Apart from failing to make 1naira = $1 dollar, or reducing fuel to 40 or providing steady power in 6months as APC made Nigerians to believe, there are 3 major areas that Buhari failed.

Every other thing we see going wrong in Nigeria today is as a result of these 3 areas.

1) Buhari failed to unite Nigerians. No matter how good the intentions of a leader is, if the people are not United it won't work . He started off with the 97% and 5% . Then his appointments . The started off with the " We against them mentality". It's our turn now let them say what they like.

Once you start that, you empower terrorists. Herdsmen become emboldened. BOKOHARAM is then empowered to the extent that the security agencies have to give way for them to abduct girls, and also give way for them to return the girls while people hail them. The we against them mentality is the reason why the federal government will negotiate the release of Muslim girls and let terrorists keep the Christian girl .

2) Failed to strengthen institutions.

I expected that buhari would provide covering to enable security agencies and financial crime institutions to be independent. That he will allow them to work and prosecute anyone found wanting. But unfortunately the situation worsened and they became remote controlled. Where the presidency now decides who the Efcc should investigate and prosecute or not . Even the police began to take sides with the herdsmen and blame the governor of benue for killings. Even called him a drowning man, if that is not totally remote control of agencies I wonder what is.

In developed countries these agencies are guided by the constitution and rule of law, irrespective of who is president. Here the president has become above the law and decides for the nation what is national interest.

It is when these institutions and systems are weakened that corruption, insecurity etc thrive. NO wonder there is more corruption under buhari that others.

3) failed the cut cost of governance.

When can call a government that squandered resources in abundance corrupt, but what do we call one that squander in lack? Borrowing to feed and Nigerians are getting poorer. Minimum wage is hard to increase but the legislators and the presidency must use the latest cars, computers etc. Did you not see the budget? Who will pay for all the money borrowed in this administration? The youths of course.

So the negative situation we find ourselves in Nigeria today, is as a result of Buharis failure in these 3 areas. Wether it is insecurity, unemployment, poverty etc, they are all link to these 3.

At his age, I expected him to get it right in these 3 areas. Once he gets it right, Nigerians will see the impact and effect of working systems. Everything will fall in line. He just needs 1 tenure to get things working then handover
and nobody can tamper with it without Nigerians revolting.
But like African never do well leaders. They fail and want to die in power. What is Buhari contesting for? What Will he promise this time? What did he do with the opportunity given to him?

But also like the Never do well Africans, we have to vote him because he is a Muslim or because he is from the North .

sir he failed in everything...not just 3

Lifelessness =failure

But Nigerians will not fail.

We shall simultaneously make good on our current resolve

We shall not fail to catapult him back to daura.


Sai ya koma daura wallahi!

Wait ooo!
So, if I vote for Peter Obi now, Atiku would win? And PDP will be in power again?
Saraki would remain the Senate President?
Obasanjo would march into Aso Rock again whenever he wants?
Our National leaders would become Wike, Fayose, dino melaye Fani-Kayode?
Dasuki would be released and diezani would be back to loot our treasury...no never again would this happen

tundeontop:
Wait ooo!
So, if I vote for Peter Obi now, Atiku would win? And PDP will be in power again?
Saraki would remain the Senate President?
Obasanjo would march into Aso Rock again whenever he wants?
Our National leaders would become Wike, Fayose, dino melaye Fani-Kayode?
Dasuki would be released and diezani would be back to loot our treasury...no never again would this happen

Even with all the people you mentioned with shaddy character, Nigeria still faired better and was more United than it is today.

And if buhari leaves, we will also see the criminals he is hiding in his administration.

If Atiku will listen to Peter obi, then it won't be business as usual. The cost of governance will be cut and Nigerians will have jobs. They are both wealth creators.

Is woke different from tinubu or oshiomole? Or did tinubu not work for Jonathan? The problem is with the president.

It is not Buhari’s fault Igbo are screening Biafra, their forefathers also went to war over succession so that blame is strictly on the Igbos. Buhari deserves accolades for wiping out Ipob unlike the noisy narrative the senseless Igbos want us to believe Nigeria is not united. Buhari allow guaranteed our unity with that lone move.

