Buhari’s Economic Reforms Are Bold – Obama - Politics (3)

Buhari’s Economic Reforms Are Bold – Obama - Politics (3) - Nairaland

Nairaland Forum › Nairaland General › Politics › Buhari’s Economic Reforms Are Bold – Obama (31947 Views)

Re: Buhari’s Economic Reforms Are Bold – Obama by Nobody: 1:05pm On Sep 21, 2016

cckris:
Buhari is now HATED among his own people who can't sell their vegetables.

....

2 Likes

Re: Buhari’s Economic Reforms Are Bold – Obama by president3h: 1:09pm On Sep 21, 2016

NgeneUkwenu:
Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.

Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.

Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.

Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.

These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.

According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.

It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.

According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.

Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].

[size=15pt]May Almighty God continue to guide Baba Buhari.
[/size]

. And withing this one year that buhari entered, he grew the money to 100B dollars abi ? Zombie

Re: Buhari’s Economic Reforms Are Bold – Obama by Kiakia(m): 1:09pm On Sep 21, 2016

He who wears the shoe know where it pinches. Does Obama know the living condition of Nigerians on account of this bold economic reform? Bold indeed!

Re: Buhari’s Economic Reforms Are Bold – Obama by berrystunn(m): 1:09pm On Sep 21, 2016

NgeneUkwenu:
Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.

Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.

Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.

Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.

These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.

According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.

It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.

According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.

Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].

[size=15pt]May Almighty God continue to guide Baba Buhari.
[/size]

Corruption has been in Nigeria since 1914.
Go and Sleep we know all that...

Buhari said we should vote for him to fix it.
He promise heaven and earth
He beg for the vote

And we voted him
Today Buhari is looking for who to blame

We should blame my poor dog who did not understand the change
Because he want me to get his food from shoprit like I use to.... Nonsense he never see anything.

Re: Buhari’s Economic Reforms Are Bold – Obama by asamaigho(m): 1:10pm On Sep 21, 2016

CSTR2:
Why not jusxatpose it to the entire Igbo nation since that is what you were meaning to say.
Buhari was rejected by the entire Igbo nation and will not get up to 1% in 2019.

We dont need igbo vote......let igbo go biafra

Re: Buhari’s Economic Reforms Are Bold – Obama by Mpanyi: 1:12pm On Sep 21, 2016

Wetin una want make Obama talk before?

Re: Buhari’s Economic Reforms Are Bold – Obama by CSTR2: 1:12pm On Sep 21, 2016

asamaigho:
We dont need igbo vote......let igbo go biafra

Then fucck off and go vote for your geriatric president with the IQ of a tadpole .

Re: Buhari’s Economic Reforms Are Bold – Obama by Arjeeni: 1:13pm On Sep 21, 2016

NgeneUkwenu:
Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.

Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.

Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.

Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.

These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.

According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.

It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.

According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.

Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].

[size=15pt]May Almighty God continue to guide Baba Buhari.
[/size]

Brother you have done it well.
Nairaland.com is home of the wise and the big fools, by fools I meant the fools are the majority, the wise are just very few and those in the class of fools are the IPOBs, this kind of of information they will either ignore it or attack it and successfully prove that their fool is type C (classic).

I agree with you and many other aware of this all we need to do is praying for this administration to succeed because I can see great achievement in the next few years which PDP could not for 16yrs uninterrupted.
God bless Nigeria.

9 Likes 1 Share

Re: Buhari’s Economic Reforms Are Bold – Obama by asamaigho(m): 1:13pm On Sep 21, 2016

sarrki:
He defeated ojukwu

Locked up that criminal of Ipob

Dont mind dem, by next month,their DILECTOR will be a year old in kuje prison, yet d zoo has not collapse like they promised.

I wonder who takes dem seriously.

3 Likes

Re: Buhari’s Economic Reforms Are Bold – Obama by CoolFreeday(m): 1:15pm On Sep 21, 2016

NgeneUkwenu:
Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.

Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.

Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.

Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.

These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.

According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.

It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.

According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.

Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].

