₦airaland Forum

omenka:
PassingShot just redefined AWESOME here.

PassingShot:
[b][s]This thread is of course a response to this https://www.nairaland.com/2590889/see-what-happening-nigerias-economy

For us to understand and appreciate what the new government has done or not done for the country, it’s very important to revisit the type of economy it inherited from the last regime as enumerated below:

1. The Nigerian economy operates a budget which is heavily skewed in favour of recurrent expenditure (about 90%) against capital expenses (about 10%) as represented by 2015 budget here http://www.punchng.com/news/jonathan-signs-n4-425tn-2015-budget/

Implication of this is that there will be no real development in the core areas that sustain and improve economic development.

2. Nigerian economy is largely dependent on crude export. Even the crude price has fallen below the benchmark price ($53 per barrel) on which the 2015 budget was based. Crude now sells at around $47 per barrel.

3. As at April 2015, the Federal Government of Nigeria had borrowed $473bn to pay salaries of its workers for March and April 2015. http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html

4. GEJ met the reserve at $47.7bn in 2010 but still managed to reduce it to $29.6bn despite that crude sold for an average of $100 per barrel (peaked at about $140/barrel). The country’s FR plays a huge role in giving confidence to foreign investors in Nigeria’s economy. The higher the value the higher the confidence in the economy and vice versa.
http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html[/b]

I could go on and on but these will suffice for now.
Now, let’s see OcheJoseph ‘s points one after the other:


Yes, Nigeria will be delisted from Bond Index of JP Morgan. However, it amounts to crass ignorance for any sane analyst to want to blame the government of the day. JP Morgan started the process of reviewing Nigeria’s continued participation in its bond index in January of this year given the fact that we had depleted our FR to an abysmal level while our currency continued to lose values.

For Nigeria to continue to participate in the BI, the conditions given by JP Morgan are very detrimental to our economy. Nigeria will have to devalue the Naira and possibly will exchange for about N350 to a dollar. This will drive up inflation which means cost of imports and even local goods will go up. Cost of doing business will shoot up and productivity will expectedly drop which will eventually lead to massive retrenchment by the companies.

So, should Nigeria have chosen to remain or accepted to be delisted? I wait for your answer.



What do we expect when the FG as at May 29 had not released a kobo towards capital development? The capital expenditure in the 2015 budget is paltry 10% of about N4.5tn and NOTHING had been released as at the exit of the last govt. So what miracle do we expect?




This is too cheap and very misleading. Job losses are a constant part of any economy and if it’s not as a result of a government’s policy or not on an industry-wide scale, you cannot put the blame on the government. Even in the link you provided, it was clearly stated that the layoff was not for any reason of threat or loss as quoted

“One thing that is clear is that Zenith Bank is not under any threat,” the source, who spoke with our reporter on condition of anonymity. “With the current crisis in the banking industry in the country, it is incumbent on any bank that wants to growth to bend backwards to re-strategize and restructure its operations to expand and grow.

Is the OP insinuating that there were no job losses during Jonathan’s regime? Or that every job loss was due to his mismanagement of the economy?




At some point during GEJ’s era, the naira exchanged at above N235 to a dollar. That it trades at N220 currently represents an overall gain from N235/N240. The CBN is on a mission to make it difficult if not impossible, for stolen dollars from our reserves to be easily exchanged or transferred abroad. Besides, the fact is that crude price has dropped and our over dependence on imported goods among others have naturally put pressure on the naira.


The headline reads “Nigerian economy slows in Q2” and not “Nigerian Economy Slumps”, Both are not same and don’t mean same thing.

The quarter 2 referred to represents April, May and June of 2015 and GEJ was in charge in April and May. Does it then make any sense to blame a presidency which was in charge of one month out of three months for the slow down in the growth?

Again, the fact is that the economy would have collapsed completely had GEJ managed to win the last election. The economy was already on a downward slide by the time we voted him out. So, for anyone to attempt to put economic woes that we may currently be experiencing on PMB/VPYO smacks of irresponsible partisanship.



What is the news here? Must Nigeria do business with China or any other country for that matter?
Nigeria will do business with anyone whose policy and business terms and conditions favour her. This is no rocket science.





The loss is as a result of JP Morgan’s delisting and it was definitely expected following the announcement. The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?

