then ruled, Buhari said to him: "The priority [of his administration] is for economic recovery, providing employment opportunities, improving people's living conditions, consolidating internal security and ensuring foreign respect" (Africa Now, March 1984).

In a nutshell, Buharinomics set out to arrest the decline in the economy and refocus it towards recovery. Buharinomics was to wean the nation off consumerism and profligacy, while channeling it towards frugality and productivity.

To accomplish this, the government was to cut down on its expenditure, engage in more efficient restricting and controlling of foreign exchange outflow, undertake the revival of the country's productive capacity (concentration was on agriculture), and broaden government's revenue base.
www.nairaland.com/attachments/635156_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
The first test of Buharinomics was implemented to revive the comatose banking industry and arrest local currency hoarding. In April 1984, the government ordered a change in the color of the Naira. This action was dubbed the “real coup” by unscrupulous business men and politicians who had almost eliminated the need for commercial banking in Nigeria by keeping their moneys under their mattresses or by trafficking them into neighboring West African countries.

This currency change, which forced all holders of the Naira notes into exchanging them for the new naira notes at commercial banks, infused billions that had remained unaccounted for into the banking industry and eliminated counterfeited currencies, which had inflicted inflationary and other nefarious effects on the economy.

This measure had an immediate revitalizing effect in the banking industry and was an unqualified success. Banks that were close to collapsing became vibrant again, to the extent that some of them began to hire hitherto unemployed Nigerians.
www.nairaland.com/attachments/635893_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
To cut down on government expenses, the federal work force was cut by 30% and imports for 1984 pegged at 4 billion pounds (mostly on basic foodstuffs, spare parts, and raw materials for local industries), against 14 billion pounds spent in 1983. To ensure that Nigeria remained respectable on the international business world, Buhari committed to honoring Nigeria’s debt payment schedule irrespective of the limited earning potential of Nigeria.

In August 1984, Buhari was on one of his meet-the-people nationwide tours, which he began as soon as the administration got on its feet. Everywhere he went, the people embraced him, coming out en mass and ushering him tumultuous cheers and unreserved applause.

In one of his speeches to the people (this one in Owerri), he reiterated Nigeria’s commitment to honoring its debts, the dire economic situation notwithstanding. "The task of this administration is how to persuade Nigerians to understand that for a number of years to come, we would be paying debts, the roads may be long and thorny but we believe that on our shoulders lies the responsibility to save our fatherland from devastation that has resulted from mismanagement" (Newswatch, February 18, 1985).
[img]https://www.nairaland.com/attachments/635886_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
Buhari could not have been any more correct in his statement above. Assuming Nigeria took no further loans, its breakdown of loan repayments was as follows: 3.9 billion naira ($4.4 billion) in 1985, 3.7 billion naira ($4.19 billion) in 1986, 2.8 billion naira ($3.2 billion) in 1987, until a decrease to 703 million in 1991 (Concord Weekly, May 6, 1985).

Nigeria’s precarious financial situation made it impossible for it to finance capital projects and meet up its balance of payment obligations. With oil export pegged at 1.3 million barrels per day by OPEC, borrowing from external sources became necessary. To this effect, Nigeria proposed borrowing 1.795m naira to finance its capital project from the IMF. The patriotism with which General Buhari handled Nigeria’s dealings with the IMF was the highlight and beauty of Buharinomics.

[img]https://www.nairaland.com/attachments/635887_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]
In order to qualify for the loan, IMF gave Nigeria certain conditions which must be met. In 1984 when the naira exchanged for $1.34, the IMF demanded a minimum of 60% devaluation of it. Buhari refused, agreeing only to a "crawling peg"—a mechanism whereby government would realign the currency gradually, forestalling or minimizing economic and social dislocations because of such drastic devaluation of its currency.

In addition to the devaluation of the naira, IMF demanded that government took other drastic actions: (a) The government must remove its subsidy on petroleum. (b) It must curtail its expenditure. (c) Government must rationalize its tariff structures. (d) It must put a freeze on its wages. (e) It must put a total end of non-statutory transfers to State governments, (f) Government must at least institute a 30% raise on interest rates—government resisted this because the decline in its revenue earnings and its debt obligations made it almost impossible to raise interest rates without triggering inflation (West Africa, May 14, 1984).
www.nairaland.com/attachments/908607_Gen_Buhari_jpg680f0e3cee55a5a2432551406739fb8e
The Nigerian government and veteran economists in Nigeria (like Aluko, Onosade, Okigbo, etc) could not make sense of being asked to devalue its currency when Nigeria’s imports were in dollar and its export (fixed quantity of oil) was also in dollar.

The implication of devaluation was that Nigeria would pay more to import lesser quantity of goods than it did prior to any devaluation. It would also export the same amount of oil it exported before any devaluation and derive lesser revenue than it received before any devaluation The impacts of it debt payment would have harsher effect on the citizenry if the naira was devalued.

This did not make any economic sense to Buhari; it struck him as an insult on the intelligence of the African. Finance Minister Onaolapo Soleye and Alhaji Abubakar Alhaji who led the Nigerian delegation to the last negotiation in Washington were chewed out by US Federal Reserve Chairman, Paul Volcker, for presenting the Nigerian governments rejection of most of these recommendations. For rejecting the IMF conditions and the loan, the Buhari administration got into the black book of Washington.

Already, it had earned the dislike of 10 Downing Street for cutting down Nigeria’s imports from the UK by about 350%. In any case, without the IMF loan, government was still in a bind as to how to finance capital projects and pay for imports, especially spare parts for local industries, food items, etc.

At this juncture, the genius and resourcefulness of Buharinomics illuminated to the delight of the African.
www.nairaland.com/attachments/686219_buhari_parade_jpgcf420c430ac5cdb9a5c0fadf1e0fb509
First, the administration sent Oil Minister Tam David West to OPEC to seek a raise in the quantity of oil that Nigeria could export. If OPEC agreed, Nigeria would expect to generate extra revenue in the long run from any increase of its oil quota and this would assist tremendously in augmenting the shortfall in the nation’s purse.

Professor West came back empty handed—the US and Britain had put pressure on their puppets in OPEC (like Saudi Arabia) to refuse Nigeria’s request.
www.nairaland.com/attachments/710787_buhari_pic_gif0b92a71a0ffa3f1da9713778c0f7a2f0
To counter OPEC’s bluff, the Buhari administration entered into a $2 billion barter trade agreement with four countries. Nigeria daily bartered 200,000 barrels of oil as follows: (a) completely knocked down parts for automobiles from Brazil. (b) Construction equipment from Italy (c) Engineering equipment from France, and (d) Capital goods from Austria.