I have no idea if Igbos do not understand what strengthening institutions entails. The EFCC as neve been more active, Igbo will foolishly claim it is witch hunting political opponents but once PDP is back in power with will not happen several decades from now they should also witch hunt APC members. Nigeria will be best for it.

Op u wia expecting too much from a 'Certified Failure'.
nothing gud will com out of any govt led by d incompetent GMB

jpphilips:
A lot have been said about Buhari, how he brought hardship on Nigerians, how he is responsible for all the suffering in Nigeria, is that theory backed with facts and global economic realities or the shenanigans of few individuals basking in the Euphoria of ignorance?
Since I must make a choice between our present loud political gladiators, I armed myself with Economics textbooks and news archive, here is what i discovered.

Nigeria an oil producing and oil dependent economy suffered a global economic hit called crude oil price shock
it is the sudden drop in price of crude oil in the commodity trading market, it has occurred at different times in History nearly every decade. Countries that are hardest hit by crude shock are basically countries that not only produce crude oil in significant amount but solely depend on it as their foreign exchange earner. While oil shocks have asymmetric effects in oil-exporting developing countries; lower oil prices lead to major revenue cuts and ensuing stagnation in the economy, but higher oil prices and accompanying higher revenues do not translate into sustained economic growth.

What are the effects of crude shock in oil producing developing economy?

Forex scarcity: Most developing economies whether oil producing or not depend on importation to survive, where foreign currency becomes scarce, industries, individuals that have significant need for forex will likely close shops giving birth to the second problem unemployment then finally the master Recession.

Unemployment: When industries no longer have forex to buy spare parts, can no longer afford raw materials, production slows, sales slows, profit eroded, workers sacked, since the volume of activities in the economy is directly proportional to the GDP, the GDP contracts and birth another economic monster Recession.

Recession is a chain reaction of unpalatable economic events that shows the economy is not experiencing growth but contracting, lets look at the effects of recession, high energy cost (energy in most developing economies are subsidized one way or another) crude shock and eventually recession erodes government revenues till a point where it could no longer afford subsidies and other things it used to afford.
In Nigeria where our Electricity Generation companies are subsidized, petroleum products are subsidized,you will understand that such partial or complete subsidy removal will quickly skyrocket the cost of living generally, transportation, cost of food etc are equally affected that leads to another monster called Inflation.

Inflation: is defined as a phenomenon where huge bills are in search of few goods, how is that possible? when the industries that produce goods closed down, imports could not be sustained due to Forex shortages where will the goods come from? the absence of those goods while the bills remain triggers inflation, causes hunger and eventually poverty and devaluation of local currency.

Devaluation is when global reserve currencies trade higher than your currency, of course you recall that an economy in crude shock first suffers Forex shortages, that robs the central bank (in the case of Nigeria) the ability to fix the currency at a reasonable exchange rate.
The local currency is allowed to float along a band the cbn thinks may not be too hurtful to the economy.
Forex ban is placed on certain commodities, debit cards like Visa, Mastercard et al are all placed on monthly transaction limits as a reflection of the reality of forex shortages.

Between 2015-2018, all these happened in the Nigerian economy, then I asked "are we the only oil dependent economies in the world? why us alone?
The answer took me to several countries in the world and I realized that other oil producing countries dont depend on oil alone, countries like Russia though the largest producer of crude oil in the world, has a robust defense industry that contribute significantly to its GDP, Russia equally enjoys large market shares in Gas distribution in Eurasia, by the time crude oil shock hit, Russia had over $400b in reserves,
It became clear that the only economic move that could hold off crude oil shock and other global economic shocks is a robust foreign exchange reserves (Savings).

Permit me to take us down our economic history, in 2008 during the global melt down, the then CBN governor prof. Chukwuma Charles soludo bragged that the Nigerian economy is immune to global shocks? That would have sounded ridiculous but it is true, what did he do? they launched an economic strategy called National Economic Empowerment And Development Strategy NEEDS.
This strategy recommended that once crude oil is sold, the balance above the budget benchmark is kept in an account called the ECA, by the time that government left and another took over in 2007, both the ECA & Foreign reserve account held over $68b in reserves, in a $200b economy at the time, that reserve was significant enough to whither any storm that comes the way of our economy, Much later into the crisis, Nigeria later relaxed its exchange rate to 155 to a dollar. now we know that Nigeria had in the past stood resilience in the face of global shocks with a culture of Savings.


