omohayek:
It's too bad that it took a confirmed idi.ot like Reno Omokri for this news to make Nairaland's front page, but Bill Gates is right: Buhari doesn't have the first clue about economic matters, as evidenced not just by his refusal to privatize anything - not even the worthless NNPC refineries that have swallowed so much money for "turn around maintenance" - and his insistence on a "strong" Naira that drove away FDI while encouraging large-scale corruption through round-tripping, but in Buhari's latest act of foolishness, he has excluded Nigeria from the new African free-trade agreement, bowing to the wishes of lazy domestic manufacturers like Dangote who want to be protected from foreign competition, when they should be the ones salivating at the opportunity to sell their products in the rest of the continent.

GEJ was an incompetent, thieving disaster of a President, but Buhari has proven little better in combating corruption, while showing himself far worse than the thief from Otuoke in terms of economic policy. All the Nairalanders who waste their time and energy defending either of these two curses upon Nigeria are either being paid for their efforts, are too blinded by tribalism to face reality, or are suffering from acute Stockholm Syndrome.

misano:





This has always being APC's problem. U think everybody criticizes Buhari is a PDP member and an IPOB. But D irony is that I was one of Buhari's supporters that voted for him.

Accept it and move on, Buhari is mistake and a grandfather of all failures. There is failure written all over his government.

Very soon U guys will say Bill Gate is an IPOB abi. Useless set of ppl. Their mouth is full of lies and deceit.

misano:
Igbos keep setting traps for Buhari and he keeps falling into it like a hungry Hausa rabbit. Buhari too mumu, I just can't understand.

misano:



May all Buhari support become impotent...

LaEvilIMiss:
I am switching to MAC.. rubbish windozze

Paradigm777:


The likes of Sarrki, Madridguy and Co will stay off this thread like plaque

figure007:
There is one thing about the whites... They tell the truth.... 85 out of 100 of them will tell you things point blank... I so love them and their mentality is different from ours... Imagine him say that even to the face of the president... Sir!!! I respect the whites.... Invite an African leader and you hear him say something else cos of Ghana must go

Rumplesteelskin:


No one cares, if you like switch to Ubuntu. What is well known is that buhari is a failure.

LaEvilIMiss:


Rumplesteelskin(1) Rumplesteelskin(2) Rumplesteelskin(3) - na joke

onegig:



We have so many arm chair economists in the house.

Join a free trade without knowing the frameworks? And Nigeria did not decline to join , the government just asked for a stay of execution so they could contact our local chanbers of commerce.

As much as the African free trade agreement looks cool on paper. I would rather argue against it. 30 out of 53 countries are French speaking countries and maybe you aren't aware those countries are more like colonies of France. Take a walk through Cote di voire and other African countries and see how their economies are dominated by France. You would be hard pressed to find a single locally made product. Agree to that free trade and you would see the influx of those products into Nigeria thereby killing local manufacturers. Even till today we are still battling smugglers of basic things like Jago milk from ivory coast and what not which we have more than enough manufacturers producing same products locally. We have the population and should dictate trade agreements not the other way round. You guys should learn to criticize and when to atleast keep mum.

Reading through your post reeks of misinformation. Same dangote that has businesses in Mauritius, just opened a cement factory in Congo and has numerous businesses in Ethiopia and other African countries?

Other African countries need us more than we need them so we should dictate the rules and framework and should negotiate from a more leveraged position.

onegig:

We have so many arm chair economists in the house.

deomelo:

Excellent post.

omohayek:

If by "excellent" you mean it does an "excellent" job of persuading ignorant Buhari fanatics that their ignorant geriatric of a leader is anything other than a bumbling incompetent who led Nigeria into a deep, completely avoidable recession.

I really hope you're being paid for your efforts to defend the indefensible, because I can't understand how any rational person can so unthinkingly support any party, whether it be APC, PDP, APGA or anything else. Buhari doesn't have the first clue about economics and all Nigerians are paying the price for his ignorance, not just the usual "wailer" suspects, but also millions of hardworking Yoruba people in our own region. I despise GEJ worshippers as much as anyone, but that doesn't mean I can blind myself to the economic stupidity of Buhari's policies (and make no mistake, things would be radically different if Osinbajo were in charge).

