₦airaland Forum

KwaraRat:
Recession is a word

Continue your crass nonsense.

I have a 10 minute window before my next business appointment.

U know the trurh, keep hiding under self deceit. You have no business appointment my boy. You nor get money. E dey show for your fraustrated posts.

KwaraRat:
That rascal in Osun plus the likes of Tinubu where clamouring that Nigeria was witnessing a boom and that ECA was illegal.

Have you forgotten that?

Or is it GEJ that forced Aregberascal to borrow over 500% of Osun state's total earnings to fund useless overpriced projects ?

Go and ask your thieving governors what they did with FAAC allocations, SURE-P funds, UBEC funds, ECA, state IGRs and the humongous loans they borrowed recklessly from banks.

After that, pray tell what aregberascal did with the 40bn bailout he got from this govt.


Nonsense

U are a baby wailer. What has Tinibu got to do with ECA. Was he in government? This issue have been over flogged. This is just a semse rant. You told the governors to save with u, but every tike they attend FEC, they discovered u have withdrawn from the so called savings. In your right senses will u keep being a party to that fraud? Okonjo tried to lie that FAAC were aware of the withdrawals, when they vehemently denied, she changed tone to Jonathan approving the withdrawals for payment of "subsidy" claims. If u go into partnership with me. And discover i have been withdrawing from our savings without your knowledge, will u keep doing business with me? Swallow ur sentiments and emotions.... truth is glaring, but compound wailers like u, choose to believe what u want to believe.

Bayelsa of 8 local govt is owing above 7 months salary. Despite 13 oil derivation, but u chose to talk about Osun, which have lots to show off....

KwaraRat:
So from "GEJ destroyed Nigeria" to "PDP's 16yr mismanagement " to "Recession is normal thing".


You zombies and your foolishness no get pair.

This thread is not for everybody. It belongs to people of an average IQ and above. Unfortunately u don't fall to this category.
If u have to read 10times to understand, do ur seld a favor and do that, instead of displaying everlasting lack of understanding on the internet

micchi:
zombie op for how long will u keep deceiving ur self & fellow zombies is Nigeria not better off past 6 yrs dan now de truths is DAT buhari is incompetent, clueless & confuse

Better off while eating away ur future. The annoying thing was u were seeing peanuts, while the political elites were busy squandering ur future. U want to eat ur cake and have it. Hoe much was oil for the better 6 years? The post is not for everybody. Its belongs to people devoid of sentiments and tribal hate, and people people with sound intellectual mind. Unfortunately by your post, u don't seem to belong.

Lalasticlala
Mynd44
Seun

bloodkiIler:
[s][/s]
trash for trash can

Zombies trying harder to justify their stipends
useless people

Who doesn't know u are a clown on this forum. This is ur best. See the thing PDP recruited

[s]

bloodkiIler:
a thread for zombies from zombie to zombies

keep on masturbating
Buhari is a certified failure and there's nothing a useless written epistle can do about that.

ngeneukwenu try harder

[/s]

The thread is not for low intellects or zombie chanters. Make all the noise u want, it doesn't erase he truth

The truth remains many of the people rejoicing and blaming Buhari over the reccession actually had a strong unwarranted hate for Buhari even before he won the elections. The senselees hate was actually carried to the polls, but unfortunately for them, their inconsequential votes could not stop Buhari from becoming the President of the country. They wished him failure from the onset, they hailed pipeline terrorists and today they complain and lament. They forgot that Buhari's failure means hunger for them and not for Buhari or is family and even extended family. If a bag of rice is N20,000 today, or u buy fuel for N145 today, u prayed for it, you wanted, so enjoy it . I wish it goes higher so u can enjoy what u prayed and wished for. while u suffer, Buhari will remain president till May 29 2019 at least

For other good hearted people. Don'tbe discouraged, endure the pain, things will surely get better. Don't be distracted by the sworn Buhari haters, things will surely get better!

The recession today was an inevitable event as Nigeria is a "mono revenue driven economy". More than 70% of our income as a sovereign nation comes from sales of crude oil. Hence rise and fall in global price of crude is bound to affect the Nigerian economy positively or negatively.
In this article i will be using Vanguard mostly as my reference. This is for obvious reasons

The Facts:


1. The much celebrated economist by a particular political party and some sets of people in Nigeria actually warned about a reccession in Nigeria way back in 2012 due to a slide in oil price. Oil price then was actually just abit below $80/barrel. I am talking of Madam Okonjo Iweala.
By madam Okon's assertion, Nigeria actually escaped reccession because oil price started to rise again before year 2012 ended.

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

Oil sold below $30 ber barrel and as remained below $50/barrel for above a year now. Is it safe to say reccession was inevitable by the above assertions of the ex-minister of finance.

