₦airaland Forum

economy recession in America was as
a result of over taxation while Nigeria economy shrinking is as result of ego by Nigeria economy team headed by war lord using war tactics to solve economy problems.

pls let nigeria embrace young leadership if they must succeed

Reference:
No one should even begin to hide under oil prices. They have been low for almost two years now. The present budget was tied to a price lower than we have today. Why can't it impact positively on the economy. And if we know oil is unstable why can't we draw foreign investment with the naira so weak and our assets so attractively priced. Answer, the environment is poor. Can this be blamed on the past regime. No.

When will the present regime begin to take responsibility.... 2017, 2018, 2019 or never. Nigerians have a right to know so they can begin to chart their own future if the government cannot stand to do its job and help them.

Well said.
Nigerians have entered one chance with this govt, sadly.

anonimi:
.....and your point is

Oh, I forgot who I was talking to, I forgot that I had to break it down in kindergarten language. Okay, I was simply explaining the case of the unstable, ungrounded minds who out of hunger and excess mingling with wailers, began to join the shallow bandwagon of people saying "buhari is solely responsible for Nigerias present condition"

Meanwhile like I said earlier, it is only ignorant folks that you can deceive by flaunting GDP growth rate of 7% from 2013/2014. I'm still waiting for you to kindly show us the 2.3% (and still falling) GDp growth rate as at the second quarter of 2015 when your oga was leaving offfice?

Ibime:
You nailed it. The rigid FOREX mechanism is the no1 reason for FDI outflows. I can't exchange my dollars into Naira today in order to invest in your country at an artificially reduced exchange rate, knowing that when the pressure gets too much, you can devalue your currency overnight and wipe out half of my investment. Buhari needs to take his hands off the Naira, full stop.

Exactly. I warned of this severally but APC fanantics took exception with sound reason and slaughtered the economy on tne altar of party politicking led by the high priest of fiscal conservatism, president Buhari himself. Where were the reserves to artificially support the naira. Where were the forex earnings to uphold the unrealistic rate. None. If not for the last minute capitulation our reserves will have been something like 10 billion by now and the rates in black will still have been where they are right now with the spread in the pockets of bigwigs according to Sanusi.

ivandragon:
am waiting to read from those who put the whole blame of Nigeria's recession on the fall in crude oil price, activities of criminals in the ND or looting under past governments...

The much celebrated economist by PDP and flat heads actually warned about a reccession in Nigeria way back in 2012 due to a slide in oil price. Oil price then was actually just abit below $80/barrel. I am talking of Madam Okonjo Iweala.

http://www.vanguardngr.com/2012/06/okonjo-iweala-warns-of-economic-recession/

progress69:
The much celebrated economist by PDP and flat heads actually warned about a reccession in Nigeria way back in 2012 due to a slide in oil price. Oil price then was actually just abit below $80/barrel. I am talking of Madam Okonjo Iweala.

http://www.vanguardngr.com/2012/06/okonjo-iweala-warns-of-economic-recession/

omenka Mr pay per post, Nigerians are now wiser. you can continue to decieve yourself, kikikiki

SycophanticGoat:
LoL, I was the first to make that comment with my previous moniker and on one thread here on NL. The guy who posted it on that website must have been the one who asked me back then if he could copy the post. I told him he could and if he wishes, then he shouldn't bother about referencing.. Didn't know the post will go this far... Am glad tho...

Hilarious. Anyway, I'm grateful that he didn't emulate Buhari's examples of plagiarisms by requesting for your permission before copying .

otitokoroleti:
am sure that you know your god is still busy looking for the exploration of that same commodity in the northern part of the country. do you realize that Nigeria is not a mono economic country during the regional government days? do you realize that illegal immigration of the Nigerien and Chadian to Nigerian to vote in the northern part of Nigeria to vote as a Nigerian during the election period is corruption? do you realize that gowon is still under training during the time hr becomes head of state? there are some certain facts that you don't know about this country, bottom line is thaay almajiris are the major problem of this country. how can someone who had no knowledge about governance/ainistration govern a country properly?

