₦airaland Forum

PhockPhockMan:
Buhari says Nigeria is broke! He said he inherited a very bad economy from GEJ and that there was so much rot in the last system.
However, the IMF president (managing director) said the state of the economy does not require IMF intervention. Infact, she said the economy is far better than it was 4 years ago when she last visited .
What does this message tell Nigerians?
Considering the fact that Buhari has not really made any economic policy since he assumed office, it means that those who managed the economy before he came on board, did a very good job!


.

hinwazaka:
The President and his party came up with the "broke" jingle as a means to convince the IMF to finance their ludicrous, extravagant white elephant projects this year. Remember PTF, and the refineries built in the eighties. The President is a master of corruption and money laundering. This is always his gimmick. But unfortunately for him, his plans were leaked to the opposition and some influential elements in our society. This led to a secret meeting in Stockholm, between some Nigerians, some top western media hotshots and some members of the IMF. In this meeting, the plans of the President backed by verifiable documents and files was laid bare to the foreign attendants of this meeting. Consequently, the truth was made known to the IMF chief, who immediately canceled the discreet and hidden loan application by our government. This is the reason for the EFCC clampdown on the government's perceived enemies, under the guise of corruption. Also the review of the fictitious budget, was brought about by this. We are in trouble.

Kikero112:
We are broke.

Fact is, when you live in a resource dependent economy, once prices of the resource you are selling drop....it becomes difficult to finance your budgets.

Even in the budget released this year...they have announced that there is going to be some borrowing.

Now,PDP opponents like me would be like ''If only GEJ had saved our money, we won't be in this soup''. But the fact is....even if we had saved all the money from 2007-date....we would still be in trouble. To use an example.....in 2014...Saudi had $724BN at the beginning of the oil price drop. By the end of 2015....that had dropped to $600bn. That's 124bn US dollars gone....and not on looting, on economic exegiences. (In Nigeria....assuming we had saved...we might have been able to get just $100bn. That looks like peanuts compared to them Saudis.).

So...the big elephant in the room is our resource dependency. And.....GEJ your hero did nothing about it, and made things worse by the mass looting. And APC too better be serious....and not join in the looting. But I am not optimistic. Nigerians generally prefer looters to serious leaders. A serious leader would have removed alll the subsides, brought in austerity to the max, ended corruption, and spent money getting our power up to 20000MW in five years. But no Nigerian politician is willing to do that....neither are the Nigerian people. Nigerians love to eat, not to work. But I digress....slightly.

All in all, we are not a rich nation. We are poor. And we are in deep trouble because of the falling oil price, and because of our refusal to develop an economy based on innovation. You people praise GEJ for improving our economy...when in reality he built a house on the sand of resource dependency. And APCites are just as much the same. Yes....APCites talk rightly about fighting corruption and yes.....we must prosecute the people who stole our money. But, we also have to run an austerity government if we want to get out of this mess...and while the new budget gives me hope in education and health....elsewhere, not too good.

But all in all....we are not a rich country. And your defence of corrupt people because they are of your party is wrong.We have to face the fact that corruption is a serious problem in this country, drop the lie that it is all a witchhunt....a lie which has been present since independence....and which has been used by generations of corrupt leaders to escape prosecution. We did not send PDP to steal We sent them to develop our country. And APC too is on notice....develop our country....or out you go next election.

Kikero112:
In 1986, when we were in the same situation we are in now....IMF/World Bank offered us a loan.

Nigeria then.....and we were not rich(we had debts to the max)....said no.

We then ended up taking the SAP alternative....plus devaluation in 1989.

What is needed now is an austerity government. And removal of subsides. Which is what MS Lagarde suggested....and which if we implement means that we do not need an IMF loan.

In other words ,if you actually read what Madame Lagarde said....if we want to avoid IMF loans....stop subsidies, end corruption, and increase funding from alternative sources of revenue....and we may just pass through this. In other words....austerity. And eventually....a plan to end our resource dependency.

