₦airaland Forum

greatiyk4u:
God bless you.... Reno should cry for his youruba relatives not appealing to the sympathy, empathy and emotions of Ndi igbo to score cheap political points


We are wiser now and have always known who our real enemies are

eyeview:
I think it's a wrong postulation from you to state that the nation was already headed into recession before Buhari took charge. How can a nation whose economic indices were on a progressive growth during Gej be headed for recession. It grew to the point that it became the third fastest growing economy in the whole world.
Let's stop falling for the cheap propaganda APC and Buhari wants us to believe.
The truth is that every thing needed to reverse the economy of any thriving nation was experimented by Buhari on assumption of power. Some of these reverse gear policies and actions included:
1, Spending over 7 months to set up a ministerial team to drive the economy
2, Putting square pegs in round holes in the ministerial slots. None of the ministers were appointed in their areas of competence, this will lead to further loss of time to understand their sector and ofcourse, being novice in their sectors, they were at the mercy of the perm secs and DGs who were doing their 'deals" under the ministers' nose. A typical example was the budget padding.
3, Going to the international scene to label your country as criminals with only you as the saint will certainly scare away investors.
4, Outrighting banning of Forex to users and parallel markets automatically caused scarcity of forex which in turn caused the free fall of the naira against major currencies. That effect is responsible for 80 percent of the rising cost of goods and services today.
5, The division of the country on tribal lines with his unguarded comments. Since you and I agree that oil is still our sole source of income, there is a reason why previous govts treat the Niger delta, the goose that lays the golden egg with caution. You don't go to the foreign media to announce that the region that produce the wealth can not receive dividends of your govt because they voted their son and not you. In other words, you will take their wealth and develop your region and ignore them. The resultant effect was the bombing of pipelines which saw to the great decline of national income.
6, The sacrificing of merit on the altar of tribal bigotry. There are key offices and appointments you don't make based on tribal or any form of sentiment. Such offices are key but Buhari on assumption brought to fore his tribal bigotry. People who could have handled some key sectors were overlooked for 'brothers from the North's who had no experience in running dynamic systems like ours.

The list is endless. Buhari is purely responsible for the mess he has plunged this nation into.

He claims there was no money when he took over.
Obj received paltry USD 3bn from abdulsalaam yet we had no recession. He receives USD 30bn from Gej and he plunges the nation into recession.

He claims oil price fell at his tenure. Oil has been selling at an average of USD 55 per barrel. It sold for about USD 26 to USD 30 in yaradua and Gej respectively, yet we didn't enter recession.

At what point will it be clear to the likes of you that Buhari is solely responsible for our predicament

luvinhubby:
The indices slowed down but never went into a reverse mode.
A driver took control of a vehicle going North at a slowed down speed and instead of maintaining the motion he met, engages the vehicle in the reverse gear and heads down South has nobody but himself to blame for the act of reverse gear that changed the vehicle direction.
Your chart says so of Buhari.

obailala:
Like I said earlier, your setimental attachment to GEJ will not let you discern even the best explanations with the clearest facts and figures.

I would leave you with just this simple chart below comparing crude prices vs Nigeria's growth rate. If you cannot still see the downward acceleration in line with the oil prices, if you can't still see how this downward plunge started during GEJ's time but only crossed below the zero mark after handover, then I doubt any other indices I present will make any sense to you. Good luck in your convictions, GEJ was a saint who made Nigeria Dubai but Buhari came in and reversed it all in one year.
www.nairaland.com/attachments/4178677_gdpvscrudeprice2_jpegc5856f214a58ffdca179aefcd84d6ffd

obailala:
Did you say 'slowed down speed'?... Take a second look at that chart and tell me you do not know the difference between 'slow speed' and 'slowing down speed'?... Do you know the meaning of the word 'decelerate'?... If you dont, take a look one more time at that gdp growth rate chart and tell me it is a 'steady' horizontal line your eyes see between 2Q 2014 and 2Q 2015 as you keep claiming and then I would know you do not deserve a further response from any normal person.

