₦airaland Forum

blackpanda:
When the past administration was wasting the scarce forex and distributing to friends and cronies, what do u expect. Economics is not magic!

wirinet:
This revelation was not revealed by man but by the holy spirit. This is what i have been saying, this military imposed political structure cannot lead to development, even if oil sells at $200/barrel and we have resource control up to community level. The states and local governments as presently constituted are vehicles of corruption. We need to collapse the federation to no more than 6 federating units.

francizy:
Why isn't GEJ behind bars already? I thought he stole over $200billion?

wirinet:
And within that time OBJ was able to pay $16 billion to the Paris club, hosted CHOGOM, Commonwealth games, saved into our foreign reserves and still steal some money. OBJ must be a miracle worker.
Now why not compare with Jonathan's five years when crude prices averaged $100 per barrel.

blackpanda:
Be patient. The long arm of the law will finally get to him. Nobody is untouchable!

wirinet:
So what happened to Jonathan's 52% share if the funds? So Amaechi revealed Jonathan from saving. It was also Amaechi that made Jonathan withdraw money from the excess crude accounts illegally?

birmingham04:
An enemy of Nigeria, negative thinker,hopeless person, futurless and nonentity will still take Gej as his hero. Gej is most #1 enemy of Nigeria because is the most opportunist among all our leader the most poorest, the most local product but at the end he misbehaved. Dia rise God oooooo.

wirinet:
Which on the rise? The economy started its decline one year before Buhari took over. Nigeria's economy rises and falls with the price of crude.

centvin008:
Apparently worried by the continuous decline in the nation’s economy, Nobel Laureate, Prof. Wole Soyinka, on Thursday, called on President Muhammadu Buhari to convene an emergency economic conference to enable experts brainstorm on the way forward and future of the economy. The Nobel Laureate made the call when he paid a courtesy call on the Minister of Information and Culture, Alh. Lai Mohammed in Abuja. Soyinka said the conference became necessary to enable experts diagnose the problems currently facing the country and to make necessary recommendation for government to get the economy out of the woods. ‘‘I agree with those who say the economy is bad. It is obvious and it is so bad. We really need an emergency economic conference, bringing experts together to match the nation forward. I think the economy is not encouraging. Quite frankly, I think most economists will agree with this. ‘‘The economic condition of a nation does not deteriorate over night, something came before that deterioration. A certain prolonged process of attrition that happened in the past is now knocking on the door. The consequences of the past misgovernance is what we are undergoing right now.’’

Read more at: http://www.vanguardngr.com/2016/02/nigerias-economy-is-bad-calls-emergency-conference-soyinka-urges-buhari/

Jeffboi:
Fortunately. PDP E_warriors are happy about this.


But tthis not the time for opposition game now. We need to join hands together



Chaii. Planning ahead is more important than my gf

hesiod:
Mr President has diagnosed the problem and tagged it corruption and criminality.

After fighting corruption head on, he would then tackle criminal Nigerians and if there be energy left in him he would then build your economy even if $ is 1000 dinars by then.

Happy country.

francizy:
The same governors that pushed for all our savings to be shared are now ministers (after using the money to sponsor Buhari's election) while one of them is running Imo state aground. If you want the reserves, go and take it from Buhari.

Femiwilli:
[size=14pt]Nigerians

We need to accept the fact that B00hari is killing Nigeria.

The Naira is crashing.

The Economy is on it's knees.

He is busy appointing media people while the economy is dying.

He was elected on lies and is more concerned about the lies than the economy.

Nigerians try and get this man out.[/size]

hopilo:
How did we manage the economy when the price was $18? Buhari and APC should not complain. Meabwhile How come we have not notice that cocoa price has increased to over 100% the past one year.

49cents:
My friend wake up

Politicians are the same everywhere, wake up and be wise.

Nigeria's only way out is to collapse the expensive state structure the military created and collapse them into autonomous, federating regions and see if healthy competion and use of resource control won't change this overnight

NSNA:
GEJ is truelly blessesd, looking at the chart see the boom in his time... And as soon as he left office see the oil price drop like rain

banio:
Why live in the past. Let's pray that Buhari performs because it's bitting hard on we fathers. I am not saying GEJ was excellent or that OBJ was a saint.

kristisking:
I thought they said he is the messiah we need. Let him do the magic now. People chanted change when many especially the Yorubas never knew what change meant for a northerner.

arabbunkum:
[size=18pt]A professor that campaigned to bring an illiterate to power is now calling for an emergency meeting! Why did he not see this calamity at the onset? What manner of professor are you??[/size]

CyberWolf:
Don't mind them.. They know what to do but ,they are just running around in circle deceiving themselves. bunch of hopeless gorillas that called themselves leaders..

ocelot2006:
What bloody decline? The economy kept growing at a rate of 6-7% under the GEJ watch. Even at the last days of his administration, Nigeria still maintained that growth and was projected to be one of the largest economies in the world.

