APCLyingBastard:


You yearned dust in your last Post.

It is on record that the SW APC states remain the most indebted states.


I just want Nigeria to break up so that I will see how you parasites in the north and SW will pay your debts without oil.


Keep spewing trash as your useless APC under that foolish woman heads Nigeria to 40yr debt,

Well....the most important thing I hope you gained from the trash is that strong nations are producing nations,not nations that sell raw materials like oil and agric products....whose prices are determined outside the country.

And you did not notice where i said that even if savings had happened....we would still have been in trobule....with oil prices set to stay low.

As for debt profiles....

Rivers :91,757,565,261.77

Delta:211,953,209,702.68

Cross River:107,342,898,378.22

Akwa Ibom: 81,756,010,209.95

Bayelsa:91,681,863,473.29

South East":

Abia:25,126,070,685.10

Anambra:2,876,176,930.03

Enugu:22,625,689,450.24

Imo:28,946,448,914.26


South West(apart from greedy Lagos)

Ekiti:30,460,634,167.79

Ondo:19,267,663,799.94

Ogun:70,193,522,583.02

Oyo:12,912,635,048.75

While parastic Northern states have less...

Kaduna:16,683,751,594.41

Kano:31,423,625,015.47

Katsina:586,698,899.56

Source:http://www.dmo.gov.ng/oci/subn/docs/Domestic%20Debt%20of%20the%2036%20States%20and%20FCT%20as%20at%20December%2031,%202014.pdf

Good morning. I am sorry I could not have a decent conversation with you.

NavierStokes:


1.Making a reference to him as "my brother" has got nothing to do with ethnic affiliations but rather as one human to another.
2. The economic policies being brandished by this administration has all been synonymous with cluelessness.
3. I am afraid your responses are coming across as bigoted from the way youtried to shift blames to emefiele and onyema and attempting to shield the finance minister from attacks.
4. My brother do not be intransigent and assert that I am incredible because of differing opinions. The message was delivered exactly "as is" from the source.


PS: note that the CBN is inder the ministry of finance, and also the NSE thoigh private is regulated by SEC and under the supervision of the ministry of finance. So his assertion isn't unfounded and you arguing the contrary is an indirect attempt to accuse madam finance minister of laxity in carrying out her duties.

You people always find a way to blame other tribes but quick to make excuses for your own for errors done by all. The financial sector was in the hands of your tribesmen/women during the last government and they messed up big time, you are now attempting to shift blames on a yoruba woman that had hardly been finance minister for 2 months. So according to your wrapped blame searching logic, Kemi Adeosun is to be blamed for Nigeria's fiscal and monetary policies, and she is also in charge of Nigerian security exchange. Emefiele and onyema now report to the finance minister according to some ethnic bigots? To them an Igbos public office can never do wrong while public officers from other tribes can never do right.

APCLyingBastard:


And what exactly do you produce for export in your sophisticated region?

The oil you are condemning is the only solution your clueless govt and regions have to survive.


This is why I call you people ingrates.


If we in the ND where independent of your useless nation do you think by now we will still be exporting crude to buy refined Petroluem products?


Abeg leave your flat chest beating when you discuss among your fellow roaches.

You shout WE in the ND as if your community has oil. If you have ever seen an oil well or even an oil sleek before you would not spew the rubbish you are yarning here.

Even if we in the Nigerdelta become independent, we might not gain much from our oil resources, this is because our visionless leaders are satisfied with correcting rent from foreign based oil exploiting firms than developing local capacity ti exploit oil. We lack the manpower and technology to explore and exploit oil, so we will have to depend on foreigners to do it for us and sit down at home collecting rent. Because of this foreign companies charge Nigeria $28 to explore and exploit a barrel of oil, and still share the profit on a 60:40 ratio, so when oil falls below $28 per barrel we get nothing. Meanwhile Saudi Arabia is able to produce a barrel of oil at as low as $2 per barrel, so even if oil was to fall to $10, they would still be making a profit.

wirinet:


You shout WE in the ND as if your community has oil. If you have ever seen an oil well or even an oil sleek before you would not spew the rubbish you are yarning here.

