₦airaland Forum

vedaxcool:
[s][/s]

You know you are lying

Please come up with better argument to counter the lies...

beta give that job to soludo

cococandy:
Enyia mechieonu there.

So until people start piling corpses on the road you won't believe people are hungry?

so right from Azikwe's time, people haven't been hungry? Please be realistic.

DesChyko:
Since you're still carrying this propaganda banner around, let me bring something to your notice:



If 20 out of 27 LGAs were under seige by Boko Haram, can you please explain how APC produced the results above that was critical to their victory in the state?

Perhaps you may say immediately it was time for the elections, the crisis cleared so that he could be voted in? Then a lot will make more sense

you failed to add the number of registered voters, your info is invalid

handsomeclouds:
[s][/s]
I'll find time tk reply your hogwash.
I'm too busy for now

Time noted: 8:38am.

Let's see how long it will take you to build up a logical defence in Buhari's support.

DesChyko:
Since you're still carrying this propaganda banner around, let me bring something to your notice:



If 20 out of 27 LGAs were under seige by Boko Haram, can you please explain how APC produced the results above that was critical to their victory in the state?

Perhaps you may say immediately it was time for the elections, the crisis cleared so that he could be voted in? Then a lot will make more sense

honestly one could go crazy trying to fathom why and how these buhari's people reason. And how they manage to sleep at night with the level of lies they tell themselves.

Hardeysolution:
so right from Azikwe's time, people haven't been hungry? Please be realistic.

Apparently not according to you guys. Jonathan came and spoiled the utopia that was Nigeria. He's to blame for everything that's going on now.

Of course madam okpolo eyes, the Economy is not confused, it knows were it is going to ... RECESSION THEN DEPRESSION. it is you and your APC PEOPLE THAT ARE CONFUSED

dadaha:
you failed to add the number of registered voters, your info is invalid

You failed to understand the information you're peddling. Do I have to repost the picture? I will, to unveil your 'one-way' thought process.

Your picture says '20 out of 27 LGAs 'under control' of Boko Haram.

Definition of Under Control: if something is under control, people are able to limit it or make it do what they want it to do

Elections held in more than twice the number of 'free' LGs according to your post. Did that mean Boko Haram allowed it to hold? If so, for what purpose?

Until you can understand this, it is advised you stop peddling rumours that you can't explain.

I am wondering how or when the govt started providing dollars for business people to the extent that they are all getting crippled because the govt decided not to get involved again!

Still wondering o!

There is a need for paradigm shift in the way businesses are been operated in this country...hmmm..

StOla:
We are suffering for the waste and gluttony of the past administration.

The only administration that could not increase the foreign reserve despite selling crude at very high prices, instead it depleted what the OBJ regime saved despite lower oil prices then.

If OBJ could increase the reserves from $3Billion+ to $45Billion and still pay a Paris club debt of $18Billion with an oil price ranging from $16pb to $60pb in his 8 year administration from 1999 to 2007, what exactly is Jonathan's excuse for not building on that especially when crude sold for about $100pb in 4years out of his 5years administration?

Yar'Adua built on the $45Billion inherited from OBJ and took it to $47Billion in less than 3years, while still spending about $16Billion to cushion the effect of the 2008/2009 global financial meltdown.

That Jonathan's regime left only $29Billion in the country's reserves without any tangible infrastructure, should be considered a treasonous offence.

What was the money spent on? The PDP envelope of dollars?

Was it spent to diversify the economy? Then how come an oil crisis has plunged our economy?

How come the Jonathan administration was already borrowing to pay salaries in February, March, and April 2015? This was just 8months into the oil price slump which was even still about $50pb then.

Take off your ethnic and sentimental-tinted glasses and you will realize that your World bank clerk sister has woefully failed.

If I jam this Kemi.....na slap she go collect. If u see her on TV, she comes across as this spoilt little girl with little or no brain safe plenty English in her mouth. Watch her talk......she always ends her talk and whinning on #Jonathan.

Finiance minister is in confusion her self

Standing5:
Watch how they will swoop on you for this brilliant post. They are only interested in interpreting every outcome of their clueless brother's action against Buhari and APC.
Jonathan was just borrowing to sustain favourable economic indices instead of building up the system to last.

they are programmed to critisize PMB

anonimi:
Instead of building up the system to last, did you say
Where were you in 2010-2015 when Jonathan transformed our country from the rot of DullardPoo's military dictator first coming in 1983-1985 of locust years?
Where were you?