Obviously the only way you can have something to say over this is by continuously feigning ignorance of the simple info that chart exposes.

www.nairaland.com/attachments/4178677_gdpvscrudeprice2_jpegc5856f214a58ffdca179aefcd84d6ffd

ImoRiver:
The truth is that we never really experienced growth. We only enjoyed higher income from oil sales which equally dwindled with the fall in oil price. Buhari's policy will help us manage possible future oil boom better.

fallout87:
Very good post.

I'm not even surprised the uneducated lot wouldn't read it. Then when they suffer they wonder why.

It's their own ignorance, laziness and stupidity.

luvinhubby:
Your chart shows a slowed down growth and not a negative, there is a difference between slowing down, decelerate, taking your feet off the gas pedal and REVERSE gear.
The economy slowed down under GEJ and went into a reverse under Buhari and your chart simply says so.
Why blame a GEJ for a reverse mode engaged by Buhari on the economy?

Still refering to your chart, which part of it dipped into negative indices under GEJ?
If Buhari was not able to build on what he met, at least leave as it was and not to make himself the supervising undertaker of the burial of Nigeria's economy.

luvinhubby:
Crude accounts for 16% of our GDP, other sectors account for 85%. Crude had sold for far less at different points in the last 20yrs in this country, but never has our economy and currency being this badly battered.
Buhari's policies killed the interest of investors in our economy while provoking those already here to pack up and leave. Until you acknowledge the CAUSE of a problem, you will NEVER find it's solution.

PASCHAL28:
reno, you are not ashamed of yourself. did you read newspapers today? did you see what court told 3 banks about alison money? you cannot fool us again. you are working for your pocket not for nigeria people. I stand with Buhari. You should go and stand with dangote

jpphilips:
Glad you can still afford internet services.
Not to worry, Buhari will release celestial feeding bottle for dolts like you.

obailala:
Every single time crude prixe dropped greatly, Nigeria's gdp growth rate also dropped proportionately.

The last time we had a major dip in oil prices was in 2008 2Q and Nigeria's geowth rate also dropped despite the fact that the massive saved funds courtesy of OBJ/Yaradua was deployed at that time to counter the oil income drop. Something else you cannot wish away is the fact that the last oil price drop of 2008 lasted only 6 months compared to the present one which is heading to 3 years now. It's also instructive to note that the CBN spent $20billion between 2008 2Q to 2009 1Q to kee lp us away from recession.

Also the CBN had already spent $10billion between November 2014 to May 2015 to balance the effect of the oil income drop during thw last days of GEJ, but despite that, we still had our growth rate take a major dip and Naira value also crashing. As at the time Buhari took over, there was barely $28.6 billion in foreign reserves and it would have been stupid to maintain the trend of spending $10billion to maintain balance the economy because we had basically run out of savings.

I can give you links and charts to prove every single figure I just posted here, but I guess it would be useless to you because you couldn't even differentiate between 'slow growth' and 'slowing down growth.'

Sibrah:
for example dollar was going for N230, states were owing salaries due to allocation shortfall, marketers too were owed huge arrears.

obailala:
This issue has been debated exhaustively on this forum but sentiments completely prevent people like you from comprehending simple things.

Oh yes, recession is a period of negative growth. But I think the logic here is quite simple, it is not only where you fall that matters but also where you tripped and where you started falling. A train is accelerating to a brickwall, it is not only when it hits the wall that matters, it also matters where it starts accelerating towards the wall.

With the above being said, I would leave you with this simple chart showing how Nigeria's growth rate was already plunging into the realm of recession before the last admin bailed out. I dont think I need to explain anything here.

www.nairaland.com/attachments/4178677_gdpvscrudeprice2_jpegc5856f214a58ffdca179aefcd84d6ffd

BraniacX:
Save your logic for yourself and leave this discussion academic, you brought a table for economic growth compared with oil prices, look back to mid 2011 2nd quarter when there was a sharp dip in oil prices and check our economic growth back then and compare with now!

