₦airaland Forum

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: Most of 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



6. Kuwait


If you are expecting any Miracle if PDP or Jonathan were to be returned during the 2015 election, You are either a party agent, a tribalist, an ignoramus or a dullard.

The combination of the last 3 is usually the case.

idupaul:
And who told you Buhari succumbed to anybody ..he held on till he realised he didn't have enough foreign reserve to keep giving the naira a false value ..As usual Mr presidents stubbornness and lack of vision made home tale his finger of the trigger when the damage was already done and the the naira she real value was playing out in the streets and not the banking halls.. Further more he keeps ordering the CBN to release cheap dollars to different religious groups at a time we don't need it

idupaul:
He saying what I have always said ..our level of recession has nothing to do with oil prices but all to do with the character and poor judgment of President Buhari

anonimi:
Yet the WORST elements of the same PDP continue to rule us as redeemed born-to-gain All ProgreTHIEF Criminals, not so



www.nairaland.com/attachments/3088738_img20151115154440_jpeg8f611b6c9cc8cd0928a56ef1049ea06d



www.nairaland.com/attachments/2102459_apcteam_png6dc9407cdcc2b68174c445361fc3e4c9

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!!!!! Is that Buhari's fault?

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

idupaul:
Yes exactly and that's why the think tank that came up with the TSA recommended it be done phases to ease the financial that might arise from an instant removal ..this is where Buhari erred he failed to take that critical advise and pulled the rug 100 percent at the wrong time .

mamabomboy:
http://www.vanguardngr.com/2016/09/recession-govt-made-wrong-policy-choices-utomi/

Doyin2:
I think you could be more intelligent than this,haba!

Could the people you mentioned, had individually, directed the economic direction of Nigeria at the federal level?

And does your trash,debunk the fact that it is PDP as a party that plunged us into this mess of fuel importation?

Please receive some sense! .

Obasanjo endorses APC moves, as party leadership visit Abeokuta
22.Dec 2013

The push by the opposition, All Progressives Congress, APC to dislodge the ruling Peoples Democratic Party, PDP received a boost yesterday as former President Olusegun Obasanjo openly threw his weight behind the APC’s current initiatives.
The APC leadership, comprising some national leaders and governors visited him Obasanjo in Abeokuta, the Ogun State capital on Saturday to solicit the former president’s support for the party in the forthcoming elections.
The party leaders, which started converging on Obasanjo’s Hilltop Mansion around 5:22pm, included former governor of Lagos State, Asiwaju Bola Tinubu, the party’s Interim National Chairman, Bisi Akande; former Head of State, General Muhammadu Buhari; former speaker of the House of Representatives, Aminu Masari; former Borno State governor, Senator Ali Modu-Sheriff; Senator Osita Isunazor; Senator Bukola Saraki and Lai Mohammed.
Governor Murtala Nyako of Adamawa State came to the former president’s house in company with the former Chairman of the Economic and Financial Crimes Commissioin, Mallam Nuhu Ribadu; the former minister of aviation, Femi Fani-Kayode and others in a convoy of three black jeeps.
Other APC governors at the meeting included Rochas Okorocha (Imo), Ibikunle Amosun (Ogun), Abdulfattah Ahmed (Kwara), Rotimi Amaechi (Rivers), Rabiu Kwankwaso (Kano) and Senator Abiola Ajimobi (Oyo).
The Chairman of the New PDP, Kawu Baraje led some of his members and the former Kaduna State Chairman, Yero Makama, to the meeting.
Presenting the party chieftains and the APC governors to Obasanjo during the opening of the meeting, Akande said the party was in support of the former president’s 18-page letter to President Goodluck Jonathan.
The APC National Leader, Tinubu who alluded to Obasanjo’s contribution to the building of the Nigerian nation, lamented that the country was divided more than ever.
Apparently referring to Obasanjo’s recent letter to Jonathan, he enjoined the former president not to shy away from speaking the truth.
Tinubu added that the APC had resolved to rescue Nigeria, appealing to Obasanjo to lead the mission.
“You’ve come out of tribulation and held the highest position in this country. We are here because of your courage. Nobody can say he has information more than you. You have surmounted a number of crises. Nigeria is divided more than before; to realise stable Nigeria, we want to encourage you to continue to speak the truth. We’re resolved and determined to rescue Nigeria. We want you as navigator,” he said.