One thing about the IMF....they ain't fond of giving African countries loans...because they know from past experience they will never see their money again

Pidggin:
Why did APC campaign against subsidy in 2012? Now they have decided to steal an idea which is not theirs and shamelessly make it their own.

Only the masses will suffer under the hardship of austerity, the leaders who implement these policies never ever feel it.

mrmetoo1:
LMAO!! People deceiving people indeed. Please where are the verifiable documents and files because you yourself just said here they are verifiable so please don't come back and say they're hiding somewhere. You used the word verifiable so please show us so we can verify. Guy go and start writing for Nollywood I heard they're in need of writers urgently

mrmetoo1:
Boom!! How do people not understand this? I guess most Nigerians are just interested in their political affiliations than using their brains to figure out what's really going on

comos:
get some brain!

Nigerian economy has nose dive since PMB took over. if drastic measures is not taken, by Q2 of this year Nigeria will be in recession.

hinwazaka:
The President and his party came up with the "broke" jingle as a means to convince the IMF to finance their ludicrous, extravagant white elephant projects this year. Remember PTF, and the refineries built in the eighties. The President is a master of corruption and money laundering. This is always his gimmick. But unfortunately for him, his plans were leaked to the opposition and some influential elements in our society. This led to a secret meeting in Stockholm, between some Nigerians, some top western media hotshots and some members of the IMF. In this meeting, the plans of the President backed by verifiable documents and files was laid bare to the foreign attendants of this meeting. Consequently, the truth was made known to the IMF chief, who immediately canceled the discreet and hidden loan application by our government. This is the reason for the EFCC clampdown on the government's perceived enemies, under the guise of corruption. Also the review of the fictitious budget, was brought about by this. We are in trouble.

EternalTruths:
Very very possibly true

Kikero112:
I am not arguing for an IMF loan.

I am merely pointing out the flaw in your argument that we are not broke.

We are broke. And the fact is...we are not rich. And the IMF is not the only way one can get a loan.

Anyway....we have to get off resource dependency. Which is the crux of my argument. If you can get off your political eyeglasses to see it.

Geniro:
Austerity with a budget of N18billion for the presidency. Who una dey deceive

thewarrior72:
lol Leave my papa the slowpoke, he was born out of weddluke hence, his sad life.

thewarrior72:
Hatefilled and pathetic fellow is my papa.

PROVACATEUR:
I will bet my 10 bucks that you cant comprehend what the op said. Do you even know the full meaning of IMF

mrmetoo1:
What does this have to do with my post? Brother/Sister can you state how Buhari caused this nose dive? Get this straight now, our country is dependent on oil, oil prices dropped about 70% we don't have as much as we used to, that's about it. This economic slowdown started since when oil prices started dropping unless you guys just want to keep deceiving yourselves. Let me make it easy for you, you earn N100k per month, your salary for one reason or the other drops to N30k per month please tell me how that won't affect your finances.

PhockPhockMan:
IGNORED.

mrmetoo1:
Errm APC wasn't formed in 2012. As far as the protest there's evidence even PDP youths participated. Audu of chocolate city shared a picture of him during the rally.

Kikero112:
The campaign was masses driven. The parties that eventually formed the APC merely jumped on the bandwagon for relevance sake.

And as I have said elsewhere.....most Nigerians don't like paying high prices for petrol.....even when it is clearly for their benefit.

(I backed subsidy removal for a long time....even though I oppose PDP).

As for APC proposing subsidy removal now....a lot of water has passed under the bridge since 2012. Back then, oil was selling at $111 per barrel.Now....it is selling at $37 per barrel. And we earn our money from selling oil...including the money we would use to subsidise it.

In other words....anyone who supported subsidy in 2012 would have a rethink right now.We do not have the money.(And let's be honest....IMF has been telling us that since 1993. But Nigerians don't listen).But...as I said, most Nigerians then, as now, won't see the benefit of removing subsidies. They only see that they have to pay higher prices for fuel....and they don't like the idea.