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[img]http://www.tradingeconomics.com/charts/og.png?url=/nigeria/gdp-growth-annual[/img]

Jonathan spent 5 years researching casava bread yet bread price is still high when cassava production is local. Isn't that enough reason for you shut it? U even trying to derail the topic with lengthy irrelevant post. Keep it up.

cococandy:
honestly one could go crazy trying to fathom why and how these buhari's people reason. And how they manage to sleep at night with the level of lies they tell themselves.

Lmao

The lie wasn't even well prepared. It may be understood pre-election because of the Anti-GEJ feeling predominant then, but still carrying it till now is not really understandable

Perhaps they were always meant to be the opposition.

The only thing i like about Mrs. Kemi Adeosun is her accent.

cococandy:


Hunger will be killing your families and you will still sit ther me singing buhari's praises. And blabbing nonsense while at it.

I wonder what would have happened in GEJ was the person in power when all this hardship is sweeping the country. I'm sure y'all would have marched to aso rock to drag him out to the street and lynch him.

There's no shame in backtracking when you have made a mistake.admit you have made a mistake in supporting buhari's candidacy. Nigerians might forgive you. Instead of rooting yourselves in your mistake out of pride and shame that people might say 'we told you so'.
Any sane person knows that this is what it's all about. You are too ashamed to admit your mistakes.

they don't reside in Nigeria so any time you see their comments just ignore.

Buhari should relieve Kemi of this ministerial post. The post is too much with her.

StOla:
We are suffering for the waste and gluttony of the past administration.

The only administration that could not increase the foreign reserve despite selling crude at very high prices, instead it depleted what the OBJ regime saved despite lower oil prices then.

If OBJ could increase the reserves from $3Billion+ to $45Billion and still pay a Paris club debt of $18Billion with an oil price ranging from $16pb to $60pb in his 8 year administration from 1999 to 2007, what exactly is Jonathan's excuse for not building on that especially when crude sold for about $100pb in 4years out of his 5years administration?

Yar'Adua built on the $45Billion inherited from OBJ and took it to $47Billion in less than 3years, while still spending about $16Billion to cushion the effect of the 2008/2009 global financial meltdown.

That Jonathan's regime left only $29Billion in the country's reserves without any tangible infrastructure, should be considered a treasonous offence.

What was the money spent on? The PDP envelope of dollars?

Was it spent to diversify the economy? Then how come an oil crisis has plunged our economy?

How come the Jonathan administration was already borrowing to pay salaries in February, March, and April 2015? This was just 8months into the oil price slump which was even still about $50pb then.

Thank you.

Chevalier:
The Minister of Finance, Kemi Adeosun, on Wednesday declared that the Nigerian economy is not in confusion.
Noting that the Nigeria economy has been heading to recession in the past six years, she however said that the economy is presently in the right hands. She spoke with State House correspondents at the end of the Federal Executive Council (FEC) meeting presided by President Muhammadu Buhari.

Adeosun was accompanied to the briefing by the Ministers of Agriculture, Audu Ogbeh; Mines and Steel Development, Kayode Fayemi; Information, Lai Mohammed and Education, Adamu Adamu. Responding to questions on the new economic statistics released by the National Bureau of Statistics (NBS), she said: “It’s the worst possible time for us. Are we confused? Absolutely not. How are we going to get ourselves out of this recession. One, we must make sure that we diversify our economy. There are too many of us to keep on relying on oil.
“We can see what happened at the output data of the oil and gas sector. What’s happening in the Niger delta has dragged down the GDP of the entire economy. We’re too dependent on oil whereas 87 percent of our GDP is oil. So let us drive those other areas “We have to invest in capital projects. No, we are not confused, the time is confusing but we are not confused. We are extremely focused. We know that if we can just bare and get through this difficult period, Nigeria is going to be better for it. “If we rely on oil and the price of oil remains low and the quantity of oil remains low, we can’t grow. We have to grow our non-oil economy. I think we that we have a long way to go. “We’re not confused and we’re not deceiving ourselves that everything is rosy. It’s not. It’s a difficult time for Nigeria but I think Nigeria is in the right hands and if we can stick with our strategy. We still have some adjustments to make. I think we need to make some adjustments in monetary policy. It’s quite clear we do and we will do that. We’re working on that. We need to try and find a way to support the manufacturing sector better and we will do that.” She added

She pointed out that the high inflation rate in the country is cost-pushed.“And when you have cost-push inflation, it is structural inflation. It is not going to respond to monetary policy tools such as increasing the rate of interest. We have to address the structural causes of the inflation,” she said But, she however said that the high rate of inflation has slowed down, which is a good sign for the economy. According to her, the FEC on Wednesday approved external three-year rolling borrowing plan. The plan, she said, will be transmitted to the National Assembly for the approval.