Bubu on the other hand SQUANDERED that success. 2-3 months into the PMB admin, and No thanks to his lack of economic policies to guide the nation and gross incompetence, our growth rate dropped to 4%, job growth was slashed, freaking Ethiopia overtook us as choice destination for FDI, we're no longer among the top 5 fastest growing economies in Africa, the Naira's value took a nose dive, no team to drive the president's no existing economic policies. 9 months down the line, the country's in recession. Thousands of jobs have been lost with 2 million being threatened. There's massive capital flight as investors run away. The business environment is so harsh now that small business's are parking up. And there's the.budget fiasco. All these while Bubu and co are busy blaming GEJ, who btw is busy trying to.enjoy his retirement in peace.

quote author=obailala post=42950364]
Let me tell you a short story of what happened when the oil prices began to crash, just between October 2014 and May 2015 when GEJ handed over:

(1) The Naira fell from N166/167 to N220 to $1, meanwhile oil still sold at about $65/barrel as at May 2015.
http://abokifx.com/previous-rates-2/

(2) The nation's foreign reserves dropped from ~$38.5bn to $28.7billion, that's a drop of about $10billion in 7 months, with oil still selling at about $65/barrel as at May 2015.
http://www.cenbank.org/intops/Reserve.as
(3) Nigeria's GDP growth rate which was maintained at an average of 6-7% suddenly dropped to its lowest since 1999 of 2.3%.
http://www.tradingeconomics.com/nigeria/gdp-growth-annual

(4) Due to a severe cash crunch occasioned by fall in oil prices, the Nigerian government had to borrow about $2.4billion dollars early in 2015 to pay salaries. The FG could not also pay accumulated arrears of fuel subsidy since August 2014 to petroleum importers (this led to the fuel scarcity in May 2015 just before the handover and Lai Mohammed also blamed this owed fuel subsidy as the reason behind the fuel scarcity late last year)
http://www.vanguardngr.com/2015/05/nigeria-borrows-to-pay-salaries-with-cash-crunch-worsening/
http://www.channelstv.com/2015/12/21/lai-mohammed-blames-fuel-crisis-on-past-administration/

Note that all of the above happened at a time when oil still sold above $65/barrel; today oil sells for about $30/barrel

Now I do not want to imagine the kind of economic humanitarian crisis that would have enveloped Nigeria had GEJ continued in his usual manner of dipping his hands into the forex reserves; only God saved us as a nation else we would have been standing on long queues by now to receive one cup of rice daily from W.H.O or UN outlets.


Did I just hear you say continuity of those four (4) negative events I just pointed out above?
Are you aware that the FG under Buhari has not borrowed to pay salaries? It even bailed out the states
Are you aware the FG has paid off subsidy arrears owed to oil importers even since the days of GEJ?
Are you aware the FG/CBN has been able to maintain virtually the same forex reserve amount that it inherited till date?... Unlike GEJ that crashed it by $10billion in 7 months of oil price crash?
And now all these have been done when oil sells for less than half of what it was when GEJ was handing over and you think the present government is more useless?? I challenge you to tell me that these figures and indices I have written here are wrong, kindly explain to us your 'empirical' evidence.

wirinet:
This revelation was not revealed by man but by the holy spirit. This is what i have been saying, this military imposed political structure cannot lead to development, even if oil sells at $200/barrel and we have resource control up to community level. The states and local governments as presently constituted are vehicles of corruption. We need to collapse the federation to no more than 6 federating units.

wirinet:
Which on the rise? The economy started its decline one year before Buhari took over. Nigeria's economy rises and falls with the price of crude.

acada111:
[size=18pt]
The economy is on its stomach....e don lie down finish[/size]

IFELEKE:
The problem with this government is ill-preparedness, the president only wanted to rule without actually having a genuine blue print required to turn the nation's fortune around for good. He blames past administration forgetting it was there mistakes that propelled him to power.
I think it's high time the president realized that propaganda can only win election, it can't rule a nation successfully. Nobody wants him to perform an overnight miracle, we know the rot will take a while to fix we only want to see concrete steps taken to that effect.

Back to the topic,
I don't think the president needs to be told before he convokes an emergency economic committee to tackle this problem. By now, we should have teams working on how to stabilize the free fall of the dollar on one hand and another working on how to cushion the effect of the drop in oil price on our monolithic economy.
Looking at the people the president surrounds himself with, one tends to be afraid for the nation...

3rdlegxxx:
Dude a lot of Nigerians don't think, they just follow follow and do the blame game, never stopping to think and comments using facts on ground, it is very easy for them to just play the game game, so easy.

Rikidony:
THIS IS WHAT PDP HAS BROUGHT ON US, WE MUST STAND TOGETHER AND REDEEMED OUR COUNTRY FOR THE BENEFIT OF ALL.

Reference:
Because that is what the APC folks did to get into power. You must be very deluded to think it will stop when things are getting worse. Most Nigerians don't know how nations work. You folks capitalised ö that and appealed to their raw, crude passion, now you want them to be civilised, educated, enlightened and critical. Are you serious. Can't you see that the problem is not with government but the people. Suffering is indeed good for the soul. God uses it.