Well, that is why Ms Lagarde in her first press conference here, talked a lot about ''fiscal responsibility'' (Read....you guys better not be corrupt). I think it is high time our leaders were realistic about that. Because...corruption is a ill wind that eventually hits the rich hard.

The rich and even the foreign investors would prosper far more in a corrupt free society.

stebell:
Say what yu want I don't give my 2cent about it.
My opinion is mine and yours is yours.
Good morning

mrmetoo1:
This budget break down that you guys have seen but haven't really seen because it's from an anonymous source eh. When the budget defence starts next week and all this comes out in the open let's talk then.

But let me say this, if it's indeed true that's the budget for the presidency then that's absolute rubbish and runs counter to my expectations of this government and I hope the Senate doesn't approve it and the excesses taken out

Pidggin:
This is not an excuse, APC chieftains e.g. Tinubu, were against the removal of subsidy in 2012. They sacrificed the good of the country for politics and gullible Nigerians joined them in their shameless campaign at Ojota, now they advocating it because their candidate is in power, what a shame!

comos:
why not diversify the economy?, must we continue to depend on oil? It is a shame that Nigeria is still giving her budget based on oil which price is going down, when we have several sectors to generate revenue from.
Yayi Boni revive Benin Rep. economy under six months, In senegal, Maky Saw brought everything under control within 4-months.
the world has gone complicated we need sophisticated people to manage/Lead the affair of this nation.

mrmetoo1:
People protested subsidy removal only because they were looking at their pockets, nothing more. If politicians took advantage of it, they're just being politicians. Oil prices are low now meaning they can remove it without affecting people's pockets while it's still low. Subsidy can be removed without people feeling the effect. There's nothing political about this, you guys don't need to look at everything from an APC vs PDP lens, sometimes some things are common sense

drss2:
d lies of dis buari govt is pitiful. same pipul who said GEJ indepted nigeria with high debt all of a sudden ar saying nigeria's debt to gdp ratio is d best in africa compared to oda african countries like angola n south africa. useless govt.

mrmetoo1:
She said the democracy not the economy. She did say Nigeria didn't need their help because basically all we need to do is look within. She did say oil was about about 15% of our GDP but was our major revenue earner, what she meant was we have a lot more going for us than oil. She also said increase taxes because we have one of the lowest rates in the world. Basically she's just saying it's time to get creative because we have what it takes to be self reliant.

Did you miss the part she said Buhari was on the right track? I'm sure your eyes must have skipped that part

Demdem:

God save ur arse. Would have given it to the dogs to feast on.

mrmetoo1:
No one is arguing about diversifying but you honestly think diversification can be done in 8 months? Are we just joking around here. Diversification will take years of consistent investment maybe about 10 years. Diversification isn't a short term fix. The guys you should be asking about diversification are past governments. What have we been able to achieve in the past 16 years. At the end of this year is when I can genuinely assess this government's seriousness to diversify. This even doesn't mean we won't still be dependent on oil but what I'll be looking to see is that work is well underway to bring in different streams of income.

Please educate me on how did this Benin guy and Senegalese guy revamped their economies in 4 months and 6 months respectively, please do it with specific examples and what they did. What their economy was before the 4 months and what it is now.

PhockPhockMan:
Right track on what?
Don't tell me about fight against corruption because I haven't seen anything yet.

Pidggin:
The "Politicians" you mentioned are now in power and suddenly, subsidy is now the only way out for us. If PDP had won the election, they would still campaign against the subsidy so who is decieving who?

They removed subsidy yet set a pump price for the product, isn't this laughable? I have been buying fuel @ N130/litre.

There is no need to be insultive, I am not hoodwinked, I know when I am being lied to.

hinwazaka:
If you like argue from now to 3098, the fact is that the IMF has turned down their loan application. So now, no loan, no cash, no salaries, no 5k mediocre payment, no settlement forJagaban(oshodi market score settling), no bonus package for APC e-media touts. That is the fact. It's about to get really cold for the government.