How Buhari Plunged Nigeria Into Recession - Vanguard by kelvee(m): 8:17am On Sep 26, 2016 |
ONE funny aspect of this “blame game” thing, is that you only see what has gone wrong in terms of “the other person” – the person you are pointing accusing fingers at. You hardly realise that as you point one finger at the other person, three of your other fingers are also accusing you, but they are usually hidden from your sight. In the Bible, Our Lord Jesus Christ warned us not to judge others, but to first of all remove the log in our eyes before complaining about the speck in the eyes of our neighbours (or opponents).
We are in an economic recession. Two questions are pertinent: (a) how did we get there? And (b) how do we get out of it?
The All Progressives Congress, APC, Federal Government, in tackling question number one, blames “others”, but it does not see the roles it played in bringing the nation into this pass. This is what I am here to address; that we do not allow them to confuse us with their unrelenting propaganda, the vessel that brought them to power and which they are depending upon to run the affairs of a nation in a deep economic distress. Fortunately, the propaganda has lost its allure in the face of massive suffering, poverty, hunger, mass joblessness and soaring crime rates. Nobody wants to hear any more excuses, and this applies even to the apologists of the regime.
APC Federal Government spokespersons – Garba Shehu, Femi Adesina, Lai Mohammed, name them – have been blaming the nation’s woes on “16 years of Peoples Democratic Party, PDP, rot”. They said they did not expect the “depth” of the rot they met. Vice President Yemi Osinbajo files in, and blames PDP Federal Government’s failure to save for the rainy day, forgetting that the APC sponsored its governors to oppose Dr. Ngozi Okonjo-Iweala’s proposal for us to save when we had an unrivalled oil boom. They also opposed President Goodluck Jonathan’s plans to deregulate the downstream sector of the economy to free up funds to attack our infrastructural deficit. Jonathan, not being “a Pharaoh” (as he put it) weakly buckled to acts which the opposition deliberately deployed to ensure his downfall.
Former President Olusegun Obasanjo had shrugged off criticisms and led Nigeria to exit the slavish debt trap of the Paris Club by engaging Okonjo-Iweala to lead the negotiations in which we paid $12 billion to escape from a $30 billion debt burden. Through acts of impunity, Obasanjo created the Excess Crude Account, ECA, and saved billions, which enabled Nigeria to survive the 2008 worldwide economic meltdown.
President Umaru Yar’Adua played a statesman’s trump card through the Amnesty deal, which ended the militancy in the Niger Delta, thus creating a new impetus for us to enjoy more oil boom till the tail end of 2014. When Jonathan assumed office, he embarked on massive infrastructure upgrades nationwide, and this manifested in our airports, roads, rail, investment in power, education (especially tertiary) and of course, democratic reforms that made it possible for a powerful opposition to arise and sweep him from office.
Of course, there was massive corruption during the PDP years, but tell me in which regime since our independence when there was no corruption, even this current Buhari regime? The only difference is that the “enemies” are being targeted, while “friends and acolytes” are being shielded.
Of course, Nigeria’s economy grew in leaps and bounds under the PDP, but it was mostly oil-fed. We became the largest economy in Africa by Gross Domestic Product,GDP, but the proceeds went mostly to a few privileged and connected individuals. A little seeped into the middle class, but the mass of the people wallowed in poverty. This was probably why the 2015 election was called “a revolution of the poor”, but where has that revolution taken us?
So, yes, the recession was caused by our failure to save for a rainy day, but it was a collective failure of the nation. Jonathan cannot escape the blame because as President, he should have stamped his foot down and done what was best for the country, rather than dance to the tune of every Tom and Harry just for him to be elected for a second term.
We are in recession because we, as a nation, thought we were an “oil-rich” country. If you compare our best production capacities vis-à-vis our humongous population, and those of other Organisation of Oil Producing Countries, OPEC, and none-OPEC countries (such as Saudi Arabia, Kuwait, UAE, Norway, Venezuela, USA Angola and others), it is obvious we are actually an “oil-poor” country and should not have depended on our oil alone for national survival. That mistake is a collective blame rooted in the mentality of the ruling class that took charge of Nigeria after the civil war. It goes beyond the PDP years; it is still evident in this Buhari administration.
Yes, we are in recession because of the renewed militancy in the Niger Delta. But who caused it? Before Buhari came in, we had massive oil theft. But when he assumed office and came at governance as if on a vengeance mission, the militancy resumed.