Wetin concern gowon or chadians or almajiri inside this matter?... What sort of directionless ranting is this?...

okay since Hausa-Fulani almajiris are the problem, abeg why could a PhD holder southern president not do anything to diversify the economy in the 5 years he ruled when the nation fortunately even had the required cash to diversify from oil?

By the way, regarding the ongoing oil exploration...., that a country is trying to increase its source of income, that doesn't mean it should abandon its present, proven income source.

obailala:
When you cut the tap root of a tree, the leaves don't wither immediately... it takes at least a week or two before the leaves begin to dry up and fall off. But common sense entails that the problem did not start when the leaves began to fall.

Nigeria was on life support and the economy was accelerating to the abyss when the last govt handed over to the present govt. Only ignorant people dont kbow that and only ignorant people argue about that when reminded of the facts. A country that was already borrowing to pay FG workers' salaries, a country that was already owing fuel importers for almost a year, a country whose foreign reserves dropped by $10bn in 6 months even when oil still sold above $65 (meanwhile the naira still crashed from N160 to N220 within few months notwithstanding the $10bn expended to checkmate this drop), a country whose gdp growth rate just within 3 consecutive quarters had dropped from 6-7% to 2.3%. This same country owed all contractors their entitlements since 2014, forcing contractors to abandon site and render thousands jobless, not until this year (2016) when the new govt managed to provide funds to get contractors back to site. I could go on and on, but then, there is no point. People who have chosen to be ignorant will remain so irrespective of what they are shown. So bros, park well!

I don't blame you, I blame Britain for giving us independence, Nigeria Will always remain Nigeria, America will remain America. Give Buhari America to rule, it will be like Nigeria in 1 year. Give Obama this country. It will be like America. Clearly we have vision less leaders in Nigeria. Taking about "Past Administration" let me say that before Godswill Apkabio left as the governor of Akwaibom state, the past government failed, do u think the past administration did well? No. They left that state in a mess. No one even knew Akwaibom existed as a state, but after he assumed office, he refused to fail like the past government but he transformed the state.
Buhari has no excuse. If the nation is still owning, where did all the money he recovered from the so called looters, where did it go to?.
A failure always looks for whom to blame.
A successful man will always admit his mistake and take defeat, apply correction to his mistakes and match on
No one should Blame the past administration for any reason. Abi una think say Obasanjo leave Nigeria well for Jonathan? Please let's leave this thing.

blueto:
Hilarious. Anyway, I'm grateful that he didn't emulate Buhari's examples of plagiarisms by requesting for your permission before copying .

Lmao!! Not everyone has an empty skull like that one-eyed leader of the blind zombies na...

luvinhubby:
An ignorant mind is better than an jaundiced and skewed mind. A vehicle can decelerate or slow down in a journey but should never be put reverse if progress should be made.
Buhari put Nigeria's economy in reverse gear by his acts, words and lack of policies. The live wire of our economy is crude oil, GEJ made tangible efforts to add agriculture to it and these two sectors are still on operation, which tap root was cut?

All those negative things I mentioned that happened under GEJ's nose just b4 handover, you call all those progress right?... or sorry, you call them deceleration and when they continued under buhari you called them reversal?... Lawd av merci on your soul...

The nation was set on a high momentum reverse motion as soon as oil prices began to crash, your gej with his world class economists couldn't stop the downward nosedive even though oil still sold above $65 when he left, but you expect the demi-god buhari to swing a magic wand and stop the reversals even though you are aware that oil crashed further to below $30 coupled with the fact that your friends in the creeks plugged out half of Nigeria's output, you still expect a miracle from buhari but you carefully excused gej who experienced much better conditions but couldnt stop the down trend?

You must either hate buhari so much or are just a very inconsiderate, undiscerning human.

obailala:
When you cut the tap root of a tree, the leaves don't wither immediately... it takes at least a week or two before the leaves begin to dry up and fall off. But common sense entails that the problem did not start when the leaves began to fall.