She said: “Recall when we came in we said our external borrowings strategy will be focused on confessional debts, low cost loans particularly from the multi-lateral agencies.” The conditions of the borrowing, she said, included concessional loans average interest rates 1.25 per cent, four to seven year moratorium, and 20 years to pay. According to her, the loans will come from agencies like the World Bank, African Development Bank, China Exim Bank, and other development agencies like Japanese International Cooperation Agency (JICA) She added: “The sectors in particular that these concessional loans will go to are the strategic sectors of the economy that will help to revive the economy. There is Power. Significant amount of money are located to power projects particularly transmission. This is long term money that will enable us solve some of the problems in that sector. “There are projects around polio. There are some money that have been allocated to us to help us do some massive immunization, in order to control this recent outbreak. This is being provided by the World Bank. “There is provision for solid minerals and of course I’m very excited about the discovery of nickel. World Bank is supporting the project by the Ministry of Mines and Steel with $150 million to enable them strengthen their capacity in that area. “The largest beneficiary of our borrowing is agriculture because its equally strategic and we have programmes by the minister some of which he inherited and is going to restructure and reform and some are new to the ministry. “The balance will come from the Eurobond we had indicated.” She said.

According to her, the FEC sent a strong signal on the need to reach out to the National Assembly to get the borrowing plan approved as soon as possible. “Because a lot of this money is for developmental projects. We need this money to be made available for us. Remember these are foreign exchange coming to our country that will help our economy.” She added

Fayemi disclosed that the Council approved a new roadmap for mining to boost the growth and development of the industry. He said: “What the roadmap seeks to do is to grow the contribution of mining to the GDP on the back of the President’s vision to diversify the economy. It is to build on the old roadmap of 2012. “What distinguishes this roadmap is its determination to build a regulatory agency – an independent regulatory agency in the mining sector. Stakeholders have been insisting that the ministry should not also be the regulator of the industry.
“We will now have Mining cadastral zonal offices which issue the licenses together with the mining inspecting directorate, mining environment compliance unit as well as the nautical mining units. These are directorate within the ministry but will form part of the independent regulatory agency. “The second point that is very critical is the partnership with states. One of the challenges in mining is the tension between the federal government and the states. The Federal Government owns the minerals in the sole but the states government owns the land. He stressed that there won’t be any headway without a robust partnership between the two critical components of mining, adding that mining has not been thriving because of the tension between the Federal Government and states. “In this regard, minning cadastrail and zonal offices will also be created in the states to work on this.” He added

He said that the roadmap is to also change the name of the Ministry from Ministry of Solid Minerals Development to Ministry of Mines and Steel Development in line with global standard. The roadmap, he said, will also make it easier for foreign direct investment to come into the country by improving on Nigeria’s geo-sciences data. “Mining is about science and if you don’t search you won’t find. Council recognizes that and agreed that a lot of money be put into exploration. “The roadmap also focuses on financing the industry, the financial institutions don’t know much about mining and have not invested a lot in it. “One of the ways the President wants to re-energise the sector is to ensure it gives access to the Natural Resource Fund of the Federation Account which is really meant for agriculture, mining and water resources. But mining has never benefited from the fund. This is similar to ecological fund 1.8 per cent of federation. “Another focus is to ensure that value addition is gradually being invested to and reduce the manner in which raw minerals are exported from Nigeria. It is to emphasize beneficiation and processing, so that what we produce is also improved upon before we embark on exportation. “We also want to ensure it is utilize here, we have granite, Marbel, bitumen yet we import the bulk of those products into Nigeria because processing does not take place here Above all, it focuses to increase the contribution of mining to the GDP of the country. Mining has gradually declined from 4.5 per cent of the GDP at independence to 0.33 per cent of the GDP as at today. “Given the new focus we can begin to scale that up again. Within the next decade, it’s readily expected that it will begin to climb up to about five per cent of the nation’s GDP. ”The roadmap gives a sense to how the country is paying attention to mining development which is more of an employment generator and wealth creator unlike oil, which recruits fewer people. “We want to upscale it and improve the skills of the people, making access to finance available and making technology available to them,” he stated



Source: http://thenationonlineng.net/nigerian-economy-not-confusion-finance-minister/

This is a more and the only responsible, rational, objective and passionate response to the challenges facing this country from this administration. This is exactly my thought for a solution to the complex problems we face as a nation. Thank you Adeosun, now I have an idea of your programs in the Ministry. Now it is soothing to hear you say that it is now very imperative for fussion between the Monetary and Fiscal Policies. Now we know the government knows too that the problem is more structural than cosmetic.

Fayemi, now I see a roadmap you and your team have designed and I must commend you for this. The Mines and Steel industry is a very strategic industry that must be considered as a major contributor for Nigeria's developmental agenda.