Buhari did not realise the harm he was inflicting on the psyche of the nation when he propounded his “97%/5%” formula, which went against the Federal Character principle in the constitution. He used it to divide the country along political party, religious, regional, ethnic and sectional lines, favouring his kinsmen and supporters while neglecting those who did not support him.
Not only that, he mobilised the agencies of state security to go after his perceived opponents in a one-sided anti-corruption war which only emphasised the return of allegedly looted funds. He did not make it a holistic affair. Some individuals who felt the system was blindly and vengefully after them returned to militancy and plunged the economy deeper into recession. Security threats expanded, from Boko Haram alone in 2015 to new fronts (the Niger Delta Avengers, armed Fulani herdsmen, Indigenous People’s of Biafra/MASSOB protests, and the Shiites uprising in Kaduna).
If Buhari had, on assuming office, called Nigerians together, told them to forget about the bruising transitional politicking and work together to rescue the nation from the imminent economic doom, there would be no other security challenge except Boko Haram. If he had dealt with the armed herdsmen to protect the people, formed an inclusive government based on constitutional provisions and brought in the best hands without looking at their political affiliations, religious backgrounds and ethno-regional roots, we would be fighting the economic problems as a united front.
Buhari’s anti-corruption war is a well-received policy. Nobody can openly say anything to the contrary. Corruption is a major factor in Nigeria’s backwardness. But the anti-corruption war should have been an institutional one devoid of politics. It should not have been merely aimed at recovering stolen funds, and even that should have been extended to all who stole, not just PDP people and the president’s political opponents alone.
Buhari de-marketed Nigeria and Nigerians in several world capitals by calling us crooks. Every Nigerian is a crook and not to be trusted, except of course, President Buhari, the man of integrity. The Treasury Single Account, TSA, policy, formulated by the Jonathan but left unimplemented to avoid harming the financial system, was put into effect by Buhari without consultation. Banks shrivelled and started retrenching massively.
His statist policies and lack of direction for the economy created fear and uncertainties among the private sector players and investors. After waiting for a clearer picture in vain, many (like the foreign and local airlines) closed shop and left Nigeria.
Unless Buhari starts seeing himself as the father of the nation rather than a sectional mujahid (“holy” warrior), he would never get it right. He must listen to the wise words of the Senators who are telling him to rejig himself and his government away from the blunders of the past sixteen months. If he does so, our journey out of the recession will be short.
http://www.vanguardngr.com/2016/09/buhari-plunged-nigeria-recession/ 90 Likes 6 Shares
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Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Aufbauh(m): 8:26am On Sep 26, 2016 |
What an incoherent and disjointed news item.... ![undecided](https://www.nairaland.com/faces/undecided.png) 35 Likes 6 Shares |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Hiploko(m): 8:29am On Sep 26, 2016 |
Aufbauh: What an incoherent and disjointed news item.... ![undecided](https://www.nairaland.com/faces/undecided.png) happy recession! ![grin](https://www.nairaland.com/faces/grin.png) 192 Likes 10 Shares |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by nnachukz(m): 8:33am On Sep 26, 2016 |
The marked Z.... who dominate the displayed republic will not like this news. In fact they won't see anything in it they can relate with even if you write it in bold. Praises and Worship to their god dullardoo is what they easily take note of miles away. 94 Likes 3 Shares
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Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Aufbauh(m): 8:40am On Sep 26, 2016 |
Hiploko: happy recession! ![grin](https://www.nairaland.com/faces/grin.png) Boy, do find your likes and stay off my mention if you can't comprehend my expression. What about happy recession? Or do you think everyone is going through the same hell hole as you. 6 Likes 5 Shares |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Hiploko(m): 8:43am On Sep 26, 2016 |
Aufbauh:
Boy, do find your likes and stay off my mention if you can't comprehend my expression.
What about happy recession? Or do you think everyone is going through the same hell hole as you. I say again!!! HAPPY RECESSION... 2nd time in Nigeria's history. One aboki told me 'burouba shege' when I mentioned change to him... Kia kia kia ![grin](https://www.nairaland.com/faces/grin.png) 204 Likes 13 Shares |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Abeymills(m): 8:58am On Sep 26, 2016 |
Kelvee u nailed d son of a b!tch n his hords of zombies bunch of clueles retards in d corridors of power 48 Likes |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Myself2(m): 12:03pm On Sep 26, 2016 |
kelvee:
ONE funny aspect of this “blame game” thing, is that you only see what has gone wrong in terms of “the other person” – the person you are pointing accusing fingers at. You hardly realise that as you point one finger at the other person, three of your other fingers are also accusing you, but they are usually hidden from your sight. In the Bible, Our Lord Jesus Christ warned us not to judge others, but to first of all remove the log in our eyes before complaining about the speck in the eyes of our neighbours (or opponents).