Nigeria was on life support and the economy was accelerating to the abyss when the last govt handed over to the present govt. Only ignorant people dont kbow that and only ignorant people argue about that when reminded of the facts. A country that was already borrowing to pay FG workers' salaries, a country that was already owing fuel importers for almost a year, a country whose foreign reserves dropped by $10bn in 6 months even when oil still sold above $65 (meanwhile the naira still crashed from N160 to N220 within few months notwithstanding the $10bn expended to checkmate this drop), a country whose gdp growth rate just within 3 consecutive quarters had dropped from 6-7% to 2.3%. This same country owed all contractors their entitlements since 2014, forcing contractors to abandon site and render thousands jobless, not until this year (2016) when the new govt managed to provide funds to get contractors back to site. I could go on and on, but then, there is no point. People who have chosen to be ignorant will remain so irrespective of what they are shown. So bros, park well!

chairman leave all this plenty excuse. i thought the claim was the treasury was empty, so what happened to the 30 billion dollars left by the last administration, and the subsidy savings since fuel subsidy has been removed.

Given the N305:5K per dollar official exchange rate by the Central Bank Of Nigeria,I'd say $2.75b investment gain is paltry for the first month(Not to mention the first quarter)as a sitting president,let alone some astronumical figure similar to that as a loss.

Its official,we are on a voyage to the helms of the nucleus of recession.

Stevengold:
I don't blame you, I blame Britain for giving us independence, Nigeria Will always remain Nigeria, America will remain America. Give Buhari America to rule, it will be like Nigeria in 1 year. Give Obama this country. It will be like America. Clearly we have vision less leaders in Nigeria. Taking about "Past Administration" let me say that before Godswill Apkabio left as the governor of Akwaibom state, the past government failed, do u think the past administration did well? No. They left that state in a mess. No one even knew Akwaibom existed as a state, but after he assumed office, he refused to fail like the past government but he transformed the state.
Buhari has no excuse. If the nation is still owning, where did all the money he recovered from the so called looters, where did it go to?.
A failure always looks for whom to blame.
A successful man will always admit his mistake and take defeat, apply correction to his mistakes and match on
No one should Blame the past administration for any reason. Abi una think say Obasanjo leave Nigeria well for Jonathan? Please let's leave this thing.

If the USA had 92% of its income coming from one commodity alone, and the value of that commodity drops by over 60%, not even 100 obamas would have prevented the economic turmoil we are facing so quit this baseless comparison.

Regarding the blame game, the last time I checked, most of the blame statements we see are mainly responses. If the shameless pdp guys can shit their shameless mouths for one second and stop ascribing their 16 year mess to a 1 year old government, the one year old govt would certainly face the act of governance without resorting to blame anyone.

Obama inherited a dying economy but he didnt resort to blaming anyone in the past, he just settled down and worked. But do not be deceived cos never for once did we hear of GW Bush or his republican party or their supporters running all over the place to blame obama after 1 year of all the problems he met in the US.

Kul

sammhi:
Chai
Did you do maths in school?
So from 130 to 420 is 69% ? Hey please go back to school oo
That's is over 300 % my man

thanks man i was in a rush to make that infograph, that'll be about 323%

IBBG:
chairman leave all this plenty excuse. i thought the claim was the treasury was empty, so what happened to the 30 billion dollars left by the last administration, and the subsidy savings since fuel subsidy has been removed.

$30billion foreign reserves for an import dependent and import addicted nation of 170million+ people is barely enough to meet a 3 month import cover. Firstly go and educate yourself on the meaning and use of foreign reserves before you return here to ask this your question.

A JSS 2 student with N1000 savings/pocket money is more comfortable than a father of 4 who has just lost his job and who has 100k savings in his account. I believe this doesnt need any explanation.