Fast forward to 2015, The top four producers of crude oil in Africa by their production, Nigeria, Angola, Algeria and Egypt were all in recession even though Egypt does not significantly depend on oil but her economy was shattered. Algeria escaped recession because by 2014, just like Nigeria in 2008, Algeria had a foreign reserve balance of $90b in a $156.1b economy.You can see that the Robust reserve of Algeria was their savior in this modern crude shock era. The previous administration in Nigeria boasted of leaving behind a paltry $19b for a $500b economy at the time, that amount is not even enough to pay for imports let alone absorb global economic shocks, so Nigeria can be rightly described in late 2014 as an oil dependent economy with no savings. How important is this savings?

Lets take our research to the Second largest producer of crude oil Angola, just like Nigeria with no significant savings, Angola's challenges needs no introduction, let facts speak for itself

Angola suffered severe Forex & currency challenges just like Nigeria. According to Bloomberg
They not only devalued their currency, they equally allowed it to float like Nigeria's
Angola devalued its currency as the OPEC member sought to revive an economy still reeling from the oil-price crash four years ago.



Borrowing to fund Budget deficits, just like Nigeria, Angola has borrowed to the point of requesting a bail out from the IMF
https://www.vanguardngr.com/2018/08/angola-says-to-request-4-5-bn-imf-loan-as-crisis-lingers/

Unemployment Rate in Angola increased to 20 percent in 2017 from 19.90 percent in 2016.
https://tradingeconomics.com/angola/unemployment-rate


Inflation in Angola was a whooping 23.67 percent in December 2017, data on the national statistics agency's website showed on Wednesday.
Price growth on a month-on-month basis rose to 1.47 percent in January from 1.2 percent previously.

Poverty in Angola
According to Angola's 2001 MPI, more than 77% of the population was multidimensionally poor. ... The latest available World Bank figure for income poverty in Angola, from 2008, shows that 36.6% of the population is income poor. Angola's population is currently estimated at 29.7 million.

I can go on and on the list is endless, as a matter of undeniable fact, Angola just like Nigeria are the largest producers in Africa, they practically did not save enough and they were hit hard by crude price shock. to balance the analysis, it will be unfair to discuss those that didn't save without giving kudos to those that saved, like i said previously, Algeria save a whooping $90b when the going was good, as such its economy was immune to crude shock.

Russia like we said though had currency challenges during the period under review ostensibly because of western sanctions, Russia had over $400b in reserves by ending of 2014.

Saudi Arabia was immune to crude shock not without little currency & subsidy issues ostensibly because of its huge financing of the war in Yemen, they were sitting on a comfortable $732b by the end of 2014.

Some even blamed it on Avengers attack of 2016

Niger delta avengers was a non issue, if you noticed, I expunged them from my analysis, here is why;
You were in crude shock from late 2014, Avengers struck in 2016, since 2014, your GDP wasn't showing any growth but retrogression or doldrums meaning you were heading towards recession anyways as a result of crude shock.

If Avengers did not strike, OPEC would have asked us to cut production to boost prices,
read:
https://www.bloomberg.com/news/articles/2016-09-28/opec-said-to-agree-on-first-oil-output-cut-in-eight-years
So Avengers or any form of production cut at the time was a non issue.

Nigerian people, what is your present government doing to stem this tide that has shocked the fabrics of our nation to the Marrow?


The vice president being the economic manager of the country Launched the EGRP, with it Nigeria even in recession was able to save $47b in our foreign reserve, at this pace, I have no doubt that this money will hit $100b in the next 4yrs, that is a guarantee that our economy will become immune to global shocks, not just crude shocks. (Algerian model)
The moment that money crossed $40b, forex shortages disappeared, importers stopped complaining, debit cards relaxed their limits etc, that was a killer stroke in our economic recovery strategy.inflation has responded to the potency of the EGRP to 11.23% from 18.8%.

