tonyfrenzy:


[size=14pt]Such bitterness.[/size]
He has not even spent a year.

Yes there is bad economy now, is he the one controlling the global price of oil that Nigeria
is solely depending on and that is causing the wreck in our economy?

Didn't he promise to control price of crude oil one time. Hahahahahahaha. Bubu is working.

Seun:
It worked marvelously in Argentina, Greece, and Zimbabwe. Why not Nigeria? /s

As in the real seun is a"pun" star ...Thank Goodness you are no "zombie"

Smh.....some of this olodos don't even know the economic terms of devaluation yet be opening their yakata mouth clamouring for naira devaluation.... Chai!!! Nigerians and their gullibility

arewafederation:
Nigerians are very impatient, forgetful and shortsighted.
We all want change and are not prepared to make sacrifices and undergo the pains that accompany the change.

But I believe with the present economic policies, even though harsh, Nigeria will in the long run become self reliant. Only then can we begin to feel the CHANGE.

Did you say present economic policies ?

What economic policies?

There has been no single economic policy articulated by this administration.
That's what is causing this confusion in the land.

Seun:
It worked marvelously in Argentina, Greece, and Zimbabwe. Why not Nigeria? /s

4 real? lmao

caphone:
Smh.....some of this olodos don't even know the economic terms of devaluation yet be opening their yakata mouth clamouring for naira devaluation.... Chai!!! Nigerians and their gullibility

meet ur economics class teacher today to av proper understanding of devaluation.

IyaIode:

Add China, India and Brazil to your list to sound logical. Greece and Argentina didn't fail because of falling currency value. Sanctions killed Zimbabwe.

China and India discouraged importation of finished goods, that's why they are economic powers today. Nigeria should do same.

Exporters are smiling to the bank with the value of the naira.

This is the best news in the last 20 years imagine this, with all the tomatoes being grown in Nigeria some people still smuggle tomatoes in from Cotonou to sell to those who want to use it for jollof rice and i was like why? and they claimed " IT ADD COLOR AND TASTE ", the latest craze is imported PONMO, awon werey.

nortcentrallord:


Didn't he promise to control price of crude oil one time. Hahahahahahaha. Bubu is working.

Yes bro, he is working to bring our senses back to normal,
enough of ordinary paper and toothpick importation, these
two products are made from woods.

We should start thinking about our locally produced products.
We cannot be at the mercy of FOREX when we can control our
destiny in a way.

Alxmyr:
God bless you my brother.
But the blessing will only become permanent if you can say Amen to this short prayer.
May God change your life the way Buhari has changed Nigeria in the last 8 months.

Amen oooo i claim that prayer personally and i pray may God rule your life as Gej rule Nigeria.. can i hear you say Amen?

Ecoterrorism:
Buhari should man up and devalue our currency like Ibb did to save the free fall of the naira.

as the number one enemy of Nigeria, I did not expect less of a post from you.


Don't forget, each I pray for enemies of Nigeria to fall, you might be there.

Ecoterrorism:
you sound more intelligent on economic matters than Seen. Keep it up.


Its just your tribalism that is destroying you

Nairaland brings out the tribalist in us with flying colors

Ecoterrorism:
You just listed countries going through the same problems with Nigeria who have been bailed out by IMF except Zimbabwe. These countries are still in recess and there is still no end in sight for them. Nigeria has not gotten it right with its economic MGT team because their inputs is far different from what its obtainable today.



Devaluation is the only thing we need now

tell us the export/import trend of these countries or remain shut forever. Tell us the single commodity that caused their economic problems, or just remain closed.