This barter trade took care of the administration’s need to have borrowed money but it intensified the ill will the US and Britain had for Nigeria. By bartering this oil, Nigeria was: (a) solving those needs which the proposed IMF loan was geared toward. Doing so without borrowing or feeling the pains of spending the meager amount generated from its OPEC approved 1.3 billion a day oil export is the stuff an economic wizard is made of. (b) Britain had been cut off as Nigeria’s major supplier of the goods which the countries in the barter agreement sent to Nigeria. (c) The US usurious money lenders were denied the chance to suck Nigeria dry through the IMF loan. (d) American and British oil companies were irate that the oil being bartered would flood the oil market, cutting in on their profits. (e) The oil being bartered was oil that used to be illegally bunkered before Buhari put illegal oil bunkering artist out of business.

For once, an African country had put positive economic mechanism in place to salvage its ailing economy without swallowing IMF’s poison pills.
www.nairaland.com/attachments/726098_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
As far as America and Britain were concerned, there was a price to be paid by this Buhari, who thought he was smart enough not to accept subservience to their authority.

To begin with, a London newspaper (The Financial Times) published Nigeria’s barter trade agreement with Brazil (which, in truth, was done in secrecy because Buhari treated some aspects of his economic policy as State secret). The British thought it was going to incite OPEC against Nigeria since OPEC as a body did not support oil bartering.

Oil Minister Tam David West, in a press conference, said, “If a nation believes it is part of its strategy for national survival to do this [barter trade], why not?” To assure OPEC that Nigeria was not indulging in barter trade in order to pull out of OPEC, he added ”Our strategy is to stay in OPEC and make its presence felt, and work together on programs that will be for the economic interest of all” (Concord Weekly, May 6, 1985).

There is more to this barter trade than time will permit one to detail in this piece. For now, it is worth noting that it was the major reason for which Britain and America wanted the Buhari administration overthrown.
www.nairaland.com/attachments/754009_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
The counter trade showcased Buhari as a visionary. He made America and Britain feel silly and they swore to get him out of office.

When Babangida took over, on his maiden speech to the nation he promised to revisit the counter trade agreements. Within two weeks in office, September 17, 1985, he setup a panel to review it and recommend to his administration how to revive the economy without the use of counter trade.

Babangida rolled back counter trade at the behest of his imperialist masters and at the detriment of the Nigerian nation and people.

[img]https://www.nairaland.com/attachments/754008_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
By the time the Buhari administration was overthrown in August of 1985, Buharinomics was beginning to yield dividends. For example, the inflationary rate had fallen from 23.2% in 1983 to 5.5% in 1985.

Nigeria did not regret rejecting the IMF loan because it was meeting its obligation of prompt debt payment and the bartered goods were, to some extent, holding up within the austerity measure which had been in place since the Shagari days.

Food was becoming reasonably available for two reasons: (a) The emphasis paid to agriculture had resulted in abundant food harvests, especially yam tubers. (b) The border closure made it impossible for unscrupulous business men to continue smuggling food items into neighboring countries where they sold for twice their value in Nigeria.

Had Buharinomics continued for at least five years, Nigeria would have joined the Asian tigers in economic growth and self reliance. We know that to be true because Babangida came into office and did everything the IMF asked and the Nigerian economy took a dive into the gutter and has not recovered yet.
[img]https://www.nairaland.com/attachments/754010_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]


[size=18pt]On a final note of appeal to paid PDP e-warriors.

I really hope you collect your money from PDP; but when it comes to voting make sure you think about your future and those of your children and those yet unborn.

Do not fear too much; Buhari will not lock everyone up, I think there would an amnesty of sorts, he cannot issue military decrees as in 1984. His focus would be saving Nigeria and punishing future offenders.

Think about the health of your babies, how many more years must they continue to be poisoned daily by generator fumes.

We know you are all intelligent and educated individuals.

Vote for the future of our children and grand children. Your pay masters' children have bright futures (all getting best education abroad).

Think about what would be best for your children's future. In fact with the economy there is no guarantee that you would see another wage packet

Collect your pay from PDP (if they can afford to pay you), but please work for a new Nigeria for your children's sake.

Vote wisely[/size]

[size=18pt]14th FeBuhari[/size]

agabaI23:
You haven't asked any questions sir. Ask specific questions bro.

GenBuhari:
[b][size=19pt]1. Cleansed Nigeria of corruption as head of state

2. Reduced inflation rate from 40% to 3%

3. Prosecuted and jailed hundreds of corrupt politicians, officials and business people

4. Reduced our debt

5. Diversified our economy focusing more on agriculture

6. Stabilised Naira (changed colour of money to stop illegal printing and theft of our money)

7. Rejected IMF loans and its ruinous dictates

8. Recovered looted funds from looters

9. Refused to Devalue Naira or raise fuel price

10. Captured Exiled looter Umaru Dikko in the Uk

I can go on!

Anyway I don't want any reward from Okupe I don't handle stolen money



Please people, come hell or high water make sure you collect ur permanent voters card ASAP we can't allow the PDP govt to use PVC distribution as excuse to delay elections.

Ebola is a hoax please be prepared for the re-emergence of Ebola (hoax) on the eve of elections.
Don't allow govt to use Ebola hoax to delay elections

If they try to delay we need to resist![/size][/b]



======================================================================================


[size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 [/size]

http://www.elombah.com/index.php?option=com_content&view=article&id=5720:is-general-buhari-the-problem-with-nigeria&catid=36:pointblank&Itemid=83

Buharinomics was General Buhari’s economic program marshaled out to salvage the nation in 1984. He summarized the objective of his economic policy (as articulated in the 1984 budget) as follows: "To arrest the decline in the economy, to put the economy on a proper course of recovery and solvency, and to chart a future course for economic stability and prosperity" (West Africa, May 14, 1984).

He had previously done similarly, in March while receiving the visiting Sudanese President, Gaafar Nimeiri. Upon his inquiring of what the new military government had in mind for the nation it then ruled, Buhari said to him: "The priority [of his administration] is for economic recovery, providing employment opportunities, improving people's living conditions, consolidating internal security and ensuring foreign respect" (Africa Now, March 1984).

In a nutshell, Buharinomics set out to arrest the decline in the economy and refocus it towards recovery. Buharinomics was to wean the nation off consumerism and profligacy, while channeling it towards frugality and productivity.