Nigeria is building a Gas liquefying plant called the NLNG train 7 project, that will in a way increase revenue from Gas against depending on oil alone, there are other ongoing Gas projects like the AKK projects and other Gas for power projects (Russian model)
https://www.vanguardngr.com/2018/07/nnpc-signs-agreement-for-seven-critical-gas-projects/

In conclusion, I can state for a fact that the economic challenges of this country has nothing to do with Buhari under the circumstances he met on ground, we have a chance to fix culpability of blames where it rightly belongs on crude shock, or replace this government whose framework seems promising with another leadership of questionable integrity. past government whose inaction landed us in this mess in the first place.
A leadership in the past that we tasked to privatize our industries, all failed save for the one that ended up in his pocket, yet he claimed to create Jobs? How many jobs were lost in that privatization scam where 56 government entities perished?
Where is our NITEL, ALSCON, Nicon Insurance to mention a few? Leadership that claims to create jobs but his company PRODECO folded up? Leadership that claim to create jobs yet it was Buhari that sacked foreigners littered everywhere in his company, does an ordinary logistics company need that much foreigners?

Leadership that is a case study for corruption and money laundering by the US Senate committee on Homeland security, Leadership that preaches restructuring but but enjoys monopoly in Niger delta sea ports? Atiku is a walking scam, may we not walk into the scam called Atiku because of lie peddled and perfected by the same holocausts that landed us in bondage, every scam comes with a loud noise, say No to Atiku.........

You have my express authority to circulate at will

With all that you wrote above, one thing you must understand is that time is money. All the negative effects of the fall in oil prices is like a cancer. An experienced doctor who have seen signs of cancer does not delay in eliminating the area to stop the growth.

If buhari had any idea of economics or what it means to run an economy, he would not have delayed in appointments to pickup immediately and cushion the effects. Unfortunately he was busy playing around and delaying.

Secondly a smart president tries everything to maintain investors confidence I a situation like that. But buhari travels the world painting Nigeria black and scaring investors.

When he and his party were making all sorts of promises during the campaign, how much was oil then?

A serious government would take advantage of the fall in oil to diversify the economy away from oil. What did buhari do? Spend billions in search of more oil in the North.

Yes the effect of the fall in oil prices leads to job losses and poverty, but did it affect the feeding in Aso Rock?

Did it affect the cost of running the presidency?

How much does the president spend abroad on health? How much was spent to renovate an already renovated office because of alleged rats?

Has the cost of governance been reduced in anyway to reflect the changes?

Was it not in the fall of oil price and fuel scarcity that the presidents son was crashing bikes worth millions?

The increased corruption in his government, is it not money siphoned?

What happened to the promise of restructuring to enable regions be independent and competitive?
You will not think and be creative as the president, you will also not allow regions to be creative and find their way out themselves. You rather the whole nation fails under you.

Why are we paying more subsidy in a shady manner than before?

In a recession, people grow by diversifying and cutting cost of governance. But the lazy corrupt government will rather borrow to enslave the future of the youths to feed themselves.

You can't write away his failure with this long epistle.

Look at the toy Buhari has turned EFCC to. Fayoshe hands over EFCC detains him. Oshiomole hands over and is engaged by party.

Akpabio is now a saint .

OP, who is deceiving you that your Atiku/Obi will even achieve 1% ? Is it a dream that your Atiku will reduce fuel price to N30? Is it Atiku who is spending billion on ordinary primary you are expecting to reduce government spending? Has he done it before or has PDP achieved that before? They shared and looted our common wealth and even looted brains of most idiots following them along to the extent that most of them could not even think straight again. How will you vote for a party that put us in this mess ? There is no way you can like Buhari, if you are corrupt or if you eat from the proceed of corruption. If you think Buhari is being selective in fighting corruption, no problem, you yourself should go to EFCC/Court with the concrete corrupt evidences of the people you think he did not select instead of living in speculation, dem say.., dem say..., you heard ... People he selected were presented with concrete evidences. If you have evidences of those he did not select, bring it orward to EFCC/court so you can facilitate their arrest. Buhari can not come for me now because I didn't receive a dime from Dansuki. FFK, Fayose and all who stole our common wealth to make themselves rich should refund the money instead of developing hatred towards Buhari. And if you think you are still pitying those who stole our money and make themselves rich over night; who shared and looted our common wealth, it is better you contribute for them so they can pay back to EFCC the amount they stole if you love them instead of pitying them. Buhari till 2023, please, if you hate buhari for whatsoever reason, please, go back to Sambisa to hide after he wins in 2019

mekaboy:
Look at the toy Buhari has turned EFCC to. Fayoshe hands over EFCC detains him. Oshiomole hands over and is engaged by party.

