A disaffected insider within President Goodluck Jonathan’s administration as well as several banking executives have told SaharaReporters that Nigeria faces a deep economic crisis and massive social gloom after the 2015 general elections. Speaking from different perspectives, the sources said President Jonathan had virtually vacuumed the Nigerian treasury to serve his re-election campaign, leaving Nigerian banks in dire straits and many states on the verge of failing to pay salaries this month.

“The truth is that Mr. President has almost emptied the treasury, and some of us close to him are even beginning to get worried about what will happen after the election,” said the political insider.

The bankers echoed the sentiment. “The reason the naira has taken such a dramatic plunge over the last three or so months is that politicians moped up the hard currency for elections,” said one banker. “I have never seen anything on this scale, where politicians snatch up every hard currency in sight, whether dollar, Euro or pound sterling,” he added. Asked who was primarily responsible for the situation, the banker said he would not engage in partisanship. “All I know is that this country is now in a frightening economic position—and all these politicians running up and down to retain or take power have created the situation,” he asserted.

But another banker was not shy in pointing a finger at Mr. Jonathan. “The president has been indifferent to the economic crisis caused by the ongoing campaigns. And the reason he is indifferent is that he is the major culprit,” said the executive. He added that the distribution of largesse by Mr. Jonathan had now become “one of the few lucrative businesses in Nigeria.”

The bankers said massive layoffs were inevitable in the banking and other sectors of the Nigerian economy. They said numerous companies that depended on imported machinery or other components sourced from abroad were bleeding cash. “Many Nigerian companies are experiencing severe cash flow problems. Many of them are defaulting on long and short-term loan repayments. So the banks are suffering heavily as well,” one banker told SaharaReporters.

Two of the bankers disclosed that the banking industry would have laid off thousands of workers, but that officials of the Jonathan administration pressured them to wait until after the elections. “It will take a long time before banks recover from the current shocks in the system. There’s no bank strong enough not to retrench staff,” one said.

The stress in the banking sector, with the prospective job losses, will be compounded by massive retrenchment in the civil service at the Federal and state levels, one source predicted. Our source inside the Presidency revealed that Mr. Jonathan plans to follow former President Olusegun Obasanjo’s style by removing fuel subsidies as one of his first economic acts. “The truth is that it’s a must that fuel subsidy has to go because the money is not there to continue [paying for] them,” he said.

As part of an arrangement to receive slush funds from oil marketers, Mr. Jonathan and Ms. Alison-Madueke allowed numerous marketers to make fraudulent claims and get paid for importation they never made. That criminal collusion has put Nigeria in a situation where the oil marketers are being owed N450 billion. “Nigeria will have to deal with this and other debts from fraudulently inflated invoices once the elections are over,” one banker said.

The scam also helped create a recent fuel scarcity in the country. As the fuel situation threatened to become a politically costly crisis, Mr. Jonathan asked the oil marketers to offload fuel they had been “round-tripping” in order to collect unearned subsidy payments.

Bankers agreed that the government would find it extremely difficult to pay that debt after the election without rolling back or eliminating subsidies altogether. In recent months, oil marketers as well as operators of the privatized power sector received massive financial handouts from the Jonathan administration. In turn, they donated billions of naira to Mr. Jonathan’s re-election campaign.

President Jonathan has gone on a dollar-spraying spree since the general elections were postponed by six weeks. Our sources disclosed that the president had doled out more than $200 million, using generous cash gifts to entice various traditional rulers, politicians and activists, especially those in the southwest and parts of the north, to endorse him.

Several sources said much of the president’s campaign cash is from shady oil deals brokered by Petroleum Minister Diezani Alison-Madueke. The massive theft of Nigeria’s crude oil remains an open scandal, and one of the richest sources of funds for the campaigns. Last September, Al Jazeera reported that the theft of Nigeria’s crude oil was at its highest rate in years, adding that several hundred thousand barrels of crude are stolen each day.