To accomplish this, the government was to cut down on its expenditure, engage in more efficient restricting and controlling of foreign exchange outflow, undertake the revival of the country's productive capacity (concentration was on agriculture), and broaden government's revenue base.
www.nairaland.com/attachments/635156_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
The first test of Buharinomics was implemented to revive the comatose banking industry and arrest local currency hoarding. In April 1984, the government ordered a change in the color of the Naira. This action was dubbed the “real coup” by unscrupulous business men and politicians who had almost eliminated the need for commercial banking in Nigeria by keeping their moneys under their mattresses or by trafficking them into neighboring West African countries.

This currency change, which forced all holders of the Naira notes into exchanging them for the new naira notes at commercial banks, infused billions that had remained unaccounted for into the banking industry and eliminated counterfeited currencies, which had inflicted inflationary and other nefarious effects on the economy.

This measure had an immediate revitalizing effect in the banking industry and was an unqualified success. Banks that were close to collapsing became vibrant again, to the extent that some of them began to hire hitherto unemployed Nigerians.
www.nairaland.com/attachments/635893_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
To cut down on government expenses, the federal work force was cut by 30% and imports for 1984 pegged at 4 billion pounds (mostly on basic foodstuffs, spare parts, and raw materials for local industries), against 14 billion pounds spent in 1983. To ensure that Nigeria remained respectable on the international business world, Buhari committed to honoring Nigeria’s debt payment schedule irrespective of the limited earning potential of Nigeria.

In August 1984, Buhari was on one of his meet-the-people nationwide tours, which he began as soon as the administration got on its feet. Everywhere he went, the people embraced him, coming out en mass and ushering him tumultuous cheers and unreserved applause.

In one of his speeches to the people (this one in Owerri), he reiterated Nigeria’s commitment to honoring its debts, the dire economic situation notwithstanding. "The task of this administration is how to persuade Nigerians to understand that for a number of years to come, we would be paying debts, the roads may be long and thorny but we believe that on our shoulders lies the responsibility to save our fatherland from devastation that has resulted from mismanagement" (Newswatch, February 18, 1985).
[img]https://www.nairaland.com/attachments/635886_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
Buhari could not have been any more correct in his statement above. Assuming Nigeria took no further loans, its breakdown of loan repayments was as follows: 3.9 billion naira ($4.4 billion) in 1985, 3.7 billion naira ($4.19 billion) in 1986, 2.8 billion naira ($3.2 billion) in 1987, until a decrease to 703 million in 1991 (Concord Weekly, May 6, 1985).

Nigeria’s precarious financial situation made it impossible for it to finance capital projects and meet up its balance of payment obligations. With oil export pegged at 1.3 million barrels per day by OPEC, borrowing from external sources became necessary. To this effect, Nigeria proposed borrowing 1.795m naira to finance its capital project from the IMF. The patriotism with which General Buhari handled Nigeria’s dealings with the IMF was the highlight and beauty of Buharinomics.

[img]https://www.nairaland.com/attachments/635887_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]
In order to qualify for the loan, IMF gave Nigeria certain conditions which must be met. In 1984 when the naira exchanged for $1.34, the IMF demanded a minimum of 60% devaluation of it. Buhari refused, agreeing only to a "crawling peg"—a mechanism whereby government would realign the currency gradually, forestalling or minimizing economic and social dislocations because of such drastic devaluation of its currency.

In addition to the devaluation of the naira, IMF demanded that government took other drastic actions: (a) The government must remove its subsidy on petroleum. (b) It must curtail its expenditure. (c) Government must rationalize its tariff structures. (d) It must put a freeze on its wages. (e) It must put a total end of non-statutory transfers to State governments, (f) Government must at least institute a 30% raise on interest rates—government resisted this because the decline in its revenue earnings and its debt obligations made it almost impossible to raise interest rates without triggering inflation (West Africa, May 14, 1984).
www.nairaland.com/attachments/908607_Gen_Buhari_jpg680f0e3cee55a5a2432551406739fb8e
The Nigerian government and veteran economists in Nigeria (like Aluko, Onosade, Okigbo, etc) could not make sense of being asked to devalue its currency when Nigeria’s imports were in dollar and its export (fixed quantity of oil) was also in dollar.

The implication of devaluation was that Nigeria would pay more to import lesser quantity of goods than it did prior to any devaluation. It would also export the same amount of oil it exported before any devaluation and derive lesser revenue than it received before any devaluation The impacts of it debt payment would have harsher effect on the citizenry if the naira was devalued.

This did not make any economic sense to Buhari; it struck him as an insult on the intelligence of the African. Finance Minister Onaolapo Soleye and Alhaji Abubakar Alhaji who led the Nigerian delegation to the last negotiation in Washington were chewed out by US Federal Reserve Chairman, Paul Volcker, for presenting the Nigerian governments rejection of most of these recommendations. For rejecting the IMF conditions and the loan, the Buhari administration got into the black book of Washington.

Already, it had earned the dislike of 10 Downing Street for cutting down Nigeria’s imports from the UK by about 350%. In any case, without the IMF loan, government was still in a bind as to how to finance capital projects and pay for imports, especially spare parts for local industries, food items, etc.

At this juncture, the genius and resourcefulness of Buharinomics illuminated to the delight of the African.
www.nairaland.com/attachments/686219_buhari_parade_jpgcf420c430ac5cdb9a5c0fadf1e0fb509
First, the administration sent Oil Minister Tam David West to OPEC to seek a raise in the quantity of oil that Nigeria could export. If OPEC agreed, Nigeria would expect to generate extra revenue in the long run from any increase of its oil quota and this would assist tremendously in augmenting the shortfall in the nation’s purse.

Professor West came back empty handed—the US and Britain had put pressure on their puppets in OPEC (like Saudi Arabia) to refuse Nigeria’s request.
www.nairaland.com/attachments/710787_buhari_pic_gif0b92a71a0ffa3f1da9713778c0f7a2f0
To counter OPEC’s bluff, the Buhari administration entered into a $2 billion barter trade agreement with four countries. Nigeria daily bartered 200,000 barrels of oil as follows: (a) completely knocked down parts for automobiles from Brazil. (b) Construction equipment from Italy (c) Engineering equipment from France, and (d) Capital goods from Austria.

This barter trade took care of the administration’s need to have borrowed money but it intensified the ill will the US and Britain had for Nigeria. By bartering this oil, Nigeria was: (a) solving those needs which the proposed IMF loan was geared toward. Doing so without borrowing or feeling the pains of spending the meager amount generated from its OPEC approved 1.3 billion a day oil export is the stuff an economic wizard is made of. (b) Britain had been cut off as Nigeria’s major supplier of the goods which the countries in the barter agreement sent to Nigeria. (c) The US usurious money lenders were denied the chance to suck Nigeria dry through the IMF loan. (d) American and British oil companies were irate that the oil being bartered would flood the oil market, cutting in on their profits. (e) The oil being bartered was oil that used to be illegally bunkered before Buhari put illegal oil bunkering artist out of business.

