₦airaland Forum

PassingShot:
[b][s]This thread is of course a response to this https://www.nairaland.com/2590889/see-what-happening-nigerias-economy

For us to understand and appreciate what the new government has done or not done for the country, it’s very important to revisit the type of economy it inherited from the last regime as enumerated below:

1. The Nigerian economy operates a budget which is heavily skewed in favour of recurrent expenditure (about 90%) against capital expenses (about 10%) as represented by 2015 budget here http://www.punchng.com/news/jonathan-signs-n4-425tn-2015-budget/

Implication of this is that there will be no real development in the core areas that sustain and improve economic development.

2. Nigerian economy is largely dependent on crude export. Even the crude price has fallen below the benchmark price ($53 per barrel) on which the 2015 budget was based. Crude now sells at around $47 per barrel.

3. As at April 2015, the Federal Government of Nigeria had borrowed $473bn to pay salaries of its workers for March and April 2015. http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html

4. GEJ met the reserve at $47.7bn in 2010 but still managed to reduce it to $29.6bn despite that crude sold for an average of $100 per barrel (peaked at about $140/barrel). The country’s FR plays a huge role in giving confidence to foreign investors in Nigeria’s economy. The higher the value the higher the confidence in the economy and vice versa.
http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html[/b]

I could go on and on but these will suffice for now.
Now, let’s see OcheJoseph ‘s points one after the other:


Yes, Nigeria will be delisted from Bond Index of JP Morgan. However, it amounts to crass ignorance for any sane analyst to want to blame the government of the day. JP Morgan started the process of reviewing Nigeria’s continued participation in its bond index in January of this year given the fact that we had depleted our FR to an abysmal level while our currency continued to lose values.

For Nigeria to continue to participate in the BI, the conditions given by JP Morgan are very detrimental to our economy. Nigeria will have to devalue the Naira and possibly will exchange for about N350 to a dollar. This will drive up inflation which means cost of imports and even local goods will go up. Cost of doing business will shoot up and productivity will expectedly drop which will eventually lead to massive retrenchment by the companies.

So, should Nigeria have chosen to remain or accepted to be delisted? I wait for your answer.



What do we expect when the FG as at May 29 had not released a kobo towards capital development? The capital expenditure in the 2015 budget is paltry 10% of about N4.5tn and NOTHING had been released as at the exit of the last govt. So what miracle do we expect?




This is too cheap and very misleading. Job losses are a constant part of any economy and if it’s not as a result of a government’s policy or not on an industry-wide scale, you cannot put the blame on the government. Even in the link you provided, it was clearly stated that the layoff was not for any reason of threat or loss as quoted

“One thing that is clear is that Zenith Bank is not under any threat,” the source, who spoke with our reporter on condition of anonymity. “With the current crisis in the banking industry in the country, it is incumbent on any bank that wants to growth to bend backwards to re-strategize and restructure its operations to expand and grow.

Is the OP insinuating that there were no job losses during Jonathan’s regime? Or that every job loss was due to his mismanagement of the economy?




At some point during GEJ’s era, the naira exchanged at above N235 to a dollar. That it trades at N220 currently represents an overall gain from N235/N240. The CBN is on a mission to make it difficult if not impossible, for stolen dollars from our reserves to be easily exchanged or transferred abroad. Besides, the fact is that crude price has dropped and our over dependence on imported goods among others have naturally put pressure on the naira.


The headline reads “Nigerian economy slows in Q2” and not “Nigerian Economy Slumps”, Both are not same and don’t mean same thing.

The quarter 2 referred to represents April, May and June of 2015 and GEJ was in charge in April and May. Does it then make any sense to blame a presidency which was in charge of one month out of three months for the slow down in the growth?

Again, the fact is that the economy would have collapsed completely had GEJ managed to win the last election. The economy was already on a downward slide by the time we voted him out. So, for anyone to attempt to put economic woes that we may currently be experiencing on PMB/VPYO smacks of irresponsible partisanship.