2. There was a steady increase in oil price from 2012 to late 2014, with oil selling @ an average of $100/barrel. But according to the ex minister of finance in person of Madam Okonjo Iweala who is well celebrated by the opposition party and some particular sets of people in Nigeria, Nigeria could not actually save at that time because the previous government had zero political Will to save.
http://www.vanguardngr.com/2016/04/nigeria-had-no-political-will-to-save-under-jonathan-okonjo-iweala/



3. It takes about $30-$35 to get a barrel of crude from the ground.
http://www.vanguardngr.com/2016/01/oil-crash-nigeria-producing-at-5-per-barrel-loss/

4. Oil price slid from about $60/barrel when Buhari came into power in May 2015 to as low as $28/barrel in June 2016.
http://www.vanguardngr.com/2016/01/oil-prices-hit-fresh-12-year-low-trade-below-28-per-barrel/

5. In view of the above, Nigeria was practically selling crude at a loss at a one point in time. (Read link in point 3 above)

6. Nigeira produced about 2.2 million barrels per day, but as at now, she only produces about 1.4million barrels per day due to terrorists activities in the Niger Delta. This simply means Nigeria is selling lesser quantity of oil with the slump in oil prices. The simple effect of this is lower revenue.
http://www.vanguardngr.com/2016/05/pipeline-bombing-nigerias-oil-export-dips-21000bpd/

7. A Paltry 30 Billion dollars was left in the national reserves for the incoming government despite the previous government inheriting above 40 Billion dollars with crude oil sold an average of $100/barrel before the gradual slump in oil price in 2014.
http://www.nigeriannation.com/news/i-left-30bn-in-the-treasury-for-you-jonathan-replies-buhari.aspx

8. During the global recession in 2008/2009, the CBN actually defended the Naira and economy with a Whooping $20 billion.What the CBN did to drive down the value of the dollar against the naira was to flood the foreign exchange market with dollars in exchange for naira. It is important to note that the naira still lost about 20% of its value by mid-2009 despite CBN intervention
Get more enlightened here; http://www.myfinancialintelligence.com/banking-and-finance/limitations-nigeria’s-foreign-exchange-policy


9. Nigeira is an import driven country, hence there is always high demand for dollars thereby putting excessive pressure on the value of Niara in the time of scarcity.

CONCLUSION

In view of the above it is safe to say;

1. With a reserve of about $30bn, it is practically impossible to defend the Naira/economy as done in the past with the reserve as the nation may go bankrupt in the process.
Besides, defending the Naira with the national reserves is not sustainable as long as oil prices remain low. Naira still lost 20% of its value despite using more than 40% of the national reserves to defend the it between 2008 to 2012.
For more on this kindly read link below
http://www.myfinancialintelligence.com/banking-and-finance/limitations-nigeria’s-foreign-exchange-policy


2. There is urgent need to diversify the economy, as it is being witnessed today. Diversification is a process and does not happen over night.
FIRS, Customs, and others have started making positive impact on to national reserves. New mineral resources are being discovered but there is still more to be done.

3. Nigeirans have no choice than to endure the pain and inflation at the moment while efforts are being made to revamp the economy. Effects of the low oil prices would have been minimal should we have saved enough for the future

4. President Buhari may have made errors, but Nigeira being a mono revenue driven economy, reccession was bound to happen sooner or later.

Thank You and God bless

Written by KOBOKO69

Editted and Published by Progress69

Cc Mynd44
Lalasticlala

toyinid78:
I was told u we're raised by ur grandfather n he was d obe who taught u how to dress dats why u think backward,imagine if ur granddad is d president b sincere wud he not need assistance from younger people to do a lot of things ur generation is a shame,mike xuberge came to nigeria n become a hero for designing facebook ur prsedients saw him as a god ,w* platfirm is der for youths to achive wat he achieved in education in nigeria? Sometimes I wonder we're d nairalanders get deir brain from

Wetin this one dey talk? Who is "mike xubege"?? A kindergarten child will type better than this garbabe u typed. Asides being incoherent, u cant even spell or type correctly. And this clown really wants to engage me . Wonders shall never end....! Spits...

I wonder why politics have to be attached to everything. Looks like Kumuyi have been going round some states holding crusades. Its normal to pay a courtesy visit to the governor of that state and also do a formal invite. I think i have seen a pic of him even on APC states and the governors or a rep attending, even Osinbajo was in Abuja when he held a crusade there. It was on NL here. This is not about PDP mixing religion or any other political party mixing religion.

Make no mistake

I am an unrepentant and unapologetic APC supporter

odigiri1983:
Many Nigerians have little knowledge on why the economy dipped. The inability of the previous governments to diversify the economy ,to save in time of plenty ,gross looting of public funds were some of the key reasons why we are here and it will continue if we fail to correct these.