I find it very nauseating each time people bring GEJ to the picture because they want to defend the President. It has gotten to the where I see that even if it is found that all the allegations against GEJ is wrong people would rather sweep it under the carpet because it has become a matter of principle for Jonathan to be wrong and Buhari to be right. Let us remember that it is only logical that we would get grains of sand in place of rain if we wish the ground above the Sky.

drss:
make una prepare o! very soon milk n bread go scarce cos buari dullard does not know economics. d only tin he understand is corruption.
If i was in buari's shoes, dis is wat i for don do:
[b]- as soon as am sworn in, i will appoint minister of finance n constitute an economic team on 5th june 2015 to fomulate economic policies to drive d economy out of oil. i will make sure my economic team through budget office prepare 2016 national budget by september for presentation in october 2015.
- i will prevail on national assembly to pass national budget before christmas break on dec 2015.
- on june 20th 2015, i will devalue d naira n send suplimentary budget bill of N700 billion to national assembly for approval. dis monies will be use to support strategic industries like automobiles to help boost their production capacity for local consumption n export. i will partner with china to help develop our local content on manufacturing. d supplimentary budget will serve as an emergency budget to pave d way for export led economy. parts of d monies will also be used to help fix power infrastructure.
- i will invest massively in agricultural mechanization. infact agriculture will get d lion share of N700 billion in my 2016 budget. If i were buari, i will improve d youwin program n support young pipul who have passion for farming. special grants will be given to poultry farmers instead of d so call N5,000 to d poor nonsense.
- i will begin massive infrastructual development of roads n bridges n prepare a contract for d construction of 2 sea ports in south east n south south. container ports will also be established in north east for export of agricultural produce.
- i will downsize d federal civil service.
- i will abolish govt sponsorship of pilgrimage. make everbody hussle for him religious duties.
- i will send a bill for final implementation of true federalism where every state will be responsible for demsleves. d states will have total conrol to their resources n develop their solid minerals within their domain. afta which i will abolish federation account. no more feeding bottle.
- finally i will bail out all d states of d federation to enable dem develop their economic resources according to ther comperative advantage. each state will be responsible for generating their revenue. afta which all d states will be left on their own. [/b]
dis is wat i will do if i were buari.

Guy u would have made a better president than what we have now. Good governance is not rocket science, but when we have men with shallow intellectual capacity taking the reins of power, we are sure to suffer and pay for it. At point in time in our nation, we need men with sharp, precise, and strategic thinking to move this country forward.
on another note we that have developed our capacity over time should avail our self the opportunity of joining politics to also contribute from our vast wealth of knowledge, rather than continue to standby and watch men with shallow thinking continue to frustrate us out of politics.

Caseless:
as the number one enemy of Nigeria, I did not expect less of a post from you.


Don't forget, each I pray for enemies of Nigeria to fall, you might be there.

I'm not an enemy of Nigeria because I didn't support the policies of this country. I'm a lover of Nigeria because I've seen that this country is in deep mess and the managers don't have any clue as solution rather they are pooing on our heads with propaganda

drss:
make una prepare o! very soon milk n bread go scarce cos buari dullard does not know economics. d only tin he understand is corruption.
If i was in buari's shoes, dis is wat i for don do:
[b]- as soon as am sworn in, i will appoint minister of finance n constitute an economic team on 5th june 2015 to fomulate economic policies to drive d economy out of oil. i will make sure my economic team through budget office prepare 2016 national budget by september for presentation in october 2015.
- i will prevail on national assembly to pass national budget before christmas break on dec 2015.
- on june 20th 2015, i will devalue d naira n send suplimentary budget bill of N700 billion to national assembly for approval. dis monies will be use to support strategic industries like automobiles to help boost their production capacity for local consumption n export. i will partner with china to help develop our local content on manufacturing. d supplimentary budget will serve as an emergency budget to pave d way for export led economy. parts of d monies will also be used to help fix power infrastructure.
- i will invest massively in agricultural mechanization. infact agriculture will get d lion share of N700 billion in my 2016 budget. If i were buari, i will improve d youwin program n support young pipul who have passion for farming. special grants will be given to poultry farmers instead of d so call N5,000 to d poor nonsense.
- i will begin massive infrastructual development of roads n bridges n prepare a contract for d construction of 2 sea ports in south east n south south. container ports will also be established in north east for export of agricultural produce.
- i will downsize d federal civil service.
- i will abolish govt sponsorship of pilgrimage. make everbody hussle for him religious duties.
- i will send a bill for final implementation of true federalism where every state will be responsible for demsleves. d states will have total conrol to their resources n develop their solid minerals within their domain. afta which i will abolish federation account. no more feeding bottle.
- finally i will bail out all d states of d federation to enable dem develop their economic resources according to ther comperative advantage. each state will be responsible for generating their revenue. afta which all d states will be left on their own. [/b]
dis is wat i will do if i were buari.

