he possibility of the Nigerian economy plunging into recession in 2016 is not in doubt, going by the poor economic policy direction of President Muhammadu Buhari. Professor Pat Utomi has maintained.



As crude oil prices dive lower, threatening to dip below $30 a barrel for the first time since the financial crisis of 2008, commodity economies around the world are catching a cold.



The collapse of oil price is already taking its toll on the Nigerian economy. As it stands, there is no light at the end of the tunnel yet. Nigeria’s situation is further worsened by the current government’s delay in enacting sound fiscal and monetary policies.



Investors across the world are losing their investments in stock and property owners are also suffering losses as a result of depreciation in currencies.



The Naira is currently under intense pressure, the situation has depleted Nigeria’s foreign exchange reserves, with policy makers now left with a difficult decision to make: either allow the currency to move in a wider range against the dollar or raise interest rates.



However, the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has promised to stabilize the Naira without devaluing the currency.



President Muhammadu Buhari has also backed the CBN’s monetary policies, which have raised questions about its sustainability.



Two former Central bank governors, have disapproved the current policies initiated under Buhari, aimed at amelioration the situation. They have both called for more flexibility in the management of the country’s currency.

GEJ or no GEJ The economy will go into recession.

We had plenty we squandered it. Enjoy the recession.

Shameful

kilode100:
Can GEJ come back?? I know why I dey talk like this o

So he can snap his fingers and crude oil becomes $140.

Receive sense IJN.

Hahahahahahahahahahajahahahahaha

I don talk ammm oooo
Chubhiee ,firefire come see ooo

This article does not make sense. In the throes of Jonathan's regime, we were in a recession. Did we ever come out of that recession? NO.

onatisi:
Hahahahahahahahahahajahahahahaha

I don talk ammm oooo
Chubhiee ,firefire come see ooo

.

na wa o.....

kilode100:
Can GEJ come back?? I know why I dey talk like this o

I advice that PMB should just eat the humble pie and recall Ngozi Okonjo Iweala. I have yhis gut feeling that she can do something. Under her watch things weren't this bad. We should not throw away the bath water with the baby. In Ben Bruce voice...just wana make common sense.

Shebi this same Utomi joined the demonisation squad against Jonathan as part of the SCAM propaganda that led to Buhari winning on March 28, 2015
We don't need his crocodile tears please.



[img]http://3.bp..com/-EF6HO5-yn8Q/ULKHgZOdQ4I/AAAAAAAAAAg/ThgwNYkShYg/s1600/CTlogo.jpg[/img]

oludashmi:
Renowned Political economist, Prof. Pat Utomi, has endorsed the All Progressives Congress presidential candidate, Maj. Gen. Muhammadu Buhari (retd.), and urged Igbos and Nigerians to vote for Buhari in order to restore hope to Nigeria.

At the unveiling of a Pan-Igbo group, Igboekulie, in Lagos on Wednesday, Utomi said Buhari’s coming would be likened to what happened in the United States in 1981 when the Americans were fed up with the Jimmy Carter administration with inflation as high as 29%, but it took a 70 years old man, Ronald Reagan, to run for Presidency in the United States, to turn things around and revive the American spirit.

He said Igbos have been branded as people who sell their votes to the highest bidder and therefore, urged them to vote wisely in order to shed this reputation.

“I think Nigerians don’t have any alternative in the person of Gen. Muhammadu Buhari. I refer to him from my writings as the Buhari ascendancy. That reminds me of what happened in the US when I lived there with President Ronald Reagan.

“We had one wonderful, nice guy called Jimmy Carter as President. Things went so awfully wrong. Inflation was 29 per cent.” he explained.

http://www.nigerianheadlines.com/prof-pat-utomi-endorses-buhari-for-presidency/

Some people do not have any iota of SHAME.
People who should be hiding their heads in one remote corner of our country still opening their mouths to LAMENT as if they are also dull, daft & dumb as The Confused One.

kayfra:
So he can snap his fingers and crude oil becomes $140.

Receive sense IJN.

Jonathan did not promise to stabilise the oil price.
It was the man from Daura, our home-grown Superman, who said that.
Stop twisting things sir.
Thanks.



www.nairaland.com/attachments/2186280_buhari2blaugh1_jpegc35d9ea4e30142f9302718e17f58f220

onatisi:
Hahahahahahahahahahajahahahahaha

I don talk ammm oooo
Chubhiee ,firefire come see ooo

Let Nigerians enjoy their change. Buhari acrobatics can't stop my Groove.

I am ready for anything now. Expecting the unexpected. My own point is that Buhari must complete it 2 tenors. If oil like let it be $13 per barrel Bubu must not go anywhere.