Even if we in the Nigerdelta become independent, we might not gain much from our oil resources, this is because our visionless leaders are satisfied with correcting rent from foreign based oil exploiting firms than developing local capacity ti exploit oil. We lack the manpower and technology to explore and exploit oil, so we will have to depend on foreigners to do it for us and sit down at home collecting rent. Because of this foreign companies charge Nigeria $28 to explore and exploit a barrel of oil, and still share the profit on a 60:40 ratio, so when oil falls below $28 per barrel we get nothing. Meanwhile Saudi Arabia is able to produce a barrel of oil at as low as $2 per barrel, so even if oil was to fall to $10, they would still be making a profit.

The oil in Saudi Arabia have you set eyes on it?

The oil remains Niger Deltan first and not yours in anyway and it pains me that for 50yrs that oil has subsidized your parasitic existence.

Imagine if that wealth remained in the ND? Will ediots like you have mouth to yarn dust?

APCLyingBastard:


The oil in Saudi Arabia have you set eyes on it?

The oil remains Niger Deltan first and not yours in anyway and it pains me that for 50yrs that oil has subsidized your parasitic existence.

Imagine if that wealth remained in the ND? Will ediots like you have mouth to yarn dust?

What are you talking about? are you alright.
My community in warri alone has 13 oil wells, how many oil wells are situated in your community? after you tell me, i will then know if you qualify to shout "our oil"

wirinet:


What are you talking about? are you alright.
My community in warri alone has 13 oil wells, how many oil wells are situated in your community? after you tell me, i will then know if you qualify to shout "our oil"

Shutup your silly mouth.

Nah only warri get oil for Delta state?

OfoIgbo:


You sound daft.

Kemi Adeosun the clueless, is in charge of Nigeria's fiscal policy. The failure of Kemi in strengthening the fiscals of Nigeria has limited the bullish scope our financial directors can operate under.

Another case in point is the preparation of the budget which she has bungled, stolen, replaced. She is a stark illiterate

You guys are simply shameless !!! Awful and highly prejudiced human beings the lot of you !!! Hate for others, 24/7, guide how you think and talk and this is why you can never see or appreciate the obvious. Look at how you ungraciously insult a lady who deserves respect, by dint of her hard work and achievements in life, when it is you who is actually a "stark illiterate" talking ignorantly and using terms, eg "fiscal policy" , you and your fellow co-travellers in hate do not understand. no one, and I repeat no one, can perform miracles for the actual situation Nigeria is in. An intelligent and objective person will even admit it will get worse before it gets better because:

(1) Nigeria is a mono economy with her main export being oil which is responsible for 80% of Nigeria's income and a big portion of the foreign exchange we receive. Because of an indolent and singular focus on oil income by the PDP, the Party that has led us for 16 years since 1999, the Nigerian economy is not diversified at all and, of all major oil exporters worldwide, the most vulnerable to the drastic fall in oil price.

(2) The SME sector, the lifeblood of the biggest economies in the world, is moribund in Nigeria and unable to provide any sort of appreciable stimulus to help us in a very difficult period caused by a 75% drop in the worth of our main export.

(3) Recovery will be much more painful and slower because we failed totally to plan for this stage. The previous government, despite selling oil at record price of $110.00 per barrel for an appreciable period, failed to save completely.

(4) critical infrastructure, eg transport and power, cannot provide short term stimulus as tools of diversifying the economy because they are simply inadequate courtesy of the PDP that has had really poor impact on improving the infrastructures that aids the growth of the SME sector, movement of goods and services and general socio-economic growth.


There are more consideration but they would be too complex for you "stark illiterates" who ignore real global challenges other economies are exposed to and struggling with to be blaming one woman merely because she is finance Minister and Yoruba. There is not much Adeosun can do because , primarily, Nigeria is a mono economy that lived by oil and must 'die' by oil for now and till we steady the ship painfully and slowly. Forget all the big words you guys are using with the hope such will impress or confuse anyone. This economic downturn started under GEJ. The article below is from 2014 when oil sold for $68.00 per barrel.

