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Nairaland Forum / Nairaland / General / Politics / Financial Times calls Nigeria's economic approach the height of foolishness (35813 Views)
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Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 8:25am On Jan 23, 2016 |
APCLyingBastard: Well....the most important thing I hope you gained from the trash is that strong nations are producing nations,not nations that sell raw materials like oil and agric products....whose prices are determined outside the country. And you did not notice where i said that even if savings had happened....we would still have been in trobule....with oil prices set to stay low. As for debt profiles.... Rivers :91,757,565,261.77 Delta:211,953,209,702.68 Cross River:107,342,898,378.22 Akwa Ibom: 81,756,010,209.95 Bayelsa:91,681,863,473.29 South East": Abia:25,126,070,685.10 Anambra:2,876,176,930.03 Enugu:22,625,689,450.24 Imo:28,946,448,914.26 South West(apart from greedy Lagos) Ekiti:30,460,634,167.79 Ondo:19,267,663,799.94 Ogun:70,193,522,583.02 Oyo:12,912,635,048.75 While parastic Northern states have less... Kaduna:16,683,751,594.41 Kano:31,423,625,015.47 Katsina:586,698,899.56 Source:http://www.dmo.gov.ng/oci/subn/docs/Domestic%20Debt%20of%20the%2036%20States%20and%20FCT%20as%20at%20December%2031,%202014.pdf Good morning. I am sorry I could not have a decent conversation with you. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by wirinet(m): 8:27am On Jan 23, 2016 |
NavierStokes: You people always find a way to blame other tribes but quick to make excuses for your own for errors done by all. The financial sector was in the hands of your tribesmen/women during the last government and they messed up big time, you are now attempting to shift blames on a yoruba woman that had hardly been finance minister for 2 months. So according to your wrapped blame searching logic, Kemi Adeosun is to be blamed for Nigeria's fiscal and monetary policies, and she is also in charge of Nigerian security exchange. Emefiele and onyema now report to the finance minister according to some ethnic bigots? To them an Igbos public office can never do wrong while public officers from other tribes can never do right. 2 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by wirinet(m): 8:53am On Jan 23, 2016 |
APCLyingBastard: You shout WE in the ND as if your community has oil. If you have ever seen an oil well or even an oil sleek before you would not spew the rubbish you are yarning here. Even if we in the Nigerdelta become independent, we might not gain much from our oil resources, this is because our visionless leaders are satisfied with correcting rent from foreign based oil exploiting firms than developing local capacity ti exploit oil. We lack the manpower and technology to explore and exploit oil, so we will have to depend on foreigners to do it for us and sit down at home collecting rent. Because of this foreign companies charge Nigeria $28 to explore and exploit a barrel of oil, and still share the profit on a 60:40 ratio, so when oil falls below $28 per barrel we get nothing. Meanwhile Saudi Arabia is able to produce a barrel of oil at as low as $2 per barrel, so even if oil was to fall to $10, they would still be making a profit. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by APCLyingBastard: 9:04am On Jan 23, 2016 |
wirinet: The oil in Saudi Arabia have you set eyes on it? The oil remains Niger Deltan first and not yours in anyway and it pains me that for 50yrs that oil has subsidized your parasitic existence. Imagine if that wealth remained in the ND? Will ediots like you have mouth to yarn dust? 2 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by wirinet(m): 9:16am On Jan 23, 2016 |
APCLyingBastard: What are you talking about? are you alright. My community in warri alone has 13 oil wells, how many oil wells are situated in your community? after you tell me, i will then know if you qualify to shout "our oil" |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by APCLyingBastard: 9:18am On Jan 23, 2016 |
wirinet: Shutup your silly mouth. Nah only warri get oil for Delta state? 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Gbawe: 10:14am On Jan 23, 2016 |
OfoIgbo: You guys are simply shameless !!! Awful and highly prejudiced human beings the lot of you !!! Hate for others, 24/7, guide how you think and talk and this is why you can never see or appreciate the obvious. Look at how you ungraciously insult a lady who deserves respect, by dint of her hard work and achievements in life, when it is you who is actually a "stark illiterate" talking ignorantly and using terms, eg "fiscal policy" , you and your fellow co-travellers in hate do not understand. no one, and I repeat no one, can perform miracles for the actual situation Nigeria is in. An intelligent and objective person will even admit it will get worse before it gets better because: (1) Nigeria is a mono economy with her main export being oil which is responsible for 80% of Nigeria's income and a big portion of the foreign exchange we receive. Because of an indolent and singular focus on oil income by the PDP, the Party that has led us for 16 years since 1999, the Nigerian economy is not diversified at all and, of all major oil exporters worldwide, the most vulnerable to the drastic fall in oil price. (2) The SME sector, the lifeblood of the biggest economies in the world, is moribund in Nigeria and unable to provide any sort of appreciable stimulus to help us in a very difficult period caused by a 75% drop in the worth of our main export. (3) Recovery will be much more painful and slower because we failed totally to plan for