₦airaland Forum

Ahmedhussain3463:
God bless u broda|dis is d questn av always ask my self,that where are d so called briliant economist dt were pushing for devaluation of naira wic the president later succumb to after showing some restiveness!utomi should bury his head in shame is a learner becos na night sch e go

Goke7:
Utomi was one of the economists shouting for the floating of the naira, now he is trying to absolve himself by saying the govt would have done it earlier.

This recession has made me know that some of these economists are not brilliant after all.

IVORY2009:
Demdem,

The truth is always bitter, take heart

OBAGADAFFI:
Did bother read his comments,

But they said how can we devalue? We will not devalue.

In economics timing very important, if the government had devalued earlier, thing won't be this bad.

But they[b] shamefully devalued using the term floating of the naira[/b], when they realize they couldn't handle things anymore.

ibietela2:
Just like your Messiah, lord and saviour Buhari

idupaul:
First thing we should know the decline in oil prices is not commensurate to the level of drop our economy has witnessed. . Have you asked yourself that that despite low oil prices and virtually no democratic structure on ground plus no foreign reserve and a heavy debt profile how Obasanjo managed to steer the country to some growth ..Mr I will highlight some poor decisions made by a visionless Buhari (I also voted for him oo) that virtually nuked the Nigerian economy.

Before President Buhari was sworn in Oil prices had spiralled down plus he was taking over from an exceptionally corrupt govt led by the meek GEJ. A wise leader taking over such affairs will not do some things ..below are things Buhari shouldn't have done ..

1: He shouldn't have spent more than six months choosing his ministers and team ..Knowing that we were in an era of low oil revenues Buhari should have hit the ground running in a manner that will inspire confidence in the NIGERIAN economy but he didn't rather he left the country without a policy framework or directionfor 6 months .

2: The ridiculous MTN fine : 6 months after his inauguration Buhari suddenly realises he has low revenue from oil and take advantage of the simplest registration penalty to slap MTN the largest fine ever heard in human history , a ridiculous fine of 5 billion dollars ..that immediately set most multinationals who had been operating under lax Nigerian laws to find parallel means of expatriating over 80 billion dollars out of the country in under 3 weeks just in case the govt of the new sheriff decided to clamp down on their profits still housed in Nigeria..Ironically the president couldn't even get MTN to pay the 5 billion dollar as it was reviewed to some really paltry some to be paid small small over time but the damage was already done .

3: For years most people knew our Banks relied on govt patronage for a large percentage of its deposits..Mr Buhari in his visonles manner goes on to pull the rug over night by implementing TSA a 100 percent instead of the piece meal fashion recommended by those who even created the TSA in the first place, the banking industry was suddenly hit with a massive withdrawal symptom that also cascaded into the real private sector including small businesses .

4: When oil prices are low oil producing country usually ramp up production to try to use volume to counter losses realised form low oil margins and that why Saudi Arabia this year increased production levels to a record high ..In Nigeria what did Buhari do? Buhari chose such are time to declare Tompolo wanted for a supposed fraud of 13 billion naira thereby throwing the region into chaos as militants took to the offensive to avoid arrest. .this action further cut down our production by another half meaning despite low oil price Mr Buhari now had to deal with low output and production.

5: Recently as production started to pick up the Army announced it was deploying 10 thousand soldiers to the region ..I don't have a problem with that but why announce it ..By announcing it tension is again heightened in the region. .Abacha deployed more troops to the Niger delta but never announced it sef .

Bro I can go on and on ..the truth is that Buhari can never make a great leader and will never .he doesn't have that vision and prefers knee jerk action to well thought out solutions

Reference:
He is absolutely right. It is this bad because the infection was allowed to linger leading to economic sepsis. The moment your earnings begin to fall you permit your currency to match the falls naturally so you can maintian productivity. Every dummy knows this. Every dummy does this in his own personal micro economy. When your salary is cut you've got to cut your ability to buy stuff in favour of protecting your productivity. What Buhari did instead was to cut productivity in favour of purchases/assets, etc and ruined the field for those who had the funds to produce. Needless to say they have taken their money elsewhere. The tragedy is that some still think this was a mistake and we were better off banning every commodity and service from the importation list and thus virtually ending international trade and letting inky government control the foreign reserves for God knows what, which will have crashed to unprecedented low levels anyway.