Akpabio is now a saint .

Mekaboy, EFCC is now more effective ever than before. They are arresting those who stole our collective wealth; who shared and looted money meant for ammunition to fight boko haram among themselves as if they were sharing Christmas gifts. EFCC can not arrest you or me because EFCC never got evidences against us. Instead of mentioning those that are yet to be caught by just typing, is better you go with concrete evidences to EFCC and court, so you can hurry them up instead of mere talking to cover up or attract sympathy to your beloved looters. Pay back the money they looted or call all association of reverse order thinkers who are supporting Atiku/Obi to please raise money for the like of Fayose so he can return home on time.

datproject:


Mekaboy, EFCC is now more effective ever than before. They are arresting those who stole our collective wealth; who shared and looted money meant for ammunition to fight boko haram among themselves as if they were sharing Christmas gifts. EFCC can not arrest you or me because EFCC never got evidences against us. Instead of mentioning those that are yet to be caught by just typing, is better you go with concrete evidences to EFCC and court, so you can hurry them up instead of mere talking to cover up or attract sympathy to your beloved looters. Pay back the money they looted or call all association of reverse order thinkers who are supporting Atiku/Obi to please raise money for the like of Fayose so he can return home on time.

What of the grasscutter SGF ?

Recovering money from opposition to be looted by incumbent, is that effectiveness?

Kemi adeosun defrauded the federal government and earned salaries with forged documents, has she been arrested?

The aide of the first lady that was detained for collecting money on her behalf, has he been arraigned?

Imagine the police under buhari.


https://www.nairaland.com/4798739/certificate-forgery-why-prosecute-adeleke

Bye

[s]

mekaboy:
Apart from failing to make 1naira = $1 dollar, or reducing fuel to 40 or providing steady power in 6months as APC made Nigerians to believe, there are 3 major areas that Buhari failed.

Every other thing we see going wrong in Nigeria today is as a result of these 3 areas.

1) Buhari failed to unite Nigerians. No matter how good the intentions of a leader is, if the people are not United it won't work . He started off with the 97% and 5% . Then his appointments . The started off with the " We against them mentality". It's our turn now let them say what they like.

Once you start that, you empower terrorists. Herdsmen become emboldened. BOKOHARAM is then empowered to the extent that the security agencies have to give way for them to abduct girls, and also give way for them to return the girls while people hail them. The we against them mentality is the reason why the federal government will negotiate the release of Muslim girls and let terrorists keep the Christian girl .

2) Failed to strengthen institutions.

I expected that buhari would provide covering to enable security agencies and financial crime institutions to be independent. That he will allow them to work and prosecute anyone found wanting. But unfortunately the situation worsened and they became remote controlled. Where the presidency now decides who the Efcc should investigate and prosecute or not . Even the police began to take sides with the herdsmen and blame the governor of benue for killings. Even called him a drowning man, if that is not totally remote control of agencies I wonder what is.

In developed countries these agencies are guided by the constitution and rule of law, irrespective of who is president. Here the president has become above the law and decides for the nation what is national interest.

It is when these institutions and systems are weakened that corruption, insecurity etc thrive. NO wonder there is more corruption under buhari that others.

3) failed the cut cost of governance.

When can call a government that squandered resources in abundance corrupt, but what do we call one that squander in lack? Borrowing to feed and Nigerians are getting poorer. Minimum wage is hard to increase but the legislators and the presidency must use the latest cars, computers etc. Did you not see the budget? Who will pay for all the money borrowed in this administration? The youths of course.