The experts, i.e global economist, stated that we should forget any hope of a quick recovery under those conditions so what do you empty barrels and ethnocentric charlatan expect Adeosun to do in 2016 when oil is $27.00 per barrel and we are all facing the revelation that Ali Baba (GEJ) and his forty thieves (Dasuki, Metuh, Anenih, Allison-Madueke et al) have stolen Nigeria blind especially the desperate looting of 2015 in the attempt to steal the elections? Do you not see below when a knowledgeable analyst, commenting in 2014 when oil was $68.00 per barrel, admits that "the governments options are limited" and that “We’re a substantial way from the economy even starting to think about being able to recover,”. Do you and your fellow charlatans know better than the analyst who made those informed comments?

furthermore, you shameless and wicked guys really have mouth to talk considering the callous and worthless GEJ you blindly gave 100% electoral and vocal backing to, along with his appointees like NOI and Allison-Madueke et al, is, to a large extent, responsible for the mess we are in today. You are all really shameless and it is obvious you do not mean well for Nigeria and are only interested in settling ethnic scores and vendetta over GEJ's election loss and this is why you cannot give Buhari and his appointees your support when they have the worst set of economic condition any Country in the world currently can be saddled with. You are all truly unrelentingly wicked enemies of Nigeria's progress.


http://www.wsj.com/articles/nigerias-tumbling-currency-a-victim-of-falling-oil-prices-1417535209

Nigeria’s Tumbling Currency a Victim of Falling Oil Prices
Highly Oil Dependent Economy Feeling the Pinch
Nigeria’s currency has fallen to record lows as the country is hit by its dependency on oil, the price of which has tumbled 40% since June.
REUTERS
By PATRICK MCGROARTY, DREW HINSHAW and JOSIE COX
Updated Dec. 2, 2014 2:20 p.m. ET
3 COMMENTS
Nigeria’s currency tumbled to a record low on Tuesday, hammered by falling oil prices that have weighed on Africa’s top economy as it heads toward an election.

Nigeria overestimated oil prices this year by a wide margin—and is now suffering. Economists fear weak oil prices may prevent Africa’s most populous nation from hitting the 7% growth the International Monetary Fund has forecast for this year.

“We’re a substantial way from the economy even starting to think about being able to recover,” said Nitesh Shah, an analyst at ETF Securities in London. “The government’s options are limited.”

Oil and natural gas make up almost all of Nigeria’s exports and 80% of government revenue, according to the IMF.

As Brent crude prices have slipped 40% since June, to $68 a barrel, the wheels have begun to come off Nigeria’s economy.

Nigeria, whose economy surpassed South Africa in April as the continent’s largest, has striven to generate revenue beyond oil. Recent years saw promising growth in booming telecommunications, banks, hotels and other service businesses.

But to sustain that growth, businesses say they need bigger ports, more highways and fewer blackouts that crimp factory production and curb tax revenue. A weaker naira will make it more expensive to build that infrastructure.

The naira slumped to 186.9 to the U.S. dollar, traders said, extending a slide that has shaved more than 10% off its value this year.

Many African countries are paying the price for counting on one commodity to drive their economies. Growth has stalled in oil-rich Angola. Falling copper prices have dented growth in Zambia. Lower iron-ore prices were hurting Guinea, Liberia and Sierra Leone even before the Ebola epidemic made things far worse.

ENLARGE
President Goodluck Jonathan, standing for re-election, has come under pressure to avoid unpopular spending cuts. As a result, the current budget of nearly $30 billion is hardly $1 billion leaner than last year’s, but the decline in oil prices has choked revenue.

In October, Nigeria—which spends a fifth of its budget on its military—borrowed an additional $1 billion to buy helicopters, fighter jets and other equipment to combat Islamist militants. On Tuesday, the insurgency Boko Haram bombed a market in one city and raided police barracks in another.

In November, the government submitted a revised budget that proposes spending cuts based on a new average oil price of $73 a barrel. But even that price could be “overly optimistic,” warned the central bank governor, Godwin Emefiele.
‘We get used to high oil prices and assume it’s going to be there forever.’
—Ken Iwelumo, former investment banker
Nigeria isn’t the only big oil producer with a wilting currency. Russia’s ruble has shed nearly half of its value against the dollar since May. Norway’s krone has dropped 17% since then, and the Canadian dollar is down 5%.

[size=14pt]But Nigeria is particularly vulnerable. Unlike its peers, it didn’t save while oil prices were high. A public fund that contained $20 billion in oil proceeds when crude prices first surged past $100 a barrel in 2008 had shrunk to $4 billion as of November.

