mekaboy:


Buhari is going for the loans already to finance a budget which 70% of it will be used to feed the govt and 30% on infrastructure.

He has shut the doors on foriegn investment and yet wants to borrow outside the country. What this simple means is that buhari will borrow money he and his team will share and Nigeria will remain broke.

The private sector will dry up after a while and we will be back to square one.

A government that wants to drive 2016 foriegn cars at lower oil prices.

No economic direction. All they want is to bring in money to be shared , which will eventually be flushed down the toilet.

today they say there is subsidy tommorow they say there is none. Today they say nnpc will import 80% of fuel 2morow they beg importers to come back.

Instead of promoting growth and empowering companies to grow. They increase tax, increase electricity, steal from people's account in the name of stamp duty. Shut out foriegn investment, making access to forex for raw materials hard and then wonder why inflation is on the rise and economic growth is slow.

That is what mismanagement is all about.

aresa:



But the same uselesa woman was part of the same leadership that suppervised the largest income from oil for years in our history, but that didn't prevent the same woman from borrowing money to pay salaries all while still approving billions of dollars for dasuki to share for spiritual prayers and political errands for useless and incompetent stealing is not corruption Jona...


Do you people really think we have amnesia and have no clue how we get to this point..?

mekaboy:


She is saying oil price does not crash the economy, it is the management that crashes it.

Remember even if he present NEPA bill as certificate you will still vote?

That NEPA bill certificate can crash the economy like it did in 1985.

Pidggin:
If she left nothing in ECA what did Buhari use to bail out States and what has he been using to fund his multiple trips, and allocate monthly payments to States, what has INEC been using to organize elections and how has FG workers continue to be paid salaries e. t. c without borrowing?

aresa:



Is ECA the only source of federal income?

obailala:
I keep saying this same thing, the only reason APC keeps falling back to blame PDP is because PDP and their confused supporters (who obviously are suffering from selective amnesia) keep accusing APC of things which the PDP was worse off. The APC only RESPONDS to attacks by PDP, and then after being confronted with evidence, the PDP supporters realising how shamelessly guilty their own heroes are always resort to statements like, "but we voted you in to change it."

aresa:



But the same uselesa woman was part of the same leadership that suppervised the largest income from oil for years in our history, but that didn't prevent the same woman from borrowing money to pay salaries all while still approving billions of dollars for dasuki to share for spiritual prayers and political errands for useless and incompetent stealing is not corruption Jona...


Do you people really think we have amnesia and have no clue how we get to this point..?

obailala:
Apply some common sense man... When there is no economy, there is nothing that can be managed even if you hire the best angelic managers. She has simply said Nigeria survived the meltdown in 2008-2009 simply because Nigerian leaders then had saved substantially. The recent crisis is hitting Nigeria badly cos the ineffectual clueless one did not have 'saving' in his dictionary. I remember the ineffectual one bragging that Nigeria's economy was booming, hence we had lots of private jets in 2014. It took oil prices to dip a bit before all that crashed in his face. Now today, some buffoons are claiming this is all buhari's fault.

mekaboy:


Is oil prices the reason why the stock market is crashing?

Is oil price the reason foriegn investors are selling off their stocks and bonds are moving dollars out of the country instead of bringing in dollars?

Would they have been on the run if GEJ won?

Even dangote said it's GEJS economic policies that made him who he is today.

The moment Nigerians voted in NEPA certificate, investors knew it was time to leave. As they are running back to their country, our president is running after them.

9jatriot:
Forgive me, you never heard of Dangote exploit in the business world until GEJ came into power Not sure I read that section of what you wrote correctly.

Pidggin:


Can PMB spend FG income without a budget being passed?

TheGoodJoe:


Despite the large windfall of revenue from Crude Oil, Ngozi Okonjo-Iweala still deeper her hands in the ECA funds without appropriation to pay for Subsidy funds.

Now people want us to see that kind of person as the messiah on economic matters.

4Play:
The real reason why it was difficult to accumulate a rainy day fund when oil prices were higher is because of the public sector wage bill. During the OBJ era, the minimum wage was N5000, Yar'Adua and GEJ more than tripled public sector wages - making the minimum wage N18,000.

If you look at government budgets - both at state and federal levels - recurrent expenditure dominates and most of it is public sector wages. With a tripling of wages, consumer demand increased driving up fuel consumption and in turn the fuel subsidy bill, fuel subsidy had to increase anyway due to higher oil prices. The combination of a bloated wage bill and high fuel subsidy bill eroded the capacity to save.

The above is why I say that Nigeria's economic problems aren't simply driven by corruption. Nigeria is poor because we collectively support policies that inhibit sustainable development. Both the unsustainable increases in wages and the maintenance of the fuel subsidy received public support. It is not a good argument to claim that workers deserve higher wages otherwise the politicians will steal. If you support policies that damage the country's long term economic prospects, the ordinary people will suffer most whilst the politicians will continue stealing no matter what.

Another thing that has to be mentioned is that until oil prices collapsed and exposed the folly of not saving, there was no public demand for saving. To the contrary, Lai Mohammed was on record stating that APC's first policy will be to abolish the excess crude account and the sovereign wealth fund. As it is his wont to play to the gallery, this reflected the popular view. At the state level, state finances were run like oil prices will always stay high (witness Kemi Adeosun's stint bankrupting Ogun state as the state finance commissioner).No one was doing threads on Nairaland bemoaning the paucity of our rainy day fund. Only with hindsight did we realise the hole we had dug ourselves. People get the leadership they deserve and Nigerians have got what they deserve.

mekaboy:


Is oil prices the reason why the stock market is crashing?

Is oil price the reason foriegn investors are selling off their stocks and bonds are moving dollars out of the country instead of bringing in dollars?