For once, an African country had put positive economic mechanism in place to salvage its ailing economy without swallowing IMF’s poison pills.
www.nairaland.com/attachments/726098_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
As far as America and Britain were concerned, there was a price to be paid by this Buhari, who thought he was smart enough not to accept subservience to their authority.

To begin with, a London newspaper (The Financial Times) published Nigeria’s barter trade agreement with Brazil (which, in truth, was done in secrecy because Buhari treated some aspects of his economic policy as State secret). The British thought it was going to incite OPEC against Nigeria since OPEC as a body did not support oil bartering.

Oil Minister Tam David West, in a press conference, said, “If a nation believes it is part of its strategy for national survival to do this [barter trade], why not?” To assure OPEC that Nigeria was not indulging in barter trade in order to pull out of OPEC, he added ”Our strategy is to stay in OPEC and make its presence felt, and work together on programs that will be for the economic interest of all” (Concord Weekly, May 6, 1985).

There is more to this barter trade than time will permit one to detail in this piece. For now, it is worth noting that it was the major reason for which Britain and America wanted the Buhari administration overthrown.
www.nairaland.com/attachments/754009_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
The counter trade showcased Buhari as a visionary. He made America and Britain feel silly and they swore to get him out of office.

When Babangida took over, on his maiden speech to the nation he promised to revisit the counter trade agreements. Within two weeks in office, September 17, 1985, he setup a panel to review it and recommend to his administration how to revive the economy without the use of counter trade.

Babangida rolled back counter trade at the behest of his imperialist masters and at the detriment of the Nigerian nation and people.

[img]https://www.nairaland.com/attachments/754008_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
By the time the Buhari administration was overthrown in August of 1985, Buharinomics was beginning to yield dividends. For example, the inflationary rate had fallen from 23.2% in 1983 to 5.5% in 1985.

Nigeria did not regret rejecting the IMF loan because it was meeting its obligation of prompt debt payment and the bartered goods were, to some extent, holding up within the austerity measure which had been in place since the Shagari days.

Food was becoming reasonably available for two reasons: (a) The emphasis paid to agriculture had resulted in abundant food harvests, especially yam tubers. (b) The border closure made it impossible for unscrupulous business men to continue smuggling food items into neighboring countries where they sold for twice their value in Nigeria.

Had Buharinomics continued for at least five years, Nigeria would have joined the Asian tigers in economic growth and self reliance. We know that to be true because Babangida came into office and did everything the IMF asked and the Nigerian economy took a dive into the gutter and has not recovered yet.
[img]https://www.nairaland.com/attachments/754010_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]


[size=18pt]On a final note of appeal to paid PDP e-warriors.

I really hope you collect your money from PDP; but when it comes to voting make sure you think about your future and those of your children and those yet unborn.

Do not fear too much; Buhari will not lock everyone up, I think there would an amnesty of sorts, he cannot issue military decrees as in 1984. His focus would be saving Nigeria and punishing future offenders.

Think about the health of your babies, how many more years must they continue to be poisoned daily by generator fumes.

We know you are all intelligent and educated individuals.

Vote for the future of our children and grand children. Your pay masters' children have bright futures (all getting best education abroad).

Think about what would be best for your children's future. In fact with the economy there is no guarantee that you would see another wage packet

Collect your pay from PDP (if they can afford to pay you), but please work for a new Nigeria for your children's sake.

Vote wisely[/size]

[size=18pt]14th FeBuhari[/size]

OmobaNL:
Unless u want forged achievements

jabojafa:
i beg less contibute 10 forged achievements and win the 1million naira joor. After all if INEC cud allow him present affidavit then we too can also present affidavit of achievements win d money

fun4:
Here are the KEY ACHIEVEMENTS any leader must have:
1. Education
2. Health
3. Agriculture
4. Security
5. Road infrastructure
6. Rail infrastructure
7. Freedom of speech and free press
8. Human rights
9. Fight Corruption
10. Manage your economy to become number one in sub-region and compete with rest of the world

Did you DELIBERATELY SKIP any of the above in YOUR LIST?

Do you not think you should group all your 11 items under one or two headings of the 10 items above?

Or do you not agree with the 10 items in my list?

GenBuhari:
[b][size=19pt]1. Cleansed Nigeria of corruption as head of state

2. Reduced inflation rate from 40% to 3%

3. Prosecuted and jailed hundreds of corrupt politicians, officials and business people

4. Reduced our debt

5. Diversified our economy focusing more on agriculture

6. Stabilised Naira (changed colour of money to stop illegal printing and theft of our money)

7. Rejected IMF loans and its ruinous dictates

8. Recovered looted funds from looters

9. Refused to Devalue Naira or raise fuel price

10. Captured Exiled looter Umaru Dikko in the Uk

I can go on!

Anyway I don't want any reward from Okupe I don't handle stolen money



Please people, come hell or high water make sure you collect ur permanent voters card ASAP we can't allow the PDP govt to use PVC distribution as excuse to delay elections.

Ebola is a hoax please be prepared for the re-emergence of Ebola (hoax) on the eve of elections.
Don't allow govt to use Ebola hoax to delay elections

If they try to delay we need to resist![/size][/b]



======================================================================================


[size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 [/size]

http://www.elombah.com/index.php?option=com_content&view=article&id=5720:is-general-buhari-the-problem-with-nigeria&catid=36:pointblank&Itemid=83

Buharinomics was General Buhari’s economic program marshaled out to salvage the nation in 1984. He summarized the objective of his economic policy (as articulated in the 1984 budget) as follows: "To arrest the decline in the economy, to put the economy on a proper course of recovery and solvency, and to chart a future course for economic stability and prosperity" (West Africa, May 14, 1984).

He had previously done similarly, in March while receiving the visiting Sudanese President, Gaafar Nimeiri. Upon his inquiring of what the new military government had in mind for the nation it then ruled, Buhari said to him: "The priority [of his administration] is for economic recovery, providing employment opportunities, improving people's living conditions, consolidating internal security and ensuring foreign respect" (Africa Now, March 1984).

In a nutshell, Buharinomics set out to arrest the decline in the economy and refocus it towards recovery. Buharinomics was to wean the nation off consumerism and profligacy, while channeling it towards frugality and productivity.

