nnachukz:
Why won't they be drop in revenue gotten through tax when companies who pay tax are parking out of the country on daily basis due to kindergarten economic policies of dullardkpo. All of us will keep suffering for this man's cattle brain.

Quakertellicus1:
Sad....but it is to be expected.

Many GEJites would blame Buhari for the situation, without understanding how a resource dependent economy works.

Simply put, Nigeria's economy from the word go has been resource dependent. When the price of the resource you are selling is high, you have enough forex to buffer the Naira and at the same time import everything for your needs.

(A good example....Gowon saying in 1974 that Nigeria had so much money, the problem was deciding what to do with it. In 1973...oil prices had gone up massively)
Chairman do you read in btw the line. That price f
But when oil prices fall....everything goes down with it too.No forex to import,no forex to buffer the currency....so you have no choice but to restrict forex. Loosening release of forex means massive inflation.

What should we do? Like I have said many times here....spend more money on infrastructure support....for industries....while rely less on one or many resource. (Mining and agric won't help much. Prices too drop there. Eg...Zambia is suffering as a result of a drop in copper prices,its main export)>

High time Nigeria....and most African countries stopped depending on raw materials. GEJ's economic success....was based on the false foundation of high oil prices.Our future lies in manufacturing....but we will get there via a long hard time.

kobonaire:
Agriculture .... make Nigeria great again

masterpix:
chairman did you read in btw the line. That the price fall in the middle of 2014, but the last government was able to maintain a balance economic. Wait till they come with there own counter argument on this before we know the exact time the price actually falls

shamecurls:



1 You lie too much! Which companies left yesterday or last week since you claim that "companies who pay tax are parking out of the country on daily basis" #Lie

2. You will keep suffering alone and not all. Dont generalize.

In conclusion, Update yourself on the causes and effect of the present economic meltdown.

Ugosample:



I can testify to the fact that companies are closing down.
In the industrial estate near my house, that place is a shadow of itself.
Companies have closed down en masse.

Quakertellicus1:


The companies are leaving because there isn't enough forex to pay them thanks to the fall in oil price, and because so many of th em are dependent on imported raw materials

In other words, vagaries of oil price falls, not. current policy.

We could release dollars, but that would make things worse.

nnachukz:
Why won't they be drop in revenue gotten through tax when companies who pay tax are parking out of the country on daily basis due to kindergarten economic policies of dullardkpo. All of us will keep suffering for this man's cattle brain.

VampireeM:
sometimes I wonder how PMB's economic team explains the country's economy to him cause he seems to be clueless with no inept knowledge on how to handle Nigeria @ the moment... someone who couldnt develop himself all through the yrs running this country @ a modern age

The sooner the Junketeer-in-chief sits his ass down and ve a deep thought on how to handle all these crisis the better for us instead of blaming the previous admin. Afterall no one begged him to contest for presidency.

What a useless stagnant government

nnachukz:
Why won't they be drop in revenue gotten through tax when companies who pay tax are parking out of the country on daily basis due to kindergarten economic policies of dullardkpo. All of us will keep suffering for this man's cattle brain.

onatisi:
" Buhari reiterated on Friday that he has yet to be convinced that a weaker naira will have any tangible benefit to most Nigerians in the import dependent country. He said in a statement that a previous devaluation after he was deposed in a 1985 coup didn’t lead to the creation of jobs or new industry"


By the time ppl start dying on the streets due to hunger,maybe then he will be convinced

shamecurls:


Names of company`s-?
Reason for closing down-?

Majority of us just dont understand the root cause of our predicaments.



Even company`s moved out of the USA due to unfavourable policies and high cost of labour. So will should be more concerned about the cause than just throwing blames that company`s re closing down. Even Airlines re pulling out and we dont ask "why". Is for or against our economy.We just jump into conclusion.

Quakertellicus1:


Devaluing the naira would lead to
1. Higher prices for goods. Not just the imported goods. , the local goods too...which are made with imported raw materials.

2.A weaker naira works If you are exporting things whose price you can control eg manufactured goods. It wont work for nigeria, who exports oil, something whose price we do not control.

3. Devaluation officially does not adress the lack of new forex coming in,. At the end of the day, we have a weaker naira and a depleted savings account. Imf loans beckon (bad news)

4. What the govt is doing is conserving forex to keep a brake on the decline while hoping that we stop importing unnecessary things like biscuit and toothpick, and import vitals. Not the best plan, but the alternative would be much worse.