So the negative situation we find ourselves in Nigeria today, is as a result of Buharis failure in these 3 areas. Wether it is insecurity, unemployment, poverty etc, they are all link to these 3.

At his age, I expected him to get it right in these 3 areas. Once he gets it right, Nigerians will see the impact and effect of working systems. Everything will fall in line. He just needs 1 tenure to get things working then handover
and nobody can tamper with it without Nigerians revolting.
But like African never do well leaders. They fail and want to die in power. What is Buhari contesting for? What Will he promise this time? What did he do with the opportunity given to him?

But also like the Never do well Africans, we have to vote him because he is a Muslim or because he is from the North .

[/s]



www.nairaland.com/attachments/8022174_bbj_jpegf98f8afe0c88f728280072951dfa6bc1





#SAIBABA2023

These Igbos want to bamboozle their way into Aso rock through the back door. It must never happen, if you are Yoruba and are planning on casting your vote for Atiku/Obi you had better go and have your head examined

[sup][/sup]

Roger3D:
These Igbos want to bamboozle their way into Aso rock through the back door. It must never happen, if you are Yoruba and are planning on casting your vote for Atiku/Obi you had better go and have your head examined

https://www.nairaland.com/4855316/presidency-explains-presence-service-chiefs#73125563

This is number 2 in action.

tundeontop:
Wait ooo!
So, if I vote for Peter Obi now, Atiku would win? And PDP will be in power again?
Saraki would remain the Senate President?
Obasanjo would march into Aso Rock again whenever he wants?
Our National leaders would become Wike, Fayose, dino melaye Fani-Kayode?
Dasuki would be released and diezani would be back to loot our treasury...no never again would this happen

Explain why GMB appointed 80% of PDP members into his cabinet.. everyone around him has been implicated in one form of corruption scandal and none of them has been dismissed and prosecuted

https://www.nairaland.com/4856081/buhari-failure-obey-court-orders

Number 2.

https://www.nairaland.com/4856550/why-should-not-invest-nigeria

Still on number 2.

jpphilips:
A lot have been said about Buhari, how he brought hardship on Nigerians, how he is responsible for all the suffering in Nigeria, is that theory backed with facts and global economic realities or the shenanigans of few individuals basking in the Euphoria of ignorance?
Since I must make a choice between our present loud political gladiators, I armed myself with Economics textbooks and news archive, here is what i discovered.

Nigeria an oil producing and oil dependent economy suffered a global economic hit called crude oil price shock
it is the sudden drop in price of crude oil in the commodity trading market, it has occurred at different times in History nearly every decade. Countries that are hardest hit by crude shock are basically countries that not only produce crude oil in significant amount but solely depend on it as their foreign exchange earner. While oil shocks have asymmetric effects in oil-exporting developing countries; lower oil prices lead to major revenue cuts and ensuing stagnation in the economy, but higher oil prices and accompanying higher revenues do not translate into sustained economic growth.

What are the effects of crude shock in oil producing developing economy?

Forex scarcity: Most developing economies whether oil producing or not depend on importation to survive, where foreign currency becomes scarce, industries, individuals that have significant need for forex will likely close shops giving birth to the second problem unemployment then finally the master Recession.

Unemployment: When industries no longer have forex to buy spare parts, can no longer afford raw materials, production slows, sales slows, profit eroded, workers sacked, since the volume of activities in the economy is directly proportional to the GDP, the GDP contracts and birth another economic monster Recession.

Recession is a chain reaction of unpalatable economic events that shows the economy is not experiencing growth but contracting, lets look at the effects of recession, high energy cost (energy in most developing economies are subsidized one way or another) crude shock and eventually recession erodes government revenues till a point where it could no longer afford subsidies and other things it used to afford.
In Nigeria where our Electricity Generation companies are subsidized, petroleum products are subsidized,you will understand that such partial or complete subsidy removal will quickly skyrocket the cost of living generally, transportation, cost of food etc are equally affected that leads to another monster called Inflation.

Inflation: is defined as a phenomenon where huge bills are in search of few goods, how is that possible? when the industries that produce goods closed down, imports could not be sustained due to Forex shortages where will the goods come from? the absence of those goods while the bills remain triggers inflation, causes hunger and eventually poverty and devaluation of local currency.