AntiWailer:
Yes by not consulting Pat Utomi who led BANK PHB and another company into liquidation.



Nigeria EXPORTS OIL and imports everything including RICE and Soldier's Khaki.

On the recession.

Check out several countries in recession. Buhari's Policy must have affected them too.

NOTE: All the top 12 Oil Producing companies in order of their oil production output are in RECESSION.

NIGERIA IS 13


1  United States 11,973,000
2  Saudi Arabia (OPEC) 11,624,000
3  Russia 10,853,000
4  China, People's Republic of 4,572,000
5  Canada 4,383,000
6  United Arab Emirates (OPEC) 3,471,000
7  Iran (OPEC) 3,375,000
8  Iraq (OPEC) 3,371,000
9  Brazil 2,950,000
10  Mexico 2,812,000
11  Kuwait (OPEC) 2,767,000
12  Venezuela (OPEC) 2,689,000
13  Nigeria (OPEC) 2,427,000



http://www.bloomberg.com/news/articles/2016-01-11/meet-2016-s-worst-economic-performers-flirting-with-disaster

Check the chart above and you will know that all this politicians are just trying to take advantage of the unfortunate period to score Cheap Points and escape prosecution for looting.

I will analyze TOP 13 oil producing countries and evidence of recession in 2016 some have been struggling since 2015.

Please check links, extracts and the bolded.

1. RUSSIA in recession



2. VENEZUEALA in recession Oil Producing (No 12) Crisis terrible and leading to Food shortage.



3. CANADA in recession


4. CHINA in recession



5. SAUDI ARABIA in recession

Tokety7:

Truth indeed from the mouth of the economist who was part of the destruction of [/color=#000099]Bank Phb

Doyin2:
Even USA ,with all the best economists in the world,could not avert economic downturn.It took Obama more than 4 years to turn the economy of USA around.

Textbook economist like Utomi should please shut up an let us have our peace.What contributions did he make to avert the recession?Talk is very cheap indeed.What leadership did Utomi provide to save Volkswagen and BankPHB from extinction

The fact about economics is that there is never any best way.There is always a lacuna in very economic policy adopted,and that is what idiots like Utomi are capitalising on to attract very cheap publicity.


Borrowing against assets?Earlier devaluation in a very import dependent economy? How easy and certain are these, as perfect solutions to averting recession?

The same sort of economists would have told us that the devaluation of the Naira was too hasty a decision,if otherwise.


Rubbish!

Goke7:
stop the lies, do you know how long we have been devaluing our currency over the years? Let's stop being clever by half. Devaluation was never the best option

anonimi:
No mind the guy. Him still dey get mouth after two years of suffering and smiling in the land.
These same people who packaged and sold DullardPoo as their only saviour should be hiding their face in shame, walhi.



https://www.osundefender.org/wp-content/uploads/2014/09/Muhammadu-Buhari.jpg

AntiWailer:
Yes by not consulting Pat Utomi who led BANK PHB and another company into liquidation.



Nigeria EXPORTS OIL and imports everything including RICE and Soldier's Khaki.

On the recession.

Check out several countries in recession. Buhari's Policy must have affected them too.

NOTE: All the top 12 Oil Producing companies in order of their oil production output are in RECESSION.

NIGERIA IS 13


1  United States 11,973,000
2  Saudi Arabia (OPEC) 11,624,000
3  Russia 10,853,000
4  China, People's Republic of 4,572,000
5  Canada 4,383,000
6  United Arab Emirates (OPEC) 3,471,000
7  Iran (OPEC) 3,375,000
8  Iraq (OPEC) 3,371,000
9  Brazil 2,950,000
10  Mexico 2,812,000
11  Kuwait (OPEC) 2,767,000
12  Venezuela (OPEC) 2,689,000
13  Nigeria (OPEC) 2,427,000



http://www.bloomberg.com/news/articles/2016-01-11/meet-2016-s-worst-economic-performers-flirting-with-disaster

Check the chat above and you will know that all this politicians are just trying to take advantage of the unfortunate period to score Cheap Points and escape prosecution for looting.