Ontarget:
I feel for Buhari. He is taking the blame for all the sins of the previous governments plus his. The truth is that most of our present failures are as a result of the failures of the previous administrations to lay a good foundation for the future.

oya collect your form , this is the last one.

obailala:
All those negative things I mentioned that happened under GEJ's nose just b4 handover, you call all those progress right?... or sorry, you call them deceleration and when they continued under buhari you called them reversal?... Lawd av merci on your soul...

The nation was set on a high momentum reverse motion as soon as oil prices began to crash, your gej with his world class economists couldn't stop the downward nosedive even though oil still sold above $65 when he left, but you expect the demi-god buhari to swing a magic wand and stop the reversals even though you are aware that oil crashed further to below $30 coupled with the fact that your friends in the creeks plugged out half of Nigeria's output, you still expect a miracle from buhari but you carefully excused gej who experienced much better conditions but couldnt stop the down trend?

You must either hate buhari so much or are just a very inconsiderate, undiscerning human.

Stop typing empty thrash, Buhari inherited $40 billion from GEJ and choose to dish out $3.5 billion as father christmas to silly governors, the economy slowed down but never receded till Buhari came in and choose incompetent folks to run things on our economy.

If you blame my friends in the creeks for Buhari's mess then it has shown intellectually challenged you are like Buhari who was asked how he intends to carry out an all inclusive development in the Niger Delta and he responded by saying that those (Niger Delta) that gave him 5% votes should not expect much from him compared to the 97% (core North). So you expect 'my friends' to fold their hands and watch their resources exploited for everyone else except them. Militancy in the Niger Delta resumed as a result of Buhari's incompetence and if you attribute that as one of courses of our recession, then blame Buhari.

obailala:
If the USA had 92% of its income coming from one commodity alone, and the value of that commodity drops by over 60%, not even 100 obamas would have prevented the economic turmoil we are facing so quit this baseless comparison.

Regarding the blame game, the last time I checked, most of the blame statements we see are mainly responses. If the shameless pdp guys can shit their shameless mouths for one second and stop ascribing their 16 year mess to a 1 year old government, the one year old govt would certainly face the act of governance without resorting to blame anyone.

Obama inherited a dying economy but he didnt resort to blaming anyone in the past, he just settled down and worked. But do not be deceived cos never for once did we hear of GW Bush or his republican party or their supporters running all over the place to blame obama after 1 year of all the problems he met in the US.

If only the president thinks like You.
Like I said; our problem in Nigeria is vision less and clueless leaders. We should forget about party. I don't belong to any. But at least Buhari should have what to boast of that Jonathan failed to do. I don't see any plan for the country, I don't foresee any achievements in the nearest future. Everyone can't wait for 2019.

obailala:
$30billion foreign reserves for an import dependent and import addicted nation of 170million+ people is barely enough to meet a 3 month import cover. Firstly go and educate yourself on the meaning and use of foreign reserves before you return here to ask this your question.

A JSS 2 student with N1000 savings/pocket money is more comfortable than a father of 4 who has just lost his job and who has 100k savings in his account. I believe this doesnt need any explanation.

chairman that one na just excuse. obasanjo inherited next to nothing frm the military. but yet we did not suffer like this, even if buhari inherited 100 billion dollars he will still look for something to complain about. The last administration did not meet an eldorado nation on ground, but rather did what they could to salvage the economy and keep it afloat. the truth is that this govt has nothing to offer, even with the phantom fuel subsidy removal.

anonimi:
When will these lies & propaganda end?
How long before you realise that many irredeemable Buharideens are opening their eyes and transforming into Buharists who want change on their conversion to Wailers?



https://www.36ng.com.ng/wp-content/uploads/2015/01/4.jpg




www.nairaland.com/attachments/2077628_BNGI782FMSI1G20150108171624_jpge5bb24791334f05106b071c3170d959d

I wish you can see how happy I am with your analysis.
God Bless you..

obailala:
Wetin concern gowon or chadians or almajiri inside this matter?... What sort of directionless ranting is this?...

okay since Hausa-Fulani almajiris are the problem, abeg why could a PhD holder southern president not do anything to diversify the economy in the 5 years he ruled when the nation fortunately even had the required cash to diversify from oil?