To accomplish this, the government was to cut down on its expenditure, engage in more efficient restricting and controlling of foreign exchange outflow, undertake the revival of the country's productive capacity (concentration was on agriculture), and broaden government's revenue base.
www.nairaland.com/attachments/635156_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
The first test of Buharinomics was implemented to revive the comatose banking industry and arrest local currency hoarding. In April 1984, the government ordered a change in the color of the Naira. This action was dubbed the “real coup” by unscrupulous business men and politicians who had almost eliminated the need for commercial banking in Nigeria by keeping their moneys under their mattresses or by trafficking them into neighboring West African countries.

This currency change, which forced all holders of the Naira notes into exchanging them for the new naira notes at commercial banks, infused billions that had remained unaccounted for into the banking industry and eliminated counterfeited currencies, which had inflicted inflationary and other nefarious effects on the economy.

This measure had an immediate revitalizing effect in the banking industry and was an unqualified success. Banks that were close to collapsing became vibrant again, to the extent that some of them began to hire hitherto unemployed Nigerians.
www.nairaland.com/attachments/635893_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
To cut down on government expenses, the federal work force was cut by 30% and imports for 1984 pegged at 4 billion pounds (mostly on basic foodstuffs, spare parts, and raw materials for local industries), against 14 billion pounds spent in 1983. To ensure that Nigeria remained respectable on the international business world, Buhari committed to honoring Nigeria’s debt payment schedule irrespective of the limited earning potential of Nigeria.

In August 1984, Buhari was on one of his meet-the-people nationwide tours, which he began as soon as the administration got on its feet. Everywhere he went, the people embraced him, coming out en mass and ushering him tumultuous cheers and unreserved applause.

In one of his speeches to the people (this one in Owerri), he reiterated Nigeria’s commitment to honoring its debts, the dire economic situation notwithstanding. "The task of this administration is how to persuade Nigerians to understand that for a number of years to come, we would be paying debts, the roads may be long and thorny but we believe that on our shoulders lies the responsibility to save our fatherland from devastation that has resulted from mismanagement" (Newswatch, February 18, 1985).
[img]https://www.nairaland.com/attachments/635886_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
Buhari could not have been any more correct in his statement above. Assuming Nigeria took no further loans, its breakdown of loan repayments was as follows: 3.9 billion naira ($4.4 billion) in 1985, 3.7 billion naira ($4.19 billion) in 1986, 2.8 billion naira ($3.2 billion) in 1987, until a decrease to 703 million in 1991 (Concord Weekly, May 6, 1985).

Nigeria’s precarious financial situation made it impossible for it to finance capital projects and meet up its balance of payment obligations. With oil export pegged at 1.3 million barrels per day by OPEC, borrowing from external sources became necessary. To this effect, Nigeria proposed borrowing 1.795m naira to finance its capital project from the IMF. The patriotism with which General Buhari handled Nigeria’s dealings with the IMF was the highlight and beauty of Buharinomics.

[img]https://www.nairaland.com/attachments/635887_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]
In order to qualify for the loan, IMF gave Nigeria certain conditions which must be met. In 1984 when the naira exchanged for $1.34, the IMF demanded a minimum of 60% devaluation of it. Buhari refused, agreeing only to a "crawling peg"—a mechanism whereby government would realign the currency gradually, forestalling or minimizing economic and social dislocations because of such drastic devaluation of its currency.

In addition to the devaluation of the naira, IMF demanded that government took other drastic actions: (a) The government must remove its subsidy on petroleum. (b) It must curtail its expenditure. (c) Government must rationalize its tariff structures. (d) It must put a freeze on its wages. (e) It must put a total end of non-statutory transfers to State governments, (f) Government must at least institute a 30% raise on interest rates—government resisted this because the decline in its revenue earnings and its debt obligations made it almost impossible to raise interest rates without triggering inflation (West Africa, May 14, 1984).
www.nairaland.com/attachments/908607_Gen_Buhari_jpg680f0e3cee55a5a2432551406739fb8e
The Nigerian government and veteran economists in Nigeria (like Aluko, Onosade, Okigbo, etc) could not make sense of being asked to devalue its currency when Nigeria’s imports were in dollar and its export (fixed quantity of oil) was also in dollar.

The implication of devaluation was that Nigeria would pay more to import lesser quantity of goods than it did prior to any devaluation. It would also export the same amount of oil it exported before any devaluation and derive lesser revenue than it received before any devaluation The impacts of it debt payment would have harsher effect on the citizenry if the naira was devalued.

This did not make any economic sense to Buhari; it struck him as an insult on the intelligence of the African. Finance Minister Onaolapo Soleye and Alhaji Abubakar Alhaji who led the Nigerian delegation to the last negotiation in Washington were chewed out by US Federal Reserve Chairman, Paul Volcker, for presenting the Nigerian governments rejection of most of these recommendations. For rejecting the IMF conditions and the loan, the Buhari administration got into the black book of Washington.

Already, it had earned the dislike of 10 Downing Street for cutting down Nigeria’s imports from the UK by about 350%. In any case, without the IMF loan, government was still in a bind as to how to finance capital projects and pay for imports, especially spare parts for local industries, food items, etc.

At this juncture, the genius and resourcefulness of Buharinomics illuminated to the delight of the African.
www.nairaland.com/attachments/686219_buhari_parade_jpgcf420c430ac5cdb9a5c0fadf1e0fb509
First, the administration sent Oil Minister Tam David West to OPEC to seek a raise in the quantity of oil that Nigeria could export. If OPEC agreed, Nigeria would expect to generate extra revenue in the long run from any increase of its oil quota and this would assist tremendously in augmenting the shortfall in the nation’s purse.

Professor West came back empty handed—the US and Britain had put pressure on their puppets in OPEC (like Saudi Arabia) to refuse Nigeria’s request.
www.nairaland.com/attachments/710787_buhari_pic_gif0b92a71a0ffa3f1da9713778c0f7a2f0
To counter OPEC’s bluff, the Buhari administration entered into a $2 billion barter trade agreement with four countries. Nigeria daily bartered 200,000 barrels of oil as follows: (a) completely knocked down parts for automobiles from Brazil. (b) Construction equipment from Italy (c) Engineering equipment from France, and (d) Capital goods from Austria.