I will analyze several oil producing countries and evidence of recession in 2016. Please check extracts and the bolded.

1. RUSSIA in recession



2. VENEZUEALA in recession Oil Producing (No 12) Crisis terrible and leading to Food shortage.



3. CANADA in recession


4. CHINA in recession

idupaul:
First thing we should know the decline in oil prices is not commensurate to the level of drop our economy has witnessed. . Have you asked yourself that that despite low oil prices and virtually no democratic structure on ground plus no foreign reserve and a heavy debt profile how Obasanjo managed to steer the country to some growth ..Mr I will highlight some poor decisions made by a visionless Buhari (I also voted for him oo) that virtually nuked the Nigerian economy.

Before President Buhari was sworn in Oil prices had spiralled down plus he was taking over from an exceptionally corrupt govt led by the meek GEJ. A wise leader taking over such affairs will not do some things ..below are things Buhari shouldn't have done ..

1: He shouldn't have spent more than six months choosing his ministers and team ..Knowing that we were in an era of low oil revenues Buhari should have hit the ground running in a manner that will inspire confidence in the NIGERIAN economy but he didn't rather he left the country without a policy framework or directionfor 6 months .

2: The ridiculous MTN fine : 6 months after his inauguration Buhari suddenly realises he has low revenue from oil and take advantage of the simplest registration penalty to slap MTN the largest fine ever heard in human history , a ridiculous fine of 5 billion dollars ..that immediately set most multinationals who had been operating under lax Nigerian laws to find parallel means of expatriating over 80 billion dollars out of the country in under 3 weeks just in case the govt of the new sheriff decided to clamp down on their profits still housed in Nigeria..Ironically the president couldn't even get MTN to pay the 5 billion dollar as it was reviewed to some really paltry some to be paid small small over time but the damage was already done .

3: For years most people knew our Banks relied on govt patronage for a large percentage of its deposits..Mr Buhari in his visonles manner goes on to pull the rug over night by implementing TSA a 100 percent instead of the piece meal fashion recommended by those who even created the TSA in the first place, the banking industry was suddenly hit with a massive withdrawal symptom that also cascaded into the real private sector including small businesses .

4: When oil prices are low oil producing country usually ramp up production to try to use volume to counter losses realised form low oil margins and that why Saudi Arabia this year increased production levels to a record high ..In Nigeria what did Buhari do? Buhari chose such are time to declare Tompolo wanted for a supposed fraud of 13 billion naira thereby throwing the region into chaos as militants took to the offensive to avoid arrest. .this action further cut down our production by another half meaning despite low oil price Mr Buhari now had to deal with low output and production.

5: Recently as production started to pick up the Army announced it was deploying 10 thousand soldiers to the region ..I don't have a problem with that but why announce it ..By announcing it tension is again heightened in the region. .Abacha deployed more troops to the Niger delta but never announced it sef .

Bro I can go on and on ..the truth is that Buhari can never make a great leader and will never .he doesn't have that vision and prefers knee jerk action to well thought out solutions

OBAGADAFFI:
Duh,

After all the noise the government still devalued, what they should have done earlier.

Can you tell how many devaluation we have had.

OBAGADAFFI:
Did bother read his comments,

But they said how can we devalue? We will not devalue.

In economics timing very important, if the government had devalued earlier, thing won't be this bad.

But they shamefully devalued using the term floating of the naira, when they realize they couldn't handle things anymore.

ibietela2:
The otondo no shame they accuse somebody of blaming everyone..........

I just pity them, in fact Berem don repent o

IVORY2009:
[/color]

Demdem,
Here u go again, did I just hear u say he Prof Pat was among the people dat destoryed Bank Phb? My friend pls do your research very well, Prof Pat is an intelligent economist with lots of wealth of experience, it was as a result of the merger of banks. demdem, u seems to always find fault in people that speaks the truth about the govt in power.

KINGwax007:
u and patt must be from the same town..