“We get used to high oil prices and assume it’s going to be there forever,” said Ken Iwelumo, a former investment banker who now farms catfish in Nigeria.
[/size]
Economists say oil prices could stay low for months. The 12-member Organization of the Petroleum Exporting Countries, who collectively pump more than a third of the world’s oil, agreed last week to maintain a target of producing 30 million barrels a day.

Meanwhile, the country’s power-privatization program has hit snags. Investors say they can’t improve supply until the government invests $1.5 billion a year to replace a rusted-out grid of power lines.

Nigeria’s All-Shares Index fell 1.8% on Tuesday, extending a drop of almost 18% this year.

In November, Nigeria’s central bank tried to support the naira by limiting sales of the U.S. dollar. When the naira continued to drop, the central bank bought the Nigerian currency to pump up demand, traders say. The bank’s foreign-exchange reserves shrank by $2 billion and the selloff continued.

Last week, the central bank raised its benchmark interest rate by one percentage point to a record 13%. It also lowered the naira’s target trading band to around 168 against the dollar from 155 previously.

The naira is still trading outside that target. Fresh dollar sales by the central bank did little to stop its slide, traders say.

“Things are happening too quickly, too suddenly, too sharply for the average Nigerian or even analysts to process,” said Bizmark Rewane, managing director of Lagos-based Financial Derivatives Co. “We do not know what will happen.”

NavierStokes:


My brother, i have been very vocal about these "venezuela styled" policies on here, i have seen first hand its effect on her people.
It baffles me how someone can see a failed policy and still go ahead to implememt same expecting a different result.

In all the party has been clueless on the economy as stated by their chairman, where he says they will convey a meeting of policy makers and stakeholders so as to be able to have a clear direction on the way forward, which in other words means they are yet to have a clue on the way forward these past months.

I must ask, what the eff are you talking about? You are the one who is clueless about the economy. There is not much Buhari and the APC can do, in the short term, that will give the miracle results only ignorant and mainly prejudiced folks clamour for because of our peculiar economic vulnerability and challenges, worsened by the GEJ I am sure you supported, you guys are simply failing to acknowledge. Britain for example is still recovering from the 'credit crunch' of many years ago and I watched a few days ago as the UK CBN governor explained that interest rate will stay at the record low 0.5% it had been running at for 7 years !!!!! The opinion is that the British economy is still not 'robust' enough to continue recovering if interest rate rose.

If a country with Britain's economic options and flexibility is still carefully managing its economy many, many years after the credit crunch then what manner of miracles are you unreasonable folks expecting from Buhari and the APC in months given our challenges and unique situation which makes Nigeria one of the most, if not the most economically disadvantaged nation in the world currently? What abracadabra do you want to see for our mono economy with oil selling for $27.00 per barrel while our SME sector is moribund and our infrastructural stock is near worthless?

As one example, if electricity supply was not improved appreciably when GEJ sold oil at $110.00 per barrel is it sensible to be screaming at Buhari and the APC about lack of electricity when oil is selling at $27.00 per barrel and we our struggling to pay salary and fund our recurrent expenses? What is wrong with you guys? Constructive criticism is good but there is non of that in your talk and that of others like you. Instead I only note ignorant, petty, illogical and completely banal talk motivated by a very obvious agenda you and others will never admit to yet such is crystal clear and putridly offensive.

Gbawe:


I must ask, what the eff are you talking about? You are the one who is clueless about the economy. There is not much Buhari and the APC can do, in the short term, that will give the miracle results only ignorant and mainly prejudiced folks clamour for because of our peculiar economic vulnerability and challenges, worsened by the GEJ I am sure you supported, you guys are simply failing to acknowledge. Britain for example is still recovering from the 'credit crunch' of many years ago and I watched a few days ago as the UK CBN governor explained that interest rate will stay at the record low 0.5% it had been running at for 7 years !!!!! The opinion is that the British economy is still not 'robust' enough to continue recovering if interest rate rose.

If a country with Britain's economic options and flexibility is still carefully managing its economy many, many years after the credit crunch then what manner of miracles are you unreasonable folks expecting from Buhari and the APC in months given our challenges and unique situation which makes Nigeria one of the most, if not the most economically disadvantaged nation in the world currently? What abracadabra do you want to see for our mono economy with oil selling for $27.00 per barrel while our SME sector is moribund and our infrastructural stock is near worthless?

