We are not only heading towards depression we are on the way to starvation.

The 'zoologians'

obailala:
Soludo cautioned against the continued complaints over oil price and lack of savings by the previous administration; he simply said things could be done better to remedy the already bad situation and that the government should focus on solutions and not complaints. But that does not negate the fact that the present hardship is INEVITABLE given Nigeria's over-dependence on oil for its forex and the drop in oil price. Only solution out of the current mess is diversification, and diversification takes years + money. I am yet to see the economist that would explain the abracadabra that can be done to invoke dollars from the spirit world overnight.

Nigeria of 1999-2003 is not the same as Nigeria of 2016, that Nigeria survived with $9/bbl 16 years ago does not mean that it would be enough for our daily needs today; I'm sure you should also be educated enough to know that. That N500 was sufficient for my entire needs when I was in SS1, that doesn't mean N500 would be enough for my needs now that I'm a married man with kids. Firstly, under OBj, how much was the minimum wage compared to now?... how much was government's monthly recurrent expenditure?... What was the value of the dollar to Naira then?... How many people had cars and how many owned I-pass-my-neighbor generators and what was Nigeria's fuel daily demand then?... How much of fuel did we have to import then compared to the almost 100% we import today?.... In general under OBj, what was Nigeria's forex demand compared to today?... Now that every individual with an ATM card can buy things online with the click of a button, are you aware that overall forex demand is presently more than 10-20 times what it was back then?... Yet you think that things are the same enough for you to make a direct comparison?

Get the simple message, the only solution to the current mess is diversification, and diversification takes years + money.

You See why I subscribed to your bigotry and called you a liar without apologies...

1)Soludo NEVER mentioned Jonathan not saving...He simply x-rayed APC cum buhari dysfunctional, and inept handling of issues since inception... including delay in appointment by them...

2)Soludo proved that the condition of Nigeria was AVOIDABLE, had buhari done the right thing...and that crude oil price isn't a reason if it were sincere & purpose driven government above a year in office...

3)So where did Jonathan come in here? how much has buhari saved notwithstanding oil selling above budget benchmark

4) There's dollar in Nigeria if you meet the criteria...which includes; being a muslim and Northerner...Abi where did the dollars that bdc folks reported come from? even BBC has this news ...why was Sanusi crying wolf?

5)Same you that remembered that minimum wage is higher under buhari as against Obj; forgot also that Jonathan paid more and had many scholarship schemes, which has STOPPED now...not because we had excess money but because he had the ideas and good planners which are conspicuously lacking under Buhari now...

6)Under Obj, we sold crude at $9 and less quantity than under Buhari... Buhari sold more quantity at higher price which closes up any vagaries in population increase...

7)Obj improved what he met, so also Yar'adua and then Jonathan... Buhari took us backwards... destroying everything with ineptitude and crass ignorance cum nepotism...

PDP government handed Buhari more megawatts of electricity than they got...so why is buhari not building on it? Why is he destroying all? so what's your generator story here?

9)Our economy is naira denominated...so Buhari has FAR MoRe MONEY than any Nigeria government to spend...unless he chooses to keep dollarizing the economy...

10)Fuel importations was on even at Buhari first coming...Subsidy was on then too... NOTHING new now... Jonathan wanted to remove subsidy, and buhari led hjs people to streets...Today, he's lying about same... Internet remembers

11)What form of diversification is in wasting revenue in seeking for oil in ARID North

rlauncher:


You are right. HUNGER HAS FORMATED YOUR BRAIN. That is why you cannot think straight anymore.You are the real fool.

seun oam4j are some nairalanders above Rule 2?

rlauncher:


Most commentators condemning the government on this forum are economic olodos, no thanks to the numerous textbook economists hellbent on misinforming the generality of the members of the public.

The first thing they usually say to misinform members of the public is to cry that the present administration has no economic team and that the government is not doing anything.

Any honest and intelligent person knows that when an airplane is on a downward trajectory and the right thing has been done to change its direction in upward direction, that the aircraft will not change direction immediately. It will still go in the downward direction for some time before changing direction upward.

We are in that phase of change of direction right now. Things will get worse before they get better whether anybody like it or not. We are reaping what we sow by refusing to collectively condemn the government of former President Jonathan when he was busy mismanaging the economy.

Change takes time. All we need right now is patience and support and encouragement for the present administration.

Contrary to the loud cry of supposedly well educated people who have been misinforming the general public about the economic policies of this government, the government have actually been doing a lot to better the lives of Nigerian people. The result will not be immediate. Instead of focusing on the positives , of which Nigerians will soon begin to reap the benefits, they chose instead to focus on the unavoidable negatives.

A lot is going on in governments efforts to diversify the economy, especially in the area of Agriculture, mining and manufacturing. Rice production have reached 50% of local requirement from barely 10% before this government came into being, and is expected to reach 100% in the next twelve months. Other agricultural products such as maize , wheat and sugar are also coming up.

Mining is also coming up.More income is coming in from mining though not sufficiently enough yet. A lot of investment is being attracted into mining as we speak .A coal mining company is expected to begin operations in Kogi state in September. A new money spinning solid mineral- nickel have just been discovered in Kaduna and the government is also seriously looking into developing other solid minerals scattered all over the country.

In manufacturing, the government has placed a ban on not less than 41 products in order to encourage local production of those products, and as well to prevent a quick and terrible slide in our foreign exchange rate. The situation would have been worse than it is right now had the government not taken this bold initiative.Perhaps we would have been talking about N1000 for $1 right now.Those who complain about the ban don't know this, while those who should know are busy misinforming the people. Imagine what the country will look like right now had the government not ban the products. Even the companies complaining would still no be able to function under such situation.

What we as a people need to do right now is to ask ourselves what we can do in our personal capacity to help in building the economy. While some people are crying and complaining, there lots of people taking the advantages the current economic crises is providing, and using it to better their lives and build their future. Where do you stand. Rise up brother. Stretch youselve beyond your current limit. Come up with ideas. Get people to invest in it. Play your own part and stop whining.

I also want to use this medium to appeal to the government to make adequate and up to date information about its activities and the state of theeconomy in general available to members of the public as most members of the public are unaware of what is going on.

much ado sermon about nothing

Reyginus:
Trying to challenge economic realities with propaganda? You are performing well and the economy is in recession? Wow! We are in for a long ride.

Is there any economic position worse than recession? Because I know somebody will come tell us how it would have been worse if the past govt had continued.

The economy is already in depression. The NBS figures are for end of June. The third quarter ends in September and we know the economy fared worse in July and august. We are really in for a long ride.

Everything Buhari And his kitchen cabinet are doing today was done by Idi Am in.

Killing and jailing people, shouting corruption, while their henchmen are indeed stealing. Denying credible statistics and trying to frame you as "Opposition or I Obote man"

It is the hallmarks of an illiterate in power.