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Nairaland Forum / Nairaland / General / Politics / Would GEJ Have Stopped This Recession? (2658 Views)
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Re: Would GEJ Have Stopped This Recession? by Nobody: 2:58am On Feb 04, 2017 |
OP is still sound asleep. Diamby: 4 Likes
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Re: Would GEJ Have Stopped This Recession? by Nobody: 2:59am On Feb 04, 2017 |
paschu: What an analysis. Brilliant. Good reference material you have here. 4 Likes |
Re: Would GEJ Have Stopped This Recession? by Nobody: 3:03am On Feb 04, 2017 |
paschu: 3 Likes
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Re: Would GEJ Have Stopped This Recession? by doubleportion: 8:02am On Feb 04, 2017 |
todayboy:Tell me when last we have experience that in the past administrations, that was the writing on the wall with regards to the reality on ground. But am of the opinion that this administration should find solution to it before the end of their tenure, if there is no improvement,or economy moving in the direction of recovery, then we can as well us our ballot power. |
Re: Would GEJ Have Stopped This Recession? by Nobody: 8:06am On Feb 04, 2017 |
2 Likes
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Re: Would GEJ Have Stopped This Recession? by hucienda: 8:16am On Feb 04, 2017 |
paschu: Beautiful summary @paschu. Nothing to add or subtract. Thank you. 2 Likes |
Re: Would GEJ Have Stopped This Recession? by paschu: 8:29am On Feb 04, 2017 |
First, it's a BIG FAT lie to suggest that GEJ earned extra $58pb throughout his 5yrs of presidency. Second, GEJ institutionalized the saving culture at national level - but the bunch of hawks (which we we now call APC) used our bogus constitution against the national saving scheme and went to the supreme court to force the fed to share excess earnings rather than saving it. Third, sell oil at $25pb but with GEJ's team ensuring peace in critical economic hubs, ensuring there was no losss of pipelines, no losss of foreign direct investments, no formulation of dumb monetary and fiscal policies. I would assure you that the GDP and the ease of doing business will remain positive (even during slow periods and at times of downward trends). Mind you, oil sector did not contribute up to 18% to GDP growth during GEJ era. And recession means three consecutive negative quarterly contration of the GDP in a year. So the then dwindling oil prices would not have driven the country into recession if GEJ and his team were still incharge. GEJ's team simply did not allow oil to drive the GDP growth. They decently had the economy diversified and majorly driven by the services sector. And this was why the system was too complex for the anti-capital and socialistic APC to grasp let alone manage. Sibrah: 6 Likes 1 Share |
Re: Would GEJ Have Stopped This Recession? by Sibrah: 8:45am On Feb 04, 2017 |
paschu:Stop talking like a kid. The APC vs PDP tone you are sounding is making you look like one. 1) I used the average figure of $108 for GEJ tenure. 2) APC didn't sparehead sharing of excess funds. All the governors supported it. 3) Oil didn't sell for $25pb during GEJ's time. Lowest was 40-something. 4) You are stating irrelevant facts. 5) Your irrelevant facts negate some of your arguement. 6) Your last paragraph prove age is just a number. |
Re: Would GEJ Have Stopped This Recession? by 7lives: 8:49am On Feb 04, 2017 |
todayboy: No it is not, it is an economic boom. If a man who normally pay for anything he buys, begins to buy on credit, what do you think happens to such a man?. |
Re: Would GEJ Have Stopped This Recession? by drss2(m): 9:05am On Feb 04, 2017 |
paschu:very apt n concise. only zombies think otherwise. 1 Like |
Re: Would GEJ Have Stopped This Recession? by paschu: 9:16am On Feb 04, 2017 |
You actually have issues with basic comprehension. 1. $108 was not the average oil price during GEJ's era. You are still lying. https://www.nairaland.com/2794237/which-nigerian-president-drank-most 2. Of course the hawks we now call APC did spearhead the excess funds sharing fight, you just did not know it. And yes, the narrative is about APC and PDP. Only hypocricy make you deny it. 3. The word "sell" is an active verb 4. Of course all my assertions and facts are super relevant to the topic of the thread. You are the one who lost focus and forgot what the thread was about. 5. The only place there seem to be negation is in your imagination. 6. Of course poor comprehension has led you to delussion. Sibrah: 6 Likes |
Re: Would GEJ Have Stopped This Recession? by ocelot2006(m): 9:17am On Feb 04, 2017 |