As one example, if electricity supply was not improved appreciably when GEJ sold oil at $110.00 per barrel is it sensible to be screaming at Buhari and the APC about lack of electricity when oil is selling at $27.00 per barrel and we our struggling to pay salary and fund our recurrent expenses? What is wrong with you guys? Constructive criticism is good but there is non of that in your talk and that of others like you. Instead I only note ignorant, petty, illogical and completely banal talk motivated by a very obvious agenda you and others will never admit to yet such is crystal clear and putridly offensive.

Keep comparing deceitfully, always looking for excuse to save bubu's face... and yours...

wirinet:


You people always find a way to blame other tribes but quick to make excuses for your own for errors done by all. T[b]he financial sector was in the hands of your tribesmen/women during the last government and they messed up big time, you are now attempting to shift blames on a yoruba woman that had hardly been finance minister for 2 months.[/b] So according to your wrapped blame searching logic, Kemi Adeosun is to be blamed for Nigeria's fiscal and monetary policies, and she is also in charge of Nigerian security exchange. Emefiele and onyema now report to the finance minister according to some ethnic bigots? To them an Igbos public office can never do wrong while public officers from other tribes can never do right.

Thank you !!! They are very wicked and unrelentingly spiteful elements. There was an appreciable period when oil sold for over $100.00 per barrel constantly under NOI with Nigeria having nothing economically worthwhile to show for such yet they are happy to heap the blame on Adeosun who has been in office for around three months and in a period oil is now selling for $27.00 per barrel. Any reasonable person will accept that there are no short term fixes because (1) part of the problem, i.e global conditions, is beyond the control of Nigeria/Adeosun and (2) the Party that had been in charge of Nigeria for 16 years since 1999 left us, in many ways, totally unprepared to face this very difficult period.

Also, a reasonably intelligent and objective will accept that talks of "fiscal and monetary policies" are just worthless semantics being bandied around by mischief-makers and ignoramuses. To put it lightly, we are f**ked and recovery will be slow and painful because of our extreme vulnerabilities, limitations and challenges that "fiscal and monetary polices" cannot cure overnight and certainly not in the three months Adesoun has been finance Minister.

To make matters worse these irredeemable 'bad belle' folks have the nerve to ask for the return of NOI who was only able to supervise the looting of our commonwealth and lie deceptively to Nigerians over years yet they will not even give Adesoun a fair crack of the whip. These guys are the very definition of wickedness.

Pidggin:
During the presidential media chat economist Buhari insisted that he would never devalue the naira. I bet if someone was bold enough to ask him what he understood by devaluation, he would not have been able to answer the question.

. omg!

OfoIgbo:


Why then is a section of the senators demanding that she presents herself to the senate to defend the budget? You think those senators are stupid?
All the years that Ngozi Iweala was finance minister both during OBJ's and GEJ's regime, she presented herself to the senate to defend the budget and she was not at all the minister of budget and planning.

The main point is that the minister of finance makes greater input in the details of the budget than any other minister. I believe you guys need to educate yourselves on these issues before commenting.

So here you guys are, arguing that Kemi Adeosun has no hand in the budget of the federal republic. Nigeria is really in trouble

Iweala never DEFENDED the budget,in fact I remember several controversies where the President was requested and sent the Finance Minister instead? At any rate it was not to defend anything. You are the one that needs to educate yourself better. The Constitution is quite clear about the powers of the president to delegate powers to a MINISTER of government and one president may choose to delegate or in the case of GEJ abdicate what ultimately is his responsibility by creating a so-called coordinating Minister.That does not equate to a constitutional change. The responsibility for the budget lies with the President who is mandated by the constitution to present it to the legislature and he has the prerogative to deploy ministers as he sees fit. Unless the information is put in front of the public then the public assumes that a Ministry of Budget plays a lead role in budgeting

I remember the FIRST budget in Iweala's tenure when the oil subsidy scandal broke. It may be convenient to forget. That was an embarrassment for the nation. I do not remember Iweala being castigated for a sudden quadrupling of the subsidy budget. I also do not remember her providing any solution. Till date no one has explained how a budget that ran in billions for many years suddenly changed to trillions.

That was why in her FIRST budget without warning they woke Nigerians up with a New Year present of Fuel price hike which ultimately turned out to be a fraud

chukwudi44:
That Kemi Adeseoun of a woman is the true depiction of cluelessness!!