By the way, regarding the ongoing oil exploration...., that a country is trying to increase its source of income, that doesn't mean it should abandon its present, proven income source.

when I have time, I will lecture you on history. btw, I have to tell you what your god is hunting for because talked about mono economic system of governt practised in the past but I need to let you know that your mastt still practise it and he is not ready to diversify.

luvinhubby:
Stop typing empty thrash, Buhari inherited $40 billion from GEJ and choose to dish out $3.5 billion as father christmas to silly governors, the economy slowed down but never receded till Buhari came in and choose incompetent folks to run things on our economy.

If you blame my friends in the creeks for Buhari's mess then it has shown intellectually challenged you are like Buhari who was asked how he intends to carry out an all inclusive development in the Niger Delta and he responded by saying that those (Niger Delta) that gave him 5% votes should not expect much from him compared to the 97% (core North). So you expect 'my friends' to fold their hands and watch their resources exploited for everyone else except them. Militancy in the Niger Delta resumed as a result of Buhari's incompetence and if you attribute that as one of courses of our recession, then blame Buhari.

When you step on the breaks of a moving train, it continues to move for a while (decelerating) before it eventually stops. Oil still sold for over $65 when gej left office, but the gdp growth rate was already nosediving, and had fallen to 2.3% as at the time gej was handing over. Of course just like a decelerating train, it continued slowing down and crossed the zero line after buhari had taken over. See the image below..

https://cdn.tradingeconomics.com/charts/nigeria-gdp-growth-annual.png?s=nigeriagdpyoy&v=201603120907n

From 6.5%, the gdp rate dropped (proportionally to oil price) to 2.3% under GEJ's nose, even though oil still sold above $65 as at the time gej left office but you think GEJ the PhD holder was an omniscient god... Now the already nosediving growth rate fell further to the present -2.06% under buhari, even though we all know oil prices (which gives Nigeria over 92% of its income) dropped further to below $30 at a time, but you think this is all buhari's fault and not a single fault of jonathan or other previous leaders?.... probably you expect buhari to be a miracle worker to automatically turn things around or print forex...

What exactly do I call this your deep prejudice driven baseless and shameless judgement of buhari?

SycophanticGoat:
LoL, I was the first to make that comment with my previous moniker and on one thread here on NL. The guy who posted it on that website must have been the one who asked me back then if he could copy the post. I told him he could and if he wishes, then he shouldn't bother about referencing.. Didn't know the post will go this far... Am glad tho...

Not only on Nairaland, it's threading faster than you think on other social media platforms.

obailala:
Wetin concern gowon or chadians or almajiri inside this matter?... What sort of directionless ranting is this?...

okay since Hausa-Fulani almajiris are the problem, abeg why could a PhD holder southern president not do anything to diversify the economy in the 5 years he ruled when the nation fortunately even had the required cash to diversify from oil?

By the way, regarding the ongoing oil exploration...., that a country is trying to increase its source of income, that doesn't mean it should abandon its present, proven income source.

you still contradicting yourself. if oil price is falling should'nt the president look for elsewhere to deversify the ecoomy? abi diversification na just for mouth?

Deluded people will be blaming past government for the troubles in this country when they know where the trouble is really coming from.

blueto:
20 Warning Signs Buhari Would Destroy Nigeria’s Economy Which Were Ignored

We told them that General Muhammadu Buhari is an economic assassin. But they claimed his integrity will block loopholes.

But now, naira is on free fall, falling oil prices, inability to sell oil, Biafra agitation, Boko Haram moves, governors’ inability to pay salaries.

We told them that he’s corrupt just like his fellow cronies, but they claimed he never stole a dime.

We told them that Buhari is OLD, DULL, and SLOW, but they said they preferred a dullàrd that created Western Germany and President Mitchell’s to a Ph.D. holder that transformed the Agricultural sector of the economy.

We told them he doesn’t have the moral standard, will and the technological knowhow to tackle corruption, but they claimed even witch hunting is fighting corruption.