As I said earlier, CBN/DMO/MOF and Nigeria as a whole has taken the right decision to stand up to JP Morgan’s manipulative tendencies. We cannot because of foreign or even local investors accept conditions that could bring the country to its knees.


If anyone needs to use their brain, it’s you and your co-travellers.

You lots preferred we continue with a failed president/government. You wanted us to continue with a regime that could not manage surplus and bounty harvest in times of scarcity. You wanted us to continue with a government which recognized stealing as the norm. You wanted us to continue with a government of wastes; a government that placed militants above law abiding citizens; a government that couldn’t guarantee security such that a portion of the country was in control of some rag tag terrorists.

Buhari ison a mission to stop the bleeding the economy was going through. He is on a mission to prevent a very bad situation from getting worse. He is on a mission to restore our lost glory, sanity, accountability and pride where STEALING WILL BE SEEN AS CORRUPTION.

May God continue to guide President Buhari & VP Osinbajo aright
May Nigerians prosper better under his selfless leadership

CC: Lalasticlal[/s]

Symphony007:
New governments in serious countries state announcing key cabinet positions and articulate salient policy BEFORE their inuagration, do you think is for show? They understand economics and know that an hour of uncertainty can wipe off all the market gains made in 4 years. This government has been acting like a blind man in a dark room and the economy is tanking and they still don't know what to do.

PassingShot:
[s]On the contrary, Nigeria is in better hands with full prospects.

The three months past were to lay a different but better foundation for the incoming ministers.

When GEJ ushered in his ministers within two months, what was the outcome? Pains, sorrows, stealing and battered economy.

Chill and see beyond your nose.[/s]

Iykopee:
A new govt is in place and things arent getting better thus, they started looking for who to blame. It shows they have no real solution @ hand.

freedom96:
I think I should leave u here cos it's apparent you are an idiiot and u are beating me with experience

Kastonkastroll:
passingshot, Nigeria didn't borrow up to that amount($473billion) to settle the wages and salaries of it workers. I guess you made a mistake there

Apart from my above observation, you are 100% right about everything you said, but unfortunately there are so many dummies(PDP goons) here who won't be able to grab what you said..


Kudos man

PassingShot:
[b]This thread is of course a response to this https://www.nairaland.com/2590889/see-what-happening-nigerias-economy

For us to understand and appreciate what the new government has done or not done for the country, it’s very important to revisit the type of economy it inherited from the last regime as enumerated below:

1. The Nigerian economy operates a budget which is heavily skewed in favour of recurrent expenditure (about 90%) against capital expenses (about 10%) as represented by 2015 budget here http://www.punchng.com/news/jonathan-signs-n4-425tn-2015-budget/

Implication of this is that there will be no real development in the core areas that sustain and improve economic development.

2. Nigerian economy is largely dependent on crude export. Even the crude price has fallen below the benchmark price ($53 per barrel) on which the 2015 budget was based. Crude now sells at around $47 per barrel.

3. As at April 2015, the Federal Government of Nigeria had borrowed $473bn to pay salaries of its workers for March and April 2015. http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html

4. GEJ met the reserve at $47.7bn in 2010 but still managed to reduce it to $29.6bn despite that crude sold for an average of $100 per barrel (peaked at about $140/barrel). The country’s FR plays a huge role in giving confidence to foreign investors in Nigeria’s economy. The higher the value the higher the confidence in the economy and vice versa.
http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html[/b]

I could go on and on but these will suffice for now.
Now, let’s see OcheJoseph ‘s points one after the other:


Yes, Nigeria will be delisted from Bond Index of JP Morgan. However, it amounts to crass ignorance for any sane analyst to want to blame the government of the day. JP Morgan started the process of reviewing Nigeria’s continued participation in its bond index in January of this year given the fact that we had depleted our FR to an abysmal level while our currency continued to lose values.

For Nigeria to continue to participate in the BI, the conditions given by JP Morgan are very detrimental to our economy. Nigeria will have to devalue the Naira and possibly will exchange for about N350 to a dollar. This will drive up inflation which means cost of imports and even local goods will go up. Cost of doing business will shoot up and productivity will expectedly drop which will eventually lead to massive retrenchment by the companies.

So, should Nigeria have chosen to remain or accepted to be delisted? I wait for your answer.