Source: http://newmail-ng.com/new/obasanjo-endorses-apc-moves-as-party-leadership-visit-abeokuta/

OBAGADAFFI:
There was no serious economic move by the government in the first 6 month.

Please save us these 16 years of PDP rule blame game.

Buhari was Chairman of the Petroleum Trust Fund under Abacha, what did he do to stop fuel importation.

It was under the same 16 years of PDP rule our foreign reserves grew and we witness economic growth after military rule .

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.

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: Most of 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



6. Kuwait


If you are expecting any Miracle if PDP or Jonathan were to be returned during the 2015 election, You are either a party agent, a tribalist, an ignoramus or a dullard.

The combination of the last 3 is usually the case.

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:
Just before you mislead the public:

Nigeria was not importing fuel during Abacha period or when Buhari was the chairman of PTF.

Even the worst economists in the world, know that economic growth without economic development is nonsensical.And that is why we are where we are today as a nation.Economic growth,yet no economic development via productive and efficient local refineries.

If you consider growth in foreign reserves when the price of oil averaged $100,as an achievement,then I think I am chatting with the wrong person.

simplycarro:
Why is Nigeria plagued with slow thinkers as our leaders?
The same way GEJ was very slow in taking decisive measures against the Chibok girls kidnap is the same way this PMB was so slow in taking measure to arrest the declining economy.

Pinkybush:
[s]Cow head, is this tread abt GEJ and Chibok girls or about recession brought by brain dead dullard in Aso Rock?
Next time do well to save dat free MB for better things rather than to spew trash on this forum[/s].

Reference:
So if you are made a leader of a country and your people are starving, this is what you willl present to them everyday. Excuses. They wil eat you raw. For your information, the economic crises of 2008 was on record as the worst since the Great Depression of the thirties and it was a global phenomenon. Asia, Europe and the Americas were all badly affected. Obama came on board and almost single handedly turned not just his country's economy around but led to mild recoveries in Asia and Europe. He didn't say the world was down so Americans can starve. That is not leadership and I hope you will never get there with this mindset.

Nigeria has an economy similar to the US which is import/consumer driven with a huge service sector. There are certain economic recovery policies we can learn from them and avoid certain mistakes we make by studying how they got out. But you will not profit from these with an attitude that is defensive and snobbish and stubbornly conceited. So sorry.

Love Machine:
OK let's compare the living standards of those countries in recession with ours.Their government don't retrench workers.They don't increase fuel price.There is no hardships among their people unlike Nigerians .

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

AZeD1:
This is your only point that is agreeable, others are debatable.
I'll speak on the TSA.
The banks were getting free money from the government and loaning back to the same government at 15% interest rates, they were also lent to the real sector at 20% and above interest rate which is terrible. The government was loosing money by this arrangement and also the free money was not used by the banks to help fund SME's. I wholly support this move by the government.
Once forex racketeering is dealt with, the banks will have no other option than to go back to core banking.

Love Machine:
OK let's compare the living standards of those countries in recession with ours.Their government don't retrench workers.They don't increase fuel price.There is no hardships among their people unlike Nigerians .

mamabomboy:
I-diot, after you and Oby have led us into the lions den, you now want to jump out and claim you are wise. Buffoon, you are giving an economic analysis on the pulpit. When did the church become an economic institute. You better go and find something to do instead of making noise like Ezekwesilly.the foool

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: Most of 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



6. Kuwait


If you are expecting any Miracle if PDP or Jonathan were to be returned during the 2015 election, You are either a party agent, a tribalist, an ignoramus or a dullard.

The combination of the last 3 is usually the case.

WE NEED TO WAKE UP , IT IS REALITY O CLOCK !!.

The policies that allowed Nigeria depend on ALL IMPORTATION killed Nigeria not Buhari.

Love Machine:
OK let's compare the living standards of those countries in recession with ours.Their government don't retrench workers.They don't increase fuel price.There is no hardships among their people like Nigerians .

http://money.cnn.com/2016/05/31/news/economy/venezuela-shortage/

Venezuela is running out of everything: Bread, sugar, toilet paper...