You float your logic of tripping before falling but by your tables our economy wasn't tripping or falling from 2015 1st quarter to hand over period, even after handover the economy was still steady for a brief period so where do you get your unflattering logic from? Is it from the fall in oil price? Compare that to 2nd quarter 2011 when our economy was even much stronger than what was obtained in 1st quarter 2015 as reference, and before you blame oil price, what other capitalist oil producer is undergoing recession right now? (Don't border bringing up venezuela because you and i know socialism and populism destroyed venezuela's economics before the oil price plunge).
The tripping and falling a.k.a steady decline into recession all took place within buhari's administration alone and your charts alone show that much so stop trying to rationalise the irrational especially after your campaign rhetoric you came highly recommended as the panacea to all ills

Bring a different argument! This one doesn't fly

obailala:
Firstly, I can you kindly remind us or give details of this 'sharp drop' in oil prices in 2011 which you talk about?... By how much was this drop and for how long did it last as compared to the present drop which has lasted close to 3 straight years?.. This is even inconsequential.

I've just put up another extract of Nigeria's GDP growth rate between mid-2014 and mid-2015 (see below); for you and your friend (luvinhubby) to continuously insist even with your eyes wide open that you cannot see the Nigeria's growth rate was dropping prior to May 29th 2015, for you guys to continuously insist that the drop only occurred after Buhari took over, for you to continuously insist that the only thing which matters is when it crossed the 'zero' line, then I give up. There is absolutely no point engaging you further, I'm out! Congrats to you both, You win!

cc: luvinhubby

BraniacX:
And all these lies you mentioned, is according to who? If states owe salaries, how is that the fault of the FG? Are states not supposed to work within their means, under Jonathan, it was mainly osun state and few others that were owing salaries due to financial recklessness and heavy indebtedness (debts that were of no economic gain to the state), so it was never allocation shortfall, those states had to have their external debts serviced first before anything else! And we operate a capitalist economy not a socialist feeding bottle economy that buhari is turning us into! Where was the IGR aregbesola was bragging about back then?

marketers are still being owed today and the bulk of the marketers debt was accrued under buhari, fine, even about the marketers if you supported APC and took part in occupy Nigeria, you have no right to complain because the debt owed marketers was due to the presence of subsidies whose removal you opposed under jonathan only to turn around and support it under buhari, even with the subsidy removal by buhari the cost of fuel sky rocketed even when oil was selling for below $40/barrell, how do you explain that?

And as for the dollars, except you're talking about the black market price, save yourself the lies! You can tell us too, how that compares with today?

And if we were to even accept the lies you told, how does that translate into recession? What do you understand by recession sef?

Will you make a comparism of inflation and unemployment, foreign investor confidence, market ratings, stock market performance then and now too?

jpphilips:
Another rat just left his hole.
Mr Omokiri, thank your stars that majority of Nigerians are incredibly ignorant so there is always a segment of the population especially the unintelligent ones who read from your likes, FFk, Abati etc the same media hawks of the previous administration that looked on in silence when they looted us blind is now telling us what wrong this administration is doing to us.
Left for me, you dont deserve any response but I cant wait when you will join some folks in Prison. For the benefit of the unintelligent Nigerians who can barely think for themselves.

** Dangote lost money to the devaluation of the Naira, an economic move necessitated by forex shortages, all our oil producing competitors both OPEC and non OPEC did the same so why do you think Nigeria will have a different solution?
Your boss Jonathan between August 2014 when crude price halved, till May 2015, he devalued the naira from 197 to 220 to a dollar, may be he was stup!d as well.
The man who was tasked with the policy implementation allegedly made a mess of it, the CBN governor not Buhari. He was hired by your boss Jonathan not Buhari so if you and Dangote have any issues with his implementation framework it behooves common sense to write to one of the left overs of your boss's incompetence.

Back to Dangote, while you and I were losing money (ie if you are not too dumb to realise you lost money too) to devaluation, Dangote got more FG concessions than any other Nigerian company I know of, so if Dangote lost money where he made money due to unavoidable circumstances, in insurance it is called "act of God" regardless of what Dangote says in Kenya.