Today, I see a direction. Next I want to see how we take on this direction.

Kudos!!!

Standing5:
Jonathan spent 5 years researching casava bread yet bread price is still high when cassava production is local. Isn't that enough reason for you shut it? U even trying to derail the topic with lengthy irrelevant post. Keep it up.

I have noted that you indicated the research was a Jonathan's initiativen Permit me to ask you this: How far has Buhari's admin gone with the research?

cococandy:
Apparently not according to you guys. Jonathan came and spoiled the utopia that was Nigeria. He's to blame for everything that's going on now.

everybody is saying Jonathan,how can a govt with no direction,no concrete economic team manage the economy after 1 yr......we were already in recession by feb,it is just that things has gotten out of control.

XaviDayo:
If I jam this Kemi.....na slap she go collect. If u see her on TV, she comes across as this spoilt little girl with little or no brain safe plenty English in her mouth. Watch her talk......she always ends her talk and whinning on #Jonathan.

Na wa oh

Standing5:
Jonathan spent 5 years researching casava bread yet bread price is still high when cassava production is local. Isn't that enough reason for you shut it? U even trying to derail the topic with lengthy irrelevant post. Keep it up.

Really?

StOla:
We are suffering for the waste and gluttony of the past administration.

The only administration that could not increase the foreign reserve despite selling crude at very high prices, instead it depleted what the OBJ regime saved despite lower oil prices then.

If OBJ could increase the reserves from $3Billion+ to $45Billion and still pay a Paris club debt of $18Billion with an oil price ranging from $16pb to $60pb in his 8 year administration from 1999 to 2007, what exactly is Jonathan's excuse for not building on that especially when crude sold for about $100pb in 4years out of his 5years administration?

Yar'Adua built on the $45Billion inherited from OBJ and took it to $47Billion in less than 3years, while still spending about $16Billion to cushion the effect of the 2008/2009 global financial meltdown.

That Jonathan's regime left only $29Billion in the country's reserves without any tangible infrastructure, should be considered a treasonous offence.

What was the money spent on? The PDP envelope of dollars?

Was it spent to diversify the economy? Then how come an oil crisis has plunged our economy?

How come the Jonathan administration was already borrowing to pay salaries in February, March, and April 2015? This was just 8months into the oil price slump which was even still about $50pb then.

and if OBJ performed wonders with $16pb oil rate, then shouldn't buhari be performing miracles with $40pb oil price?
enough of this blame game

henryutd:
Agreed. It's not the economy that is in confusion. It's you and your master.
How can a Keke napeb mechanic be given Ford fiesta ST200 to trace it's electrical fault which affects the brain box.

bro, if u be woman,i for kiss u!!!! well said man...

DesChyko:
I have noted that you indicated the research was a Jonathan's initiativen Permit me to ask you this: How far has Buhari's admin gone with the research?

He has almost finished paying the debt that was used to sponsor the research.

Adeosun abi na ademumu or adeogun is mad, shameless, clueless frog eye baby minister without sense of direction.

Yeye woman, playing with our economy. God punish apc and afonjas for this govt

Standing5:
They will swoop on you soon. Just watch children of anger.

As for me, we need to change the system. There is round-tripping of dollar just like there was for fuel because the govt had decided to subsidize the dollar (A.K.A. Defend the Naira) by flooding the market with low priced dollar but that barely account for 20% of the $$ rate increase of today. The govt does this via CBN and Commercial banks who just like PPPRA, NNPC, Marketers. & other officials in petrol distribution are corrupt and promote dollar round tripping. The solution lies in changing the system by stopping the subsidy. Buhari attempted to partially stop Dollar subsidy to inspire local production but was blamed by same set of people who will soon be here to blame him because it didn't favour them.

Buhari's economic illiteracy is a big thorn in the flesh of the country.
'
The economy is in confusion and the biggest testament to that is the ever depreciating naira.

Another pointer to this is the disparity between the official and parallel rates. It should not be more than 3%. It is about 20% as we speak encouraging roundtrippping.

The country at this juncture needs a world class economic team akin to the one OBJ picked in his second term made up of Soludo, Iweala and Ekwesili.

Instead the country is saddled with an economic team that is fit for the 3rd division.

Don't know where youguys gotthis silly picture from but stop peddling lies. Exchange rate under GEJ was an average of 150-160 and it only rose to 200 due to the panic and tension the 2015 elections brought. This was because foreign investors rushed to pull out funds from the country and this affected every sector. Nigerians also rushed to buy forex to relocate themselves out of the country. Simply put: the tension the 2015 elections brought,had a negative impact on the economy and this in turn,impacted on the value of the naira,foreign reserves and all that.

dadaha:
Quod Erat Demonstrandum