The continuing crisis of crude oil thefts has persisted despite the Jonathan administration’s security contract to Global West Specialist Agency, a company owned by Government Ekpemukpolo (popularly called Tompolo). The contract to Mr. Tompolo’s company was for the supply of 20 patrol vessels to enable Nigeria’s military authorities to better secure the coastline and stem oil theft. Mr. Tompolo’s firm was also engaged as a consultant to prevent crude oil heists.

The rating firm of Standard & Poors yesterday said that the Nigerian economy faced a clear and present danger. Nigeria’s external reserves have been significantly depleted in the past year, said a banker, adding that many state governments were already looking for loans to pay workers’ salaries

SAI BUHARI

#ihavedecided

All Nigerians wake-up wherever you are for #change#!
Buhari and Osinbajo Can change this country and Nigeria will be better again. Yes they can do it. Don't let people deceive people party, deceive you.They are coming again!!! Shine your eyes well, OBJ, called them hawks that surround GEJ, Its has been proven that we are not moving forward for past 6 years now, all what they do is to recycle themselves and continue embezzlement of Nigerians money. You can see for yourself, people deceive people PDP party, that is their mentality. They said Buhari will take us back if elected President! Nigerians say it's a good decision to go back when you've lost your way on a 6 years. PDP journey where our destination as a nation is no longer visible. Please, Buhari, take us back to the era where:
1. One Dollar was less than one Naira. It is incredible today
2. Everything was on first come first serve basis.
3. There was zero tolerance for corruption.
4. Oil refineries in PortHarcourt, Warri & Kaduna were built & running at full capacity.
5. Anybody with questionable wealth was afraid to display it in public not spending 10billion naira to fabricate and air documentary on them on AIT and NTA.
6. There was Zero tolerance for indiscipline. Everything was in order.
7. Nigeria had no debt at all
8. Neglecting your children was a crime
9. Littering the public place was a crime.
10. Twenty oil depots were built and functioning.
11. Western world can't interfere into our nation.
12. Chad invaded Nigeria, we sent them packing but did not harness their Land
13. Our economy was NOT running on
14. We can sleep with our eyes closed because we were secured.
15. Countries like Indonesia and Malaysia need not to set example on how to deal with drug pushers
16. The Maitaseine Islamic Sect insurgency in the North was crushed on record time not 3weeks to election
17. We want those days when Buhari was a military Governor but did not amass illegal wealth.
18. We want those days when Buhari was a Minister of Petroleum but did not hire a private jet for N10 billion.
19. We want those days when Buhari was a Head of State but did not loot the Treasury. 20. We want those days when Buhari was Head of PTF but did not steal the Fund even in the days of Abacha when stealing was the order of the day.
Pls, Buhari & Osinbajo, take us BACK! We can't afford another 4yrs of waste in the hands of PDP!!! Take us BACK to the good old days of this our great nation.
#ihavedecided to vote for #change#

dollarlander:
A disaffected insider within President Goodluck Jonathan’s administration as well as several banking executives have told SaharaReporters that Nigeria faces a deep economic crisis and massive social gloom after the 2015 general elections. Speaking from different perspectives, the sources said President Jonathan had virtually vacuumed the Nigerian treasury to serve his re-election campaign, leaving Nigerian banks in dire straits and many states on the verge of failing to pay salaries this month.

“The truth is that Mr. President has almost emptied the treasury, and some of us close to him are even beginning to get worried about what will happen after the election,” said the political insider.

The bankers echoed the sentiment. “The reason the naira has taken such a dramatic plunge over the last three or so months is that politicians moped up the hard currency for elections,” said one banker. “I have never seen anything on this scale, where politicians snatch up every hard currency in sight, whether dollar, Euro or pound sterling,” he added. Asked who was primarily responsible for the situation, the banker said he would not engage in partisanship. “All I know is that this country is now in a frightening economic position—and all these politicians running up and down to retain or take power have created the situation,” he asserted.