Unfortunately, people with low IQ like the OP when it comes to areas like this will keep getting endorsed by clowns in the same levl of thinking as they are or just for mere hatred for Buhari which have been openly exhibitted even b4 Buhari won the elections.
Imagine listing TSA, Canceling of Maritime university and Pipeline security to terrorists, he even said option of "violence" instead of dialogue. The post is all saddled with ignorance, and self deceit. Is he trying to tell us government should be the back bones of banks?? I even wonder how TSA affected the economy. The whole post just lacks basic economic intelligence..i blame the mod who pushed such crap to FP

Rapmoney:
How do one eat "is" cake? Learn how to spell correctly before you engage yourself in issues you know absolutely NOTHING about!!!

Who is this toy? So is and his is ur problem? Are u related to the clown that made kindergarten submissions? U both are of the same level of IQ. Enjoy ur day

[s]

Justcash:
1) Sudden Implementation of Treasury Single Account (TSA)- This policy threw the banking and financial sector into turmoil as huge sums were swept out of banks and dormantly stashed into a preferred safe.

2) Tightening of Foreign Exchange Transactions- This policy made it difficult to make foreign exchange, and threw thriving businesses into turmoil which led to massive sacking of workers and manufacturing slowdown.

3) Unguarded Utterances During Foreign Trips- The president made several unguarded utterances that gave the impression that Nigeria was headed for the rocks. This made foreign investors hesitant about coming into Nigeria, and encouraged those that were already in Nigeria to speculate and pull out funds.

4) Halting of Important Projects in the Niger Delta- Buhari moved to remove majority of the projects that were created to provide tangible benefits to Niger-Deltans. For example, the Maritime University and Pipeline protection projects. Though, some of these projects were condemned by Nigerians, they kept the Niger-Delta at peace and allowed for the maximization of the benefits from petroleum exports.

5) Buhari's Northern Developmental Focus in Nigeria- The developmental aim of the president is very much skewed towards Northern Nigeria than every other part. So, he is more like kick starting a new economic focus, while dumping existing economic strengths. For example, he is devoting billions of dollars to search for petroleum in the North when Nigeria does not have functional refineries to ensure adequate availability of petroleum products that are already being produced in the South.

6) Elimination of All the Policies Made by PDP- it is on record that even though PDP led governments were corrupt, they made some major strides in diversifying Nigeria's economy. For example, Agricultural export came to life under PDP. Buhari has focused on bedeviling and antagonizing every single policy made by the PDP. In the process, he has thrown out good policies and progress that were made in the past. He is almost starting afresh, and this has rebooted Nigeria and thrown us years backwards.

7) Preference for Violence over Dialogue- Buhari prefers to use military force to quell civil strife. This approach ignites more protests and civil disobedience. An economy cannot experience progress in violent conditions. Even Lagos and Ogun axis has experienced an open show of military bombardment, which scares a heck out of investors. The same is true about the production shut ins in the Niger Delta region. Some of these issues can be solved with dialogue and with police actions than full scale military assaults.

[/s]
Useless sentimental tribalistic bull crap, full of lies and deceit

How do one eat is cake and expect to have it. That's the best way to describe what exactly is going on now. Not the thrash u wrote

Everyone is entitled to his own opinion.

Strictly . 100odds

Option 1: Choose ur best 5 or 6 games. Play with 1k

Option 2: play all with 2h or 3h.

Option 3: Remove what u dont like and play with what u can afford. E.g confidence for chinese game is 50%; u may remove.

Best of Luck.

7/10 99% guarantee.

People ate thier cake and still expect to have it..... that's just the bitter truth!!!

DropShot:
[s][/s]
Wailing is allowed but with common sense devoid of emotions and sentiments!

Morning!

I wonder why u people dey ans person wey obviously dey enjoy attention from wailers.

tuoyoojo:
the opposition had no plan for the country

no blueprint

no road map

all they wanted was power, nothing more, nothing less

when they asked them to come and debate to show how they would do it, they didn't come because truly they had nothing to say.... just empty promises


well every day is taking us closer to 2019

we still gat our cards and have tied our boots to kick the butts of this administration outta power

Unfortunately, u are justa noise maket and just being economical with the truth. Jonathan wad the first to avoid a debate, after which his handlers and others organised another scripted one expecting Buhari to show up for that. Need I remind u that ur inconsequential votes couldn't keep an incumbent in power, APC will win again in 2019. Write it down!

Lol. Who didnt know the 40million crap was a lie.