Babacele: Let's see: JOBS: Economy was booming, growing at a rate of 6%. New investors were attracted to Nigeria. The manufacturing sector was booming. New SMEs came online thanks to better funding and support from the then FG. That translates to new jobs. Compare that the present massive job losses, sector contractions, and total decline of our economy under the Dullard. ROADS: Over 10,000km of roads built/ rehabilitated. Even the present minister of Darkness acknowledged that. In addition, all airports were upgraded with our once comatose rail network finally rescusitated. FOOD: One of the MAJOR SUCCESES of the GEJ administration. Corruption tackled via elimination of the fertilizer cartel, HIGHEST CROP PRODUCTION OUTPUT IN OUR NATION'S HISTORY, new storage silos built across the federation, total food security assured. Reduced food prices. Compare that to the projected famine in the land to massive food price hikes plus hunger under President Buhari and his merry band of airheads. ELECTRICITY: Again, one of GEJ's high points. HIGHEST number of power stations built & commissioned compared to previous administrations COMBINED. MASSIVE overhaul of our TRANSMISSION grid (new lines, new plus upgraded substations). Outsourcing of TCN mgt to competent Canadian Power Firm. Construction of new distribution substations across the nation, massive distribution of new transformers under Prof. Nebo. The result? A jump in generated power from 1200+MW to over 5,000MW, plus Nigerians enjoy more hours of power supply. HEALTH: Nigeria certified polio free by the WHO. Successful containment and tackling of both Lassa fever and Ebola. 4 Likes 1 Share |
Re: Would GEJ Have Stopped This Recession? by drss2(m): 9:17am On Feb 04, 2017 |
imhotep:dat picture true true depicts nigeria under buari dullard. 1 Like |
Re: Would GEJ Have Stopped This Recession? by Nobody: 9:42am On Feb 04, 2017 |
Babacele: No OPEC nation is in real recession. They are all in paper recession. Jobs are everywhere, food in abundance only that profit has declined. That is what they call recession there. But here no job, no food etc so our own to theirs is depression. Have you ever ask yourself why do Nigeria always go into recession-depression when you hear we are fighting corruption? Let me tell you. Those with the money hid them. Any economy without money is dead. You can't save your way to the top, you invest your way to the top. Lastly those call corrupt from shagari never talk the nation down, they all talked the nation up. What our leaders said of us, is what we are having. They say we are broke, so are we. Unless they say otherwise, we will remain here. 1 Like |
Re: Would GEJ Have Stopped This Recession? by NOETHNICITY(m): 11:22am On Feb 04, 2017 |
codedruns2:While some of ur assertions re tru, u lied about some issues. Point is, to compare Nigeria's wage bill of OBJ's era to wat the Nation currently incures shows the extent of ur understanding. |
Re: Would GEJ Have Stopped This Recession? by Babacele: 11:47am On Feb 04, 2017 |
soulpeppersoup: paper recession? bros it isn't true. Maybe www.bbc.com is a Buhari institution. Accessibility links Sign in BBC navigation Search News navigation Sections Falling oil prices: How are countries being affected? 18 January 2016 From the section World Share Image copyright GETTY IMAGES Oil prices have fallen to their lowest level since 2003, sinking below $28 a barrel before recovering slightly on Monday. Analysts say the drop has been driven by oversupply, coupled with a fall in demand because of a slowdown in economic growth in China and Europe. There are fears that the lifting of Western sanctions on Iran could worsen the existing problem, as the country prepares to pump more oil into the market. The effects of falling prices are being felt by economies around the world. But oil producing nations that rely on exports have been particularly hard hit, with many now feeling the social and, in some cases, political impact. Russia As one of the world's largest oil producers, Russia has been a prominent victim of the plunging prices. About half of Russia's budget revenues currently come from energy exports. The rouble is also under pressure from economic sanctions that the West imposed on Russia for its involvement in the Ukraine conflict. On Monday, the national currency dropped to new lows, with the exchange rate dipping to 79 roubles to the dollar and 86 roubles to the euro - something not seen since December 2014. Government departments have been ordered to cut spending by 10%, repeating a policy imposed in 2015, Reuters reported. Russian Prime Minister Dmitry Medvedev has warned that the country's 2016 budget may have to be revised as a result of the "unpredictable" oil prices. President Vladimir Putin's approval ratings remain sky high, at around 85% , but