francizy:


A serious minded individual/president interested in economic diversification will not have budgeted more for Ministry of Misinformation (only under APC) than for that of Ministry of Agriculture, which seems to be the next best thing, in this our present economic troubles. This shows that APC/Buhari lacks vision, direction and tact...

macfarland:
Buhari says, if Jonathan had won the elections, the dollar would have hit N1000/$1.
It is currently at almost N400/$1, a sharp drop from N180/$1 when Jonathan left office nine months
I have never ever heard a more convoluted balderdash in my life of what a nonsense this useless old man called Buhari can gutter out of his mouth.
Rather than tweak his hay headed economic policies, Buhari finds refuge behind his familiar whipping boy: Jonathan even nearly one yr in power. Many Buhari supporters and Southwest Zombies talk flippantly about the rot and corruption that Buhari inherited from Jonathan, as reason for the deepening gloom that Nigeria is convulsing into. Indeed there was sleaze as is the wont in Nigeria for decades before and during Jonathan and including in this administration.
But we must ask: What is the depth of the rot Buhari met? Anybody with clear facts? Did industries close shops? Did banks close shops? Were schools, hospitals and power supply shut down? Was infrastructure, roads, rail, airports etc destroyed? Was there a major war? If it is corruption, exactly how much was stolen and how many people have been convicted or even taken to trial in almost a year? Was the Naira not N180/$1?
Buhari should stop hiding his incompetence behind Jonathan and unproven allegations. He should roll up his sleeves and get down to work. Enjoying the pomp, pageantry and paraphernalia of office is not same as getting things done. In fact we need Jonathan back right.

jornie:
Honestly,i don't know why everyone one is complaining,in the first place,nigeria shouldn't have a parallel market,nigeria should have a control of its own economy. Now,cbn is still selling dollar for 199 while parallel markets sell for above 400,what does that imply? The govt is spoiling their market,soon the parallel market dollar rate will be a thousand.. Then i guess they would have no choice but to backup and leave.... Even US doesnt have a parallel market.

Babacele:
how?

wirinet:
So Jonathan would have performed magic and held the naira at N200 to $1 even when crude prices falls to $30. If Jonathan had such magical powers, i am sure he will be highly sought after in Russia, Saudi Arabia, Venezuela and Azerbaijan. All these countries are facing the same economic crisis as their economies depends on mainly crude exports.

Read this article;

eyeview:
Infact,brethren,let us pray!
Repeat after me!
My Faaatherr! My Faaatherr!
Everybody! Who worked for the victory of this APC government!
What are you waiting for?!
Oya! Fall down and die!
Die! Die! Die

ipledge10:
You guys are ignorant of what is going on in the world. ..since oil started going down...Saudi Arabia that produce more than what Nigeria produce and with lesser population have sold more than $126billion of her properties...is it Jonathan that drain the country foreign reserve when oil was $110/barrel will be the one to save the country when oil is less than $30/barrel?...you can wail till jesus come

Sunnybobo3:


Did they not know that before promising to make $1=N1

francizy:



Yeah, the zombies...

idupaul:
I was part of those who voted change. .these are tough time but I choose to believe

ipledge10:
You guys are ignorant of what is going on in the world. ..since oil started going down...Saudi Arabia that produce more than what Nigeria produce and with lesser population have sold more than $126billion of her properties...is it Jonathan that drain the country foreign reserve when oil was $110/barrel will be the one to save the country when oil is less than $30/barrel?...you can wail till jesus come

KingTom:
and wailers

francizy:


So which side are you on?

oyinkinola:
[s][/s]


2017 budget will beat record... ₦1 quadrillion!, all the social sectors will be substantially finance to trillions ₦, poverty will be completely eradicated and by the end of year 2018 Nigeria will be declared a developed state and classify one of the first three country in the index of human .
I know you will argue on how this can happen with the economics situation of today, low foreign reserve, low oil price, with depreciation of ₦.
yes oil price is down, foreign reserve is dry but we still have foreign looted fund reserve at hand! when recovered and well managed, it won't be problem to have money for this budget!
we can only pray that a $ hit ₦1000 and all $1 trillion looted recovered!
I know for sure that with the determination of this government and the support of foreign nation to help recovered all $ trillion looted it will happen.....$1 trillion recovered and change to ₦ will give us ₦1 quadrillion needed to financ that budget!
year 2017 bye bye to poverty!