This barter trade took care of the administration’s need to have borrowed money but it intensified the ill will the US and Britain had for Nigeria. By bartering this oil, Nigeria was: (a) solving those needs which the proposed IMF loan was geared toward. Doing so without borrowing or feeling the pains of spending the meager amount generated from its OPEC approved 1.3 billion a day oil export is the stuff an economic wizard is made of. (b) Britain had been cut off as Nigeria’s major supplier of the goods which the countries in the barter agreement sent to Nigeria. (c) The US usurious money lenders were denied the chance to suck Nigeria dry through the IMF loan. (d) American and British oil companies were irate that the oil being bartered would flood the oil market, cutting in on their profits. (e) The oil being bartered was oil that used to be illegally bunkered before Buhari put illegal oil bunkering artist out of business.

For once, an African country had put positive economic mechanism in place to salvage its ailing economy without swallowing IMF’s poison pills.
www.nairaland.com/attachments/726098_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
As far as America and Britain were concerned, there was a price to be paid by this Buhari, who thought he was smart enough not to accept subservience to their authority.

To begin with, a London newspaper (The Financial Times) published Nigeria’s barter trade agreement with Brazil (which, in truth, was done in secrecy because Buhari treated some aspects of his economic policy as State secret). The British thought it was going to incite OPEC against Nigeria since OPEC as a body did not support oil bartering.

Oil Minister Tam David West, in a press conference, said, “If a nation believes it is part of its strategy for national survival to do this [barter trade], why not?” To assure OPEC that Nigeria was not indulging in barter trade in order to pull out of OPEC, he added ”Our strategy is to stay in OPEC and make its presence felt, and work together on programs that will be for the economic interest of all” (Concord Weekly, May 6, 1985).

There is more to this barter trade than time will permit one to detail in this piece. For now, it is worth noting that it was the major reason for which Britain and America wanted the Buhari administration overthrown.
www.nairaland.com/attachments/754009_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
The counter trade showcased Buhari as a visionary. He made America and Britain feel silly and they swore to get him out of office.

When Babangida took over, on his maiden speech to the nation he promised to revisit the counter trade agreements. Within two weeks in office, September 17, 1985, he setup a panel to review it and recommend to his administration how to revive the economy without the use of counter trade.

Babangida rolled back counter trade at the behest of his imperialist masters and at the detriment of the Nigerian nation and people.

[img]https://www.nairaland.com/attachments/754008_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
By the time the Buhari administration was overthrown in August of 1985, Buharinomics was beginning to yield dividends. For example, the inflationary rate had fallen from 23.2% in 1983 to 5.5% in 1985.

Nigeria did not regret rejecting the IMF loan because it was meeting its obligation of prompt debt payment and the bartered goods were, to some extent, holding up within the austerity measure which had been in place since the Shagari days.

Food was becoming reasonably available for two reasons: (a) The emphasis paid to agriculture had resulted in abundant food harvests, especially yam tubers. (b) The border closure made it impossible for unscrupulous business men to continue smuggling food items into neighboring countries where they sold for twice their value in Nigeria.

Had Buharinomics continued for at least five years, Nigeria would have joined the Asian tigers in economic growth and self reliance. We know that to be true because Babangida came into office and did everything the IMF asked and the Nigerian economy took a dive into the gutter and has not recovered yet.
[img]https://www.nairaland.com/attachments/754010_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]


[size=18pt]On a final note of appeal to paid PDP e-warriors.

I really hope you collect your money from PDP; but when it comes to voting make sure you think about your future and those of your children and those yet unborn.

Do not fear too much; Buhari will not lock everyone up, I think there would an amnesty of sorts, he cannot issue military decrees as in 1984. His focus would be saving Nigeria and punishing future offenders.

Think about the health of your babies, how many more years must they continue to be poisoned daily by generator fumes.

We know you are all intelligent and educated individuals.

Vote for the future of our children and grand children. Your pay masters' children have bright futures (all getting best education abroad).

Think about what would be best for your children's future. In fact with the economy there is no guarantee that you would see another wage packet

Collect your pay from PDP (if they can afford to pay you), but please work for a new Nigeria for your children's sake.

Vote wisely[/size]

[size=18pt]14th FeBuhari[/size]

Adminisher:
Actually No. 4 is the only one of importance for a President. Defence and Security is the only job of President followed by rule of law and corruption.
In all other areas we only trust him to employ the right people for the job and that is why we always have to look at his leadership skills. Jonathan has ZERO leadership skills Please read your constitution and the oath of office of the President. Nobody bites a President for health, agriculture and education, they vote for the party they like based on their programs in these areas but the presidency is another matter entirely.. These things like health, education, agriculture et.c are so basic and important in human needs analysis and every government provides them. Even Idi Amin of Uganda did well in agriculture and Abacha did better on education and health than Jonathan.
A lot of Jonathan supporters demote their own candidate by saying he revamped railways and built universities. RUBBISH. His first job is defence and security of Nigeria.

papaejima1:
Bros I don order one carton of Orijin for you jare...

GenBuhari:
[b][size=19pt]1. Cleansed Nigeria of corruption as head of state

2. Reduced inflation rate from 40% to 3%

3. Prosecuted and jailed hundreds of corrupt politicians, officials and business people

4. Reduced our debt

5. Diversified our economy focusing more on agriculture

6. Stabilised Naira (changed colour of money to stop illegal printing and theft of our money)

7. Rejected IMF loans and its ruinous dictates

8. Recovered looted funds from looters

9. Refused to Devalue Naira or raise fuel price

10. Captured Exiled looter Umaru Dikko in the Uk

I can go on!

Anyway I don't want any reward from Okupe I don't handle stolen money



Please people, come hell or high water make sure you collect ur permanent voters card ASAP we can't allow the PDP govt to use PVC distribution as excuse to delay elections.

Ebola is a hoax please be prepared for the re-emergence of Ebola (hoax) on the eve of elections.
Don't allow govt to use Ebola hoax to delay elections

If they try to delay we need to resist![/size][/b]



======================================================================================


[size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 [/size]

http://www.elombah.com/index.php?option=com_content&view=article&id=5720:is-general-buhari-the-problem-with-nigeria&catid=36:pointblank&Itemid=83

Buharinomics was General Buhari’s economic program marshaled out to salvage the nation in 1984. He summarized the objective of his economic policy (as articulated in the 1984 budget) as follows: "To arrest the decline in the economy, to put the economy on a proper course of recovery and solvency, and to chart a future course for economic stability and prosperity" (West Africa, May 14, 1984).

He had previously done similarly, in March while receiving the visiting Sudanese President, Gaafar Nimeiri. Upon his inquiring of what the new military government had in mind for the nation it then ruled, Buhari said to him: "The priority [of his administration] is for economic recovery, providing employment opportunities, improving people's living conditions, consolidating internal security and ensuring foreign respect" (Africa Now, March 1984).