** The crisis in Southern Kaduna though regrettable due to the wanton loss of lives however can be bifurcated in two national security canopies. The herdsmen brigandage and the Shia rampage.
The herdsmen brigandage has gotten the attention of Buhari and the NA has launched Operation Mesa to combat it so far since they started the SE has not been attacked, for kaduna, operation Yaki was launched for the same purpose, personally something is done about the situation and sane Nigerians know that.

What baffles me as a Nigerian is that herdsmen went on rampage under the previous administration you served, as always, nothing was done and mischievous people like you developed leprosy that incapacitated you from writing the same way you are writing unde r the current administration, do you think we are stup!d?
Don't you think that the current herdsmen challenge is a carry over of the inactions and incompetence of the government you served? We have forgiven you guys but do not distract this government that still have the sincerity of purpose to do the right things.

On the Shia rampage, unlike the incompetent administration you served that slept with Boko haram for 4yrs this administration will not do the same, Iran is a huge threat to any country with substansive Sunni population using its Shia minions, so far they have destabilised 7 countries in the middle east, unless you want us to have an Ansarulla Allah or a Hezbollah in our back yard, The present administration has our mandate to crush any clandestine uprising .


**On Anti corruption, I am shocked that an appendage of the previous administration will wish to enlighten us on selective Justice. Where was Justice when your administration was stealing from us?
Incase you are too dumb to notice, the Nigerian people you have been stealing from have decided to bring a government that will teach you guys a lesson, its judgement day baby!! get used to it.


** Babachair Lawal has been stripped of almost all his responsibilities while we wait the outcome of the investigations.

obailala:
Firstly, I can you kindly remind us or give details of this 'sharp drop' in oil prices in 2011 which you talk about?... By how much was this drop and for how long did it last as compared to the present drop which has lasted close to 3 straight years?.. This is even inconsequential.

I've just put up another extract of Nigeria's GDP growth rate between mid-2014 and mid-2015 (see below); for you and your friend (luvinhubby) to continuously insist even with your eyes wide open that you cannot see the Nigeria's growth rate was dropping prior to May 29th 2015, for you guys to continuously insist that the drop only occurred after Buhari took over, for you to continuously insist that the only thing which matters is when it crossed the 'zero' line, then I give up. There is absolutely no point engaging you further, I'm out! Congrats to you both, You win!

cc: luvinhubby

Pavarottii:
Who looted who dry? U want to wait for the investigations of aisha buhari and Babachir Lawal, but av refused to wait for the investigations of deziaani and patience jonathan b4 labelling dem thieves. Just look at ur so called smart self.

Good riddance.

PASCHAL28:
reno, you are not ashamed of yourself. did you read newspapers today? did you see what court told 3 banks about alison money? you cannot fool us again. you are working for your pocket not for nigeria people. I stand with Buhari. You should go and stand with dangote

sammhi:
Any sane Nigerian would know that Buhari is a big mistake . His bigotry , cluelessness, vindictiveness and hypocrisy is glaring for all to see

sammhi:
153m usd , sprawling estat in Yenogoa so what?what about those in power with estate in Dubai ? It is the one in Nigeria he gloats about.
Buhari would definitely have supporters as even devil has worshippers . Hitler , IDia Amin etc rules for long and were despots

Pavarottii:
Don't try and be smart here, don't be doing mid this and mid that. Wen u analyse; analyse for the whole year. Economy good at 2014; GEJ was in charge; Economy bad at d end of 2015; pMb in charge; economy was still steady at as even mid 2015. So wat r u saying and price of crude at that mid 2015 is almost the price of crude now. So wats ur point.
Buhari is a total failure. Accept it.

mnairaland:
Pardon my intrusion.The lady that said to exclude logic is somehow right. Using law of motion to explain ecnomics is definitely improper.
I am no economics but it appears to me that your argument is more based on logic that academics. Logic apart, you have proved nothing.Please I am not biased.

Your chart shows clearly that there was a decline; and , yes, if not arrested a decline can lead to a recession.I do believe that if good policies were deployed the decline could be arrested.

I enjoyed you argument, but as it stands, as an unbiased observer, I give it to those ladies.