[size=15pt]May Almighty God continue to guide Baba Buhari.
[/size]

thank you very much, they are just hating for nothing. Buhari is God sent, Nigeria would've been grounded by now

5 Likes

Re: Buhari’s Economic Reforms Are Bold – Obama by Nobody: 1:15pm On Sep 21, 2016

Birds of the same feathers.

Re: Buhari’s Economic Reforms Are Bold – Obama by berrystunn(m): 1:16pm On Sep 21, 2016

GlorifiedTunde:
I just fall in love with you all the time.

You really think these "other" guys are here to know the truth?

Honestly I used to think it was because Nairaland had a lot of kids signed up, but I have also spoken to many one on one and I see its all the same mentality.

They have been so blindfolded by the thickness of their hatred and psychopathic situation that I have gotten tired explaining to.

The point is, they are not ready to see any of your intelligent and researched reasons on why the economy is in this state and will soon get better.

We know all that
Buhari promise to fix it.

With poor economy team?
Poor economy policy?
That pull investors out
Corruption that is still in the high side??

Re: Buhari’s Economic Reforms Are Bold – Obama by Nobody: 1:18pm On Sep 21, 2016

See who's talking, obama bush left 8trillion in debt you added 11 trillion, you still have mouth to talk. Yeye man.

Re: Buhari’s Economic Reforms Are Bold – Obama by Pray(m): 1:20pm On Sep 21, 2016

Chebi you will not tell him the truth abi? murasi

Re: Buhari’s Economic Reforms Are Bold – Obama by OnposNg: 1:20pm On Sep 21, 2016

This is not a time for tribal disagreements. Let us just hope that these bold steps turn out good for Nigeria in the long run.
God bless Nigeria.

Re: Buhari’s Economic Reforms Are Bold – Obama by APCsupporter: 1:21pm On Sep 21, 2016

NgeneUkwenu:
If Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE.

Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.

Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.

Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.

These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.

According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.

It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.

According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.

Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].

[size=15pt]May Almighty God continue to guide Baba Buhari.
[/size]

Ameen. Well said Ngene

1 Like

Re: Buhari’s Economic Reforms Are Bold – Obama by Oblang(m): 1:21pm On Sep 21, 2016

berrystunn:
We know all that
Buhari promise to fix it.

With poor economy team?
Poor economy policy?
That pull investors out
Corruption that is still in the high side??

Ask Emeka offor how market.. if he's still getting those huge scam contract he use to get under the inefficient buffoon..

3 Likes

Re: Buhari’s Economic Reforms Are Bold – Obama by CSTR2: 1:21pm On Sep 21, 2016

I have said before and I still believe it. There is virtually no single worst president in the world right now than buhari. From war torn middle-east to Africa and then to drug addled latin america . None
Mugabe may be at the same level of cluelessness and mental retardity, but still not worse off than buhari, I believe.
If buhari gets as much time as Mugabe, he would achieve exactly the same level of economic ruin since both of them play from the same textbook.

Re: Buhari’s Economic Reforms Are Bold – Obama by breakeven: 1:21pm On Sep 21, 2016

Obama sef !!!where is the economic reform? Why can't obama call a spade a spade. That bubu is a liability to Nigerians. At 75 what else is remaining.

Re: Buhari’s Economic Reforms Are Bold – Obama by CSTR2: 1:28pm On Sep 21, 2016

Even the so-called corruption fight has been a mess. Fighting corruption like a third world dictator, choosing sides and condoning blatant corruption as long as you are on the right side of the party divide, destroying the reputation of Nigeria's business environment and value among international community by a mad series of policies and utterances leading to a drastic drop in foreign investments, alarming and unprecedented cash outflows, and terrible ratings among credible investment portfolios.
What exactly is the merit of a buhari's administration with so many outstanding demerits?

Re: Buhari’s Economic Reforms Are Bold – Obama by CSTR2: 1:29pm On Sep 21, 2016

Oblang:
Ask Emeka offor how market.. if he's still getting those huge scam contract he use to get under the inefficient buffoon..