We told them he’s full of LIES and DECEIT, but they hoped on the mirage NGN5,000 salary for the jobless and one meal per day for their kids.

We told them that since he knew nothing about fuel subsidy, then he knows nothing about the petroleum industry/sector of the Nigerian economy but they claimed he’ll stabilize world oil price and reduce PMS price to NGN40 per litre.

We told them he has no respect for the rule of law, but they claimed the judiciary was corrupt.

We told them his government is usually marked with heavy job losses and too harsh economic policies but they said they preferred to be jobless in a change government than to be gainfully employed in a Transformation government of Jonathan’s administration.

We told them he is not as humble as he looks but they said he had only NGN1 million and 150 cows.

We told them that he’s too old to govern, they claimed our youths are wasted generations.

We told them he doesn’t have a certificate, they said he can use his NEPA bill.

We told them he’s vindictive, but they said as far as they are concerned, he can employ all his family members, relatives and well wishers into his cabinet, even if they have no formal education, as long as they deliver.

We told them he’s an enemy of democracy, they claimed they prefer his autocracy to the Nigerian Democracy.

We told them he’s not humble but only a pretender, they said he’ll sell off the presidential jets in order to cut cost of governance.

We told them he doesn’t care about the Nigerian citizens, but they claimed he belongs to everybody and belongs to nobody, even though his appointments were mainly for the north, he embarks on fruitless journeys and speaks only to BBC Hausa.

We told them he supported Boko Haram, they told us that even if they found him in a meeting with Shekau and co, that wouldn’t stop them from voting him.

We asked for any tangible thing he’s done for the country after staying away from government for so long, they claimed it didn’t matter.

We told him to get up from honeymoon and hit the ground running, but they called us Wailers..

Finally, we told them he’s a scam, but they shouted Sai Baba!

Behold Nigerians, here is your much desired change!

But then Nigerians there is this saying says, “No matter how long you have travelled on the wrong road, the only way you can get to your destination is to stop and return to the right road”.

Nigeria has been travelling the wrong road in the past 55 years, the earlier we receive common sense and reverse our folly, the better.

Source

Bravo. Sadly, due to lack of education in the country, Nigerians are just too ignorant to realize the grave mistake they have made.

XaintJoel20:
Not only on Nairaland, it's threading faster than you think on other social media platforms.

Wow!! Just like I started the body odour stuff and viola, it went viral.. I suppose start to charge people for my content oh...

IBBG:
chairman that one na just excuse. obasanjo inherited next to nothing frm the military. but yet we did not suffer like this, even if buhari inherited 100 billion dollars he will still look for something to complain about. The last administration did not meet an eldorado nation on ground, but rather did what they could to salvage the economy and keep it afloat. the truth is that this govt has nothing to offer, even with the phantom fuel subsidy removal.

Oh yes the last admin did not inherit eldorado but at least they inherited a nation with reserves and savings running up to $60bn, they also inherited a nation with less than $5bn in external debts. They did not also inherit a nation which had just recently lost over 60% of its income so your comparison is baseless. The true test of the last administration's competence was in the last 6-9months when oil prices began to crash. That period was what exposed tne ass of the last admin. FG borrowing to pay worker salary, fuel importers owed for 9 months, gdp growth rate that nigeria boasted of at 7% crashed steadily to 2.3%, foreign reserves crashed by $10bn in 6 months, the money was probably used to stabilise the naira but the naira nevertheless still crashed from N160 to N220 in less than 6 months etc etc.... I could go on and on... go get yourself informed, the economy was booming because oil price was unprecedentedly high all throught that admin.. Except you will say GEJ was the one who made oil price high, then your argument golds no water.

Regarding the $30billion foreign reserve, the $3.7billion obj inherited os worth about $37billion today (if only you understand the concept of foreign reserves). Nigeria's import bill today is more than 10 times what it was in 1999. Compared to today, how many people in 1999 were into inportation?... how much was the demand for forex then compared to today when everyone has an international atm card?