In a nutshell, Buharinomics set out to arrest the decline in the economy and refocus it towards recovery. Buharinomics was to wean the nation off consumerism and profligacy, while channeling it towards frugality and productivity.

To accomplish this, the government was to cut down on its expenditure, engage in more efficient restricting and controlling of foreign exchange outflow, undertake the revival of the country's productive capacity (concentration was on agriculture), and broaden government's revenue base.
www.nairaland.com/attachments/635156_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
The first test of Buharinomics was implemented to revive the comatose banking industry and arrest local currency hoarding. In April 1984, the government ordered a change in the color of the Naira. This action was dubbed the “real coup” by unscrupulous business men and politicians who had almost eliminated the need for commercial banking in Nigeria by keeping their moneys under their mattresses or by trafficking them into neighboring West African countries.

This currency change, which forced all holders of the Naira notes into exchanging them for the new naira notes at commercial banks, infused billions that had remained unaccounted for into the banking industry and eliminated counterfeited currencies, which had inflicted inflationary and other nefarious effects on the economy.

This measure had an immediate revitalizing effect in the banking industry and was an unqualified success. Banks that were close to collapsing became vibrant again, to the extent that some of them began to hire hitherto unemployed Nigerians.
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To cut down on government expenses, the federal work force was cut by 30% and imports for 1984 pegged at 4 billion pounds (mostly on basic foodstuffs, spare parts, and raw materials for local industries), against 14 billion pounds spent in 1983. To ensure that Nigeria remained respectable on the international business world, Buhari committed to honoring Nigeria’s debt payment schedule irrespective of the limited earning potential of Nigeria.

In August 1984, Buhari was on one of his meet-the-people nationwide tours, which he began as soon as the administration got on its feet. Everywhere he went, the people embraced him, coming out en mass and ushering him tumultuous cheers and unreserved applause.

In one of his speeches to the people (this one in Owerri), he reiterated Nigeria’s commitment to honoring its debts, the dire economic situation notwithstanding. "The task of this administration is how to persuade Nigerians to understand that for a number of years to come, we would be paying debts, the roads may be long and thorny but we believe that on our shoulders lies the responsibility to save our fatherland from devastation that has resulted from mismanagement" (Newswatch, February 18, 1985).
[img]https://www.nairaland.com/attachments/635886_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
Buhari could not have been any more correct in his statement above. Assuming Nigeria took no further loans, its breakdown of loan repayments was as follows: 3.9 billion naira ($4.4 billion) in 1985, 3.7 billion naira ($4.19 billion) in 1986, 2.8 billion naira ($3.2 billion) in 1987, until a decrease to 703 million in 1991 (Concord Weekly, May 6, 1985).

Nigeria’s precarious financial situation made it impossible for it to finance capital projects and meet up its balance of payment obligations. With oil export pegged at 1.3 million barrels per day by OPEC, borrowing from external sources became necessary. To this effect, Nigeria proposed borrowing 1.795m naira to finance its capital project from the IMF. The patriotism with which General Buhari handled Nigeria’s dealings with the IMF was the highlight and beauty of Buharinomics.

[img]https://www.nairaland.com/attachments/635887_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]
In order to qualify for the loan, IMF gave Nigeria certain conditions which must be met. In 1984 when the naira exchanged for $1.34, the IMF demanded a minimum of 60% devaluation of it. Buhari refused, agreeing only to a "crawling peg"—a mechanism whereby government would realign the currency gradually, forestalling or minimizing economic and social dislocations because of such drastic devaluation of its currency.

In addition to the devaluation of the naira, IMF demanded that government took other drastic actions: (a) The government must remove its subsidy on petroleum. (b) It must curtail its expenditure. (c) Government must rationalize its tariff structures. (d) It must put a freeze on its wages. (e) It must put a total end of non-statutory transfers to State governments, (f) Government must at least institute a 30% raise on interest rates—government resisted this because the decline in its revenue earnings and its debt obligations made it almost impossible to raise interest rates without triggering inflation (West Africa, May 14, 1984).
www.nairaland.com/attachments/908607_Gen_Buhari_jpg680f0e3cee55a5a2432551406739fb8e
The Nigerian government and veteran economists in Nigeria (like Aluko, Onosade, Okigbo, etc) could not make sense of being asked to devalue its currency when Nigeria’s imports were in dollar and its export (fixed quantity of oil) was also in dollar.

The implication of devaluation was that Nigeria would pay more to import lesser quantity of goods than it did prior to any devaluation. It would also export the same amount of oil it exported before any devaluation and derive lesser revenue than it received before any devaluation The impacts of it debt payment would have harsher effect on the citizenry if the naira was devalued.

This did not make any economic sense to Buhari; it struck him as an insult on the intelligence of the African. Finance Minister Onaolapo Soleye and Alhaji Abubakar Alhaji who led the Nigerian delegation to the last negotiation in Washington were chewed out by US Federal Reserve Chairman, Paul Volcker, for presenting the Nigerian governments rejection of most of these recommendations. For rejecting the IMF conditions and the loan, the Buhari administration got into the black book of Washington.

Already, it had earned the dislike of 10 Downing Street for cutting down Nigeria’s imports from the UK by about 350%. In any case, without the IMF loan, government was still in a bind as to how to finance capital projects and pay for imports, especially spare parts for local industries, food items, etc.

At this juncture, the genius and resourcefulness of Buharinomics illuminated to the delight of the African.
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First, the administration sent Oil Minister Tam David West to OPEC to seek a raise in the quantity of oil that Nigeria could export. If OPEC agreed, Nigeria would expect to generate extra revenue in the long run from any increase of its oil quota and this would assist tremendously in augmenting the shortfall in the nation’s purse.

Professor West came back empty handed—the US and Britain had put pressure on their puppets in OPEC (like Saudi Arabia) to refuse Nigeria’s request.
www.nairaland.com/attachments/710787_buhari_pic_gif0b92a71a0ffa3f1da9713778c0f7a2f0
To counter OPEC’s bluff, the Buhari administration entered into a $2 billion barter trade agreement with four countries. Nigeria daily bartered 200,000 barrels of oil as follows: (a) completely knocked down parts for automobiles from Brazil. (b) Construction equipment from Italy (c) Engineering equipment from France, and (d) Capital goods from Austria.