ordinary people are increasingly struggling with rising food prices. Analysts say keeping the lid on any discontent will be a top priority for the Kremlin as the economic woes look set to worsen. Saudi Arabia Saudi Arabia's income from oil fell by 23% last year, highly significant in an economy where around 73% of total revenues comes from the industry. The country announced a budget deficit nearing $100bn (£68bn). After the lifting of sanctions on Iran, share prices in oil-rich Gulf states dropped sharply - with the Saudi Arabia Stock Exchange falling 5.4% on Sunday. With no prospect of higher oil prices soon, experts say the kingdom's conservative rulers are poised to introduce reforms. as they attempt to avoid political discontent. In December, King Salman raised the price of subsidised, cheap petrol by 40%. There are also plans to decrease other subsidies, reduce the growth of public sector salaries and limit the country's dependence on oil. With Saudi Arabia's regional rival, Iran, entering the international market, experts say the kingdom is unlikely to back any efforts by the Organization of the Petroleum Exporting Countries (Opec) to reduce production and increase oil prices. Azerbaijan President Ilham Aliyev has ordered his government to draw up a series of special measures to revitalise his country's economy in the face of tumbling oil prices. The plans would include a major programme of privatisation and strengthen regulations on the currency market, his office said in a statement (in Azeri). The announcement comes after dozens of people were arrested during protests over rising food prices and worsening economic conditions in the city of Siyazan last week. Azerbaijan's economy is heavily dependent on oil exports. Nearly half its GDP in 2014 came from the oil sector. The country's currency, the manat, has fallen dramatically in value. Analysts say Azerbaijan's government has done little to improve other industries, despite repeated warnings about the dangers of relying on oil. With the volatile currency, and the range of people suffering increasing, protests may become more common. Venezuela Venezuela has the world's biggest known oil reserves, and oil exports account for as much as 95% of the country's revenues. However, the huge fall in oil prices in the past 18 months has slashed revenues by 60%. On Saturday, Venezuela's government announced a 60-day economic emergency to deal with a worsening economic crisis. The edict includes tax increases and puts emergency measures in place to pay for welfare services and food imports. The government's move came as official figures showed that the Venezuelan economy had contracted by 4.5% in the first nine months of 2015. Meanwhile people in Venezuela have been suffering from food and basic goods shortages. Experts say this led many to vote for the opposition coalition, which won an overwhelming victory in December's legislative election and dealt a huge blow to the country's Socialist movement. Nigeria Nigeria is Africa's biggest oil producer but lacks sufficient refining capacity and has to import most of its fuel. President Muhammadu Buhari has already said falling oil prices are having "a painful effect" on the country's economy. Despite this, he announced plans in December to raise government spending in 2016 by 20%, by seeking overseas funding. However, reports suggest the president requested the withdrawal of the 2016 budget on Sunday, in order to make changes. As well as falling prices, the industry is also dogged by violence in the country and oil spills. On Monday, Nigeria's state oil company shut down crude oil flows to two of its four refineries after weekend attacks on pipelines, a company spokesman told Reuters news agency. The closures at the Kaduna and Warr installations come amid efforts to boost refining and wean the country off imports. |
Re: Would GEJ Have Stopped This Recession? by Babacele: 11:59am On Feb 04, 2017 |
todayboy:then let us allow Buhari's reforms to fruit as it is flowering presently. The fundamental flaws of the nation must be addressed. From reform in the Judiciary, diversification of the economy, youth empowerment, agricultural revolution being our comparative springboard, infrastructural development, security etc the Buhari administration is addressing these issue basically and sincerely . Let us key into this reforms. |
Re: Would GEJ Have Stopped This Recession? by orunto27: 2:51pm On Feb 04, 2017 |
Yes. |
Re: Would GEJ Have Stopped This Recession? by Diamby: 6:34pm On Feb 04, 2017 |
paschu: |
Re: Would GEJ Have Stopped This Recession? by Splashme: 7:38pm On Feb 04, 2017 |
paschu: |
Re: Would GEJ Have Stopped This Recession? by Chiboyz40(m): 7:59pm On Feb 04, 2017 |