What is the news here? Must Nigeria do business with China or any other country for that matter?
Nigeria will do business with anyone whose policy and business terms and conditions favour her. This is no rocket science.





The loss is as a result of JP Morgan’s delisting and it was definitely expected following the announcement. The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?

As I said earlier, CBN/DMO/MOF and Nigeria as a whole has taken the right decision to stand up to JP Morgan’s manipulative tendencies. We cannot because of foreign or even local investors accept conditions that could bring the country to its knees.


If anyone needs to use their brain, it’s you and your co-travellers.

You lots preferred we continue with a failed president/government. You wanted us to continue with a regime that could not manage surplus and bounty harvest in times of scarcity. You wanted us to continue with a government which recognized stealing as the norm. You wanted us to continue with a government of wastes; a government that placed militants above law abiding citizens; a government that couldn’t guarantee security such that a portion of the country was in control of some rag tag terrorists.

Buhari ison a mission to stop the bleeding the economy was going through. He is on a mission to prevent a very bad situation from getting worse. He is on a mission to restore our lost glory, sanity, accountability and pride where STEALING WILL BE SEEN AS CORRUPTION.

May God continue to guide President Buhari & VP Osinbajo aright
May Nigerians prosper better under his selfless leadership

CC: Lalasticlal[/s]

Dharniel:
was expecting to see you or whynetruth on the thread and i wasn't dissapointed...

Truckpusher:
Not at all.

It's just simply mor0nic to talk about things you don't have and will never.

Rich people don't make noise about it .
Brood on it zombie.

Truckpusher:
well, every man has a right to believe what they want to but trying to shove down your ideas into people's throat is a breach of freedom of expression.And this is what the APC supporters wants in Rivers State.
The PDP have their demons too but again who and who makes up the APC today ?
What's their antecedent over years ?
Where they not the same people that has been running the country?
Think bro, I'm not even concerned about your political leaning.

Image123:
i don't recall mentioning you, please grow up or respect yourself.

okotv:
let me not derail the thread abeg but I ain't running in circles.

Image123:
Not too interested in the political gimmicks, my reference to repogirl was on a prior discussion we had on the poor and the rich. Keep your youwin, APC, Imo state talks. BTW, 27 states were said to have been affected, both APC and PDP, so you have little or no point.
www.thisdaylive.com/articles/bailout-cbn-injects-n338bn-in-27-states-to-stimulate-economy/218955/

okotv:
The credible appointments mentioned were made by who


Let me be straight with you and ask this sane question, what was the state of Nigeria before Buhari took over

Bevista:
Under PGEJ :

SGF - (South/Christian)
DSS - (South/Christian)
NSA - (South/Christian)
COS - (South/Christian)
FIRS - (South/Christian)
AMCON - (South/Christian)
NSE - (South/Christian)
SEC - (South/Christian)
Min of Finance - (South/Christian)
Min of Agric - (South/Christian)
Min of Works - (South/Christian)
Min of Petroleum - (South/Christian)

All very sensitive positions.

989900:
Well done bro.

You did justice to it.

I was fatigued already when I saw his last comment . . . and I just 'tire' ; where do I start with him . . .

TRUTHTOPOWER:
When you debate these wailing individuals, there is this nagging, eerie feeling that you are talking to real life devil's advocates or masquerades who probably amuse themselves with the chorus of infamy they chant all day and night!

TRUTHTOPOWER:
For your education Bernie sanders has forced Clinton to the socialist (left) wing of the Democrats. Clinton pleads guilty of being moderate on left wing issues. Obama won through socialist movement. Do not confuse socialism with communism.

France, Germany, Italy, South Africa, Ghana, Ireland, China, Cuba, Venezuela, Botswana are now under socialist govts. for further education read:
https://en.m.wikipedia.org/wiki/Socialist_International

As for the case of the states mentioned, the economic hemorrhage caused by " corruption is not stealing" and "how much did Nwobodo steal...money that cannot even buy..." (you understand me OK). such abetement of Felony hampered the progressive development of the states. IMO and Edo proved to be a radical departure from those who saw politics as a capitalist racketeering.