Initially I was on your side due to the quality of your arguement, but immediately that lady said logic should be laid aside, all your weighty points fell down before me like a pack of cards.

Nonetheless, I must say that yours is one of the best arguement I have read here, but sentiments and bias apart. Those ladies eventually did a better job.They eventually got me to their side.I am more convinced from their counters that Buhari paved the way for recession.

Sibrah:
Stop being funny with 'facts'. Buhari cleared GEJ mess with what was suppose to pay our current debts.

obailala:
Firstly, I can you kindly remind us or give details of this 'sharp drop' in oil prices in 2011 which you talk about?... By how much was this drop and for how long did it last as compared to the present drop which has lasted close to 3 straight years?.. This is even inconsequential.

I've just put up another extract of Nigeria's GDP growth rate between mid-2014 and mid-2015 (see below); for you and your friend (luvinhubby) to continuously insist even with your eyes wide open that you cannot see the Nigeria's growth rate was dropping prior to May 29th 2015, for you guys to continuously insist that the drop only occurred after Buhari took over, for you to continuously insist that the only thing which matters is when it crossed the 'zero' line, then I give up. There is absolutely no point engaging you further, I'm out! Congrats to you both, You win!

cc: luvinhubby

Stone03:
One problem of this nation is having people that reason the way you do. I think that putting you through does not worth it because your type is so mischievous & bent on destroying the truth. Mr ignorant, where was our nation in global economic rating during the past government & where are we now? If you can offset this view, u can convince an erudite person that there is a bright sunshine in 11pm.

KINGwax007:
oh, good to one u stay in afonja territory... that's good news. U have also come join your brothers to sell gala and lacasera.

eyeview:
I think it's a wrong postulation from you to state that the nation was already headed into recession before Buhari took charge. How can a nation whose economic indices were on a progressive growth during Gej be headed for recession. It grew to the point that it became the third fastest growing economy in the whole world.
Let's stop falling for the cheap propaganda APC and Buhari wants us to believe.
The truth is that every thing needed to reverse the economy of any thriving nation was experimented by Buhari on assumption of power. Some of these reverse gear policies and actions included:
1, Spending over 7 months to set up a ministerial team to drive the economy
2, Putting square pegs in round holes in the ministerial slots. None of the ministers were appointed in their areas of competence, this will lead to further loss of time to understand their sector and ofcourse, being novice in their sectors, they were at the mercy of the perm secs and DGs who were doing their 'deals" under the ministers' nose. A typical example was the budget padding.
3, Going to the international scene to label your country as criminals with only you as the saint will certainly scare away investors.
4, Outrighting banning of Forex to users and parallel markets automatically caused scarcity of forex which in turn caused the free fall of the naira against major currencies. That effect is responsible for 80 percent of the rising cost of goods and services today.
5, The division of the country on tribal lines with his unguarded comments. Since you and I agree that oil is still our sole source of income, there is a reason why previous govts treat the Niger delta, the goose that lays the golden egg with caution. You don't go to the foreign media to announce that the region that produce the wealth can not receive dividends of your govt because they voted their son and not you. In other words, you will take their wealth and develop your region and ignore them. The resultant effect was the bombing of pipelines which saw to the great decline of national income.
6, The sacrificing of merit on the altar of tribal bigotry. There are key offices and appointments you don't make based on tribal or any form of sentiment. Such offices are key but Buhari on assumption brought to fore his tribal bigotry. People who could have handled some key sectors were overlooked for 'brothers from the North's who had no experience in running dynamic systems like ours.

The list is endless. Buhari is purely responsible for the mess he has plunged this nation into.

He claims there was no money when he took over.
Obj received paltry USD 3bn from abdulsalaam yet we had no recession. He receives USD 30bn from Gej and he plunges the nation into recession.

He claims oil price fell at his tenure. Oil has been selling at an average of USD 55 per barrel. It sold for about USD 26 to USD 30 in yaradua and Gej respectively, yet we didn't enter recession.

At what point will it be clear to the likes of you that Buhari is solely responsible for our predicament