Big head, big education, no brain...

How does it happen, that a country which depends on oil as the major revenue, rely mostly on imports, and had no savings for dry season, not be in recession, when the source of revenue shrinks?

Oya, economic savvy, tell me..

Goke7:
we are just a bunch of emotional rants in Nigeria, when the likes of utomi and other night school economists were pushing for the floating and devaluation of the naira, PMB stucked to his guns knowing the effects it will have on the economy, they blackmailed him including the foreign media saying he was too rigid and that foreign investors were running away. Alas PMB succumbed and things went awry and all the so called foreign investors these olodo economists said will come to nigeria if we float the naira till today we never see them. They are now blaming PMB again.

This is how the fuel marketers too are already trying to blackmail PMB to allow them increase fuel price with the stupid excuse of forex even when the demand for fuel has gone down. Honestly the witches in this country are just too much, they all need to be witch-hunted.

idupaul:
First thing we should know the decline in oil prices is not commensurate to the level of drop our economy has witnessed. . Have you asked yourself that that despite low oil prices and virtually no democratic structure on ground plus no foreign reserve and a heavy debt profile how Obasanjo managed to steer the country to some growth ..Mr I will highlight some poor decisions made by a visionless Buhari (I also voted for him oo) that virtually nuked the Nigerian economy.

Before President Buhari was sworn in Oil prices had spiralled down plus he was taking over from an exceptionally corrupt govt led by the meek GEJ. A wise leader taking over such affairs will not do some things ..below are things Buhari shouldn't have done ..

1: He shouldn't have spent more than six months choosing his ministers and team ..Knowing that we were in an era of low oil revenues Buhari should have hit the ground running in a manner that will inspire confidence in the NIGERIAN economy but he didn't rather he left the country without a policy framework or directionfor 6 months .

2: The ridiculous MTN fine : 6 months after his inauguration Buhari suddenly realises he has low revenue from oil and take advantage of the simplest registration penalty to slap MTN the largest fine ever heard in human history , a ridiculous fine of 5 billion dollars ..that immediately set most multinationals who had been operating under lax Nigerian laws to find parallel means of expatriating over 80 billion dollars out of the country in under 3 weeks just in case the govt of the new sheriff decided to clamp down on their profits still housed in Nigeria..Ironically the president couldn't even get MTN to pay the 5 billion dollar as it was reviewed to some really paltry some to be paid small small over time but the damage was already done .

3: For years most people knew our Banks relied on govt patronage for a large percentage of its deposits..Mr Buhari in his visonles manner goes on to pull the rug over night by implementing TSA a 100 percent instead of the piece meal fashion recommended by those who even created the TSA in the first place, the banking industry was suddenly hit with a massive withdrawal symptom that also cascaded into the real private sector including small businesses .

4: When oil prices are low oil producing country usually ramp up production to try to use volume to counter losses realised form low oil margins and that why Saudi Arabia this year increased production levels to a record high ..In Nigeria what did Buhari do? Buhari chose such are time to declare Tompolo wanted for a supposed fraud of 13 billion naira thereby throwing the region into chaos as militants took to the offensive to avoid arrest. .this action further cut down our production by another half meaning despite low oil price Mr Buhari now had to deal with low output and production.

5: Recently as production started to pick up the Army announced it was deploying 10 thousand soldiers to the region ..I don't have a problem with that but why announce it ..By announcing it tension is again heightened in the region. .Abacha deployed more troops to the Niger delta but never announced it sef .

Bro I can go on and on ..the truth is that Buhari can never make a great leader and will never .he doesn't have that vision and prefers knee jerk action to well thought out solutions

Doyin2:
So can you give us the exact date and time we should have devalued the Naira,for us to have averted recession?

For God's sake monetary policies alone could not have averted recession.The government responded early enough with some fiscal policies like the ban on some imported goods for forex. But unfortunately,we could not avert the recession because of the inevitable importation of Fuel which is the major cause of the pressure on forex today.The FG could not ban the importation of fuel because we were virtually not producing any, locally.


I am stating with full authority that the only way we could have averted recession was if we were not importing fuel!!!!!