Sanusi, kyari and buratai are the ones getting it now.

Re: Buhari’s Economic Reforms Are Bold – Obama by KardinalZik(m): 1:32pm On Sep 21, 2016

Mr Obama,

Why not copy those bold policies? Abi u no want implement bold policies again? Why you come dey mock us na?

Copy Buhari's policies into the US to prove to us that they are bold. Otherwise, park well.

Re: Buhari’s Economic Reforms Are Bold – Obama by Nobody: 1:35pm On Sep 21, 2016

Hey everyone
look at this video . . . about a few months into Obama's administration

https://www.youtube.com/watch?v=BewOcp1JtDU

But now everyone acknowledges what Obama has done for the US
I pray Buhari will succeed as well . . . we are watching

Re: Buhari’s Economic Reforms Are Bold – Obama by Nobody: 1:35pm On Sep 21, 2016

NgeneUkwenu:
If Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE. Then Those Harshly Criticizing Buhari, Should In All Honesty, Do A Retrospective Search On Their Conscience...

Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.

Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.

Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.

These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.

According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.

It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.

According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.

Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].

[size=15pt]May Almighty God continue to guide Baba Buhari.
[/size]

May Almighty God give you wisdom to enlightened people this way.

More anointing to your brain.

3 Likes

Re: Buhari’s Economic Reforms Are Bold – Obama by berrystunn(m): 1:37pm On Sep 21, 2016

Oblang:
Ask Emeka offor how market.. if he's still getting those huge scam contract he use to get under the inefficient buffoon..

Power change hand to Northerns

Ask me who control CBN And foreign currency.

For your information
Buhari
1Year + In Office.
Buhari was handed over:-
- $30billion in our Foreign Reserves,
- $2.5billion Sovereign Wealth Fund,
- $1.4billion in the ECA,
- $4.65b back taxes from NLNG.
- Buhari met an approved budget of N4.5trillion Budget.
- 3trilion on STA.

Received Below within a year,
- $2.7billion collected by Inland Revenue in his first 8 months.
- $2.1billion world bank loan.
- $850million Grants from UK, USA and Europe.
- Excluding crude oil sales, Joint Venture profits, Royalties, Income from Customs, NIMMSA, NPA, NACHO ......

Nigeria is automatically poor in one year.
Not even a 1 kilometer road to show for it...
Name one project?

Darkness fighting darkness nonsense.

Re: Buhari’s Economic Reforms Are Bold – Obama by Nwapst(m): 1:39pm On Sep 21, 2016

OP
For sake of emphasis and to shed some light, I would like to explain the following issues:
i) Yes, much money was made during Jonathan's administration, but the Governors through their umbrella body (Governors' forum) insisted on sharing the money. It was in this country that they (Gov's Forum) took Jonathan to court and eventually all the money were shared. Those Governors then, are the 'so called' non corrupt APC Governors today.

ii) I am aware that the recession was not caused by Jonathan rather by bad policies and stubbornness of the current administration. I may not have the right words, but since you quoted Okonjo Iweala, may I also quote her former colleague Oby Ezekwesili on the cause of the recession: Pls read and be enlightened