Would they have been on the run if GEJ won?

Even dangote said it's GEJS economic policies that made him who he is today.

The moment Nigerians voted in NEPA certificate, investors knew it was time to leave. As they are running back to their country, our president is running after them.

mekaboy:


The same subsidy u protested and kidnapped her mother because she wanted to remove. But u support the removal under the confused govt of PMB that says they are not paying subsidy but our reserves are going down rapidly?

Why don't u arrest her if payment was illegally done?

obailala:


Economics 101:
Investors do not go to a society where there is no money. There is a reason why foreign investors would prefer a Nigeria over Chad or Togo as their investment destination, it is because there is so much money to be made in Nigeria. With the drastic drop in oil prices and the sharp drop in the nation's income, Nigeria is no longer as lucrative a destination as it used to be for foreign investors.

The stock exchange is also about money, when there is no money in the economy, the stock exchange loses vibrancy, and investors (especially foreigners) would pull their funds out and take it elsewhere where money can be made. Just like in life, it is during hard times a man knows who his true friends really are.

Would it have happened if GEJ had continued, the answer is yes! it started happening when GEJ was still on seat and NOI warned Nigerians to brace up for hard times.

Go and educate yourself, it is mostly common sense. But you allow bigotry and careless sentiments to block your ability to discern simple things.

plaetton:


Because APC heavy weights like Amaechi, Saraki, with the backing of APC strongman Tinubu, went to court to demand that GEJ government should share the excess crude oil account .

I guess you selectively forgot that part?

obailala:


Economics 101:
Investors do not go to a society where there is no money. There is a reason why foreign investors would prefer a Nigeria over Chad or Togo as their investment destination, it is because there is so much money to be made in Nigeria. With the drastic drop in oil prices and the sharp drop in the nation's income, Nigeria is no longer as lucrative a destination as it used to be for foreign investors.

The stock exchange is also about money, when there is no money in the economy, the stock exchange loses vibrancy, and investors (especially foreigners) would pull their funds out and take it elsewhere where money can be made. Just like in life, it is during hard times a man knows who his true friends really are.

Would it have happened if GEJ had continued, the answer is yes! it started happening when GEJ was still on seat and NOI warned Nigerians to brace up for hard times.

Go and educate yourself, it is mostly common sense. But you allow bigotry and careless sentiments to block your ability to discern simple things.

aresa:


Budgets doesn't and can not stop the government from functioning.

charliboy654:

U didn't mention metuh and dasuki gate

Geniro:


Shiite chatting z****E, when there is no clear policy drive for the economy, investors are in a limbo on how to effectively plan. This in turn means they have to either withhold or withdraw their funds due to the uncertainty in the system.

mekaboy:


Is oil prices the reason why the stock market is crashing?

Is oil price the reason foriegn investors are selling off their stocks and bonds are moving dollars out of the country instead of bringing in dollars?

Would they have been on the run if GEJ won?

Even dangote said it's GEJS economic policies that made him who he is today.

The moment Nigerians voted in NEPA certificate, investors knew it was time to leave. As they are running back to their country, our president is running after them.

TheGoodJoe:


Why did Ngozi Okonjo-Iweala not say that we should not brace ourselves for Austerity measures because she had the magic wand to save us from the coming crisis.

“There are scenarios at $55, $50 and below of the additional measures that will be needed, and I believe that though this will be A VERY DIFFICULT YEAR for the country, we have the tools, we know how to apply them and we know that working together, we will be able to take this country through this year and then to a brighter 2016.”...Ngozi Okonjo-Iweala.

You can see, she prepared for A VERY DIFFICULT YEAR for Crude Oil sold at $55, $50 and below, but you want magic from Buhari with Crude Oil selling below $35 a barrel.

Geniro:


NOI statement could be interpreted in different ways. One thing is very sure, NOI woudn't have jacked up our budgets to over 6 Trillion naira in a difficult year packed with many nonsense

TheGoodJoe:


It is only ethnic and tribal bigots that cloud their reasoning of basic logic.

Ngozi Okonjo-Iweala announced that hard times was on the way. So how come now the hard times is here Buhari takes the blame.

With or without Buhari, we would still be in this mess. If Ngozi Okonjo-Iweala had managed the reserves, it would not be this bad. Unfortunately, she did not and people want the blame on others.

Pidggin:


You can spend govt acquired revenue without a budget

TheGoodJoe:


She expected a very difficult year. We are having one. People should stop the ridiculous Buhari destroyed the economy.

The fact is that Ngozi Okonjo-Iweala mismanaged a windfall and just after the windfall, she forecasted a very difficult year. Meaning she failed woefully and she destroyed the economy.

nduchucks:
Ngozi is being unnecessarily mischievous and dishonest.

Prior to the 2008 crash of oil price, Nigeria's foreign reserve had reached an all time high of $62billion. Upon the crash of the said price, CBN had more than enough reserves and funds in Excess Crude Oil account to defend the naira and keep the economy going strong, to weather the storm.

Now, prior to the current crash, GEJ's administration had not only squandered the reserves but also the excess crude oil funds, all in furtherance of re-electing GEJ and his PDP goons. To perfect the looting of the reserves, they found a way to get rid of Sanusi.

Today, our foreign reserves are less than $27billion and the excess crude oil funds have been depleted.

Iweala should shut da heck up and kwantinu to enjoy her cut from all the loans she secured for Nigeria from China, until nemesis catches up with her. Barayi banza.

Geniro:


Judging by the current admin jacking up the budget to over 6 trillion loaded with vile nonsense. What is your defense towards that ? Huh !!

Would NOI tow such senile route if she was still in charge ?