What do we expect when the FG as at May 29 had not released a kobo towards capital development? The capital expenditure in the 2015 budget is paltry 10% of about N4.5tn and NOTHING had been released as at the exit of the last govt. So what miracle do we expect?




This is too cheap and very misleading. Job losses are a constant part of any economy and if it’s not as a result of a government’s policy or not on an industry-wide scale, you cannot put the blame on the government. Even in the link you provided, it was clearly stated that the layoff was not for any reason of threat or loss as quoted

“One thing that is clear is that Zenith Bank is not under any threat,” the source, who spoke with our reporter on condition of anonymity. “With the current crisis in the banking industry in the country, it is incumbent on any bank that wants to growth to bend backwards to re-strategize and restructure its operations to expand and grow.

Is the OP insinuating that there were no job losses during Jonathan’s regime? Or that every job loss was due to his mismanagement of the economy?




At some point during GEJ’s era, the naira exchanged at above N235 to a dollar. That it trades at N220 currently represents an overall gain from N235/N240. The CBN is on a mission to make it difficult if not impossible, for stolen dollars from our reserves to be easily exchanged or transferred abroad. Besides, the fact is that crude price has dropped and our over dependence on imported goods among others have naturally put pressure on the naira.


The headline reads “Nigerian economy slows in Q2” and not “Nigerian Economy Slumps”, Both are not same and don’t mean same thing.

The quarter 2 referred to represents April, May and June of 2015 and GEJ was in charge in April and May. Does it then make any sense to blame a presidency which was in charge of one month out of three months for the slow down in the growth?

Again, the fact is that the economy would have collapsed completely had GEJ managed to win the last election. The economy was already on a downward slide by the time we voted him out. So, for anyone to attempt to put economic woes that we may currently be experiencing on PMB/VPYO smacks of irresponsible partisanship.



What is the news here? Must Nigeria do business with China or any other country for that matter?
Nigeria will do business with anyone whose policy and business terms and conditions favour her. This is no rocket science.





The loss is as a result of JP Morgan’s delisting and it was definitely expected following the announcement. The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?

As I said earlier, CBN/DMO/MOF and Nigeria as a whole has taken the right decision to stand up to JP Morgan’s manipulative tendencies. We cannot because of foreign or even local investors accept conditions that could bring the country to its knees.


If anyone needs to use their brain, it’s you and your co-travellers.

You lots preferred we continue with a failed president/government. You wanted us to continue with a regime that could not manage surplus and bounty harvest in times of scarcity. You wanted us to continue with a government which recognized stealing as the norm. You wanted us to continue with a government of wastes; a government that placed militants above law abiding citizens; a government that couldn’t guarantee security such that a portion of the country was in control of some rag tag terrorists.

Buhari ison a mission to stop the bleeding the economy was going through. He is on a mission to prevent a very bad situation from getting worse. He is on a mission to restore our lost glory, sanity, accountability and pride where STEALING WILL BE SEEN AS CORRUPTION.

May God continue to guide President Buhari & VP Osinbajo aright
May Nigerians prosper better under his selfless leadership

CC: Lalas==ticlala Se==un Obino===scopy

freedom96:
I think if people like you,ecoterrors and the rest can choose to be stupeed and unintelligent without being paid,then it would be more reasonable for people like passingshot to choose to defend the truth without being paid,cos naturally people are honest and upright.Just because u sell ur conscience for money doesn't mean some one needs money to defend the truth.


fool...why don't u try bringing up ur analysis?The day this dunderhead,temitemi1,mogidi or ecoterrors bring up an intelligent analysis,i shall deactivate my account with no hesitation.I dare all of u....you are just a cheap slave

PassingShot:
On the contrary, Nigeria is in better hands with full prospects.

The three months past were to lay a different but better foundation for the incoming ministers.

When GEJ ushered in his ministers within two months, what was the outcome? Pains, sorrows, stealing and battered economy.

Chill and see beyond your nose.

PassingShot:
[s]Painstaking efforts don't happen in a day or two. They need time to be implemented.

I have provided you with facts. Argue based on them[/s]

Firefire:
[s][/s]

Nonsensical nonsense.