Oga, free this woman nah. Give her time joor.
Blame Mr President not the Minister.

omohayek:


The true mark of cluelessness is blaming Kemi Adeosun for two areas of policy over which she has no control. It takes real ignorance to blame the finance minister for an FX policy which is actually set by Godwin Emefiele, the head of the CBN; she also had no hand in the NSE's difficulties, as the CEO of the Nigerian Stock Exchange is a man named Oscar N. Onyema.

Meaning the Igbos are the problem of this country? SMH

tempest01:
We need to encourage local products....identify the substitute products and encourage it.

PMB needs to find good economists who will proffer solutions to this our current crises.

GEJ Will be smiling that he isn't at the helm at this critical time.

Sometimes defeat can be good

national economics on a macro is Nt as easy as yu sound.....it's all complicated nd slow.

chukwudi44:
Lalasticlala come and do the needful!!

Mr chukwudi, quite an age..

Happy 2016.

OFFICIAL336:
Meaning the Igbos are the problem of this country? SMH

fuqqer

tempest01:
We need to encourage local products....identify the substitute products and encourage it.

PMB needs to find good economists who will proffer solutions to this our current crises.

GEJ Will be smiling that he isn't at the helm at this critical time.

Sometimes defeat can be good

Chubhie:
But the zombies told us that Buhari's economic acrobatics is the 8th wonder of this world.

The thunder that will fire all zombies is wearing pant and bra.

Add iro and buba with head tie..

chukwudi44:
That Kemi Adeseoun of a woman is the true depiction of cluelessness!!

My brother, even a million NOI will not be successful when headed by dullard and tyrannic god. I don't blame that woman really, that's cuz the dictator wouldn't even allow her try her own policies. He'd want her to work with his archaic 83-84 blueprint that almost sunk the Nigerian economy into irredeemable recession...

Shebi Boooohari wants to make 1 naira equal to 1 dollar by force?

Make we dey see na!

Useless!

This useless and clueless bunch of APC clowns better go and beg madam Ngozi to come and work her magic.

Tochaigh:
If emifiele was standing right in front of me, with a loaded beratta in my hand. I will send that motherfucker straight to hell.

AhhAhh! Must buhari be so effing slow. Emifiele should have been sacked like yesterday!!!

Is he the one responsible for the fall in oil prices?

one step forward ten step backward
sai bubu

chukwudi44:
That Kemi Adeseoun of a woman is the true depiction of cluelessness!!

I don't think if Buhari has given them the free hand to run and clean their departments without interference. I see buhari as somebody that doesn't not allow for another person's idea except his and his hidden cronies.

tempest01:
We need to encourage local products....identify the substitute products and encourage it.

PMB needs to find good economists who will proffer solutions to this our current crises.

GEJ Will be smiling that he isn't at the helm at this critical time.

Sometimes defeat can be good

Will the idi.ot pmb listen?

chukwudi44:
That Kemi Adeseoun of a woman is the true depiction of cluelessness!!

and you are the depiction of ignorance. the 2 points highlighted have nothing to do with the finance minister.

1) exchange rates are determined by the central bank

2) the stock market circuit breaker is under the remit of the NSE,

francizy:



My brother, even a million NOI will not be successful when headed by dullard and tyrannic god. I don't blame that woman really, that's cuz the dictator wouldn't even allow her try her own policies. He'd want her to work with his archaic 83-84 blueprint that almost sunk the Nigerian economy into irredeemable recession...

Dont force yourself to speak English

NavierStokes:


1.Making a reference to him as "my brother" has got nothing to do with ethnic affiliations but rather as one human to another.
2. The economic policies being brandished by this administration has all been synonymous with cluelessness.
3. I am afraid your responses are coming across as bigoted from the way youtried to shift blames to emefiele and onyema and attempting to shield the finance minister from attacks.
4. My brother do not be intransigent and assert that I am incredible because of differing opinions. The message was delivered exactly "as is" from the source.


PS: note that the CBN is inder the ministry of finance, and also the NSE thoigh private is regulated by SEC and under the supervision of the ministry of finance. So his assertion isn't unfounded and you arguing the contrary is an indirect attempt to accuse madam finance minister of laxity in carrying out her duties.

The Central Bank is independent

Illiterate!