₦airaland Forum

nigerrichwicked:
now I can see d sign of malaria.

angels09:
illiterate

alexlee50:
How my guy?

mbhs139:
see all these arm chair economist...

Well, I heard the Vice President, Yemi Osinbajo, in an interview, saying the country can not change its policy simply because of an index. That's not going to be possible, and I agree with him on that. If you guys know the conditions these modern slave trade people are giving the country, you will ask them to go to hell.

By the way, bond this, bond that, they are not the real investors in an economy! They are what they are truly called- Port Folio Investors, Port Folio.

Do you know what a portfolio is...? That is, you bring your investment in a portfolio and you also leave with your profit in your port folio at the slightest provocation. Though, you may argue that they provide the finance for the real investors, fine, but then, they are what they are- Port folio, just like port folio contractors.

In any case, I still think the country should not be hounded into taking hasty economic decision simply because we are being shoved off some lousy index- No!

QuotaSystem:
[b]What sort of ignorance is this?

We were listed in the first place because of our economic performance ROOTED IN THE HIGH OIL PRICES THAT PREVAILED... was it GEJ that boosted the prices or Buhari that shot them down?

To keep us on that list, GEJ should have exploited the booming prices and surpluses to diversify our economy away from oil and strengthen our foreign reserves to protect the Naira, INSTEAD OF LOOTING and bleeding the excess crude account, foreign reserves and WASTING THE OIL PRICE BOOM (over $100 per barrel).

Countries face economic challenges all over the world all the time (e.g. the recent global recession) but the key is PLANNING and SAVING FOR THE RAINY DAY. Iweala predicted these problems under GEJ while we were still earning surpluses from high oil prices yet nothing was done to prepare.

UAE like Iweala, discovered that it's oil would not sustain it in the estimated future, and they used their excess Petro-dollars to DIVERSIFY into tourism and today they are smiling despite sinking oil prices because tourism was developed, and their leader did not loot with impunity like Jonathan, Diezani and the crew.

GEJ is the real reason we are being delisted. [/b]

ShowYourCertificate:
This is what you get by voting in a Dullard as president. Someone who didn't even write and pass Economics in his WASC. God please save this country from doom.

QuotaSystem:
[b]What sort of ignorance is this?

We were listed in the first place because of our economic performance ROOTED IN THE HIGH OIL PRICES THAT PREVAILED... was it GEJ that boosted the prices or Buhari that shot them down?

To keep us on that list, GEJ should have exploited the booming prices and surpluses to diversify our economy away from oil and strengthen our foreign reserves to protect the Naira, INSTEAD OF LOOTING and bleeding the excess crude account, foreign reserves and WASTING THE OIL PRICE BOOM (over $100 per barrel).

Countries face economic challenges all over the world all the time (e.g. the recent global recession) but the key is PLANNING and SAVING FOR THE RAINY DAY. Iweala predicted these problems under GEJ while we were still earning surpluses from high oil prices yet nothing was done to prepare.

UAE like Iweala, discovered that it's oil would not sustain it in the estimated future, and they used their excess Petro-dollars to DIVERSIFY into tourism and today they are smiling despite sinking oil prices because tourism was developed, and their leader did not loot with impunity like Jonathan, Diezani and the crew.

GEJ's cluelessness is the real reason we are being delisted. [/b]

Activa:
Don't defend rubbish.

Jonathan's government failed woefully by not saving when prices were high. This is not arguable!

Buhari's government is too slow to roll out its economic roadmap. This is not arguable!

Be objective and just love your country.

FG, States, LGs Share N568.4 Billion for Oct

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

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

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

He said that [size=14pt]the states had requested for $2bn[/size] to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

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

anonimi:
Finally got a news story showing Jonathan's efforts at saving was rejected vehemently by our 36 kleptomaniac state governors in UNISON.

MallamYahaya:
So Buhari is responsible for the fall in oil prices because he didn't study economics at school cert level? I wonder what you studied.

Activa:
Don't defend rubbish.

Jonathan's government failed woefully by not saving when prices were high. This is not arguable!

Buhari's government is too slow to roll out its economic roadmap. This is not arguable!

Be objective and just love your country.

alexlee50:
u know the funny thing about life, people choose to remember what they like and forget whatever they don't like.who told u Jonathan did not save? Did he not leave 30b dollars when he was going? Do u know it would have been more? If not for these greedy governors that clamoured that they should share the money.do u remember sovereign wealth fund? Do u remember some governors went round and said it was not constitutional?do u know why the states were in debts despite the huge money the FG released to them? Because they embarked on useless projects which were over inflated and were not of economic importance to people of their states.for instance jigawa is building an airport, tell me what jigawa needs an airport when it is less than 1hr to kano? Why does osun need a chopper to fly aregbe around? Despite the huge money collected by oshoimole he couldn't do more than airport road in benin.this is the case of most of the governors. Do u know that this bail out funds some used it to buy vehicles for security personel as in the case of adamawa and yobe? Do u know that the FG releases enough to cover recurrent expenditure and that we shoild not have found ourselves in this position in the first place? When Jonathan left behindd 30b dollars. The reason j.p Morgan and Barclays are suspending sales in our bonds is because of lack of economic policy.This man has been ruling this country alone since may 29th without any policy on economy, health, education, please is this right? Investors are scared and pulling out funds from the economy on daily basis, inemployment is rising and you are blaming Jonathan? Wake up, if u see bad thing condemn am.