Devaluation is when global reserve currencies trade higher than your currency, of course you recall that an economy in crude shock first suffers Forex shortages, that robs the central bank (in the case of Nigeria) the ability to fix the currency at a reasonable exchange rate.
The local currency is allowed to float along a band the cbn thinks may not be too hurtful to the economy.
Forex ban is placed on certain commodities, debit cards like Visa, Mastercard et al are all placed on monthly transaction limits as a reflection of the reality of forex shortages.

Between 2015-2018, all these happened in the Nigerian economy, then I asked "are we the only oil dependent economies in the world? why us alone?
The answer took me to several countries in the world and I realized that other oil producing countries dont depend on oil alone, countries like Russia though the largest producer of crude oil in the world, has a robust defense industry that contribute significantly to its GDP, Russia equally enjoys large market shares in Gas distribution in Eurasia, by the time crude oil shock hit, Russia had over $400b in reserves,
It became clear that the only economic move that could hold off crude oil shock and other global economic shocks is a robust foreign exchange reserves (Savings).

Permit me to take us down our economic history, in 2008 during the global melt down, the then CBN governor prof. Chukwuma Charles soludo bragged that the Nigerian economy is immune to global shocks? That would have sounded ridiculous but it is true, what did he do? they launched an economic strategy called National Economic Empowerment And Development Strategy NEEDS.
This strategy recommended that once crude oil is sold, the balance above the budget benchmark is kept in an account called the ECA, by the time that government left and another took over in 2007, both the ECA & Foreign reserve account held over $68b in reserves, in a $200b economy at the time, that reserve was significant enough to whither any storm that comes the way of our economy, Much later into the crisis, Nigeria later relaxed its exchange rate to 155 to a dollar. now we know that Nigeria had in the past stood resilience in the face of global shocks with a culture of Savings.


Fast forward to 2015, The top four producers of crude oil in Africa by their production, Nigeria, Angola, Algeria and Egypt were all in recession even though Egypt does not significantly depend on oil but her economy was shattered. Algeria escaped recession because by 2014, just like Nigeria in 2008, Algeria had a foreign reserve balance of $90b in a $156.1b economy.You can see that the Robust reserve of Algeria was their savior in this modern crude shock era. The previous administration in Nigeria boasted of leaving behind a paltry $19b for a $500b economy at the time, that amount is not even enough to pay for imports let alone absorb global economic shocks, so Nigeria can be rightly described in late 2014 as an oil dependent economy with no savings. How important is this savings?

Lets take our research to the Second largest producer of crude oil Angola, just like Nigeria with no significant savings, Angola's challenges needs no introduction, let facts speak for itself

Angola suffered severe Forex & currency challenges just like Nigeria. According to Bloomberg
They not only devalued their currency, they equally allowed it to float like Nigeria's
Angola devalued its currency as the OPEC member sought to revive an economy still reeling from the oil-price crash four years ago.



Borrowing to fund Budget deficits, just like Nigeria, Angola has borrowed to the point of requesting a bail out from the IMF
https://www.vanguardngr.com/2018/08/angola-says-to-request-4-5-bn-imf-loan-as-crisis-lingers/

Unemployment Rate in Angola increased to 20 percent in 2017 from 19.90 percent in 2016.
https://tradingeconomics.com/angola/unemployment-rate


Inflation in Angola was a whooping 23.67 percent in December 2017, data on the national statistics agency's website showed on Wednesday.
Price growth on a month-on-month basis rose to 1.47 percent in January from 1.2 percent previously.

Poverty in Angola
According to Angola's 2001 MPI, more than 77% of the population was multidimensionally poor. ... The latest available World Bank figure for income poverty in Angola, from 2008, shows that 36.6% of the population is income poor. Angola's population is currently estimated at 29.7 million.

I can go on and on the list is endless, as a matter of undeniable fact, Angola just like Nigeria are the largest producers in Africa, they practically did not save enough and they were hit hard by crude price shock. to balance the analysis, it will be unfair to discuss those that didn't save without giving kudos to those that saved, like i said previously, Algeria save a whooping $90b when the going was good, as such its economy was immune to crude shock.