Bubu is a dull goat!

Wailers party is swelling by the day.
By May 29, I won't be surprise if Aisha denies Buhari

Lets keep quiet and enjoy the change , all hope is not lost

BlackMerchant:
This article does not make sense. In the throes of Jonathan's regime, we were in a recession. Did we ever come out of that recession? NO.

if proactive measures were utilized, we wouldn't have been this deep in the mess i.e. setting up a cabinet and economic team (for me even before inauguration) and working on a holistic budget at least from August/September 2015 seeing that apart from salaries, Buhari didn't do a single thing with the budget he inherited. He single handedly plunged this country into the chaos we're facing right now

This country is finished!

Let me see the hypocritical twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 335. GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira loss in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-335 in barely 7 months? This is disastrous...an invitation to anarchy.

Keep blaming GEJ and oil price until dollar hits 1000 Naira by 2017 by the rate Naira is falling.

d only tin buari get for brain na fura danono. economic ideas n strategy is missing in his head, hence his vilage daura policies.

We must all enjoy this change till 2019

Buhari is a colossal failure!

HiddenShadow:
Wailers party is swelling by the day.
By May 29, I won't be surprise if Aisha denies Buhari

obj,oby,balarabe ,shehu sani,dele momodu,omojuwa,sanusi,senator garba and now pat utomi.

specco:

I advice that PMB should just eat the humble pie and recall Ngozi Okonjo Iweala. I have yhis gut feeling that she can do something. Under her watch things weren't this bad. We should not throw away the bath water with the baby. In Ben Bruce voice...just wana make common sense.

I assure you had Okonjo Iweala been there, you would have seen strong economic policies to stop the bleeding...economic recession.

Under 7 months dollar has increased to 335 from 210... This mad cow named buhari is a natural idiot.

Knowledge9000:
This country is finished!

Let me see the hypocritical twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 335. GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira loss in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-335 in barely 7 months? This is disastrous...an invitation to anarchy.

Keep blaming GEJ and oil price until dollar hits 1000 Naira by 2017 by the rate Naira is falling.

Don't mind them.
They should better recall GEJ'S ECONOMIC TEAM

Just because ur efforts to join the government did not turn out as expected?

Economic management is beyond classroom and FERNANDO Cardoso.

henryutd:
I am ready for anything now. Expecting the unexpected. My own point is that Buhari must complete it 2 tenors. If oil like let it be $13 per barrel Bubu must not go anywhere.

It's better Buhari goes for the interest of very poor ppl. like you who has not benefited a kobo from this govt only suffering

specco:

I advice that PMB should just eat the humble pie and recall Ngozi Okonjo Iweala. I have yhis gut feeling that she can do something. Under her watch things weren't this bad. We should not throw away the bath water with the baby. In Ben Bruce voice...just wana make common sense.

Recall Ngozi Iweala to come and do what exactly?

The same Ngozi Iweala that could not adequately manage an economy where crude was selling for over 100 dollars? Under her watch, Nigeria 's economy was looted blind.

This country has been under her watch for the better part of the last 16 years and we are still where we are today. Says a lot about her capacity as a good economist.

There is no gainsaying the fact that Madam Ngozi Iweala is an immensely brilliant woman. But Nigeria ' s economic challenges defies any textbook or PowerPoint solutions. You need native intelligence to navigate the murky waters that is Nigeria ' s economy.

Knowledge9000:
This country is finished!

Let me see the hypocritical twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 335. GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira loss in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-335 in barely 7 months? This is disastrous...an invitation to anarchy.

Keep blaming GEJ and oil price until dollar hits 1000 Naira by 2017 by the rate Naira is falling.

Very good analysis bar the fact that you forgot to mention how much crude was selling on the international market compared to now.

You can be as emotional and angry as you want to be with the perceived "non-performance" of the present government. But it is only fair to present a full analysis of how we got here.

My take is that if the travails that this nation has been through in the last 16 years did not kill her, then we will survive the next 4 years and if after that, we still do not see the merit in President Buhari ' s government, then we try the next person. We will keep trying till we get it right.

Reptyle:


Very good analysis bar the fact that you forgot to mention how much crude was selling on the international market compared to now.

You can be as emotional and angry as you want to be with the perceived "non-performance" of the present government. But it is only fair to present a full analysis of how we got here.

My take is that if the travails that this nation has been through in the last 16 years did not kill her, then we will survive the next 4 years and if after that, we still do not see the merit in President Buhari ' s government, then we try the next person. We will keep trying till we get it right.

Even when my last statement mentioned blaming oil price, you still chose to mention it?