₦airaland Forum

luvinhubby:
.Did you even read what was written?

signz:
Economists have said it, Buhari failure to really hit the ground running, failure to listen to good advice and policy gymnastics is why our economy is this bad.

He woul've appointed a Min of Finance as soon as he took over. He had a wonderful pool of economists that helped APC before the elections, he should've just picked 1.

Namely, Ezekwesili, Utomi, Omogui, Soludo and even if he doesnt like southeners, He should've picked Mansur Muhktar former Min of Fin under late Yaradua whom i heard is now a world bank consultant. There are blue blooded core northerners who went to ivy league schools all over the world, why not pick someone from there as soon as possible.

He would've devalued ASAP immediately after May 29th 2015 and blamed GEJ for it and it would've sticked but now the blame GEJ game no longer sticks. Gej left 30bn dollars (excluding the over 6bn dollars found in NLNG that was shared to States) aand how much did Abacha/Abdulsalam leave for OBJ?

Sibrah:
The man is speaking rotten grammar.
Is Buhari suppose to initiate Agricultural based Nigeria Got Tallent?
The main goal of this govt is to reverse the corruption trend in the system and it is acheiving that goal well enough. Diversification itself requires funding and we are all aware that the present govt met huge debt and recurrent bill that's backed and sustained constitutionally. If with excess money we couldn't diversify how on earth will it be possible with a debt ladden system? People should know that govts doesn't create jobs but creates enabling environment for job creators.

ebosed:
If you earn N1.5million naira as an individual per month from your employer, and in addition to living well, you save 100,000 per month. In 5 years you saved N6million. That is huge savings, isn't it?

If you lost that job, and got another job worth N100k per month (due to desperation) and your standard of living remains the same, how long would it take to deplete your savings of 6million. Answer? Just 4 months. This government is 15 months old. They did not reduce minimum wage, they have practically maintain every thing and improved on them except foreign exchange. Let the truth be told, give honor to whom it is due.

Onegai:
This is simply the truth. I voted Buhari, I expected him to hit the ground running. I thought I would hear him calling every single ministry and parastatal to give a full audit immediately after swearing in and have an economic team on ground a month later. Instead he wasted time and for what, to put in old faces to run the show and a finance minister no-one is sure knows how to run an economy of a country. I'm disappointed and I'm tired to hearing "GEJ, PDP". Yes, they messed up, but that is why I voted for you, so you would FIX THEIR NONSENSE. And don't tell me it took 16 years to destroy, it took longer and that is no excuse, what is stopping you from at least having a concrete plan and explaining it and starting to execute some plans? Don't say you're broke when your civil service is bloated and your lawmakers are still earning fat salaries. No-one outside the country thinks Buhari has a plan, is it chasing corruption that will diversify the economy? If he had insisted States be independent because he has no money it would have helped. If he insists that each governor report monthly to him solid plans to improve their economy, not "go and farm on Thursdays and Fridays", that is something.

MadamExcellency:
APC can never break from the consciousness of being a coalition to being a governing party.

CPC seized power in disguise and settled few individuals from ANPP and ACN only, nPDP grabbed their share by force while Rochas APGA remains the orphan of the coalition without any inheritance.

Poor cunning power grabbers.

Amaechi was so proud to tell congregation in Church before May 29, 2015 that there is no more money in Rivers State and that Nyesom Wike will suffer it. Ask yourself, who emptied Rivers State treasury and for who?

nPDP took theirs by force wen they saw watsup .. chai ... see as u finish Rochas APGA ... political orphan without any inheritance... Dis man don suffa.

Sibrah:
The man is speaking rotten grammar.
Is Buhari suppose to initiate Agricultural based Nigeria Got Tallent?
The main goal of this govt is to reverse the corruption trend in the system and it is acheiving that goal well enough. Diversification itself requires funding and we are all aware that the present govt met huge debt and recurrent bill that's backed and sustained constitutionally. If with excess money we couldn't diversify how on earth will it be possible with a debt ladden system? People should know that govts doesn't create jobs but creates enabling environment for job creators.