Pavarottii:

I told u I don't support party. I support individual and I stand by GEJ any day, anytime. If u want to know wat he did. Google is ur friend. After all Obj and Atiku 4 8years built ABTI and Bells for themselves. GEJ built 14universities for Nigerians and none 4 himself. Just to mention a few.

ajebuter:
GEJ was not a saint neither were his ministers

Things were really bad, yes.. AGREED

But we never had it so baaaaddd!

This administration is Nigeria's costliest blunder

Because it is so glaring the president and his 'host of saints and angels' are clueless about what to do to revive the comatose economy

I miss the 'corruption-ridden' era of GEJ where our economy was NOT good but not DYING either

A 'corrupt' administration where our rights as citizens were guaranteed and we never got visited by DSS for insulting the president (and insulting the president was the hobby of some e-zombies here and these same zombies go apeshit when we dish the same to their 'messiah"

I miss GEJ, I swear..

But thankfully, he is drinking his ' ogogoro' in peace in Otueke

KingTom:
I'm a neutral like you once were

eyeview:
Infact,brethren,let us pray!

Repeat after me!

My Faaatherr! My Faaatherr!

Everybody! Who worked for the victory of this APC government!

What are you waiting for?!

Oya! Fall down and die!

Die! Die! Die

HiddenShadow:


Stop practicing selective amnesia. Northerners opposed the Confab because it will restructure Nigeria along True federalism.

Iroh88:
Lol. I'm fine my frienemy. How are you? Been a while. Bad blood gone good with the passage of time I presume.

I'm fine.
I was meditating this morning, and I felt this surge of love and excitement course through me for everything living; for everyone.
and I started reliving everyone whom I had something against (virtual & real life), I saw myself imagining they were before me, blessing and wishing them well.

I had this impulsive thought to reach out, so I paused my exercise, reached out, then continued.

I saw a post you made about being humanitarian, you're human afterall, and a kind one at that.
#Bless

ipledge10:
You guys are ignorant of what is going on in the world. ..since oil started going down...Saudi Arabia that produce more than what Nigeria produce and with lesser population have sold more than $126billion of her properties...is it Jonathan that drain the country foreign reserve when oil was $110/barrel will be the one to save the country when oil is less than $30/barrel?...you can wail till jesus come

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.”

oyinkinola:
[s][/s]


2017 budget will beat record... ₦1 quadrillion!, all the social sectors will be substantially finance to trillions ₦, poverty will be completely eradicated and by the end of year 2018 Nigeria will be declared a developed state and classify one of the first three country in the index of human .
I know you will argue on how this can happen with the economics situation of today, low foreign reserve, low oil price, with depreciation of ₦.
yes oil price is down, foreign reserve is dry but we still have foreign looted fund reserve at hand! when recovered and well managed, it won't be problem to have money for this budget!
we can only pray that a $ hit ₦1000 and all $1 trillion looted recovered!
I know for sure that with the determination of this government and the support of foreign nation to help recovered all $ trillion looted it will happen.....$1 trillion recovered and change to ₦ will give us ₦1 quadrillion needed to financ that budget!
year 2017 bye bye to poverty!

ajebuter:
GEJ was not a saint neither were his ministers

Things were really bad, yes.. AGREED

But we never had it so baaaaddd!

This administration is Nigeria's costliest blunder

Because it is so glaring the president and his 'host of saints and angels' are clueless about what to do to revive the comatose economy

I miss the 'corruption-ridden' era of GEJ where our economy was NOT good but not DYING either

A 'corrupt' administration where our rights as citizens were guaranteed and we never got visited by DSS for insulting the president (and insulting the president was the hobby of some e-zombies here and these same zombies go apeshit when we dish the same to their 'messiah"

I miss GEJ, I swear..

But thankfully, he is drinking his ' ogogoro' in peace in Otueke

HiddenShadow:


Supported. You and I deserve to join Jonathan to sip his ogogoro in otueke