Activa:
The same way the governors took on Obasanjo on the same issue and he was still able to save? The FG (under Obasanjo) was also taken to court. Governors have always wanted to share the money.

What did Obasanjo do that Jonathan couldn't?

Talk about weak leadership...

Pls stop defending weak leadership. Everything depends on leadership.

Africa does NOT need strong men.
It needs strong INSTITUTIONS.

~ Barack Hussein Obama

[size=14pt]Tinubu Tackles FG, CBN On Excess Crude Oil Sales Account[/size]
Feb 22, 2001




https://www.osundefender.org/wp-content/uploads/2013/09/TINUBU.jpg




The Lagos State Governor, Senator Bola Ahmed Tinubu, yesterday joined issues with the Federal Ministry of Finance and the Central Bank of Nigeria (CB N) over the recent face-off between the different tiers of government on the excess crude oil sales reserve account of US$ 1. 8 billion which is about N198 billion.

Expressing concern at the impression being created that the economy is rudderless, Tinubu argued that the central issue transcends the release or non-release of the fund into the Federation Account.

In his words: “The fundamental issues and principles at stake go much deeper. They are more broadly about the rule of law and the supremacy of the constitution on one hand, and the need for cooperation and coordination in a true federal structure, as a basis for sustaining and strengthening our fledgling democracy on the other hand”.

Governor Tinubu [size=14pt]disagreed with the CBN's position that release of the excess crude reserves to the states and local governments, though legitimate, [/size]would lead to inflation; cause a rundown of the nation's foreign reserves; weaken the exchange rate further and run counter to agreements reached with the IMF.

The Governor contended that "in a period of excess capacity and low purchasing power, there should not be undue inflationary pressures from an injection of funds into the economy. Instead, such a development should be beneficial to economic activity and growth, despite the fact that there are supply rigidities and inefficiencies which would limit the potential benefits”.

On the purported likely impact on foreign reserves, Tinubu argued that "in an import-dependent economy such as ours, it is inevitable that an upturn in the level of economic activity would engender a fall in foreign reserves. This is not necessarily a bad thing. Rather, it would be immoral to appear to be building up high foreign reserves in the midst of grinding poverty”.

He stressed further that if the N198 billion released is matched by an equivalent US$1.8 billion, there should not be a fall in the value of the Naira as the supply of dollars would be in place to match any increased demand”.

Tinubu also said it would be unfair for the federal government to agree unilaterally to commit revenues due to other tiers of government, to an agreement with the IMF or anyone else.

Attributing inflationary pressures in the economy largely to the federal government's overspending and printing of money to finance such expenditure, Tinubu said "It is hardly fair for the FGN to overspend and then seek to correct the inflationary effect on the economy by starving other tiers of government of their rightful funds”.

Stressing that there is no basis for CBN or any authority to flout the constitution and deny states and local governments their own share of the Federation Account, Tinubu noted that "the excess crude reserve account is itself an illegality, carried over from the military era, as there is no provision in the law or the constitution for federally - collected revenues to be diverted to such an account”.

Advocating constructive dialogue on the management of the economy Governor Tinubu said "it is time for us to sit down and dialogue about how to move from where we are now, to where we need to get to, while respecting true federalism in fiscal and other matters”.

From: http://asiwajubolatinubu.com/archives/news/2001/02/22/20010222N01.html

989900:
[b]How much was our foreign reserves in 1999 and how much was oil sold for on the average?

How much was our foreign reserves in 2007 and how much was oil sold for on the average between '99-'07?

How much was our foreign reserves in 2009 and how much was oil sold for on the average between '07'-'09?

How much was our foreign reserves in 2015 and how much was oil sold for on the average between '10-'15?[/b]what is the point u are trying to make? Abdulsalam left about 2.5b dollars when he was leaving in '99.does that mean because vthere was a lull in the price oil then he didnt steal? If u can make your point clearer, would know how to respond.however the present downturn in the economy is not jonathans fault but as a result of lack of economic policy by the present administration.this is why foreign financial institutions no longer wants to trade in our bonds, this is why the capital market is losing billions of naira.nobody puts his money in an uncertain environment. Will u invest your own money in a business u are not sure of?


Hopefully, you can answer the above^^ correctly
.

anonimi:
I thought the megida promised to stabilise oil prices ni? What happened AFTER election?



www.nairaland.com/attachments/2186280_buhari2blaugh1_jpegc35d9ea4e30142f9302718e17f58f220



www.nairaland.com/attachments/2593131_capture20150516070937_jpeg0e2b405458ec0cf013c5152373f19a5e

HHANDM:
We hope a vibrant economic team will come aboard soon to chat a policy direction for this administration.

The earlier the better before the country turns economic pariah to foreign investors.