still find it funny that most people
don't know why Nigeria economy
went into recession, they love the
incompetent lies of Lai Mohammed
about the past government ruining
everything. It's also myopic to think
that if Jonathan were to still be in
power, we would be worse off.
The truth about Nigeria's recession
is this; it was caused by the
president's unguided rhetoric and
uncultured body language.
Firstly, there is nothing we are
buying today that we weren't buying
5 years ago, therefore it's not our
purchase that put pressure on Naira
but withdrawal of funds by foreign
investors.
After the election, the president
created instability with his unguided
statements about how everyone is
corrupt and how everyone is going to
jail. The instability made foreign
investors to liquidate their
investment and change their money
to dollars. In the process of trying to
flee, they were willing to buy dollars
at any price, which lead to high
exchange dollar rate.
Even though some of them were not
ready to run away, but want their
money in dollars to save their
investments from devaluation, the
president gave a bad signal by
banning deposit of foreign currency
into dormiciliary accounts. That was
enough for free market believers to
see the draconian handwriting on
the wall, that was the beginning of
dollar rush.
To make matters worse, the
president came up with another
outrageous policy of rationing dollar
to certain sectors and blocking many
sectors out. That was the nail in the
coffin which facilitated the
emergence of free FALL.
In the end, foreign investors took
over $80B out of the economy within
a short period and everything went
down to free fall.
To those who believe it will be worse
if Jonathan is still there, you are all
wrong. Policy continuity and political
stability will not let billions of
dollars leave our shores within such
tiny time frame. Even though the
government might have income
shortage, the private sector will
weather the storm by their
confidence in the market.
The fear of the unknown created by
PMB is responsible for the economic
downturn not low oil price. Interest
rate in America is currently at 0.5%
while it is 12% in Nigeria. JP Morgan
Chase will not mind borrowing $50
billion from Feds at 0.5 and put in
Nigeria for return of %2000 profit.
Citi bank will do the same, likewise
US Bank Corp. Chase gave Buhari
warning about the repercussions of
his fixing policy before they pulled
out, but his illiterate cyber warriors
and misseducated e-soldiers said
JPMORGAN can go to hell, they no
longer believe in economic metrics
since their messiah is in charge.
Funny enough they are all suffering
today because of the stupid policy,
but they find relief by blaming it on
past administration and Gucci
appetite of average Nigerians.
For your information, if your
president "kontunu" with his
unguided rhetoric, Naira will go
down to N1000/1 $. But we thank
God, he is no longer talking.

1 Like 1 Share

Re: Buhari’s Economic Reforms Are Bold – Obama by mightycrown1(m): 1:40pm On Sep 21, 2016

God will continue to guide you PMB, no matter what we are going through now, i believe even in this your regime God will make Nigeria great. and we shall all rejoice when the victory comes. continue your good work and never be distracted, for God is with you and surely he will see us through.
long live PMB
long live Nigeria

2 Likes

Re: Buhari’s Economic Reforms Are Bold – Obama by ajealadick(m): 1:44pm On Sep 21, 2016

Hope I capy and paste this without accusation of plagiarism? I like your analysis, its detailed

NgeneUkwenu:
If Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE. Then Those Harshly Criticizing Buhari, Should In All Honesty, Do A Retrospective Search On Their Conscience...

Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.

Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.

Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.

These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.

According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.

It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.

According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.

Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].

[size=15pt]May Almighty God continue to guide Baba Buhari.
[/size]

Re: Buhari’s Economic Reforms Are Bold – Obama by Oblang(m): 1:45pm On Sep 21, 2016

berrystunn:
Power change hand to Northerns

Ask me who control CBN And foreign currency.

For your information
Buhari
1Year + In Office.
Buhari was handed over:-
- $30billion in our Foreign Reserves,
- $2.5billion Sovereign Wealth Fund,
- $1.4billion in the ECA,
- $4.65b back taxes from NLNG.
- Buhari met an approved budget of N4.5trillion Budget.
- 3trilion on STA.

Received Below within a year,
- $2.7billion collected by Inland Revenue in his first 8 months.
- $2.1billion world bank loan.
- $850million Grants from UK, USA and Europe.
- Excluding crude oil sales, Joint Venture profits, Royalties, Income from Customs, NIMMSA, NPA, NACHO ......

Not even a 1 kilometer road to show for it...
Name one project?

Road project is going on massively across the country presently. Ask those who know better to tell u that. This contractors have bin owed for 2yrs after which they abandon those projects. Now tell me how much the inefficient buffoon was handed by his predecessor and let's compare it to what he gave Buhari even when he enjoyed oil boom more than any other..