Russia like we said though had currency challenges during the period under review ostensibly because of western sanctions, Russia had over $400b in reserves by ending of 2014.

Saudi Arabia was immune to crude shock not without little currency & subsidy issues ostensibly because of its huge financing of the war in Yemen, they were sitting on a comfortable $732b by the end of 2014.

Some even blamed it on Avengers attack of 2016

Niger delta avengers was a non issue, if you noticed, I expunged them from my analysis, here is why;
You were in crude shock from late 2014, Avengers struck in 2016, since 2014, your GDP wasn't showing any growth but retrogression or doldrums meaning you were heading towards recession anyways as a result of crude shock.

If Avengers did not strike, OPEC would have asked us to cut production to boost prices,
read:
https://www.bloomberg.com/news/articles/2016-09-28/opec-said-to-agree-on-first-oil-output-cut-in-eight-years
So Avengers or any form of production cut at the time was a non issue.

Nigerian people, what is your present government doing to stem this tide that has shocked the fabrics of our nation to the Marrow?


The vice president being the economic manager of the country Launched the EGRP, with it Nigeria even in recession was able to save $47b in our foreign reserve, at this pace, I have no doubt that this money will hit $100b in the next 4yrs, that is a guarantee that our economy will become immune to global shocks, not just crude shocks. (Algerian model)
The moment that money crossed $40b, forex shortages disappeared, importers stopped complaining, debit cards relaxed their limits etc, that was a killer stroke in our economic recovery strategy.inflation has responded to the potency of the EGRP to 11.23% from 18.8%.

Nigeria is building a Gas liquefying plant called the NLNG train 7 project, that will in a way increase revenue from Gas against depending on oil alone, there are other ongoing Gas projects like the AKK projects and other Gas for power projects (Russian model)
https://www.vanguardngr.com/2018/07/nnpc-signs-agreement-for-seven-critical-gas-projects/

In conclusion, I can state for a fact that the economic challenges of this country has nothing to do with Buhari under the circumstances he met on ground, we have a chance to fix culpability of blames where it rightly belongs on crude shock, or replace this government whose framework seems promising with another leadership of questionable integrity. past government whose inaction landed us in this mess in the first place.
A leadership in the past that we tasked to privatize our industries, all failed save for the one that ended up in his pocket, yet he claimed to create Jobs? How many jobs were lost in that privatization scam where 56 government entities perished?
Where is our NITEL, ALSCON, Nicon Insurance to mention a few? Leadership that claims to create jobs but his company PRODECO folded up? Leadership that claim to create jobs yet it was Buhari that sacked foreigners littered everywhere in his company, does an ordinary logistics company need that much foreigners?

Leadership that is a case study for corruption and money laundering by the US Senate committee on Homeland security, Leadership that preaches restructuring but but enjoys monopoly in Niger delta sea ports? Atiku is a walking scam, may we not walk into the scam called Atiku because of lie peddled and perfected by the same holocausts that landed us in bondage, every scam comes with a loud noise, say No to Atiku.........

You have my express authority to circulate at will

Do you expect me to read all this
After Reading it where is the food I will eat

Roger3D:
These Igbos want to bamboozle their way into Aso rock through the back door. It must never happen, if you are Yoruba and are planning on casting your vote for Atiku/Obi you had better go and have your head examined

If you like Vote for Sheep
To me we are together inside the pit
Or do you have another market to purchase food items and so on
Go to market now in oshodi there's no more 100 naira peppe it's now 200 if he wins the second term it will be 500 we are inside it together so
Buhari being the president did he stop Hausa/Fulani from coming to Lagos to beg or have you ever seen any Igbo person begging in the streets or Market in Lagos
There's no special thing being a president in Nigeria expect looting and Killing your Opponents
Buhari has done nothing I won't vote for him again I did it before but I thought I was doing some thing good we were only Nine people that voted for him in our pulling unit every body was against me I stood my ground because I thought he will reduce the fuel prices but he increased it and hardship incread
Whether you're Igbo or not we are inside it together

The failure in these areas is the cause of insecurity etc.