With a view to breaking the ice over the “salary crisis” in most of the states, President Muhammadu Buhari‎ will on Tuesday meet with the 36 state governors, Femi Adesina, presidential spokesman, has confirmed through his Twitter handle.

https://www.thecable.ng/buhari-bailout-meeting-governors

Some states are still defaulting in their financial obligations to their workers in spite of the bailout funds by the Federal Government to assist them to pay outstanding salaries and allowances. Recall that the Federal Government released N338 billion to 27 states as bailout funds to pay their workers backlog of salaries and allowances.

Read more at: https://www.vanguardngr.com/2015/12/why-have-governors-refused-to-pay-salaries-allowances-in-spite-of-bailout-funds/

A cash shortage caused by low oil prices has forced Nigeria to borrow heavily through the early part of 2015, with the government struggling to pay public workers, officials said Wednesday. “We have serious challenges. Things have been tough since the beginning of the year and they are likely to remain so till the end of the year,” said Finance Minister Ngozi Okonjo-Iweala.

Nigeria typically sets its benchmark crude price between 75 and 80 dollars, and is supposed to deposit excess revenue in a savings account. But even when crude was selling above $100 last year, Jonathan’s administration struggled to build savings. Critics say the excess crude account has been repeatedly raided by powerful political actors.

Read more at: http://www.vanguardngr.com/2015/05/nigeria-borrows-to-pay-salaries-with-cash-crunch-worsening/

Nigeria is being crippled by the fuel shortage that the country has been experiencing for more than a month.

Nigerian banks have shortened opening times, flights have been cancelled and phone companies may restrict services.

The party of President-elect Muhammadu Buhari has accused the outgoing government of "sabotage" for failing to deal with the crisis.

The wholesale fuel sellers have been withholding petrol as they say they are owed $1bn (£625m) by the government.

http://www.bbc.com/news/world-africa-32873349

Nigerians should brace for tougher economic times ahead, the Minister of Finance, Ngozi Okonjo-Iweala, has said as crude oil prices slipped to a four year low on Wednesday.
The Federal Government had attributed the declining revenues to the fall in prices at the international oil market.

After drawing from the ECA, Minister of State for Finance,
Bashir Yuguda, said the balance in the account had dropped further from $4.1 billion to about $1.34 billion at the moment.
But Mrs. Okonjo-Iweala said in Lagos on Tuesday that the economic indicators show there are tougher times ahead.

According to her, Nigeria would begin to feel the impact of the dropping oil prices at the international oil market, which commenced since the first half of the year.

Nigeria’s foreign reserves fell to $30.04 billion by Thursday, November 26, the Central Bank of Nigeria has said.

The bank disclosed this on its website on Monday.

Nigeria’s foreign reserves oscillated between $28 billion and $36 billion in the last one year.

The reserves hit $36.3 billion in October 2014, fell to $32.4 billion in January 2015, and stood at $28.6 billion by May 2015.

Under the new government of Muhammadu Buhari, the reserves gained marginally to $31.9 billion by July, before sliding again to $29.9 billion by September.

madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

progress69:



With the above facts, every sane discerning mind will see that Nigeria was already in a mess before the change of power.

The question everyone should be asking now is where are the infrastructural developments that can justify all the money Nigeria made in the past 16 years of PDP's rule particularly in the last 7 years of PDP's rule when Nigeria made alot of money from crude oil sales?

madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

hypertension:
Seem like madridguy is nolomger a BMC...

Or probably he is now feeeling the recession....

I still dont know the way forward for nigeria because after next election we will have same criminals and we will continue to keep wailing..

If you put the country in a microscope, its hard to find a diagnosis.

Even sane minds cannot get it right.

But God willing, we will get there.

yaki84:

so udom hasn't paid dec salary n u guys r still working?
Dont u have resign in ur dictionary, or ur teacher didnt teach u what resign means?
So u mean the state govt should use the entire monies coming to akwaibom to satisfy an insignificant number of civil servants who dnt contribute nada to the economy of the state...
Akwaibom has a population of 4million plus n a paltry civil service workforce of lessthan 50thousand workers who r mostly ineffective, redundant n useless contributing nothing to the state but r so greedy, they want everything for themselves without considering the other 4million citizens that r mostly unemployed but r still buying from d same market with these greedy thieves.

madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

Guestlander:
For many of Buhari's critics none of these ever happened. Even if it did, Buhari should have used the magic wand he got on inauguration day to conjure up more dollars and set everything right by now.

madridguy:
Good analysis by fellow Buharist OP.

