Osidazz19:


NO, go abck and read what I wrote.

Buhari couldn't do it simply because the govt was constraint especially in 2015/2016 when they were basically trying to keep the govt and the country afloat. The logic is very simple, if previous govts were unable to do it when oil was selling for 100 dollars PLUS, how do you expect a govt to do it with oil selling for 28 dollars? It flies on the face of logic, it's simply not possible. It's wishful thinking and nothing more.

Osidazz19:


The simple answer is that they were not able to do it and were not willing to try.
There are many reasons why most didn't try to do it. Even though oil was selling for good money under Jonathan, the govt still wasn't making enough money to set the country on the right path. That coupled with stealing and incompetence made the situation worse.
Nigeria is NOT a RICH country when you take into consideration it's population vs the amount of money it makes.
The fact that we have corrupt populace/leaders only exacerbate the financial problem that we already have. When you GDP (443 Billion Dollars) is less than half of that of New York city @ 1.5 TRILLION DOLLARS (9 Million Population) and you have 200 million t o feed is when you know that you are not rich.

4Play:


We came into this crisis with the excess crude account (ECA) at $70m from $2bn just 2 years ago, forex reserves falling to $38bn in January this year from $45bn in June last year, and a tripling of foreign-currency denominated debt from $9.5bn in 2015 to circa $27bn today. These have left us more vulnerable than we should have been as we ran down our 'savings' (ECA & forex reserves) at the same time we were tripling our outgoings (debt repayments).


Because Nigeria is dependent on oil exports for forex, any government, no matter how competent, will struggle. But Buhari's government increases the likelihood of financial distress due to its economic illiteracy.

It should have taken the opportunity of the 2015/16 forex shortage to float the exchange rate and abolish the implicit subsidy in maintaining multiple exchange rates, and abolish fuel and electricity subsidies. These would have preserved cash and ensure the scarce money available to the government is used in beefing up infrastructure, healthcare and education.

I understand the urge to borrow from abroad as it tends to carry lower interest but we shouldn't do this unless we have built up enough fiscal buffers in the form of savings and lower budget deficits.

Any person who follows the history of oil prices will realise that it is a volatile commodity prone to sudden crashes. Government spending and borrowing should always be managed with this in mind until we wean ourselves from dependence on oil.

Forex360:


If I am to go back & read your comment then I think you should go back and read BUHARI's MANIFESTOS on how he plan to diversify our economy which made a lot of people to cast their hope on him.

Don't misunderstand me coz am not a member of any political party but I will like to stand with the truth.
The formal FRENCE president ruled for only one term and Called it a quiet coz he understood that he lack the charisma to take the French people to the next level.

If everything start failing at your care and u are pointing accusing fingers to those have been there b4 u then you are not fit for the tax

Is just like saying that the reason you are POOR is bc ur father was POOR.

#God Bess #staysafe

Exc2000:



we cant even sell our oil, even if they pay us $20 per barrel, our oil are at high sea accruing bills , demorage and storage / shiping fees

Tinubu's advise comes handy now, print in more Local currency to stimulate local purchasing power just has US are doing right now printing dollar, when the economy goes right CBN can mop up excess liquidity

Or They can use Atiku's model seeking us to sell National revenue generating Asset so as to generate forex and spend it on toothpick, gussi and prada.. and when the next recession comes we wont have anything to sell again

.

Osidazz19:
[s][/s]


Rubbish voodoo economic theory.

You are asking Buhari to do something that previous govts were not able to do even when oil was selling for more than 100 dollars per barrel.

Angelfrost:


The journey of a thousand miles begins with a single step...

We have given this population excuse for decades now... Thing is, the population will merely keep growing, same as every other nation across the globe. We are not the most populous and certainly not the most economically stretched...

We keep talking diversification for decades now, with nothing being done... All we do is borrow to embezzle... The potential to grow and excel is clearly there, but we are too self centered to unite, vote in brains that will pilot the nation down the path of progress!!!... Under normal circumstances, Buhari has absolutely no business leading even a state of the federation, not to mention a massive challenging nation like this.

This nation needs brains to get all sectors functioning to full capacity... This is herculean, but not impossible! Look past the lies being peddled by your clueless leaders!!!

helinues:


We must blame Buhari for the low oil price...