The question should have been "would there have been recession if GEJ is still in power"? |
Re: Would GEJ Have Stopped This Recession? by hedonistic: 8:15pm On Feb 04, 2017 |
doubleportion: And I should automatically believe you because your name is 'double portion'? Double portion of stupidity or what? What is your source, or was it your pepper soup seller that told you that NOI borrowed money to pay salaries? These idiots from the only part of the country are particularly annoying. |
Re: Would GEJ Have Stopped This Recession? by hedonistic: 8:20pm On Feb 04, 2017 |
Histrings08: This is the most realistic comment here. No doubt. As the saying goes, who no go, no know. We always think the grass is greener on the other side. Until we cross over to the other side and have the chance to compare. Knowing what we now know, and knowing for sure how the personality and POLICY CHOICES of the president can make a massive difference, assuming we could all have the benefit of hindsight, only Afonja bastards would still think that things would have been this bad if GEJ was still in charge. Idiots. 1 Like |
Re: Would GEJ Have Stopped This Recession? by naijaking1: 8:42pm On Feb 04, 2017 |
paschu: Good job. Unfortunately Buhari ba turenchi and his supporters like this poster also ba turenchi! Let's try and make it simpler for them: 1. Staying more than 6 months without naming ministers is bad for the economy 2. Travelling to foreign countries to degrade your own country and calling them thieves and criminals chases investors, tourists, and people with money away from your country. 3. Chasing only political opponents in the name of fighting corruption is a recipe for economic disaster 4. Chasing Igbo people who control the economy is this country at the ground level is the nail Buhari has used to seal his own coffin, not that Igbos act in unison to fight back, but it's just simple reaction. 5. Military tendencies and abuse of DSS and EFCC powerss are not helping too. 6. Don't forget Buhari's open bias towards his religion, tribe, and sect. If you don't belong, then you have no reason to fully invest in this country. 7. Mediocre appointments all over the place, from the customs, to the ministers, , to the directors, his appointees don't know what they are doing, because they are not qualified in the first place 8. Mixing islamic radicalism, market economy, and politics never work anywhere in the World 9. Travelling overseas every time. He has traveled in 1 year more than what GEJ traveled in 6 years 10. Buhari by virtue of his lack of education is not qualified to led a modern, emerging, and complex country like Nigeria 1 Like |
Re: Would GEJ Have Stopped This Recession? by naijaking1: 8:49pm On Feb 04, 2017 |
imhotep: If GEJ had been in power, we'll be talking about the largest economy in the World in a few years. No, instead we have regressed to another African country in recession. 1 Like |
Re: Would GEJ Have Stopped This Recession? by Nobody: 8:50pm On Feb 04, 2017 |
naijaking1:Wait until the exchange rate devolves to N1,500 to 1 Dollar. The dullard-ism is approaching astronomical proportions. 1 Like |
Re: Would GEJ Have Stopped This Recession? by hedonistic: 10:23pm On Feb 04, 2017 |
naijaking1: 11. Introducing a 'gra gra' scare mongering brand of so-called anti-corruption war, rather than using a tailored and sensible style. This new regime of 'fear of persecution' (or over regulation, to pit it nicely) is the biggest reason for the recession.. It has destroyed the financial system. Many people with stupendous cash and extra-legal income streams (in forex and Naira) have hidden their money and/or refused to channel it into the mainstrwam financial system via deposits and projects. 12. Persecuting the Niger Delta overlords (Tompolo et al) when he assumed office and withholding the monthly stipends of the represent militants. 13. Implementing the TSA with a fanatical and idiotic haste. 14. Discontinuing the fertiliser subsidy programme and the other agricultural policies of the GEJ administration. |
Re: Would GEJ Have Stopped This Recession? by doubleportion: 8:50am On Feb 05, 2017 |
hedonistic:
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Re: Would GEJ Have Stopped This Recession? by paschu: 6:11pm On Feb 05, 2017 |