MusaIbrahim1996:
Jonathan left a lot of debts. what sense is this Soludo saying. Thats what you get for allowing infidels control us, all these yorubads and Yeebos

Joehong:
THE BLAME IS FROM BOTH SIDE, THAT IS PEOPLE ARE BLAMING BUHARI WHILE BUHARI IS BLAMING THE PAST ADMINISTRATION. MY QUESTION IS BUILDING A NEW HOUSE AND RENOVATING AN OLD ONE, WHICH ONE IS FASTER. THEY HAVE DESTROYED NIGERIA AND SOMEBODY IS TRYING TO REBUILD.
1. HOW MUCH DID OBASANJO TOOK OVER FROM ABDULSALAM AS FOREIGN RESERVE?
2. HOW MUCH DID YARADUA TOOK OVER FROM OBASANJO AS FOREIGN RESERVE?
3. HOW MUCH DID YARADUA LEFT FOR GOODLUCK BEFORE HIS DEMISE?
4. HOW MUCH DID GOODLUCK HANDED OVER TO THIS GOVERMENT?

SOLUDO SHOULD PROVIDE THE ANSWERS TO THIS BEFORE MAKING NOISE.

Nigerian economy since 1999: Myths, lies and data

The average oil price in 1999 when President Olusegun Obasanjo returned as Nigeria’s civilian president was $17.80 per barrel. Our official foreign reserves that year amounted to just $5.4bn. GDP size was $50.48bn which at then exchange rate of N92.69/$ was only N4.6trillion. Throughout Obasanjo’s first term, the highest oil price was $26.10 in 2000, with slight declines to $24.50 and $25.40 in 2001 and 2002. In spite of relatively low oil prices, Obasanjo grew FX reserves to over $10bn in 2001 before falling to around $7.5bn in 2002 and 2003. The exchange rate depreciated by 30% by 2002 falling to N120.97. On the policy front, the main economic achievement of Obasanjo’s first term was telecommunications sector deregulation which transformed Nigeria’s telephony and later internet/data sectors. No rational person will deny Obasanjo the credit for the over 150 million active lines in Nigeria today. He also established the EFCC and ICPC. Obasanjo’s main political achievements in his first term were stabilizing our democracy and re-establishing Nigeria in the global community.

Obasanjo recorded more significant economic achievements in his second term, enabled by the arrival of Ngozi Okonjo-Iweala, Charles Soludo, Fola Adeola and others into economic positions. The most important milestones were pension reforms, banking consolidation and the revolutionary Paris Club Debt Write-off. Okonjo-Iweala introduced the oil price rule that enabled the accumulation of “excess crude” savings in addition to our foreign reserves. The “Excess Crude Account” (ECA) starting from nil in 2003 was $24.36bn by December 2006 while foreign reserves were over $42billion totaling over $66billion of sovereign savings. In 2003 average oil prices were still below $30 per barrel and GDP size was only $76.64! It was only in 2006 and 2007 that oil crossed $60 per barrel. The effect of Obasanjo’s reform cabinet on FDI manifested for the first time in 2005 (not surprisingly AFTER (!) the Paris Club Debt Write-off as foreign investment jumped to $5.1bn and $7.7bn in 2005 and 2006 respectively.

Obasanjo’s policy failures were the neglect of the social sector as poverty and unemployment began to rise, and crony capitalism began to entrench its roots. Boko Haram and “Political Sharia” were also birthed under Obasanjo and the public sector began to expand in that era. The signal failure of Obasanjo was not to transform the power sector in eight years; but the irony (and redemption perhaps) was that he laid the foundations for reform through enactment of the Electric Power Sector Reform Act. On the political side, Obasanjo diminished the quality of our democracy with scandalous elections in 2003 and 2007, and his third term bid.