But another banker was not shy in pointing a finger at Mr. Jonathan. “The president has been indifferent to the economic crisis caused by the ongoing campaigns. And the reason he is indifferent is that he is the major culprit,” said the executive. He added that the distribution of largesse by Mr. Jonathan had now become “one of the few lucrative businesses in Nigeria.”

The bankers said massive layoffs were inevitable in the banking and other sectors of the Nigerian economy. They said numerous companies that depended on imported machinery or other components sourced from abroad were bleeding cash. “Many Nigerian companies are experiencing severe cash flow problems. Many of them are defaulting on long and short-term loan repayments. So the banks are suffering heavily as well,” one banker told SaharaReporters.

Two of the bankers disclosed that the banking industry would have laid off thousands of workers, but that officials of the Jonathan administration pressured them to wait until after the elections. “It will take a long time before banks recover from the current shocks in the system. There’s no bank strong enough not to retrench staff,” one said.

The stress in the banking sector, with the prospective job losses, will be compounded by massive retrenchment in the civil service at the Federal and state levels, one source predicted. Our source inside the Presidency revealed that Mr. Jonathan plans to follow former President Olusegun Obasanjo’s style by removing fuel subsidies as one of his first economic acts. “The truth is that it’s a must that fuel subsidy has to go because the money is not there to continue [paying for] them,” he said.

As part of an arrangement to receive slush funds from oil marketers, Mr. Jonathan and Ms. Alison-Madueke allowed numerous marketers to make fraudulent claims and get paid for importation they never made. That criminal collusion has put Nigeria in a situation where the oil marketers are being owed N450 billion. “Nigeria will have to deal with this and other debts from fraudulently inflated invoices once the elections are over,” one banker said.

The scam also helped create a recent fuel scarcity in the country. As the fuel situation threatened to become a politically costly crisis, Mr. Jonathan asked the oil marketers to offload fuel they had been “round-tripping” in order to collect unearned subsidy payments.

Bankers agreed that the government would find it extremely difficult to pay that debt after the election without rolling back or eliminating subsidies altogether. In recent months, oil marketers as well as operators of the privatized power sector received massive financial handouts from the Jonathan administration. In turn, they donated billions of naira to Mr. Jonathan’s re-election campaign.

President Jonathan has gone on a dollar-spraying spree since the general elections were postponed by six weeks. Our sources disclosed that the president had doled out more than $200 million, using generous cash gifts to entice various traditional rulers, politicians and activists, especially those in the southwest and parts of the north, to endorse him.

Several sources said much of the president’s campaign cash is from shady oil deals brokered by Petroleum Minister Diezani Alison-Madueke. The massive theft of Nigeria’s crude oil remains an open scandal, and one of the richest sources of funds for the campaigns. Last September, Al Jazeera reported that the theft of Nigeria’s crude oil was at its highest rate in years, adding that several hundred thousand barrels of crude are stolen each day.

The continuing crisis of crude oil thefts has persisted despite the Jonathan administration’s security contract to Global West Specialist Agency, a company owned by Government Ekpemukpolo (popularly called Tompolo). The contract to Mr. Tompolo’s company was for the supply of 20 patrol vessels to enable Nigeria’s military authorities to better secure the coastline and stem oil theft. Mr. Tompolo’s firm was also engaged as a consultant to prevent crude oil heists.

The rating firm of Standard & Poors yesterday said that the Nigerian economy faced a clear and present danger. Nigeria’s external reserves have been significantly depleted in the past year, said a banker, adding that many state governments were already looking for loans to pay workers’ salaries

Nigeria is doomed. Oil boom has become oil doom. Good luck now badluck. The only solution to stop this madness is GMB/PYO.

I can't imagine that shepopotamous who is bleeding nigerian oil on daily basis talking conductor and change. Senseless PIG.