₦airaland Forum

sanpipita:
You are one being ignorant, its been four years now and there's still negative growth, rather than see this govt had failed you are looking for blames.

Positive 2.38% is negative growth? You suffer double jeopardy. You are not only ignorant, you are arrogant
as well. Its a deadly combo. You may never survive it.

Olawalesmarter:
The Refinery was estimated to worth 12Billion dollar, he borrowed 3.3 Billion dollar and so ?

Did you read the article at all? Do you need help to understand it?

If you are having difficulty in understanding the fews words in that article how will be able to process complex concepts?

Do you want it translated in to your local dialect for clarity?

Look up the meaning of additional in the dictionary or have someone explain to you.

At the time the piece was written, the project cost was put at between $9b and $10b. The company had already raised $4.5b from consortium of banks. It's own commitment was $3.5b. They were looking for additional, $3.3b from both local and foreign financial institutions.

Can you now see that your 50/50 debt/equity ratio is too elementary for this type of transaction?

deji17:
Positive 2.38% is negative growth? You suffer double jeopardy. You are not only ignorant, you are arrogant
as well. Its a deadly combo. You may never survive it.

Yes its negative growth and nothing to celebrate, previous govt had left us with 6% growth, APC said it wasn't enough and promised 10% growth, I refuse to worship mediocrity


https://www.thecable.ng/documented-promises-buhari-apc-made-nigerians

AfroBlue:
i don't know, but i'm sure the sharp-sharp efcc boys can trace it.

$8.4m forfeiture suit: Patience Jonathan knows fate Feb 28
Published February 11, 2019
https://cdn.punchng.com/wp-content/uploads/2018/05/02141643/Patience-Jonathan.jpg

https://punchng.com/8-4m-forfeiture-suit-patience-jonathan-knows-fate-feb-28/

Do you see why its good to understand issues? Madam Peace assets has nothing to do with treasury, if u believe buhari met an empty treasury u can believe anything then

deji17:
Positive 2.38% is negative growth? You suffer double jeopardy. You are not only ignorant, you are arrogant
as well. Its a deadly combo. You may never survive it.

It may not be negative when considered on its own, but when you account for Nigeria's population growing at an even faster 2.5% annually, 2.38% translates into a declining per-capita GDP, which is what matters to the average person on the street. There's just no avoiding the fact that Buhari has presided over a period of disastrous economic policymaking, with the light yet to be visible at the end of the tunnel.

If the PDP hadn't nominated someone with as much baggage as Atiku, Buhari would already be packing his bags by now, in the certainty that there was no way for him to win re-election. Fortunately for Buhari - and unfortunately for the Nigerian masses - the PDP allowed its nomination to be sold to the highest bidder, a confirmed crook who is eagerly awaiting the opportunity to further enrich himself and his many dubious "friends" (like Bukola Saraki) at the public trough. Nigeria is doomed.

omohayek:
It may not be negative when considered on its own, but when you account for Nigeria's population growing at an even faster 2.5% annually, 2.38% translates into a declining per-capita GDP, which is what matters to the average person on the street. There's just no avoiding the fact that Buhari has presided over a period of disastrous economic policymaking, with the light yet to be visible at the end of the tunnel.

If the PDP hadn't nominated someone with as much baggage as Atiku, Buhari would already be packing his bags by now, in the certainty that there was no way for him to win re-election. Fortunately for Buhari - and unfortunately for the Nigerian masses - the PDP allowed its nomination to be sold to the highest bidder, a confirmed crook who is eagerly awaiting the opportunity to further enrich himself and his many dubious "friends" (like Bukola Saraki) at the public trough. Nigeria is doomed.

I hear you but do not agree with you. The growth is an upward swing not downward and that is good. We will eventually gets to 7% to 8% where we need to be, and we are going to get there with groundwork that has been laid.
Mind you many countries that are heavily oil dependent and are in similar situation like Nigeria e.g Venezuela, Brazil etc are having a much worse economic situation than Nigeria. You may not appreciate or fully understand what Buhari has done, but prosperity will judge him.

deji17:
I hear you but do not agree with you. The growth is an upward swing not downward and that is good. We will eventually gets to 7% to 8% where we need to be, and we are going to get there with groundwork that has been laid.
Mind you many countries that are heavily oil dependent and are in similar situation like Nigeria e.g Venezuela, Brazil etc are having a much worse economic situation than Nigeria. You may not appreciate or fully understand what Buhari has done, but prosperity will judge him.