Only some categories of people

kayoade09:
i joined MMM 4 months ago, tomorrow is my house dedication

I started with just 50k, and today i have millions in my account

Even if MMM goes down today(which i know it can never happen in months to come), i have achieved a lot

Because of MMM, I walk into the bank like a boss, receiving alert like a king

when the cashier sees my account balance on her PC, she flashes me a smile

ONE ALERT GH COVERS HER 4 MONTHS SALARY

MILLIONAIRES WITHOUT JOBS.


Please join now before its too late

chat me up to give you secrets on how you can make it very fast with MMM
08067719737

Run from this guy oo. Noise maker. Started with 50k and now millions in 4 months. The same MMM wey we know?

TaiwoLapi:
Government cant shut it down, cos the server is not in Nigeria and there is no legal bodies or centralised account, so there is nothing that can be shut down, moreso, I'm sure our President is a man of the people, and i'm very positive he wont hurt his people to please the corrupt rich.

He listen to the people and i'm very sure he can get the sincere opinions of the people on this link: http://punchng.com/online-fraudsters-hit-capital-market-sec-warns/ not from paid canvassers on this platform. He is fully aware that the economy is in recession and there is hunger out there, he won't take away the only thing that is giving people hope and putting food on their tables cos of some greedy few who want to sustain their expensive lifestyles.

We have Doctors, Lawyers, Engineers and other brilliant professionals who are way more brilliant than any of the riff-raffs on this thread, and they think they are all fools? all of you are just tools, people with low risk appetite and people who are scared of new things.

Long Live Nigeria, Long Live Our President, Long live MMM

Lol. U people are very ignorant. Read what happened in China, South Africa and Russia.

kenAlmighty:
time is up for Edo APC

In ur mind

tempest01:
Given me a rethink. With time, the tune taken for people to receive help will start taking longer because their agents have been receiving help without paying in...before you know, the whole thing will stall as a lot of people will be waiting to receive help, but the sender's are few. Then theyll put " the month of reckoning into play and gather all the remaining "send help" amounts into the agents accounts before closing down.

Asides that if Government decide to shut the whole thing down. Nothing can happen. People will only looose money. Trust me, that will soon happen. They only used SEC to sound warning first so it won't look like people were not warned

dewayne:
people like you die in poverty lol... i sorry for you am sure in future your generations will curse you for this.... How much were you paid?

Guy..i aired my view. I am not a lazy slow spoke like u. Put my money somewhere without doing anything and expecting 30% increment every month. I hope when they finally strike, it's not when u just borrowed money and ur live savings to put into a scam. So u can get the f**uck out of my mentions. Is that clear U don't even know my worth. I am too much to look for cheap easy money that will burn me. This is for poverty stricken folks like u

MMM are already scamming people now. The mega scam/dooms day still dey front. Many of their parody accounts and agents get help and never provide help . Its simple logic, computer programming, isolate ur agents to always receive help, and not provide help, then cycle ur victims to the provide/get help platform. At one time of the other, a victim will pay the parody/agent's account. Its common sense! At some point,when they have the target num of potential victims, they strike finally and the website goes into extinct

luvinhubby:
And we were buying new cars, building new houses and having very decent meals in those 16yrs of 'stealing'. If that type if 'stealing' made life easier for us compare to the hell Nigerians are seeing under this saint APC, then return the PDP for us.

U ate ur future and still want to be eating it in the time of scarcity. Can u eat ur cake and have it?

blueto:
Very Silly, who doesn't know that premium times belongs to APC, and thus, majority of those that visit premium times and its followers on twitter are APC proponents?

Very silly to post this, thinking we are gullible like your zombie affiliates.

This is the most silly thing i have ever read on the internet this year

Psalmy2cute:
It amazes me hw the igbos av given MST yorubas and Hausa's a reason 2 live with their life.... Just be gr8ful to the igbos for the 8 in ur heart and watch them as they advance ahead of you... I'm not an Igbo man........ but ill beg god to create me an Igbo man in my next life

YOOT...... ..go and sleep.

Oblang:
Lol.. abeg no try fly that thing o..

Na lie o. Dem must fly am. Na presidential chopper abi na jet as the speaker sef dey confused. Na wetin we go take dey fly dilector for Biafra be that.

aresa:
Na Toshiba...

Hahahaha. Na ceiling fan go fit the thing. U remember one fan like that, dem dey always say na original then......SMC. make we recommend that one, make e for nor crash when e dey fly dilector comot for kuje prison.

iokpebholo:
Shiiiiiii.stop making noise we have decided to vote iyamu and nothing will stop us. D best u can do is to die by fire if u wish. Rubbish

Your useless vote that could not keep an incumbent President in power?

aresa:

The guy said they will soon put the fan ontop. I need to know the brand of fan, is it OX, LG, Century, Sharp or which