4 Likes

Re: Buhari’s Economic Reforms Are Bold – Obama by TPAND(f): 1:51pm On Sep 21, 2016

NgeneUkwenu:
If Okonjo Iweala, a woman that had seen it all could come out to say at an American conference that the SEED OF THIS RECESSION WAS PLANTED DURING THE JONATHAN REGIME DUE TO OUR LACK OF FINANCIAL DISCIPLINE, INABILITY AND LACK OF POLITICAL WILL TO SAVE. Then Those Harshly Criticizing Buhari, Should In All Honesty, Do A Retrospective Search On Their Conscience...

Obasanjo's administration earned # 17trn [/b]from crude oil sales within eight years and left behind 45bn dollars external reserves and 3.348bn dollars external debt.

Yaradua grew the reserves to [b]64bn dollars within just one year and the administration was able to finance 15 months of imports despite the 2008/2009 world economic meltdown. Hence, Nigeria survived the melt down because of the political will by the administration to save(a great achievement by Yaradua which most Nigerians are not aware of). Despite the tough economic reality at that time, Yaradua left 47.7bn dollars in reserves and an external debt of 3.94bn dollars. Meanwhile, the administration earned only # 9trn from crude oil sales within that short period.

How gullible. Shame on those that ever awarded you a degree or a certificate. You have a head, use it, it is there for a reason. Dont use the mouth feature of the head more than you use the head itself.

Now, Jonathan administration witnessed an oil boom when Brent crude sold for over 100 dollars/barrel, with the regime earning # 51trn within a period of 5years. But because of corruption, the administration did not only squander the oil revenue but even depleted the reserves left by Yaradua, leaving just 32bn dollars and a huge external debt of 63bn dollars for Buhari. The same Brent crude sold for as low as 35 dollars/barrel at a point shortly after Buhari took over power and had only managed to climb to about 48 dollars just recently.

These are facts that can be verified. So, it's amazing hearing people criticize Buhari for the hunger in the land.

According to Fashola, Buhari's administration inherited 206 uncompleted road projects and contract arrears worth #2.1trn from Jonathan; and for about 2 to 3 years the contractors where not paid. This slowed down the economic activities, with most of the companies laying off their staff. This was when the seed of recession was sowed.

It's obvious that Buhari came in to rescue Nigeria, because if Jonathan had continued in power, the nation's economic crisis would have been worse, perhaps even the Federal government wouldn't have been able to pay salaries of civil servants by now.

According to Okonjo Iweala, Nigeria started borrowing money to pay salaries since October, 2014; but today Nigeria now borrow money for investment in capital projects.

Those who blame Buhari for the current hardship do so either out of mischief (hatred) or ignorance. So, we shouldn't join the bandwagon in criticising him. [b]He may not have done much to save the situation, considering that he is not a perfect human being but he means well for the country and can only succeed with our prayers[/b].

[size=15pt]May Almighty God continue to guide Baba Buhari.
[/size]

Re: Buhari’s Economic Reforms Are Bold – Obama by kinibigdeal(m): 2:04pm On Sep 21, 2016

What do you expect Obama to say? Bad!! You must be an illiterate, Obama is only being diplomatic. He knew Buhari is a failure, many American companies are shutting down, do you think Obama is so dump to see that. You such unlearned...Obama is very diplomatic to have said that

NgeneUkwenu:
http://theeagleonline.com.ng/buharis-economic-reforms-are-bold-obama/

Re: Buhari’s Economic Reforms Are Bold – Obama by berrystunn(m): 2:04pm On Sep 21, 2016

Oblang:
Road project is going on massively across the country presently. Ask those who know better to tell u that. This contractors have bin owed for 2yrs after which they abandon those projects. Now tell me how much the inefficient buffoon was handed by his predecessor and let's compare it to what he gave Buhari even when he enjoyed oil boom more than any other..

Story which road.. What massive??

Yes, much money was made during Jonathan's administration, but the Governors through their umbrella body (Governors' forum) insisted on sharing the money. It was in this country that they (Gov's Forum) took Jonathan to court and eventually all the money were shared. Those Governors then, are the 'so called' non corrupt APC Governors today.

Buhari Bad economy policy killed everything.
80b dollars was pull out of Nigeria in one year by foreign investors.

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