Well done. But, the sad thing is, you are not and can never be Buhari.

Seun:
It worked marvelously in Argentina, Greece, and Zimbabwe. Why not Nigeria? /s

You forgot Venezuela and Brazil. Possibly the two biggest tragedies considering their natural resources.

Caseless:
tell us the export/import trend of these countries or remain shut forever. Tell us the single commodity that caused their economic problems, or just remain closed.

the same thing that destroyed Argentina and Greece is what your APC govt is proposing. Social welfare scheme which piles on our recurrent expenditure or in laymans term. To use mouth chop your future

feelamong:


Yea don't mind them! Devaluation is working well in Greece and Zimbabwe!

Lubbish!

It worked in Japan, because they were exporting.
Wean yourself off your addiction to most imported stuff.

maclatunji:
Buharinomics is Working

I can see why former President Jonathan could oversee the most odious looting of the treasury with the way Nigerians are reacting to the current state of the economy. The Buhari government has made it clear that it is determined to wean us off importation and what this means for a country that imports virtually everything from eggs to toothpicks is that people will feel the pain initially.

However, the Buhari government's economic policy of stifling frivolous imports and not officially sanctioning the devaluation of the naira is working as the manufacturing industry is beginning to grow. There is evidence for this assertion here http://communityvoiceradio.com/chinese-auto-firm-to-set-up-assembly-plant-in-calabar/ and http://nairametrics.com/bua-group-and-this-chinese-company-will-build-a-1-9b-steel-plant-in-nigeria

The same with agriculture https://www.nairaland.com/2904854/anambra-begins-vegetable-export-uk
and http://www.punchng.com/ooni-promises-jobs-for-40000-youths-through-agriculture/.

Yes, there are initial pains but if Nigerians support the government and stop the addiction for imported items, we will be on the way to long-lasting and sustainable economic growth and development.

Despite the problems with the budget which proper scrutiny from the National Assembly can help address, it still has a large focus on infrastructure development that will benefit the economy and citizens in the middle to long term.

Our duty as citizens is to look at ways of helping to make things better as the government fights corruption and implements structural reform of our economy not to whine about not being able to continue our destructive habits of wasteful spending and unnecessary importation for temporary gain.

Source: http://www.coolstuff49ja.com/2016/02/buharinomics-is-working.html

What you are saying is that 1+1=4. I hope you know its wrong. His economic policies are lamentable. Soludo, Sanusi and now Utomi have all condemned his policies.

All this noise about diversification and buying our local goods to help the naira will all fizzle out as soon as oil prices start going up again. Achieving self sustenance will take more than buharinomics to achieve, rather a well thought out economic blue print which would be adhered to irrespective of the vagaries of oil prices is what nigeria needs. Looking at the high rate of cluelessness and grass incompetence displayed by this administration in just 8 months,it leaves one not very hopeful they can walk the talk beyond media hype

Though i feel same way you feel...the reality is sumtin else. Global trade does not work like that. We signed those treaties n we r members of those world bodies. They might sanction us or deny loans!!! We ve to thread carefully my friend....

EastanPower:


IMf should go to hell, I don't think they care about us.

Ecoterrorism:
You just listed countries going through the same problems with Nigeria who have been bailed out by IMF except Zimbabwe. These countries are still in recess and there is still no end in sight for them. Nigeria has not gotten it right with its economic MGT team because their inputs is far different from what its obtainable today.