This barter trade took care of the administration’s need to have borrowed money but it intensified the ill will the US and Britain had for Nigeria. By bartering this oil, Nigeria was: (a) solving those needs which the proposed IMF loan was geared toward. Doing so without borrowing or feeling the pains of spending the meager amount generated from its OPEC approved 1.3 billion a day oil export is the stuff an economic wizard is made of. (b) Britain had been cut off as Nigeria’s major supplier of the goods which the countries in the barter agreement sent to Nigeria. (c) The US usurious money lenders were denied the chance to suck Nigeria dry through the IMF loan. (d) American and British oil companies were irate that the oil being bartered would flood the oil market, cutting in on their profits. (e) The oil being bartered was oil that used to be illegally bunkered before Buhari put illegal oil bunkering artist out of business.

For once, an African country had put positive economic mechanism in place to salvage its ailing economy without swallowing IMF’s poison pills.
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As far as America and Britain were concerned, there was a price to be paid by this Buhari, who thought he was smart enough not to accept subservience to their authority.

To begin with, a London newspaper (The Financial Times) published Nigeria’s barter trade agreement with Brazil (which, in truth, was done in secrecy because Buhari treated some aspects of his economic policy as State secret). The British thought it was going to incite OPEC against Nigeria since OPEC as a body did not support oil bartering.

Oil Minister Tam David West, in a press conference, said, “If a nation believes it is part of its strategy for national survival to do this [barter trade], why not?” To assure OPEC that Nigeria was not indulging in barter trade in order to pull out of OPEC, he added ”Our strategy is to stay in OPEC and make its presence felt, and work together on programs that will be for the economic interest of all” (Concord Weekly, May 6, 1985).

There is more to this barter trade than time will permit one to detail in this piece. For now, it is worth noting that it was the major reason for which Britain and America wanted the Buhari administration overthrown.
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The counter trade showcased Buhari as a visionary. He made America and Britain feel silly and they swore to get him out of office.

When Babangida took over, on his maiden speech to the nation he promised to revisit the counter trade agreements. Within two weeks in office, September 17, 1985, he setup a panel to review it and recommend to his administration how to revive the economy without the use of counter trade.

Babangida rolled back counter trade at the behest of his imperialist masters and at the detriment of the Nigerian nation and people.

[img]https://www.nairaland.com/attachments/754008_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
By the time the Buhari administration was overthrown in August of 1985, Buharinomics was beginning to yield dividends. For example, the inflationary rate had fallen from 23.2% in 1983 to 5.5% in 1985.

Nigeria did not regret rejecting the IMF loan because it was meeting its obligation of prompt debt payment and the bartered goods were, to some extent, holding up within the austerity measure which had been in place since the Shagari days.

Food was becoming reasonably available for two reasons: (a) The emphasis paid to agriculture had resulted in abundant food harvests, especially yam tubers. (b) The border closure made it impossible for unscrupulous business men to continue smuggling food items into neighboring countries where they sold for twice their value in Nigeria.

Had Buharinomics continued for at least five years, Nigeria would have joined the Asian tigers in economic growth and self reliance. We know that to be true because Babangida came into office and did everything the IMF asked and the Nigerian economy took a dive into the gutter and has not recovered yet.
[img]https://www.nairaland.com/attachments/754010_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]


[size=18pt]On a final note of appeal to paid PDP e-warriors.

I really hope you collect your money from PDP; but when it comes to voting make sure you think about your future and those of your children and those yet unborn.

Do not fear too much; Buhari will not lock everyone up, I think there would an amnesty of sorts, he cannot issue military decrees as in 1984. His focus would be saving Nigeria and punishing future offenders.

Think about the health of your babies, how many more years must they continue to be poisoned daily by generator fumes.

We know you are all intelligent and educated individuals.

Vote for the future of our children and grand children. Your pay masters' children have bright futures (all getting best education abroad).

Think about what would be best for your children's future. In fact with the economy there is no guarantee that you would see another wage packet

Collect your pay from PDP (if they can afford to pay you), but please work for a new Nigeria for your children's sake.

Vote wisely[/size]

[size=18pt]14th FeBuhari[/size]


[size=18pt]We seek a new Nigeria where unity of all our people is key. let us pledge to ourselves to change within our hearts and to reject religious intolerance, tribal intolerance , racial intolerance and regional intolerance.

The new Nigeria would be progressive, open-minded, inclusive, united and forward looking. Below is an extract from a warning that a brother in Sierra Leone gave to Nigerians about the tribal and religious intolerance he witness on Nigerian forums:

"I don't think you guys know what you are playing with. You can call each other names and laugh about it now but when you end up inciting hate here as I read through your posts here and a real civil war starts in your country you will regret what you are doing now.

Your religious and political leaders are trying to divide you between religious lines and you are helping them do that rather than standing up and say we are all Nigerians never mind our tribe, region or religion. That's the only stand that will save your blessed nation.

The foreign powers pushing the government to take certain decisions will abandon you when you start killing one another and reject you from running to their countries so be careful.

Our 11 year war in Sierra Leone was not even based on religious or tribal difference and see what we did to our country. The worst conflicts are those based on tribal and religious differences.

See Central Africa, Bosnia and Rwanda. To have a better knowledge of this, please watch the documentary/movie called "Hotel Rwanda" or "Sometime in April". My HEART bleeds when I read what you guys are saying because I know what this will lead to.

You will be the losers all of you whether Christian, Muslim, igbo, yoruba or hausa.


Stand as one and save your nation together because you have only one Nigeria that has the potential to lead Africa."
PLEASE HELP SAVE NIGERIA AND SHARE THIS TO AS MANY PEOPLE AS POSSIBLE[/size]

Akon419:
if this crab u have written is what achievements is,then you need a brain transplant . I still don't understand why all dis alamajiri brought up think alike.

olamkas:
Guy,did u read all the write-up? If you did and still talk like this,then you must have lost your brain long ago.
How do you cope?
Please drop sentiments for the sake of the country's future. Whatever you are benefitting now will not go forever,don't be selfish

babyosisi:
1.bagging his FSLC from the womb ready to tackle WAEC

2. "London WAEC " at his doorstep while rearing cows in the field

3. Entering the army with just a teacher's recommendation that he will pass WAEC

4. Double promotion in the army for being Fulani( no WAEC O)

5. Ability to enter houses with ceiling fans and come out with his head on his neck ( WAEC notwithstanding )

6. Registering for presidio candidate 4 consecutive times ,WAEC result missing each time

7. Ruling Nigeria two solid years WAEC or no WAEC

8 staging a fake boko haram attack without being arrested ( how many WAEC holders can do that)

9. Giving abacha a clean slate as a model leader speaking WAECally

10.faking a WAEC result and being able to sorround himself with known criminals like thifnooboo,IBB,Atiku and still maintain an image of a crime fighter albeit without WAEC o



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