Late President Umaru Yar’adua was in office from 2007 to 2010. His reign was dogged by poor health and eventually cut short by his demise. He also had an economic challenge in the global financial crisis and great recession of 2008-2009. Yet average oil prices ranged between $60-100 per barrel during Yar’adua’s time in power, higher than under Obasanjo. Yar’adua drew down significantly on both the ECA and foreign reserves falling to $6.5bn and $42.3bn by 2009 (having risen to $20bn and $53bn respectively by 2008 a legacy of the Obasanjo cabinet). This depletion of reserves was part-justified as a result of the decline in oil prices during the global recession and part-unjustified because the Yar’adua government wasted substantial time reversing pro-market initiatives of his predecessor and stalling the power sector reforms in favour of an unrealistic $85billion government spending programme pushed by Rilwanu Lukman. Under Yar’adua and as a result of the global recession-induced oil price decline, the Naira was devalued from around N120/$ to about N150/$.

Yar’adua’s most important achievement was the Niger-Delta amnesty which restored oil production after the regime’s attempt to deploy military force failed.

President Goodluck Jonathan enjoyed the bounty of high oil prices ranging from about $80 in 2010 to over $100 per barrel between 2011 and 2014, when oil prices fell again. He initially built-up foreign reserves from $32bn in 2010 to over $43.8bn by 2012 before it began to decline to approximately $30bn by the time he left office in 2015. The ECA also fell to $2bn. As president, Jonathan bore ultimate responsibility for the non-accumulation of reserves during a period of high oil prices, but he can plead some extenuation-first he indeed tried to do so, in fact setting up a sovereign wealth fund to institutionalise same instead of Obasanjo’s illegal ECA, but governors stalled the process in court; the CBN refused to countenance even minor adjustments in currency value as imported consumption (and export of capital by corrupt officials rose); governors (again!) insisted on sharing the illegal excess crude account and persistently used it as political blackmail against the hapless president; and Jonathan and Okonjo-Iweala (who had returned as finance minister in 2011 under less-auspicious circumstances as I presciently warned back then) can argue correctly that they also tried to force savings through conservative budget oil price benchmarks, which the National Assembly consistently raised. Jonathan also bears, more directly, liability for the escalation in corruption, which will also have contributed to decrease in reserves. The biggest embarrassment to Jonathan was seeing fuel subsidies rise from an average of N1trillion to over N2trillion in 2011. In this case as well he tried to fix the problem once and for all through deregulating the downstream in January 2012 but political opponents opposed deregulation, which we have now being forced to adopt under worse economic circumstances.

Nevertheless Jonathan’s policy achievements were important-the establishment of the Nigerian Sovereign Investment Authority (NSIA); the revival and substantial completion of the power sector reforms; successful reforms in agriculture and trade; GDP rebasing and growth resulting in Nigeria becoming the largest economy in Africa at $510bn; and the exponential increase in FDI crossing $20bn in 2013 and 2014! Politically Jonathan enacted the Freedom of Information Act and ensured free and fair elections including the one that saw to his displacement in 2015! His main failing was his weak leadership which manifested in a festering Boko Haram insurrection and large scale corruption in his government.

By 2015, Obasanjo, Yar’adua and Jonathan all bore varying levels of responsibility for worsening poverty and unemployment as policy pandered to crony capitalists at the expense of the mass, even though Jonathan made modest efforts through Almajiri schools, “You-Win” and SURE-P programmes and investments in the education sector. The cost of governance also escalated with both the executive and legislature to blame.

Opeyemi Agbaje

From: https://businessdayonline.com/nigerian-economy-since-1999-myths-lies-and-data/

MadamExcellency:
APC can never break from the consciousness of being a coalition to being a governing party.

CPC seized power in disguise and settled few individuals from ANPP and ACN only, nPDP grabbed their share by force while Rochas APGA remains the orphan of the coalition without any inheritance.

Poor cunning power grabbers.

Amaechi was so proud to tell congregation in Church before May 29, 2015 that there is no more money in Rivers State and that Nyesom Wike will suffer it. Ask yourself, who emptied Rivers State treasury and for who?

scribble:
https://www.karensperspective.com/wp-content/uploads/2010/03/dollar_rain.jpg



Dollarization Of The APC Primaries: How Amaehi Vanquished Atiku #saibuhari

The blogosphere was inundated with reports of the excessive sharing of dollars at the All Progressives Congress which took place during the latter part of last week.