My contribution is that Sai Baba was brought in to power as a substitute just like a football player to replace GEJ and we expect wonders from him.
Nigerians knew the damage and havoc the satanic party has caused, reason we booted them out, so we want more from PMB.

To Whom Much is Given, Much Is Expected.

Sai Baba we need the CHANGE we massively vote for.

2cato:
When buhari was making promise opon promise was the op sleeping
I can see that buhari and his bmc are the dumbest of all humans.

2cato:
When buhari was making promise opon promise was the op sleeping
I can see that buhari and his bmc are the dumbest of all humans.

2cato:
When buhari was making promise opon promise was the op sleeping
I can see that buhari and his bmc are the dumbest of all humans.

Stycon:
It's not about the state of the economy at transition, it's about the appropriateness of the current government's response to what was/is on ground.

Ofcourse, if the economy doesn't need a saving, we won't be scouting for a saviour. And it currently appears that the proposed saving strategy is more of a propaganda than a plan.

That said, we still have a year to see if the change promised was really delivered ~ retrospectively.

Toketimt:


Are u ok? Didn't Jonah-daft promised us floating cities here in ND? Did u for once asked and demanded for it?
Besides, many of these so called promises attributed to him never emanated from him. When Buhari was going around campaigning, many of ur kind were not listening because u never believed for once that he would win. U were busy chasing shadows, succking Jonah-daft cocck, looking for a certificate that was not lost, believing ffk lies and content with watching propaganda videos prepared by AIT against him and Tinubu. A documentary they have since apologised for but not to those that have been gullibly deceived.
Only a shameless fool who never believed him or voted for him will now be talking about being dissapointed. Leave the dissapointment for those that believed in him.

progress69:
In the face of the recession Nigeria is currently coming out from, there have been several attacks on the current administration.

Here are 5 indisputable facts before the current government came into power. Recall that as at Dec 2014, oil price was still above $64/barrel.

1. 27 state governors were owing back log of salaries as at May 2015 when this government took over hence the bail out funds approved for governors. Despite this bail out funds, many refused to meet their obligations.

Buhari in ‘bailout’ meeting with governors- June 23; 2015



Why have Governors refused to pay salaries, allowances in spite of bailout funds? - Dec 30, 2015



2. Federal Government was borrowing to pay 2015 salaries.-May 6, 2015

Nigeria borrows to pay salaries with cash crunch worsening. (Vanguard)



3. Oil marketers were owed billions, led to a fuel scarcity that paralyzed Nigeria, even banks were closing before time, telecoms operators were sending texts about expected disruptions (never in Nigeria have this happened until 2015)

Nigeria fuel shortage cripples businesses, banks and flights - 25 May 2015


4. Okonjo-Iweala who many people in the opposition believe would have done better or saved the economy warned of tougher times as oil slipped low to about $76.

Brace for tougher times ahead, Okonjo-Iweala tells Nigerians -NOV 2014



5. Falling Foreign Reserves

Nigeria’s foreign reserves drop to $29.13 billion



With the above facts, every sane discerning mind will see that Nigeria was already in a mess before the change of power.

The question everyone should be asking now is where are the infrastructural developments that can justify all the money Nigeria made in the past 16 years of PDP's rule particularly in the last 7 years of PDP's rule when Nigeria made alot of money from crude oil sales?


lalasticlala
mynd44

Stycon:
It's not about the state of the economy at transition, it's about the appropriateness of the current government's response to what was/is on ground.

Ofcourse, if the economy doesn't need a saving, we won't be scouting for a saviour. And it currently appears that the proposed saving strategy is more of a propaganda than a plan.

That said, we still have a year to see if the change promised was really delivered ~ retrospectively.

lakpalakpa:
Only IPOB and PDP E-rats blame Buhari squarely for the current state of the economy.