On the contrary, I understand and appreciate all too well what Buhari has done, which is why I was able to predict as early as 2015, within a few weeks of his election, that economic growth under him would fall into the negative figures, as it subsequently did. The worst possible thing one can try to do when hit by an external shock like a sudden drop in oil prices is to attempt to "protect" the Naira by banning random items, creating multiple exchange rates (thereby opening the way for even more corruption, despite having campaigned on "fighting corruption" ), and restricting the freedom of foreign investors to repatriate their earnings. Who in their right mind would invest their hard-earned money in a country from which they have no hope of ever getting it back without accepting huge losses, which is precisely what an artificially "strong" official exchange-rate does?

You can try and excuse Buhari's utterly predictable* economic mismanagement by referring to Venezuela and Brazil all you want, but that makes as much sense as saying you're glad your doctor "only" removed the wrong kidney during an operation, seeing as even more incompetent quacks have killed their patients by cutting their insides up at random. A better point of comparison for Buhari's performance is the preceding 25 years of Nigeria's own history, during which the oil price dropped dramatically several times, and yet the economy didn't once suffer an outright contraction; it took the sick, incompetent old statist from Daura to achieve that dubious feat, and he managed it despite oil only accounting for 12% of Nigeria's GDP - a smaller figure than during Obasanjo's initial term. Open any reputable financial journal - e.g. the Economist or the Wall Street Journal - and you will see for yourself that Buhari's economic incompetence is widely acknowledged outside Nigerian shores, despite the best efforts of home-grown apologists like you to paint him as some sort of "hero".

The real tragedy in all this is that the only serious alternative to someone as unfit for the Presidency is Atiku, who is himself a person of dubious character and ambitions. Neither of these two men deserve to even smell Aso Rock, let alone sit in it until 2023.

*And predicted by many, including me

omohayek:
On the contrary, I understand and appreciate all too well what Buhari has done, which is why I was able to predict as early as 2015, within a few weeks of his election, that economic growth under him would fall into the negative figures, as it subsequently did. The worst possible thing one can try to do when hit by an external shock like a sudden drop in oil prices is to attempt to "protect" the Naira by banning random items, creating multiple exchange rates (thereby opening the way for even more corruption, despite having campaigned on "fighting corruption" ), and restricting the freedom of foreign investors to repatriate their earnings. Who in their right mind would invest their hard-earned money in a country from which they have no hope of ever getting it back without accepting huge losses, which is precisely what an artificially "strong" official exchange-rate does?

You can try and excuse Buhari's utterly predictable* economic mismanagement by referring to Venezuela and Brazil all you want, but that makes as much sense as saying you're glad your doctor "only" removed the wrong kidney during an operation, seeing as even more incompetent quacks have killed their patients by cutting their insides up at random. A better point of comparison for Buhari's performance is the preceding 25 years of Nigeria's own history, during which the oil price dropped dramatically several times, and yet the economy didn't once suffer an outright contraction; it took the sick, incompetent old statist from Daura to achieve that dubious feat, and he managed it despite oil only accounting for 12% of Nigeria's GDP - a smaller figure than during Obasanjo's initial term. Open any reputable financial journal - e.g. the Economist or the Wall Street Journal - and you will see for yourself that Buhari's economic incompetence is widely acknowledged outside Nigerian shores, despite the best efforts of home-grown apologists like you to paint him as some sort of "hero".

The real tragedy in all this is that the only serious alternative to someone as unfit for the Presidency is Atiku, who is himself a person of dubious character and ambitions. Neither of these two men deserve to even smell Aso Rock, let alone sit in it until 2023.

*And predicted by many, including me

I read your comment but I do not agree with you. We have a different view on this. Have a great day.