Ratello:
The truth is, there is no damage control that can be cooked up by this useless government of Buhari public relations expert that can present Buhari well before us and the outside world. Buhari is finished

texazzpete:
Why are PDP fans jubilating at this?

Just like Buhari, No PDP govt since 1999 put any sensible focus on education and healthcare. From Obasanjo to Yar Adua to GEJ to Buhari, not a single one of them can boast of anything higher than F9 in healthcare and education.


Stupid Nigerians!

wristbangle:
All indices keep pointing that this man needs to leave the seat immediately. It's not a do and die affair.

figure007:
There is one thing about the whites... They tell the truth.... 85 out of 100 of them will tell you things point blank... I so love them and their mentality is different from ours... Imagine him say that even to the face of the president... Sir!!! I respect the whites.... Invite an African leader and you hear him say something else cos of Ghana must go

ihatesycophant:
You see how you shot yourself. If Trump inherited "ground work" laid by Obama, what did Buhari inherited from Jonathan?
Pls don't tell me a bullshit of biggest economy in Africa but have a debt profile of upward of $60B +. Economy that is still foreign dependent on virtually everything including toothpicks, tomato paste, textiles, noodles, cosmetics and what have you. An economy that handed over salary debt of workers that both federal and states cannot meet up with overhead payment of staff. A robust economy that reserve depleted to the lowest $22B in Nigeria history.
Nigeria was on auto pilot since 2013 but the previous govt was patching it up to paint robust economy with all indices and indicators showing red alert.

ernieboy:

oga pls, while l agree that gej did not exactly leave the economy in the best state barely a year after trump took over we can already see the direction and impact on the economy ( even though some of his policies might be counter productive if not modified) it took ur president 6 months to appoint ministers, he led us into a recession and 3 years down the line his economic policies still do not have a clear cut direction. and pls don't bring debt into a discussion involving us( the biggest debtor).

Brace for tougher times ahead, Okonjo-Iweala tells Nigerians

November 14, 2014Premium Times




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.

New York Mercantile Exchange (NYMEX) December WTI oil futures sold at $75.20 per barrel on Wednesday, down $1.98, from $74.96 per barrel the previous day, the lowest level for a most-active contract since September 2010.


https://www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html

Following the continuous decline of the price of crude oil in the international market, the Federal Government on Thursday said it was preparing additional measures to mitigate the impact of the price drop on the Nigerian economy.

http://businessnews.com.ng/2015/01/17/austerity-measures-coming-okonjo-iweala/

life is definitely going to get more difficult for the average Nigerian as poverty rate will worsen. There will be job losses as companies operating in sectors where prices cannot be increased anyhow would be forced to scale down operation or close shop. Read more




The effect will be particularly telling on companies that rely on inputs from foreign manufacturers because cost will rise astronomically. “Let no one be deceived, subsidy on petroleum products will also be affected. Already, sellers of Keke Marwa have raised prices. Others in the private sector will soon follow. Goods and services will become more expensive, yet income will dwindle for the average Nigerian


https://economicconfidential.com/features/how-austerity-measure-will-impact-nigerians/

Okonjo-Iweala warns of economic recession

ON JUNE 14, 20121:22



By Ben Agande Abuja — Minister of Finance and Co-ordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has warned of a difficult time ahead as she told the Federal Executive Council meeting in Abuja, yesterday, that “government should buckle up and prepare for a possible recession” in the economy.


https://www.vanguardngr.com/2012/06/okonjo-iweala-warns-of-economic-recession/

N11 Billion Unpaid Debt: AMCON TAKES OVER BEN BRUCE’S COMPANIES






The Asset Management Corporation of Nigeria has reportedly taken over all companies belonging to Nigerian seating Senator, Ben Murray Bruce over series of unpaid debts.