this stage. The previous government, despite selling oil at record price of $110.00 per barrel for an appreciable period, failed to save completely. (4) critical infrastructure, eg transport and power, cannot provide short term stimulus as tools of diversifying the economy because they are simply inadequate courtesy of the PDP that has had really poor impact on improving the infrastructures that aids the growth of the SME sector, movement of goods and services and general socio-economic growth. There are more consideration but they would be too complex for you "stark illiterates" who ignore real global challenges other economies are exposed to and struggling with to be blaming one woman merely because she is finance Minister and Yoruba. There is not much Adeosun can do because , primarily, Nigeria is a mono economy that lived by oil and must 'die' by oil for now and till we steady the ship painfully and slowly. Forget all the big words you guys are using with the hope such will impress or confuse anyone. This economic downturn started under GEJ. The article below is from 2014 when oil sold for $68.00 per barrel. The experts, i.e global economist, stated that we should forget any hope of a quick recovery under those conditions so what do you empty barrels and ethnocentric charlatan expect Adeosun to do in 2016 when oil is $27.00 per barrel and we are all facing the revelation that Ali Baba (GEJ) and his forty thieves (Dasuki, Metuh, Anenih, Allison-Madueke et al) have stolen Nigeria blind especially the desperate looting of 2015 in the attempt to steal the elections? Do you not see below when a knowledgeable analyst, commenting in 2014 when oil was $68.00 per barrel, admits that "the governments options are limited" and that “We’re a substantial way from the economy even starting to think about being able to recover,”. Do you and your fellow charlatans know better than the analyst who made those informed comments? furthermore, you shameless and wicked guys really have mouth to talk considering the callous and worthless GEJ you blindly gave 100% electoral and vocal backing to, along with his appointees like NOI and Allison-Madueke et al, is, to a large extent, responsible for the mess we are in today. You are all really shameless and it is obvious you do not mean well for Nigeria and are only interested in settling ethnic scores and vendetta over GEJ's election loss and this is why you cannot give Buhari and his appointees your support when they have the worst set of economic condition any Country in the world currently can be saddled with. You are all truly unrelentingly wicked enemies of Nigeria's progress. http://www.wsj.com/articles/nigerias-tumbling-currency-a-victim-of-falling-oil-prices-1417535209 Nigeria’s Tumbling Currency a Victim of Falling Oil Prices 6 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Gbawe: 10:46am On Jan 23, 2016 |
NavierStokes: I must ask, what the eff are you talking about? You are the one who is clueless about the economy. There is not much Buhari and the APC can do, in the short term, that will give the miracle results only ignorant and mainly prejudiced folks clamour for because of our peculiar economic vulnerability and challenges, worsened by the GEJ I am sure you supported, you guys are simply failing to acknowledge. Britain for example is still recovering from the 'credit crunch' of many years ago and I watched a few days ago as the UK CBN governor explained that interest rate will stay at the record low 0.5% it had been running at for 7 years !!!!! The opinion is that the British economy is still not 'robust' enough to continue recovering if interest rate rose. If a country with Britain's economic options and flexibility is still carefully managing its economy many, many years after the credit crunch then what manner of miracles are you unreasonable folks expecting from Buhari and the APC in months given our challenges and unique situation which makes Nigeria one of the most, if not the most economically disadvantaged nation in the world currently? What abracadabra do you want to see for our mono economy with oil selling for $27.00 per barrel while our SME sector is moribund and our infrastructural stock is near worthless? As one example, if electricity supply was not improved appreciably when GEJ sold oil at $110.00 per barrel is it sensible to be screaming at Buhari and the APC about lack of electricity when oil is selling at $27.00 per barrel and we our struggling to pay salary and fund our recurrent expenses? What is wrong with you guys? Constructive criticism is good but there is non of that in your talk and that of others like you. Instead I only note ignorant, petty, illogical and completely banal talk motivated by a very obvious agenda you and others will never admit to yet such is crystal clear and putridly offensive. 6 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by SonOfEl(m): 11:09am On Jan 23, 2016 |
Gbawe: Keep comparing deceitfully, always looking for excuse to save bubu's face... and yours... 4 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Gbawe: 11:14am On Jan 23, 2016 |