One APC supporter and Special Adviser to Osun Governor on Environment, BolaIlori had blown the scandal open after he saw the beginning stages of the dollarization in action.

He took to his Facebook page and scribbled, “Crazy things are happening here!!! Some of these cannot represent the change Nigeria is yearning for. Excessive dollarization by one of the aspirants to is to say the least obscene. I have been involved in political process for decades now, I have never witnessed this volume of raw dollarization of party primaries. I only read about this kind of things in PDP primaries. A question been asked by conscientious delegates is that whoever can be giving out between $2000 to $5000 to…delegates certainly does not represent the kind of change Nigerians want…those who contributed to the pauperization of Nigeria now revel in dollarization… majority of Ondo delegates are still standing with Buhari but have been reduced from 85% to 70% within 24 hours…the remaining has gone with dollars ooo.!!!!!”

One has to wonder how Buhari was able to win the primaries in this era of stomach infrastructure where dollars are like the Biblical manna that God sent down from heaven to nourish the Israelites as they made their way to the promised land.

Sources close to the APC with knowledge of the way the Primaries unfolded have revealed that it was Rivers State Governor, Amaechi who flew back to Rivers State and returned to Lagos on Thursday morning with enough dollars to make Benjamin Franklin blush.

It has been revealed that Atiku offered the delegates $5000 each, but Amaechi doubled it to $10000 a pop. Thus turning the tables in favour of General Buhari.

Since his adventure into the APC, Amaechi has gone out of his way to prove himself a party loyalist, always the first to shoki or azonto at the many events the APC holds, which he himself is usually the chief sponsor.

According to party insiders, Amaechi has overtaken Tinubu as the major financier of the party. One does not need to wonder why he is always at President Jonathan’s throat over misappropriated oil wells or other such business. Anything that diminishes from the State’s coffers will have a ripple effect on his funding budget for the APC.



Joe Francis wrote in from Port Harcourt.


http://www.theheraldng.com/dollarization-apc-primaries-amaehi-vanquished-atiku-saibuhari/

LMFashions:
I don't engage zombies in a discuss, it's usually fruitless. Soludo has highlighted remedies to the present Nigeria's numerous problems which every Nigerian have been hammering on. It's now up to APC to do right by its citizens or keep playing dear ears.

Cheers dude...

Standing5:
All the points stated above are simply impossible without funding. It takes money to make money and the APC govt met serious debt and huge bills which must be serviced, coupled with the fact that it needs more money to even meet infrastructural and much cravedeconomic expansion targets.
What we are asking is like telling Aregbesola to start new schemes to diversify the economy of Osun state when in reality the state is battling with heavy debt repayment obligations and can hardly run. The difference with Buhari government at the Federal level is that he is serious about clocking leakages and stopping corruption which he has done very well so far.

redsceptic:
You are bold enough to come on this forum to spew trash? Infidels Who is the infidel amongst us? Who does not know God? Is it the iiliterate region with 10 million almajiris, highest HIV rates in Nigeria, life expectancy less than 40 years, with 40 million people living on less than a dollar a day? The average woman in kebbi, zamfara and yobe has 7.7 children. You cannot boast of as many graduates in the entire north as you have in Lagos ,Oyo and Edo. Your rulers are paedophiles, your governors are kleptomaniacs. Southern governors steal but at least they generate the money they steal; you are parasites. Every Northern Head of State- Tafawa Balewa, Gowon, Shagari, Buhari, IBB, Abacha, YarAdua has being a failure in government. Your region hosts Islamic terrorists, blood sucking primitive herdsmen and tuberculous almajiris.

So where is your God? If God were with you would you be so cursed?

Shut up your dirty mouth and go to school. I blame GEJ who did not divide Nigeria when he had the chance.

Standing5:
All the points stated above are simply impossible without funding. It takes money to make money and the APC govt met serious debt and huge bills which must be serviced, coupled with the fact that it needs more money to even meet infrastructural and much cravedeconomic expansion targets.
What we are asking is like telling Aregbesola to start new schemes to diversify the economy of Osun state when in reality the state is battling with heavy debt repayment obligations and can hardly run. The difference with Buhari government at the Federal level is that he is serious about clocking leakages and stopping corruption which he has done very well so far.