The Bayelsa born entertainment guru turned politician has been making news headlines lately for negative reasons. Just yesterday, Thursday, June 22, 2016, e-NIGERIA! gathered that AMCON took over all assets owned by Silverbird Group over unpaid accumulated debt.

Silver bird amconThe companies directly affected as mentioned to our correspondent are, Silverbird Galleria Limited, Silverbird Promotions Limited, and Silverbird Showtime Limited.

The above companies mentioned are owned by Senator Ben Bruce and are said to be owing AMCON the sum of N11 billion which they have defaulted in paying since 2005.

As at the time of filing this report, armed Policemen are standing guard in the facilities and denying people entrance.


https://www.e-nigeriang.com/n11-billion-unpaid-debt-amcon-takes-ben-bruces-companies-e-nigeria/

deomelo:



Trump took over an economy that was in high gear with stocks shooting through the roof and when Obama took over from Bush, the unemployment rate was over 10%, but the rate was very low 4% when he left and Trump took over so it was obvious where the US economy was heading from Obama to Trump.


Now, Jona and 16 years of PDP left darkness, a battered and undiversified economy, almost emptied treasury, almost emptied ECA, abandoned projects all over the country and unpaid contractors across the board, grand looting and stealing at every level of government, including Jona himself stealing $2 billion for Dasuki to share with his cronies, nearly all the national budgets under Jona/PDP was recurrent with almost nothing for capital projects..


The saddest part was despite Jona generating the largest earnings in the history of Nigeria, he borrowed from his first year in office till his last week in office.

Jona borrowed hundreds of billions to pay workers salary weeks before handing over to PMB.

So, if the economy was so great under Jona/PDP, why was he borrowing hundreds of billions to pay workers salary?

If the economy was so great under Jona and 16 years of PDP, where are the roads, bridges, hospitals, schools, wonderful health care system or even any infrastructure they built with the largest earnings in the history of Nigeria?

Why are we still in darkness even after budgeting sand stealing $20 billion power funds?

Lastly, Jona borrowed hundreds of billions to pay workers salary in May 2015, the same month he left office, same month PMB took over.

So, what kind of economy Jona handed over to PMB and what kind of economy the PMB met when he took over from Jona? A battered and broken economy that cannot pay workers salary.


Nigeria was broke and Jona was preaching and instituting austerity measures in 2014-2015 when oil was selling way-way more than when PMB took over so, after living under a broke and austere government that was borrowing to pay workers salary when oil was selling for way-way more, why expect to live largely and eat steak and lobster with champaign when oil was selling for $27 when PMB took over?

I just think many of you are just too delusional and grossly clueless, you've lost touch with reality and you have no clue how bad and damaged your country was under JONA.


You lived with grand corruption, darkness and lack of basic infrastructure since independence and under 16 years of PDP and Jona without saying a word, but you want magic and Dubai lifestyle in less than 3 years under PMB. Are you people mentally OK or you just have warped and comical sense of expectation and entitlement?


You people know absolutely nothing about your own country, you have zero clues per the precarious situation you were in

limeta:
Give the mic to zombie to tell us how far

obynzo:

Your post is misleading. When PMB took over his policies on forex sent fears to investors thereby leading to large pull out of funds, that was the reason for the fall of the naira because even with the low prices the naira would have still been stable because our financial instruments are still a toast to foreign investors anytime.
Jonathan was weak in fighting corruption in his cabinet but in all honesty the recession was largely because of wrong moves from PMB coupled with corruption from his people through roundtripping and his slow approach in tackling it. Umaru Yar Adua of blessed memory faced a similar situation in 2008 global meltdown, but in a quick response made a 20% devaluation and it saved our forex from any shocks from investors pulling their funds. This made them keep their money and continue trade in Nigerian financial instruments thereby insulating the country from the shocks of the global crisis

akinsmyk:


You are correct sir/ma, Nigerians knows that, exactly why he was voted to correct those failures. Buhari wasn't called to analyze what pdp did wrong but to fight. Has he done ?

Unfortunately he hasn't, he was even unlucky that during his tenure, despite bad leadership on ground, he added poverty , hunger, suffering and bloodshed

So tell me the point you want to make