₦airaland Forum

simeonaussie:
If curruption thrive, and economy booms, you are only myopic with your view(it is short time thinking). The economy would eventually crumble; We should not use today`s convenience to destroy our future. I just pity those who are shouting "let curruption returns" because they believe economy would be vibrant again, due to the fact that Thieves would move in stolen fund without been questioned

Economic growth is not dependent on corruption to grow but good policies.

That is where Buhari got it completely. Ending corruption on its own will not lead to growth.

Buhari upon assumption of office introduced some economic policies which bordered on the height of economic illiteracy.

The first was the tight pegging of the Naira to the dollar at 197 to $1. This was economic suicide as a peg especially when foreign exchange inflows are declining fast due to crash in oil prices was practically madness.

Let me tell you why it was unwise

Imagine you go to the black market with 10m naira everyday to buy $10m. What will the rate be? Probably $1 - N1.

However one day you go with your N10m but the traders say that dollar scarce that all they have is $8m, will they exchange it at the same rate or you pay more .You'll most likely pay more.

That's what Nigeria was going through. The price of oil started going down and the foreign exchange earnings was dwindling.

The Naira started to fall in value from around 150 in June 2014 to around 200 as at 29th May 2015 when Buhari took over.

This was only reasonable considering the fall in oil prices from over $100 to $35 at one point.

Buhari upon assumption of power pegged the exchange rate at 197. This made no sense. He said he has not seen where devaluation has helped any country. Its akin to saying that you have not seen where 1 + 1 = 2 has helped anyone. Does it still change the fact that 1 + 1= 2 is right?

I knew the economy was in the hands of an economic illiterate and I immediately wrote off the economy. The economic collapsed that followed was no surprise.

Soludo and Sanusi were quick to condemn this hubris. Sanusi was extremely vocal and consistent in his condemnation that the FG said they won't join issues with him.

Many countries have boomed despite high levels of corruption simply because they had good policies.South Korea and Taiwan were quite corrupt but today are rich countries. Even China which lifted 700m out of poverty over 40years had lots of corrupted but boomed because it introduced pro business policies that attracted lots of investors to the country.

Atiku's policies are pro business and are an economist dteam. Economic growth will grow by about 7% yearly(which is good) if just 2 of those policies are implemented which are lowering of company tax and ending the multiple exchange rates Buhari introduced

I'm apolitical but I'm very interested in economics and the economy. In 2015, if I was to vote it would have been Buhari

Kobicove:
He is the standard bearer of corruption as far as Nigeria is concerned!

Standard unit of measuring corruption.

e.g Diazani is 0.025 Atikulooted. i.e she is 0.025 as corrupt as Atiku and OBJ is 0.5 atikulooted while GEJ is 0.9 atikulooted.

amaniro:
Look who's talking, The executive governor of Lagos State of Nigeria, Mr. Ambode Akinwunmi


The man that hasn't done any meaningful project since assumption of office, upon the large Income both domestic and from abroad. Lagos is reacher than 5 states in the North put together.

Bros which 5 states?
Lagos is richer than all states of the north combined except maybe Kano and kaduna.

grandstar:
Economic growth is not dependent on corruption to grow but good policies.

That is where Buhari got it completely. Ending corruption on its own will not lead to growth.

Buhari upon assumption of office introduced some economic policies which bordered on the height of economic illiteracy.

The first was the tight pegging of the Naira to the dollar at 197 to $1. This was economic suicide as a peg especially when foreign exchange inflows are declining fast due to crash in oil prices was practically madness.

Let me tell you why it was unwise

Imagine you go to the black market with 10m naira everyday to buy $10m. What will the rate be? Probably $1 - N1.

However one day you go with your N10m but the traders say that dollar scarce that all they have is $8m, will they exchange it at the same rate or you pay more .You'll most likely pay more.

That's what Nigeria was going through. The price of oil started going down and the foreign exchange earnings was dwindling.

The Naira started to fall in value from around 150 in June 2014 to around 200 as at 29th May 2015 when Buhari took over.

This was only reasonable considering the fall in oil prices from over $100 to $35 at one point.

Buhari upon assumption of power pegged the exchange rate at 197. This made no sense. He said he has not seen where devaluation has helped any country. Its akin to saying that you have not seen where 1 + 1 = 2 has helped anyone. Does it still change the fact that 1 + 1= 2 is right?

I knew the economy was in the hands of an economic illiterate and I immediately wrote off the economy. The economic collapsed that followed was no surprise.

Soludo and Sanusi were quick to condemn this hubris. Sanusi was extremely vocal and consistent in his condemnation that the FG said they won't join issues with him.

Many countries have boomed despite high levels of corruption simply because they had good policies.South Korea and Taiwan were quite corrupt but today are rich countries. Even China which lifted 700m out of poverty over 40years had lots of corrupted but boomed because it introduced pro business policies that attracted lots of investors to the country.

Atiku's policies are pro business and are an economist dteam. Economic growth will grow by about 7% yearly(which is good) if just 2 of those policies are implemented which are lowering of company tax and ending the multiple exchange rates Buhari introduced

I'm apolitical but I'm very interested in economics and the economy. In 2015, if I was to vote it would have been Buhari

What is penalty for curruption in China please?

simeonaussie:
What is penalty for corruption in China please?

I know you want me to say death? Well only for a very select few and those are the ones that have fallen out with the communist party.

Corruption is used as an excuse to execute them

Very few are actually executed for corruption compared to the number of officials involved.

Death penalty hasn't deterred armed robbers from carrying out robberies here in Nigeria. Death penalty alone is not enough to deter corrupt officials in China.

To fight corruption there has to be zero tolerance for it, no sacred cows, high pay for civil servants and policies that plug holes for illicit enrichment and so on

That is what Singapore did!

Read below

https://www.aljazeera.com/news/2017/07/china-punishes-210000-officials-corruption-170720170506456.html