Devaluation is the only thing we need now

He is being sarcastic! Yes. An official devaluation like what Sanusi did in 2009 when he came in is the answer

drss:
make una prepare o! very soon milk n bread go scarce cos buari dullard does not know economics. d only tin he understand is corruption.
If i was in buari's shoes, dis is wat i for don do:
[b]- as soon as am sworn in, i will appoint minister of finance n constitute an economic team on 5th june 2015 to fomulate economic policies to drive d economy out of oil. i will make sure my economic team through budget office prepare 2016 national budget by september for presentation in october 2015.
- i will prevail on national assembly to pass national budget before christmas break on dec 2015.
- on june 20th 2015, i will devalue d naira n send suplimentary budget bill of N700 billion to national assembly for approval. dis monies will be use to support strategic industries like automobiles to help boost their production capacity for local consumption n export. i will partner with china to help develop our local content on manufacturing. d supplimentary budget will serve as an emergency budget to pave d way for export led economy. parts of d monies will also be used to help fix power infrastructure.
- i will invest massively in agricultural mechanization. infact agriculture will get d lion share of N700 billion in my 2016 budget. If i were buari, i will improve d youwin program n support young pipul who have passion for farming. special grants will be given to poultry farmers instead of d so call N5,000 to d poor nonsense.
- i will begin massive infrastructual development of roads n bridges n prepare a contract for d construction of 2 sea ports in south east n south south. container ports will also be established in north east for export of agricultural produce.
- i will downsize d federal civil service.
- i will abolish govt sponsorship of pilgrimage. make everbody hussle for him religious duties.
- i will send a bill for final implementation of true federalism where every state will be responsible for demsleves. d states will have total conrol to their resources n develop their solid minerals within their domain. afta which i will abolish federation account. no more feeding bottle.
- finally i will bail out all d states of d federation to enable dem develop their economic resources according to ther comperative advantage. each state will be responsible for generating their revenue. afta which all d states will be left on their own. [/b]
dis is wat i will do if i were buari.

Easier said than done... Anyway, u wold have gotten my vote at least

sorepco:
Though i feel same way you feel...the reality is sumtin else. Global trade does not work like that. We signed those treaties n we r members of those world bodies. They might sanction us or deny loans!!! We ve to thread carefully my friend....

Sanction us for what exactrly? For trying to protect our naira and local industries? I don't understand.

drss:
make una prepare o! very soon milk n bread go scarce cos buari dullard does not know economics. d only tin he understand is corruption.
If i was in buari's shoes, dis is wat i for don do:
[b]- as soon as am sworn in, i will appoint minister of finance n constitute an economic team on 5th june 2015 to fomulate economic policies to drive d economy out of oil. i will make sure my economic team through budget office prepare 2016 national budget by september for presentation in october 2015.
- i will prevail on national assembly to pass national budget before christmas break on dec 2015.
- on june 20th 2015, i will devalue d naira n send suplimentary budget bill of N700 billion to national assembly for approval. dis monies will be use to support strategic industries like automobiles to help boost their production capacity for local consumption n export. i will partner with china to help develop our local content on manufacturing. d supplimentary budget will serve as an emergency budget to pave d way for export led economy. parts of d monies will also be used to help fix power infrastructure.
- i will invest massively in agricultural mechanization. infact agriculture will get d lion share of N700 billion in my 2016 budget. If i were buari, i will improve d youwin program n support young pipul who have passion for farming. special grants will be given to poultry farmers instead of d so call N5,000 to d poor nonsense.
- i will begin massive infrastructual development of roads n bridges n prepare a contract for d construction of 2 sea ports in south east n south south. container ports will also be established in north east for export of agricultural produce.
- i will downsize d federal civil service.
- i will abolish govt sponsorship of pilgrimage. make everbody hussle for him religious duties.
- i will send a bill for final implementation of true federalism where every state will be responsible for demsleves. d states will have total conrol to their resources n develop their solid minerals within their domain. afta which i will abolish federation account. no more feeding bottle.
- finally i will bail out all d states of d federation to enable dem develop their economic resources according to ther comperative advantage. each state will be responsible for generating their revenue. afta which all d states will be left on their own. [/b]
dis is wat i will do if i were buari.