Sibrah:
The man is speaking rotten grammar.
Is Buhari suppose to initiate Agricultural based Nigeria Got Tallent?

with this mindset of urs Nigeria is done-for....smh
The main goal of this govt is to reverse the corruption trend in the system and it is acheiving that goal well enough. Diversification itself requires funding and we are all aware that the present govt met huge debt and recurrent bill that's backed and sustained constitutionally. If with excess money we couldn't diversify how on earth will it be possible with a debt ladden system? People should know that govts doesn't create jobs but creates enabling environment for job creators.

Zedoo:
Stupidity spotted

timsucces:
debt you said?
All the millions and trillions buhari is stockpiling what are they using it for
In as much as am not a pro buhari i prefer constructive argument
This country is ours and we must show optimism so we can move it forward but when the confidence reposed on the leaders is been abused albeit through little or no performance,then the trust will be lost
Using the same line of debt ridden economy over and over again shows the govt lacks vision
We know the past govt was corrupt (most Apc officials were part of it),we voted for a govt that will write the wrongs and move us forward and not giving excuses everytime

signz:
Economists have said it, Buhari failure to really hit the ground running, failure to listen to good advice and policy gymnastics is why our economy is this bad.

He woul've appointed a Min of Finance as soon as he took over. He had a wonderful pool of economists that helped APC before the elections, he should've just picked 1.

Namely, Ezekwesili, Utomi, Omogui, Soludo and even if he doesnt like southeners, He should've picked Mansur Muhktar former Min of Fin under late Yaradua whom i heard is now a world bank consultant. There are blue blooded core northerners who went to ivy league schools all over the world, why not pick someone from there as soon as possible.

He would've devalued ASAP immediately after May 29th 2015 and blamed GEJ for it and it would've sticked but now the blame GEJ game no longer sticks. Gej left 30bn dollars (excluding the over 6bn dollars found in NLNG that was shared to States) aand how much did Abacha/Abdulsalam leave for OBJ?

Sibrah:
The man is speaking rotten grammar.
Is Buhari suppose to initiate Agricultural based Nigeria Got Tallent?
The main goal of this govt is to reverse the corruption trend in the system and it is acheiving that goal well enough.

shukuokukobambl:
I watched his address on Channels and i agree with everything he said. The man was very candid, honest and patrotic in his submissions.

He's somebody who is really passionate about the growth and progress of the country and it's citizens.

The ball is in APC and Buhari's court. They can't get truth delivered in a better way than this

God bless Chukwuma Soludo, my man anyday

redsceptic:
You are bold enough to come on this forum to spew trash? Infidels Who is the infidel amongst us? Who does not know God? Is it the iiliterate region with 10 million almajiris, highest HIV rates in Nigeria, life expectancy less than 40 years, with 40 million people living on less than a dollar a day? The average woman in kebbi, zamfara and yobe has 7.7 children. You cannot boast of as many graduates in the entire north as you have in Lagos ,Oyo and Edo. Your rulers are paedophiles, your governors are kleptomaniacs. Southern governors steal but at least they generate the money they steal; you are parasites. Every Northern Head of State- Tafawa Balewa, Gowon, Shagari, Buhari, IBB, Abacha, YarAdua has being a failure in government. Your region hosts Islamic terrorists, blood sucking primitive herdsmen and tuberculous almajiris.

So where is your God? If God were with you would you be so cursed?

Shut up your dirty mouth and go to school. I blame GEJ who did not divide Nigeria when he had the chance.

opribo:
First thing first we need to strenghten and build a new mass re-orientation agency that will recreate the patriotic zeal and the unity of the country. Anybody who promotes hate in the country either through speech or writeup must be shot dead. Promotion of cross cultural exchange through marriage. Down playing of religion in our national polity but rather entrenchment of mutual respect. The president can only be stronger than a state governnor by the office they hold and not the resource generated from the state.

People from other places should be encouraged to settle anywhere peacefully. The rest are ok.