We are in an economic recession. Two questions are pertinent: (a) how did we get there? And (b) how do we get out of it? The All Progressives Congress, APC, Federal Government, in tackling question number one, blames “others”, but it does not see the roles it played in bringing the nation into this pass. This is what I am here to address; that we do not allow them to confuse us with their unrelenting propaganda, the vessel that brought them to power and which they are depending upon to run the affairs of a nation in a deep economic distress. Fortunately, the propaganda has lost its allure in the face of massive suffering, poverty, hunger, mass joblessness and soaring crime rates. Nobody wants to hear any more excuses, and this applies even to the apologists of the regime.
APC Federal Government spokespersons – Garba Shehu, Femi Adesina, Lai Mohammed, name them – have been blaming the nation’s woes on “16 years of Peoples Democratic Party, PDP, rot”. They said they did not expect the “depth” of the rot they met. Vice President Yemi Osinbajo files in, and blames PDP Federal Government’s failure to save for the rainy day, forgetting that the APC sponsored its governors to oppose Dr. Ngozi Okonjo-Iweala’s proposal for us to save when we had an unrivalled oil boom. They also opposed President Goodluck Jonathan’s plans to deregulate the downstream sector of the economy to free up funds to attack our infrastructural deficit. Jonathan, not being “a Pharaoh” (as he put it) weakly buckled to acts which the opposition deliberately deployed to ensure his downfall.
Former President Olusegun Obasanjo had shrugged off criticisms and led Nigeria to exit the slavish debt trap of the Paris Club by engaging Okonjo-Iweala to lead the negotiations in which we paid $12 billion to escape from a $30 billion debt burden. Through acts of impunity, Obasanjo created the Excess Crude Account, ECA, and saved billions, which enabled Nigeria to survive the 2008 worldwide economic meltdown. President Umaru Yar’Adua played a statesman’s trump card through the Amnesty deal, which ended the militancy in the Niger Delta, thus creating a new impetus for us to enjoy more oil boom till the tail end of 2014. When Jonathan assumed office, he embarked on massive infrastructure upgrades nationwide, and this manifested in our airports, roads, rail, investment in power, education (especially tertiary) and of course, democratic reforms that made it possible for a powerful opposition to arise and sweep him from office. Of course, there was massive corruption during the PDP years, but tell me in which regime since our independence when there was no corruption, even this current Buhari regime? The only difference is that the “enemies” are being targeted, while “friends and acolytes” are being shielded
Of course, Nigeria’s economy grew in leaps and bounds under the PDP, but it was mostly oil-fed. We became the largest economy in Africa by Gross Domestic Product,GDP, but the proceeds went mostly to a few privileged and connected individuals. A little seeped into the middle class, but the mass of the people wallowed in poverty. This was probably why the 2015 election was called “a revolution of the poor”, but where has that revolution taken us? So, yes, the recession was caused by our failure to save for a rainy day, but it was a collective failure of the nation. Jonathan cannot escape the blame because as President, he should have stamped his foot down and done what was best for the country, rather than dance to the tune of every Tom and Harry just for him to be elected for a second term.
We are in recession because we, as a nation, thought we were an “oil-rich” country. If you compare our best production capacities vis-à-vis our humongous population, and those of other Organisation of Oil Producing Countries, OPEC, and none-OPEC countries (such as Saudi Arabia, Kuwait, UAE, Norway, Venezuela, USA Angola and others), it is obvious we are actually an “oil-poor” country and should not have depended on our oil alone for national survival. That mistake is a collective blame rooted in the mentality of the ruling class that took charge of Nigeria after the civil war. It goes beyond the PDP years; it is still evident in this Buhari administration. Yes, we are in recession because of the renewed militancy in the Niger Delta. But who caused it? Before Buhari came in, we had massive oil theft. But when he assumed office and came at governance as if on a vengeance mission, the militancy resumed. Buhari did not realise the harm he was inflicting on the psyche of the nation when he propounded his “97%/5%” formula, which went against the Federal Character principle in the constitution. He used it to divide the country along political party, religious, regional, ethnic and sectional lines, favouring his kinsmen and supporters while neglecting those who did not support him.