NavierStokes:


This very report is the reason that budget has not been passed. Things have not worked out according to the government's projections they are now scared to sign their own budget because the deficit will rise from the 2.2 trillion to 4 trillion or more. Imagine no provision for subsidy and now they are having to pay subsidies. Imagine a projected crude daily production of 2.2 million bpd. And currently they are doing 1.6million bpd. Currency controls has stifled importation and customs was already crying out for shortfalls and also the FIRS is not meeting her targets because companies are closing, business activities are stifled plus quality jobs are being lost who will now pay taxes.

The government has done a very bad job with that budget and just wishing on dumb luck that there will be a meteoric rise in oil prices.

Think of an administration riding on dumb luck, think APC.

VampireeM:
sometimes I wonder how PMB's economic team explains the country's economy to him cause he seems to be clueless with no inept knowledge on how to handle Nigeria @ the moment... someone who couldnt develop himself all through the yrs running this country @ a modern age

The sooner the Junketeer-in-chief sits his ass down and ve a deep thought on how to handle all these crisis the better for us instead of blaming the previous admin. Afterall no one begged him to contest for presidency.

What a useless stagnant government

NavierStokes:


This very report is the reason that budget has not been passed. Things have not worked out according to the government's projections they are now scared to sign their own budget because the deficit will rise from the 2.2 trillion to 4 trillion or more. Imagine no provision for subsidy and now they are having to pay subsidies. Imagine a projected crude daily production of 2.2 million bpd. And currently they are doing 1.6million bpd. Currency controls has stifled importation and customs was already crying out for shortfalls and also the FIRS is not meeting her targets because companies are closing, business activities are stifled plus quality jobs are being lost who will now pay taxes.

The government has done a very bad job with that budget and just wishing on dumb luck that there will be a meteoric rise in oil prices.

Think of an administration riding on dumb luck, think APC.

tete7000:


Which economic team? The one comprising of some political lawyers and illiterate governors. Are you sure they know better than their master? I doubt though.

Chukzyfcb:

Very true my man. The budget was just a budget of mirage & false hopes. Imagine a budget where they believe we will generate about 3.6trillion naira from NON-OIL services, whereas we were able to generate just 1.08trillion in 2014, a MASSIVE 2trillion naira increase!!! The budget is not feasible atallzzzz......riding on false hopes to hoodwink nigerians. Our GDP growth is falling every quarter, how would our revenue increase when growth is dropping The body language of this administration is offensive so much that foreign investors are fleeing. How then do we build our falling reserves if we cannot attract Investors....That 2016 budget was badly draw, now I see why they'v been playing "ten-ten" with its implementation.

onatisi:

Thank you.
All these problems wont have gotten to this stage if buhari hasn't been playing the role of a demi god. He is waiting for the economy to crash before been convinced. The same way he waited for 7 solid months without appointing any economic team thinking he has all the answers in his head. Buhari should know that modern day economics and the management of the biggest economy in africa goes far beyond the management of 150 cows in his farm in daura .

Chukzyfcb:

Very true my man. The budget was just a budget of mirage & false hopes. Imagine a budget where they believe we will generate about 3.6trillion naira from NON-OIL services, whereas we were able to generate just 1.08trillion in 2014, a MASSIVE 2trillion naira increase!!! The budget is not feasible atallzzzz......riding on false hopes to hoodwink nigerians. Our GDP growth is falling every quarter, how would our revenue increase when growth is dropping The body language of this administration is offensive so much that foreign investors are fleeing. How then do we build our falling reserves if we cannot attract Investors....That 2016 budget was badly draw, now I see why they'v been playing "ten-ten" with its implementation.

onatisi:

Thank you. Many of us raised this issues then but Nigerians love been lied to ,the only bad solution which Is already been seen as the last resort will be to print more naira notes .

kynbasil01:
there is no hope for Agriculture bro, even budget of ministry of information is bigger than that of Agriculture when they are talking of diverting of economy to Agriculture.... secondly, those that are managing to do Agriculture in there own way are now been threatened by Buhari's kinsmen the FULANI HERDSMEN... so the future of Agriculture is this country is bleak for now