Kastonkastroll:
You should have ignored the fool.... The ediot you are arguing with is a complete dunderhead. Fools like him and his bandwagon of illiterates are better off been ignored. The fool doesn't even know what a bond index market means.. Stop wasting your time on fools like him. You will thank me some other time

PassingShot:
[b]This thread is of course a response to this https://www.nairaland.com/2590889/see-what-happening-nigerias-economy

For us to understand and appreciate what the new government has done or not done for the country, it’s very important to revisit the type of economy it inherited from the last regime as enumerated below:

1. The Nigerian economy operates a budget which is heavily skewed in favour of recurrent expenditure (about 90%) against capital expenses (about 10%) as represented by 2015 budget here http://www.punchng.com/news/jonathan-signs-n4-425tn-2015-budget/

Implication of this is that there will be no real development in the core areas that sustain and improve economic development.

2. Nigerian economy is largely dependent on crude export. Even the crude price has fallen below the benchmark price ($53 per barrel) on which the 2015 budget was based. Crude now sells at around $47 per barrel.

3. As at April 2015, the Federal Government of Nigeria had borrowed $4.4bn to pay salaries of its workers for March and April 2015. http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html

4. GEJ met the reserve at $47.7bn in 2010 but still managed to reduce it to $29.6bn despite that crude sold for an average of $100 per barrel (peaked at about $140/barrel). The country’s FR plays a huge role in giving confidence to foreign investors in Nigeria’s economy. The higher the value the higher the confidence in the economy and vice versa.
http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html[/b]

I could go on and on but these will suffice for now.
Now, let’s see OcheJoseph ‘s points one after the other:


Yes, Nigeria will be delisted from Bond Index of JP Morgan. However, it amounts to crass ignorance for any sane analyst to want to blame the government of the day. JP Morgan started the process of reviewing Nigeria’s continued participation in its bond index in January of this year given the fact that we had depleted our FR to an abysmal level while our currency continued to lose values.

For Nigeria to continue to participate in the BI, the conditions given by JP Morgan are very detrimental to our economy. Nigeria will have to devalue the Naira and possibly will exchange for about N350 to a dollar. This will drive up inflation which means cost of imports and even local goods will go up. Cost of doing business will shoot up and productivity will expectedly drop which will eventually lead to massive retrenchment by the companies.

So, should Nigeria have chosen to remain or accepted to be delisted? I wait for your answer.



What do we expect when the FG as at May 29 had not released a kobo towards capital development? The capital expenditure in the 2015 budget is paltry 10% of about N4.5tn and NOTHING had been released as at the exit of the last govt. So what miracle do we expect?




This is too cheap and very misleading. Job losses are a constant part of any economy and if it’s not as a result of a government’s policy or not on an industry-wide scale, you cannot put the blame on the government. Even in the link you provided, it was clearly stated that the layoff was not for any reason of threat or loss as quoted

“One thing that is clear is that Zenith Bank is not under any threat,” the source, who spoke with our reporter on condition of anonymity. “With the current crisis in the banking industry in the country, it is incumbent on any bank that wants to growth to bend backwards to re-strategize and restructure its operations to expand and grow.

Is the OP insinuating that there were no job losses during Jonathan’s regime? Or that every job loss was due to his mismanagement of the economy?




At some point during GEJ’s era, the naira exchanged at above N235 to a dollar. That it trades at N220 currently represents an overall gain from N235/N240. The CBN is on a mission to make it difficult if not impossible, for stolen dollars from our reserves to be easily exchanged or transferred abroad. Besides, the fact is that crude price has dropped and our over dependence on imported goods among others have naturally put pressure on the naira.


The headline reads “Nigerian economy slows in Q2” and not “Nigerian Economy Slumps”, Both are not same and don’t mean same thing.

The quarter 2 referred to represents April, May and June of 2015 and GEJ was in charge in April and May. Does it then make any sense to blame a presidency which was in charge of one month out of three months for the slow down in the growth?

Again, the fact is that the economy would have collapsed completely had GEJ managed to win the last election. The economy was already on a downward slide by the time we voted him out. So, for anyone to attempt to put economic woes that we may currently be experiencing on PMB/VPYO smacks of irresponsible partisanship.



What is the news here? Must Nigeria do business with China or any other country for that matter?
Nigeria will do business with anyone whose policy and business terms and conditions favour her. This is no rocket science.





The loss is as a result of JP Morgan’s delisting and it was definitely expected following the announcement. The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?

As I said earlier, CBN/DMO/MOF and Nigeria as a whole has taken the right decision to stand up to JP Morgan’s manipulative tendencies. We cannot because of foreign or even local investors accept conditions that could bring the country to its knees.