With your new knowledge of what socialism implies and those that are currently practicing it (all the world super powers - US, UK, France, China & Russia).

in the event that you failed to read my reference or it appears to long to read here is the summary.

Taxing the rich more and providing SOCIAL SAFETY NET for the poor is classic socialism. it involves strategic regulation of means of production for the benefit of a greater percentage of the citizenry who are able and willing to work. Not the corrupt predation of capitalists who profit from the sweat of the masses and oppress them with power.

PS. The Gospel of Jesus Christ which is now exemplified by the Pope and many Pentecostal missionaries is about social reonsibility for the benifit of humanity on the largest possible scale. the poor that you scorn because of your rich heros are like Lazarus.

Do not think GEJ never made attempt at socialism. SURE P was meant to tax the Rich and give to the Poor. But like everything else under him, corruption destroyed it. YouWin is now history because it was a whitewash that lacked concrete foundation.

As we have American Dream (Read New Deal under Franklin Roosevelt) so also can we have Nigerian Dream. If that is too noble and pious for the racketeering Wailers then ... good bye.

989900, omenka, good morning, gentlemen.

PassingShot:
Unprovoked attack is a sign of frustration and miserable living!

Calling someone you don't know outside NL arrogant and pompous is an indication of low self esteem. That's not my fault and there is nothing I can do to help your situation, I'm sorry.

MizMyColi, please don't mention me alongside this particular moniker anymore. You can clearly see what he has made of your innocent and sincere intention here.

Trypa:
Hehehe trouble dey sleep person go wake am declare ur asset asap

989900:
All modern world.

MizMyColi:



Passingshot Whetruth Kaboninc

When will you declare your assets?

TRUTHTOPOWER:
I am here not because of what she did BUT IN SPITE OF what she did or failed, refused and neglected to do.

As for the campaign promise it just like you campaigning for GEJ. APC manifesto is clear. Whether PMB will succeed. He is a success already the ball is in our court to sustain and deepen the success. His success is not how many billionaires are created at the expense of the masses but how many billionaires yield their wealth for the benefit of the masses. This is the ideological difference between the capitalist govt of GEJ and the socialist govt of PMB. progress is logical with democratic socialists. Whilst it is an exception to the predatory regime of corrup capitalists.

TRUTHTOPOWER:
I do not see how these tokens amount to a sufficient answer for the question of documented apocalypse in the economic sector. A man' s roof is leaking and the walls are cracking and someone had the temerity to remind us that the foreman is the serving dean of civil engineering at Harvard? what has that got to do with his complaint. for the individuals who are accustomed to poverty of imagination or benefited in such charade they can counsel the man to shut up and be grateful for the roof over his head.

By the way what was the benefit of Investors such As kellogs, Dunnants, Fords and Dows to America suffering masses in recesssion (1930S)? Tell me what the whole of JP morgan & Co at wall street did to save America from sliding into economic crisis in 2008. even if all the money in world bank and the the financial centres of Tokyo, London and Singapore are moved to Nigeria and they failed to address lending rate, unemployment and inflation, they are failures.
All these pale to tokens you want to flaunt as achievement.
Then all PMB has to do is to double those tokens and become a hero for you. For those of us who voted him we will not even accept "trippling" or "quadraupling" of your performance standard as an entry point for PMB. we are working with him to reduce what you think is excellent to a mere foot note in economic milestones of Nigeria after 3 years. All PMB has to do is to lock down corruption and insecurity to such an extent that will permit honest enterprise to thrive. even you will be able to publish a good book in the fullness of time (whether for or against our policies) This time your publisher will tell you write with FUNDAMENTAL facts and figures and not sentiments that may sell in Onitsha market literature.

Good night!

ganye1:
Karma and whatever bad thing you can think of can catch only the thieving public office holders who you don't want buhari to probe. God willing, Buhari is going after the thieves and there'll be no hiding place for them.

plaindealer:
And your silly post reflects your own ignorance.