Not only that, he mobilised the agencies of state security to go after his perceived opponents in a one-sided anti-corruption war which only emphasised the return of allegedly looted funds. He did not make it a holistic affair. Some individuals who felt the system was blindly and vengefully after them returned to militancy and plunged the economy deeper into recession. Security threats expanded, from Boko Haram alone in 2015 to new fronts (the Niger Delta Avengers, armed Fulani herdsmen, Indigenous People’s of Biafra/MASSOB protests, and the Shiites uprising in Kaduna). If Buhari had, on assuming office, called Nigerians together, told them to forget about the bruising transitional politicking and work together to rescue the nation from the imminent economic doom, there would be no other security challenge except Boko Haram. If he had dealt with the armed herdsmen to protect the people, formed an inclusive government based on constitutional provisions and brought in the best hands without looking at their political affiliations, religious backgrounds and ethno-regional roots, we would be fighting the economic problems as a united front.
Buhari’s anti-corruption war is a well-received policy. Nobody can openly say anything to the contrary. Corruption is a major factor in Nigeria’s backwardness. But the anti-corruption war should have been an institutional one devoid of politics. It should not have been merely aimed at recovering stolen funds, and even that should have been extended to all who stole, not just PDP people and the president’s political opponents alone. Buhari de-marketed Nigeria and Nigerians in several world capitals by calling us crooks. Every Nigerian is a crook and not to be trusted, except of course, President Buhari, the man of integrity. The Treasury Single Account, TSA, policy, formulated by the Jonathan but left unimplemented to avoid harming the financial system, was put into effect by Buhari without consultation. Banks shrivelled and started retrenching massively. His statist policies and lack of direction for the economy created fear and uncertainties among the private sector players and investors. After waiting for a clearer picture in vain, many (like the foreign and local airlines) closed shop and left Nigeria. Unless Buhari starts seeing himself as the father of the nation rather than a sectional mujahid (“holy” warrior), he would never get it right. He must listen to the wise words of the Senators who are telling him to rejig himself and his government away from the blunders of the past sixteen months. If he does so, our journey out of the recession will be short.
www.vanguardngr.com/2016/09/buhari-plunged-nigeria-recession/
Very brilliant and coherent write up.Only thoroughly brainwashed and acutely deluded zombies will see the write up as otherwise. 139 Likes 9 Shares |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Standing5(m): 12:45pm On Sep 26, 2016 |
Aufbauh: What an incoherent and disjointed news item.... ![undecided](https://www.nairaland.com/faces/undecided.png) Thought It was me alone who found the piece incoherent. These people like to heap the blame of reccesion on anything Buhari touches but forget Oil price crash and lack of savings/investment is 80% responsible for negative economic effect. Nigeria spent $217B to defend the Naira between 2002 and 2014. That could av easily built 16 of the kind of refinery Dangote is building to take our refining capacity to 10million barrel per day. Selling two or three of those will easily bail us out of any stupíd recession for 5 years minimum. 16 Likes 2 Shares |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Nobody: 12:57pm On Sep 26, 2016 |
Standing5: [s]Thought It was me alone who found the piece incoherent. These people like to heap the blame of reccesion on anything Buhari touches but forget Oil price crash and lack of savings/investment is 80% responsible for negative economic effect. Nigeria spent $217B to defend the Naira between 2002 and 2014. That could av easily built 16 of the kind of refinery Dangote is building to take our refining capacity to 10million barrel per day. Selling two or three of those will easily bail us out of any stupíd recession for 5 years minimum.[/s] Very silly. here are the words of your vice president, signifying that activities of the NDA are Solely responsible for recession. “If we did not have vandalism in the Niger Delta as we are currently suffering, we will not have this recession today so are you saying he is wrong, goofy and intellectually inept to have based the sole cause of the recession on the belligerency of the NDA?? 87 Likes 5 Shares |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Nobody: 1:15pm On Sep 26, 2016 |
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Re: How Buhari Plunged Nigeria Into Recession - Vanguard by biggerj(m): 1:18pm On Sep 26, 2016 |
hmm nice write up nd i heard he is receiving hardship allowance 9 Likes |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Standing5(m): 1:40pm On Sep 26, 2016 |
blueto: Very silly. here are the words of your vice president, signifying that activities of the NDA are Solely responsible for recession. [/url] so are you saying he is wrong, goofy and intellectually inept to have based the sole cause of the recession on the belligerency of the NDA?? 3 Likes |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by blackpanda: 1:48pm On Sep 26, 2016 |
OP try and apply paragraphing to your write ups so that it can be more coherrent. And also, rather that tell us how Buhari is responsible for the recession, this piece seems more aimed at absolving past pdp presidents, particularly jonathan. How can u claim jonathan invested "heavily" in "road, rails etc" ![](/faces/huh.png) What road ![](/faces/huh.png) What rail ![](/faces/huh.png) Pls lets be sincere in our discussion and quit biased unsubstantiated and false statements! 10 Likes 1 Share |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Nobody: 1:50pm On Sep 26, 2016 |
Standing5: . Why did you quote me without any written response?? When will zombies stop being zombies?. 22 Likes |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Nobody: 1:54pm On Sep 26, 2016 |
blackpanda: OP try and apply paragraphing to your write ups so that it can be more coherrent.