Good governance should be in continuity. GEJ was not GOD. So he did his best and it was good enough. Let PMB match and surpass what he met. Regarding your comments here's my thought: 1) Nigeria's refineries were working during GEJ. They just were not producing enough fuel to meet the national demand. And the plan for dangote's refinery (and that of others did not start in 2015). https://www.nairaland.com/2496853/how-jonathan-transformed-refineries-setting https://www.wsj.com/articles/SB10001424052702304607104579210322347689090 In fact GEJ's and prior governments gave license to several private firms to build refineries. And that was the right thing. But how do you expect a functional private refinery when it's cheaper to import fuel and there is no grounds for competition due to subsidy? ( And remind me, who again said subsidy should not be removed in 2012? ) http://thecitizenng.com/how-investors-stall-govts-drive-for-private-refineries/ You see, I doubt if this generation of Nigerians will ever be able to correct the damage they did to this nation's economy (in terms of lost time and lost opportunities) when they forced GEJ to retain the subsidy. It was a case of nigerians raping and damaging their present and future economy. 2) GEJ succeeded in diversifying the nation's economy more than any other head of state dead or alive. In fact, as at 2014, oil sector contributed just about 11% to the nations GDP. Google it. And the fact that up to 70% of government expenditure had always been driven by oil (which should not be) did not mean that oil was the major driver of our GDP. It was not. GEJ (and oil production challenges) made sure it was not. In fact our GDP under GEJ was so domesticated to the point that our "Export, as Percentage of GDP" was less than 15% despite the fact that Nigeria was Africa's largest economy. This was a first in history. And it is a pointer to the fact that the middle class cadre grew wider and had more to spend during GEJ's era. This is a major feat. http://www.theglobaleconomy.com/Nigeria/Exports/ 3) Recession means that the GDP had experienced negative contraction in three quaters CONSECUTIVELY. So the drop in oil price should only affect government expenditure adversely but NOT the GDP that never depended majorly on oil revenue. Remeber, oil sector contrinbuted only 11% to the GDP in 2014. So it's wrong to claim that low oil prices was the major cause of the recession. It was not. It merely contributed to it. BUT IT WAS NOT THE MAJOR CAUSE. This recession was clearly caused by this administration and its shipload of unfair policies. The only people who think otherwise are those who don't know the meaning of recession. http://www.nationalplanning.gov.ng/index.php/news-media/news/news-summary/333-nigeria-s-oil-sector-contribution-to-gdp-lowest-in-opec-blueprint 4. Oil had always been the biggest forex earner for Nigeria. But GEJ made sure he ran with fair policies which successfully expanded other sources of forex. Two of such alternative sources that thrived so well under GEJ were: I) Foreign Direct Investment (FDI) - Africa is the future of global investment. So GEJ smartly (with his policies) made Nigeria the top investment destination in Africa. That was a huge forex inflow opportunity which the current vindictive administration has ruined in less than 2 years. II) Remittances - Due to GEJ's fair policies, Nigerians in diaspora were remitting up to $20 billion annually to Nigeria. That was another huge source of forex which this administration had hit so hard. Do you remeber that even the president slandered the Nigerians in diaspora (as criminals) and even said they should no longer be given assylum abroad but should rather come back home? He said this to a global audience. And he never did or said anything to promote the Nigerian community abroad. Instead he painted a verbal picture which suggested that he was the only moraly upright person in the country. The next thing is that his government litteraly made remittances dificult. From forcing people to collect the bank rate equivalent of the forex they were sent, to cracking down on cheaper and more convinient remmitance operators who were not based in nigeria. That was a war against legitimate forex inflow. But here you are blaming forex scarcity on low oil prices alone. What a shame! Dude, it's time for Nigerians to stand for the truth. Diamby: 2 Likes |
Re: Would GEJ Have Stopped This Recession? by bantudra: 6:27pm On Feb 05, 2017 |
todayboy: what you are writing is not true... jonathan would have reduced the reserves more... taking more international debt.. you know...make you happy with your fake hairs,bleaching cremes and condoms on empty pocket... if your pocket is empty, how do you want to escape recesion?... ofcourse with debt... |
Re: Would GEJ Have Stopped This Recession? by Nobody: 11:02pm On Feb 05, 2017 |
When you go abroad and call your citizens thieves, con-men and all bullshit and you expect investors to come? Dem be business men no be charity. I wonder what will happen to Nigeria if ebola was to come back again, God forbid. With this visionless Govt, ebola go just finish everybody. |
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