16years of PDP rule has plunged us into the only OPEC member importing fuel!!!!!!!!!!!!

Tokety7:
[s][/s]

U sound dumb. Go back and read the opening thread and hear what he said about it.

idupaul:
First thing we should know the decline in oil prices is not commensurate to the level of drop our economy has witnessed. . Have you asked yourself that that despite low oil prices and virtually no democratic structure on ground plus no foreign reserve and a heavy debt profile how Obasanjo managed to steer the country to some growth ..Mr I will highlight some poor decisions made by a visionless Buhari (I also voted for him oo) that virtually nuked the Nigerian economy.

Before President Buhari was sworn in Oil prices had spiralled down plus he was taking over from an exceptionally corrupt govt led by the meek GEJ. A wise leader taking over such affairs will not do some things ..below are things Buhari shouldn't have done ..

1: He shouldn't have spent more than six months choosing his ministers and team ..Knowing that we were in an era of low oil revenues Buhari should have hit the ground running in a manner that will inspire confidence in the NIGERIAN economy but he didn't rather he left the country without a policy framework or directionfor 6 months .

2: The ridiculous MTN fine : 6 months after his inauguration Buhari suddenly realises he has low revenue from oil and take advantage of the simplest registration penalty to slap MTN the largest fine ever heard in human history , a ridiculous fine of 5 billion dollars ..that immediately set most multinationals who had been operating under lax Nigerian laws to find parallel means of expatriating over 80 billion dollars out of the country in under 3 weeks just in case the govt of the new sheriff decided to clamp down on their profits still housed in Nigeria..Ironically the president couldn't even get MTN to pay the 5 billion dollar as it was reviewed to some really paltry some to be paid small small over time but the damage was already done .

3: For years most people knew our Banks relied on govt patronage for a large percentage of its deposits..Mr Buhari in his visonles manner goes on to pull the rug over night by implementing TSA a 100 percent instead of the piece meal fashion recommended by those who even created the TSA in the first place, the banking industry was suddenly hit with a massive withdrawal symptom that also cascaded into the real private sector including small businesses .

4: When oil prices are low oil producing country usually ramp up production to try to use volume to counter losses realised form low oil margins and that why Saudi Arabia this year increased production levels to a record high ..In Nigeria what did Buhari do? Buhari chose such are time to declare Tompolo wanted for a supposed fraud of 13 billion naira thereby throwing the region into chaos as militants took to the offensive to avoid arrest. .this action further cut down our production by another half meaning despite low oil price Mr Buhari now had to deal with low output and production.

5: Recently as production started to pick up the Army announced it was deploying 10 thousand soldiers to the region ..I don't have a problem with that but why announce it ..By announcing it tension is again heightened in the region. .Abacha deployed more troops to the Niger delta but never announced it sef .

Bro I can go on and on ..the truth is that Buhari can never make a great leader and will never .he doesn't have that vision and prefers knee jerk action to well thought out solutions

KINGwax007:
u and patt must be from the same town..

Big head, big education, no brain...

How does it happen, that a country which depends on oil as the major revenue, rely mostly on imports, and had no savings for dry season, not be in recession, when the source of revenue shrinks?

Oya, economic savvy, tell me..

2016 Budget: Buhari to spend more on State House Clinic than on all federal teaching hospitals


More from: http://www.premiumtimesng.com/news/headlines/197827-2016-budget-buhari-to-spend-more-on-state-house-clinic-than-on-all-federal-teaching-hospitals.html

Drug scarcity hits Aso Rock clinic despite N3.87bn budget
August 18, 2016


More from: http://punchng.com/drug-scarcity-hits-aso-rock-clinic-despite-n3-87bn-budget/

Muhammadu Buhari under fire for seeking medical treatment in UK


More from: https://www.theguardian.com/world/2016/jun/07/muhammadu-buhari-nigeria-ear-infection-medical-treatment-uk

Goke7:
Utomi was one of the economists shouting for the floating of the naira, now he is trying to absolve himself by saying the govt would have done it earlier.

This recession has made me know that some of these economists are not brilliant after all.