We don't need fly by investors and currency speculators that bloomberg and other predatory investors represents.

Brick and mortar investments are still trooping to Nigeria simply because the same economic factors and indices remains the same and Nigeria is still the number 1 investment destination in Africa.

Walmart, the world's largest retailer is running to Nigeria.

Procter and Gamble, the world's largest consumer goods manufacturer is investing billions in Ogun state on top of what they have in Ibadan.

These are real investments and not the zero value nonsense blumberg is crying over...

ping72:
The question you should be asking yourself is : Is the average Nigerian richer or poorer since the commencement of her tenure to its termination?

TRUTHTOPOWER:
If we take your post as a genuine observation order than a prejudiced retort then we owe you a duty of enlightenment.

Google the word Fallacy argumentum. you will notice ad hominen fallacy and appeal to authority.

What you should fault are the facts upon which he based his conclusion.

What is the lending rate? what is the expenditure ratio for both capital and recurrent? what is the inflation rate? what is the unemployment rate?

If there was no substantial improvement (between mere 10% -40%) in these indeces within 6 yrs. then you are free to glorify any one for whatever reason - certainly not on substantial growth. the only way out is to raise a defense of natural or some artificial disaster for a disastrous performance. that will be valid if verifiable.

Imagine what Aba entrepreneurs would do with favourable economic policies. rather the poor guys are reduced to importers of goods from China instead of job cteators. as we speak no accessible stimulus fund for them and no social safety net on any sustainable basis. SURE-P was based on treacherous oil prices!

WHAT IS THE NATIONWIDE INCENTIVE for job creation OR Sustainable economic relief under the Wizard of Bretton Woods (madam iweala)?
What percentage of our national budget was consumed by politicians and civil servants (who are no more than 10% of total population) and what percentage tricklef down on the remaining 90% as expenditure on human capital development? Google this. if after this you validate national poverty with World bank CVs, then, of course, we cannot have any debate in any connection to which socio-economic intelligence can be attached. What is left is tribalim or nepotism and we respect your choice to view the world you live in through this spectacle.

PS if the conditions under GEJ persist under PMB after 12 months, then the govt will have erred. After 3 years, it is a write off. no sentiment.

MabraO:
Whynotlltruth this is the kinda thread u display ur ignorance.
Am not surprised u siding the op
Birds of a feather

Kx:
The investors that
A. Built world class refineries
B. Established car assembly plants like Toyota, Honda etc
C. Turned our cocoa into chocolate
D.established world class roads and other infrastructures that profited them and d populace.

How come the kind of investors that gets attracted to Nigeria are more of short term fund speculators/investors than long term?

plaindealer:
They can cool off and keep their investments for now, we need to get our house in order first.

Our status as the largest country in Africa and the most powerful economy won't change so they'll be back in a jiffy and that's even if they are actually leaving.

No more business as usual.

atlwireles:
Anders Faergemann, senior sovereign portfolio manager at PineBridge Investments, said he was surprised that Buhari had not started tackling the country's economic problems more than three months into his tenure.

"As an investor it is flabbergasting that the Nigerian authorities have allowed themselves to be put in this situation," he said.

tucky200:
[s][/s]
Bros please in the name of GOD,am on my kneels,get some senses ! U need it urgently

ganye1:
All this history and grammar just to make a point that Buhari should not probe corrupt public office holders? For your information, if you don't know, Buhari is the President and Commander-in-Chief of the armed forces of Nigeria and he has the power and authority to probe anyone he wants to probe. You are free to wait for those with moral right to probe corrupt people to come and do so while Buhari is free to use his legitimate power to probe them.

tundamartin:
Tomb-raider, keep digging up inaccurate history to please your disposition; Nigeria and PMB will move ahead regardless of what you think!

9jatriot:
The constitution does not require moral right, the law recognizes EFCC, DSS, Police and ICPC to probe any and everyone and that is what they have been doing.
We know corruption will fight back in various forms but like PMB said, if we don't kill corruption, corruption will kill us. Since we non wan die, we had better kill the enemy called corruption.