I score you 40%. The state is very poor in choosing winners i.e strategic industries. Let the market decide.

Many other reasons

IyaIode:

Add China, India and Brazil to your list to sound logical. Greece and Argentina didn't fail because of falling currency value. Sanctions killed Zimbabwe.

China and India discouraged importation of finished goods, that's why they are economic powers today. Nigeria should do same.

Exporters are smiling to the bank with the value of the naira.

india is not an. economic giant. China is an. economic giant because of an export boom and not protectionism. It even tied the currencu firmly to a week dollar.

Alxmyr:
God bless you my brother.
But the blessing will only become permanent if you can say Amen to this short prayer.
May God change your life the way Buhari has changed Nigeria in the last 8 months.

Amen ,what else?

drss:
infortunately d dullard does not understand d economic benefits of devaluation. he does not even have any economic policy talkless of implementing dem. nigerians don enta one chance.

Do you guys know what devaluation is, or you are just joining the band wagon, are you saying PMB should accept that dollars is 390 official rate and 393 parallel market rate. Pls, who benefits? The masses, local manufacturers, importers, pls just who?
I am no claiming i know more than anybody, but i am sure that devaluation will only take us back to the same pains we felt when dollars was 195 officially and 201 in the parallel market. To go further the same pains we felt when it was maybe 120 officially and 126 in the parallel market, i can go on and on back. There can never be a better opportunity to work toward diversification and building local manufacturing base than now. If we wish to be like Singapore and others, the bitter pill should start now. PMB said he will only fund, through the official market local genuine importers at 199, if as an importer you desire foreign goods, no problem, go and source your dollar yourself at the parallel market. By extension he is giving local manufacturers advantage over importers. Devaluation means NNPC will be importing fuel at 390, which will lead to increase in pump price, inflation, demand for salary increase, loss of jobs, closure of industries due to increase in operating expenses and salary. Devaluation will nail the coffin of this economy. PMB be resolute

plaetton:


Did you say present economic policies ?

What economic policies?

There has been no single economic policy articulated by this administration.
That's what is causing this confusion in the land.

Do you know about the CBN's policy promotion of fixed exchange rate, and politics of currency devaluation?

Abeg swerve one side if you don't know what's happening in your country.

Ecoterrorism:
you sound more intelligent on economic matters than Seen. Keep it up.


Its just your tribalism that is destroying you

u have shown ur ignorance before you saw the post u quoted.

@OP

Well said. The part quoted below are especially pertinent. This is the time for Nigerians to come together in patriotic zeal and accept we must all play our part, however little, to secure the change we want. The damage done is very extensive and the 'buffers' , like a diversified economy and 'rainy day' savings, that would have helped us withstand this economic storm are totally absent. The solutions therefore have to be painful initially and long term thereafter.

You cannot diversify an economy overnight and you cannot wave a magic wand and instantly revive a moribund SME sector (small to medium enterprise) especially when provisions, such as well-developed transport sector and adequate power supply, that have helped nation worldwide to grow their SME sector are abysmal or absent in Nigeria. The very sad reality of how we failed to plan, through our indolent and deliberate creation of a mono-economy heavily reliant on crude oil sale, means we planned to fail. If Nigerians truly understand the problem then they will appreciate the scale of what has to be done while also realising that all hands must be on deck.

Yes, there are initial pains but if Nigerians support the government and stop the addiction for imported items, we will be on the way to long-lasting and sustainable economic growth and development.

Our duty as citizens is to look at ways of helping to make things better as the government fights corruption and implements structural reform of our economy not to whine about not being able to continue our destructive habits of wasteful spending and unnecessary importation for temporary gain.