wirinet: Thank you !!! They are very wicked and unrelentingly spiteful elements. There was an appreciable period when oil sold for over $100.00 per barrel constantly under NOI with Nigeria having nothing economically worthwhile to show for such yet they are happy to heap the blame on Adeosun who has been in office for around three months and in a period oil is now selling for $27.00 per barrel. Any reasonable person will accept that there are no short term fixes because (1) part of the problem, i.e global conditions, is beyond the control of Nigeria/Adeosun and (2) the Party that had been in charge of Nigeria for 16 years since 1999 left us, in many ways, totally unprepared to face this very difficult period. Also, a reasonably intelligent and objective will accept that talks of "fiscal and monetary policies" are just worthless semantics being bandied around by mischief-makers and ignoramuses. To put it lightly, we are f**ked and recovery will be slow and painful because of our extreme vulnerabilities, limitations and challenges that "fiscal and monetary polices" cannot cure overnight and certainly not in the three months Adesoun has been finance Minister. To make matters worse these irredeemable 'bad belle' folks have the nerve to ask for the return of NOI who was only able to supervise the looting of our commonwealth and lie deceptively to Nigerians over years yet they will not even give Adesoun a fair crack of the whip. These guys are the very definition of wickedness. 3 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 11:22am On Jan 23, 2016 |
Pidggin:. omg! 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by omonnakoda: 11:32am On Jan 23, 2016 |
OfoIgbo:Iweala never DEFENDED the budget,in fact I remember several controversies where the President was requested and sent the Finance Minister instead? At any rate it was not to defend anything. You are the one that needs to educate yourself better. The Constitution is quite clear about the powers of the president to delegate powers to a MINISTER of government and one president may choose to delegate or in the case of GEJ abdicate what ultimately is his responsibility by creating a so-called coordinating Minister.That does not equate to a constitutional change. The responsibility for the budget lies with the President who is mandated by the constitution to present it to the legislature and he has the prerogative to deploy ministers as he sees fit. Unless the information is put in front of the public then the public assumes that a Ministry of Budget plays a lead role in budgeting I remember the FIRST budget in Iweala's tenure when the oil subsidy scandal broke. It may be convenient to forget. That was an embarrassment for the nation. I do not remember Iweala being castigated for a sudden quadrupling of the subsidy budget. I also do not remember her providing any solution. Till date no one has explained how a budget that ran in billions for many years suddenly changed to trillions. That was why in her FIRST budget without warning they woke Nigerians up with a New Year present of Fuel price hike which ultimately turned out to be a fraud 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by OFFICIAL336: 11:48am On Jan 23, 2016 |
chukwudi44:Oga, free this woman nah. Give her time joor. Blame Mr President not the Minister. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by OFFICIAL336: 11:50am On Jan 23, 2016 |
omohayek:Meaning the Igbos are the problem of this country? SMH |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 12:04pm On Jan 23, 2016 |
tempest01:national economics on a macro is Nt as easy as yu sound.....it's all complicated nd slow. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by ajepako(f): 12:05pm On Jan 23, 2016 |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 12:06pm On Jan 23, 2016 |
OFFICIAL336:fuqqer |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by 247Dior(m): 12:06pm On Jan 23, 2016 |
tempest01: |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by ajepako(f): 12:09pm On Jan 23, 2016 |
Chubhie: Add iro and buba with head tie.. 1 Like 1 Share |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by francizy(m): 12:11pm On Jan 23, 2016 |
chukwudi44: My brother, even a million NOI will not be successful when headed by dullard and tyrannic god. I don't blame that woman really, that's cuz the dictator wouldn't even allow her try her own policies. He'd want her to work with his archaic 83-84 blueprint that almost sunk the Nigerian economy into irredeemable recession... 2 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by repogirl(f): 12:11pm On Jan 23, 2016 |
Shebi Boooohari wants to make 1 naira equal to 1 dollar by force? Make we dey see na! Useless! This useless and clueless bunch of APC clowns better go and beg madam Ngozi to come and work her magic. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 12:12pm On Jan 23, 2016 |
Tochaigh: Is he the one responsible for the fall in oil prices? |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by robosky02(m): 12:18pm On Jan 23, 2016 |
one step forward ten step backward sai bubu |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 12:21pm On Jan 23, 2016 |
chukwudi44:I don't think if Buhari has given them the free hand to run and clean their departments without interference. I see buhari as somebody that doesn't not allow for another person's idea except his and his hidden cronies. |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by sweatlana: 12:21pm On Jan 23, 2016 |
tempest01:Will the idi.ot pmb listen? |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by Nobody: 12:25pm On Jan 23, 2016 |
chukwudi44: and you are the depiction of ignorance. the 2 points highlighted have nothing to do with the finance minister. 1) exchange rates are determined by the central bank 2) the stock market circuit breaker is under the remit of the NSE, 1 Like |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by asEdeyHOT: 12:28pm On Jan 23, 2016 |
francizy: Dont force yourself to speak English 5 Likes |
Re: Financial Times calls Nigeria's economic approach the height of foolishness by asEdeyHOT: 12:30pm On Jan 23, 2016 |
NavierStokes: The Central Bank is independent Illiterate! 6 Likes |
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