If anyone needs to use their brain, it’s you and your co-travellers.

You lots preferred we continue with a failed president/government. You wanted us to continue with a regime that could not manage surplus and bounty harvest in times of scarcity. You wanted us to continue with a government which recognized stealing as the norm. You wanted us to continue with a government of wastes; a government that placed militants above law abiding citizens; a government that couldn’t guarantee security such that a portion of the country was in control of some rag tag terrorists.

Buhari ison a mission to stop the bleeding the economy was going through. He is on a mission to prevent a very bad situation from getting worse. He is on a mission to restore our lost glory, sanity, accountability and pride where STEALING WILL BE SEEN AS CORRUPTION.

May God continue to guide President Buhari & VP Osinbajo aright
May Nigerians prosper better under his selfless leadership

CC: Lalasti-clala Se-un Obi-noscopy

freedom96:
I think if people like you,ecoterrors and the rest can choose to be stupeed and unintelligent without being paid,then it would be more reasonable for people like passingshot to choose to defend the truth without being paid,cos naturally people are honest and upright.Just because u sell ur conscience for money doesn't mean some one needs money to defend the truth.


fool...why don't u try bringing up ur analysis? The day this dunderhead,temitemi1,mogidi or ecoterrors bring up an intelligent analysis, i shall deactivate my account with no hesitation. I dare all of u....you are just a cheap slave

Symphony007:
utter rubbish! Essentially you are telling me that if you have a headache you cut off your head? Have you no heard of "walking and chewing gum"...you can't put all the machinery of government in place and still reform government? what sort of world do you think we live in? Investors have time for nonsense? Once they see unseriousness they run to the next alternative, of which there are many today both on and outside the continent. This month of uncertainty has lost nigeria trillions and for what? What is that major change in the structure of the Nigerian government before ministers are appointed and policy articulated?

Kastonkastroll:
passingshot, Nigeria didn't borrow up to that amount ($473billion) to settle the wages and salaries of it workers. I guess you made a mistake there

Apart from my above observation, you are 100% right about everything you said, but unfortunately there are so many dummies(PDP goons) here who won't be able to grab what you said..


Kudos man

Rawani:
The point is that you do not build on a shaky foundation. There are political forces that hinder reforms which is why they must be kept at bay for transformative change to occur. Do you realize how difficult it would have been to enforce the TSA for example with the interference of political actors in the MDA's?

Those that carried out seamless transitions did not inherit a broken, corrupt and impunity-laden system.

Segadem:
It should be Naira

Symphony007:
do not do this! Do not defend the indefensible! If this government had any economic thoughts they would know that Nigerian does not have the luxury time! We are the largest economy in Africa for christ sake, that means a lot of responsibility. What did they do in their over 2 months transition period? What do you think a transition period is for? Do plan and hit the ground running on the first day in office to avoid any shock in the economic system. The president of the United states has a personal staff of over 2000 working in the white house and the eisenhower executive office building, not to talk of the thousands of other staffs in departments, agencies, etc but do you see them allowing office pile dust when a new government arrives? Goodluck jonathan as acting president and subsequently president had a lot of ministers in his cabinet who opposed him being president as vice when Yar adua was sick, chief among them was attorney general Micheal andoakan, but did he sack them in mass and left govt. In limbo? Pls, i'm tired! Nothing is will rave about on this forum will get to muhammadu buhari so he can do what he likes, my condolences lies with fellow Nigerians.

ba7man:
So far no one has countered the points on this thread.

Kastonkastroll:
no be by cancelling now, counter his "facts" by presenting your own argument here. That's if you will be able to do that[/s].

Symphony007:
utter rubbish! Essentially you are telling me that if you have a headache you cut off your head? Have you no heard of "walking and chewing gum"...you can't put all the machinery of government in place and still reform government? what sort of world do you think we live in? Investors have time for nonsense? Once they see unseriousness they run to the next alternative, of which there are many today both on and outside the continent. This month of uncertainty has lost nigeria trillions and for what? What is that major change in the structure of the Nigerian government before ministers are appointed and policy articulated?

Rawani:
It is called sheer incompetence, the exit of their chief wailer is a strong wind that has exposed the rump of the noisy chicken.

Firefire:
[s]

No time for junks.

Nigerians are watching.