Urchman200:
so don't be offended which way forward?because is obvious u guy's are not interested in solutions but blames ,how long do wish to continue this ur support for stipends?the economy is going down reality is steering us at the face ,blame is not the solution, read and articulate what that guy is saying, maybe he is a Buhari supporter like u ,but is time to tell each other the bitter truth.

KnowAll:
Nigeria cannot run out of forex because the diaspora community sends in about $20 billion dollars every year. Where do u think that dollar ends, Nigeria central Bank.

Racoon:
Of course this is happening because crude oil is our only source of foreign exchange with our mainly oil dependent mono-economy.

KnowAll:
Nigeria cannot run out of forex because the diaspora community sends in about $20 billion dollars every year. Where do u think that dollar ends, Nigeria central Bank.

azpekuliar:


Well somebody has to do it. If Buhari cannot then somebody else needs to step up and deliver because a barrel of oil will never sell for > $100 ever again!

Osidazz19:
[s][/s]


Rubbish voodoo economic theory.

You are asking Buhari to do something that previous govts were not able to do even when oil was selling for more than 100 dollars per barrel.

jansonn:
Gaskia, naija don tire me!! Abeg who know how I fit take jappa naa

WaffenSS:
Blame Saudi Arabia, they agreed to create the petrodollar scam by agreeing to sell oil only for US dollars.

Those thinking the US is fighting islamist terrorists for the sake of Christianity need to wake up. Uncle Sam is protecting his petrodollar interest by ensuring nothing upsets the global oil business.

Maybe if OPEC starts trading oil for cryptocurrency......

Osidazz19:


First, if we are to hold all politicians to all their promises as exactly as they promised them, then no one will be able to rule. I remember Trump saying that on the first day in office he will have Trumpcare to replace Obama Care. Right now, he doesn't even talk about it.

Secondly, Buhari has made it the govt priority to diversify the economy by promoting agriculture and farming. Diversification of any economy takes years and probably more than one govt in power. It takes a continuing efforts, it does not happen over night.
All the feel good stories you hear about Malaysia, Indonesia, China, and other Asian countries took many many years of persistent and consistent effort at diversification and modernization of their economies.

I don't know which French President you are referring to but my memory tells me that the last 2 lost via elections including Zarkosky ad Hollande.
And when you suggest that Buhari should leave, then you have to ask yourself - leave for who?

Leave for the same people that ruled for 16 years that got us into this mess in the first place? I could understand if you are talking about leaving for people who had performed wonder in the past with good track records. But here we have the stealing is not corruption team waiting to get back in power to siphon what is left in govt covers.

Okoroawusa:

He is an Atiku disciple. What were you expecting?

Exc2000:


Diaspora funds coming in majorly comes from Nigerians without documents and don't have access to formal banking in Europe and US

Forex360:

U definitely made some sense but the last thing I don't like doing is talking about Nigeria but I can't help it coz it's my country.

The only thing that will help us grow is accepting that we can not do this task and leaving it for people that can do it.

We had only one courageous president in the name of yaradua. At least for accepting that the election that brought him into office was rigged in his favour and promised to change this in the next election but DEATH took him.

I will also give accolades to MUTTALLA MOHAMMED, though, through what I read about him and GOODLUCK ( only for accepting defite ) he was very weak and not worthy to rule a country like Nigeria.

BUHARI stepping aside doesn't mean that PDP will take it automatically and even they do it doesn't mean that nothing good can come out of them.

Any body that will assume the office of presidency come 2023 will also be criticize if he doesn't perform well and that's why we elected them

AlhajaChinyere:


Your deep anti Buhari bias will never allow you to make sense. In any case everything you said up there is rubbish and wishy washy.
The population growth rate needs to be cut to zero if our industrial output remain at close to zero. After we can address other issues. Stop the number of mouths to be fed.

MansoryMX:


No offense, You sound intelligently stupid. You want to blame another nation for your failure? Who do you? Who are you? Where are you from? Who you!

Racoon:
Of course this is happening because crude oil is our only source of foreign exchange with our mainly oil dependent mono-economy.

Racoon:
Of course this is happening because crude oil is our only source of foreign exchange with our mainly oil dependent mono-economy.

Islie:


https://punchng.com/nigeria-running-out-of-forex-ex-us-envoy/