₦airaland Forum

eleojo23:
Under Jonathan, minimum wage for federal workers was increased from 7000 to 18000, where did the extra money come from?

Under Jonathan, the FG was paying billions of naira monthly to subsidize petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more power
stations costing billions of dollars were completed and made operational.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps like Benin Ore road were rebuilt, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university
lecturers began earning bigger salaries. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil. The money came from somewhere.

Under Jonathan our military which had been deliberately abandoned for many years was revamped with billions of dollars to fight boko haram. That money came from somewhere

eleojo23:
Under Jonathan, minimum wage for federal workers was increased from 7000 to 18000, where did the extra money come from?

Under Jonathan, the FG was paying billions of naira monthly to subsidize petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more power
stations costing billions of dollars were completed and made operational.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps like Benin Ore road were rebuilt, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university
lecturers began earning bigger salaries. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil. The money came from somewhere.

Under Jonathan our military which had been deliberately abandoned for many years was revamped with billions of dollars to fight boko haram. That money came from somewhere

Standing5:
He has almost finished paying the debt that was used to sponsor the research.

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.

grandstar:
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.

DesChyko:
Funny. Debts spent in this way is by far more beneficial than the #5k he promised jare. Jonathan invested in cassava research. It should be encouraged and continued.
How can you speak of diversification and condemn research?

Do you know that Cassava is one of the most important crops in Nigeria? If it should be done, it should be done under the Ministry of Agriculture and It is a welcome move.

But trust this administration. Lai Mohammed will quickly droo a Press Release saying 'Cassava is more important to a graduate than his books'

chronique:
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.

Itulah:
I do brush off or ignore comments like the one you just quoted from StOla.
The above, majority of them already know; however, they chose on deliberate grounds not to reference it owing to their hate-filled dogmatism instrumented programed mental attitude. They were here when all the nations airports including the ones in their infiltrated remote villages got a new looks, they were here when the likes of their now godfather Amechi and group keeps dragging GEJ from one court to the other to "share the money" and other related development.
I get confounded at times that people like StOla still reason with their anus at this new age.

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.

Standing5:
Didn't you see the bread thread on Nairaland front page yesterday? Keep arguing against yourself.

Obasanjo shares 40% cassava bread with African leaders
MAY 19, 2013


https://d19lga30codh7.cloudfront.net/wp-content/uploads/2013/05/obasanjo-cassava-bread.jpg


Former Nigeria’s President ,Olusegun Obasanjo, took the 40 percent cassava flour inclusion in bread to Tanzania recently as he urged the Tanzania President to promote the use of cassava in confectioneries in his country to transform agriculture.

Read more at: http://www.vanguardngr.com/2013/05/obasanjo-shares-40-cassava-bread-with-african-leaders/

eleojo23:
Under Jonathan, minimum wage for federal workers was increased from 7000 to 18000, where did the extra money come from?

Under Jonathan, the FG was paying billions of naira monthly to subsidize petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more power
stations costing billions of dollars were completed and made operational.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps like Benin Ore road were rebuilt, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university
lecturers began earning bigger salaries. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil. The money came from somewhere.

Under Jonathan our military which had been deliberately abandoned for many years was revamped with billions of dollars to fight boko haram. That money came from somewhere

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

StOla:
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.

FG, States, LGs Share N568.4 Billion for Oct
15 NOVEMBER 2013


[img]http://cdn1.vanguardngr.com/wp-content/uploads/2015/09/412x247xOkonjo-Iweala-e1442838220305.jpg.pagespeed.ic.nz-K0adxSv.webp[/img]



Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that [size=14pt]the states had requested for $2bn[/size] to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

StOla:
The average Nigerian only cares about the food in his tummy, hence the misdirected anger.

Maybe Buhari should borrow ideas from Fayose whose people don't bother about infrastructure or economic indices as long as they get their stomach infrastructure.

There's nothing that can be done to stave off the harsh economic storm that is gathering. Now is not the time to act, the time for pre-emptive action was 5years ago when the money was flowing in.

Any action taken now to diversify the economy would be for the benefit of those who presently are too young to even know what's going on now.

anonimi:
Why do you keep exposing your ignorance so publicly like this?
Why, bro
Do you know better about cassava bread than Ebola Owu, the navigator of the All ProgreTHIEF Criminals, APC party who has been Head of State and president of our country for 11 years?

cococandy:
You're unbelievable.
Nwoke m have you no shred of conscience Tufiakwa.

So Jonathan's 5years in government is what ruined the 50+ years of 'amazing' leadership we have had from the mostly northern oligarchs since independence?


You kind of person is truly dangerous. You are someone who can look at red color and swear on your life that it is white in order to achieve what you want. May god have mercy on your soul.

Wizzyblack3:
Pls lemme ask you this simple question; Assuming your FAMILY is STARVING and needs SHELTERs at the same time, which one will you FIRST take care of?

NOTE: You need to provide an honest answer to avoid THUNDER from firing you before the end of this new month.

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.

alphamodel1:
Adeosun should go and consult wit Ngozi Okonjo Iwuala on how to run an economy. Nigerian economy is far bigger than her. This is not a time for trial and error approach, not a time for just to talk the talk but to do the talk!

eleojo23:
Under Jonathan, minimum wage for federal workers was increased from 7000 to 18000, where did the extra money come from?

Under Jonathan, the FG was paying billions of naira monthly to subsidize petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more power
stations costing billions of dollars were completed and made operational.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps like Benin Ore road were rebuilt, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university
lecturers began earning bigger salaries. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil. The money came from somewhere.

Under Jonathan our military which had been deliberately abandoned for many years was revamped with billions of dollars to fight boko haram. That money came from somewhere

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.

eleojo23:
Under Jonathan, minimum wage for federal workers was increased from 7000 to 18000, where did the extra money come from?

Under Jonathan, the FG was paying billions of naira monthly to subsidize petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more power
stations costing billions of dollars were completed and made operational.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps like Benin Ore road were rebuilt, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university
lecturers began earning bigger salaries. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil. The money came from somewhere.

Under Jonathan our military which had been deliberately abandoned for many years was revamped with billions of dollars to fight boko haram. That money came from somewhere

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/

cococandy:
You're unbelievable.
Nwoke m have you no shred of conscience Tufiakwa.

So Jonathan's 5years in government is what ruined the 50+ years of 'amazing' leadership we have had from the mostly northern oligarchs since independence?


You kind of person is truly dangerous. You are someone who can look at red color and swear on your life that it is white in order to achieve what you want. May god have mercy on your soul.

eleojo23:
Same old blame game. You guys are already sounding like a broken record.

Did anybody force Buhari to make bogus promises?
He sounded as if he knew Nigeria's problems and said he will fix it. Gullible people believed him and voted for him and unfortunately, after one year, he (and his minions like you) is still crying about what the previous administration did or did not do.

It shows that he was making those promises with zero knowledge of the situation of things. That is the definition of super cluelessness.

It is too late for excuses.

eleojo23:
Under Jonathan, minimum wage for federal workers was increased from 7000 to 18000, where did the extra money come from?

Under Jonathan, the FG was paying billions of naira monthly to subsidize petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more power
stations costing billions of dollars were completed and made operational.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.
Then why did he incur the debt of $60billion.
Under Jonathan, perennial death traps like Benin Ore road were rebuilt, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university
lecturers began earning bigger salaries. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil. The money came from somewhere.

Under Jonathan our military which had been deliberately abandoned for many years was revamped with billions of dollars to fight boko haram. That money came from somewhere