[s] And also, rather that tell us how Buhari is responsible for the recession, this piece seems more aimed at absolving past pdp presidents, particularly jonathan. How can u claim jonathan invested "heavily" in "road, rails etc" What road What rail Pls lets be sincere in our discussion and quit biased unsubstantiated and false statements![/s] yet another zombie. Take a look at this thread https://www.nairaland.com/2117791/achievements-jonathan-sambo-administration-pictures at least it should abate your zombiesm for today. 41 Likes 1 Share |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Hiploko(m): 1:54pm On Sep 26, 2016 |
44 Likes 2 Shares |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by blackpanda: 1:55pm On Sep 26, 2016 |
1 Like |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by blackpanda: 1:57pm On Sep 26, 2016 |
Hiploko: I beg you guys to stop 'Jonathaning'. is he the one also responsible for the 1984 recession? Anyways... HAPPY RECESSION Jonathan is single handedly responsible for our current recession. There is no other way to paint it. By refusing to save, endorsing stealing and encouraging his cronies to loot, he is the architect of Nigeria's woes. Period. 5 Likes |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Hiploko(m): 2:12pm On Sep 26, 2016 |
blackpanda:
Jonathan is single handedly responsible for our current recession. There is no other way to paint it. By refusing to save, endorsing stealing and encouraging his cronies to loot, he is the architect of Nigeria's woes. Period. the first recession nkor ![grin](https://www.nairaland.com/faces/grin.png) ... Ur god PMB carries a destiny dat causes hardship and recession... Give him 3rd term even with oil @ $2000/barrel... 50 Likes 3 Shares |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by MoreData: 2:13pm On Sep 26, 2016 |
We sabi nah 1 Like 1 Share |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Nobody: 2:13pm On Sep 26, 2016 |
1 Like |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Nobody: 2:13pm On Sep 26, 2016 |
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Re: How Buhari Plunged Nigeria Into Recession - Vanguard by ephi123(f): 2:14pm On Sep 26, 2016 |
Na wa. Even a blind person knows the havoc Buhari has wrecked on this nation. 23 Likes 1 Share |
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Re: How Buhari Plunged Nigeria Into Recession - Vanguard by steppin: 2:14pm On Sep 26, 2016 |
blackpanda:
Jonathan is single handedly responsible for our current recession. There is no other way to paint it. By refusing to save, endorsing stealing and encouraging his cronies to loot, he is the architect of Nigeria's woes. Period. Zombie no go gree unless you tell am to gree. 23 Likes 1 Share |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by hucienda: 2:15pm On Sep 26, 2016 |
Recession.
Times are really tough now with the government at the centre confused and without a cogent plan. 7 Likes |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by galaxy4rep(m): 2:16pm On Sep 26, 2016 |
ok |
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Re: How Buhari Plunged Nigeria Into Recession - Vanguard by Nobody: 2:17pm On Sep 26, 2016 |
Buhari is working ![grin](https://www.nairaland.com/faces/grin.png) 2 Likes |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by akinze100(m): 2:17pm On Sep 26, 2016 |
What else do you expect from a GORO CHEWING DAURANITE #ChangeIndeed 7 Likes |
Re: How Buhari Plunged Nigeria Into Recession - Vanguard by recievesense: 2:17pm On Sep 26, 2016 |
10 Likes 1 Share |