Finally most Nigerians have joined Yoruba in line with Tai Solarin, Gabi Fawehinmi, Fela Anikulapo etc to protest against their own Presidents.

Imagine if we had all protested under Shagari, Buhari 1 and II, IBB, OBJ, Jonathan to Tinubu; this country would have been a better place.

Lesson: Do not keep quiet when your son and kin are Presidents. Not only when Tinubu is in power and pile all your bile of over 60 years on him alone.

jara:

Lesson: Do not keep quiet when your son and kin are Presidents. Not only when Tinubu is in power and pile all your bile of over 60 years on him alone.

The problem is, most NIgerians keep quiet under their son's rule because at the end of the day, if their son gets kicked out, they won't get any goodies from the center.

The thing is, in many societies, the closer you are to power, the more benefits come to you.

NIgeria is no exception. IBB was a bad leader, but Niger state got a lot of infrastructure and development when he was in office. Even got more land self.

The thing is, we should all protest against TInubu, hold a people's revolution and get him out of office...but where does that leave the Yorubas? Out in the cold. Meanwhile new leader...would be passing cake to his own people.

And if you think dividing the country would make things better...the argument becomes 'He is from this part., therefore he must favor that part' . See how arguments over who should become governor in states where everyone is from the same tribe degenerate into 'The Northern part of the state has had no governor , t herefore, we must have the governor this time.'

The problem is, the basis of our economy is selling stuff, and sharing the money. If you are in charge of sharing the money, you got it made, and so do your kith. It happens at all levels, including even at the level of youth group....

IN developed countries, everyone pays tax, the economy is diversifed, and in order to earn more money you have to attract investment and more tax payers. Result...they develop more.

But in Nigeria, we had a problem when we got independent. Alarge poor class, a tiny rich class. Governments resorted to sharing money to prevent a new tax revolt. Result...we are in economic shambles...because what we earn is so low, we end up taking loans to sustain the sharing.

Let the people be calm and hold their peace, they all voted for who sits on the seat of government so everyone that voted should enjoy the regime.

This is just 8months there's still 7years and 4months to go

but why should up to 100 people with normal working brains decide that the best man for the job is one that :-

READ AND PASSED FOR WAEC FROM HOME, WHILE SIMULTANEOUSLY, GRADUATING FROM LAGOS GOVERNMENT COLLEGE A WHOLE 4 YEARS BEFORE IT WAS EVEN FOUNDED. ONE WHO USED A SET OF CREDENTIALS TO APPLY FOR GOVERNOR AND A DIFFERENT SET FOR PRESIDENCY.

As someone said, when Nigerians are ready, they would know.

I know God causes the rain to fall on both the just and the unjust, cause who of us here is without sin? I do however pray especially for those Nigerians that are going through pains now, but yet, never supported a known criminal like Tinubu. All you wanted/want is a Nigeria that works, but each time, you see the worst of the worst made so called "leaders". May God wipe the tears away from your face and bring unlimited joy into your lives in Jesus name, amen. Joy so much, you won't help but fall to your knees, even in your sin and say "THANK YOU GOD"!

Which of the 3 leading Presidential candidates is not a certified known criminal?

jara:
Which of the 3 leading Presidential candidates is not a certified known criminal?

One thing is certain, Tinubu has no moral compass to demand debt relief. If it was Peter Obi, he would ask and demand debt relief or at worst debt restructuring. This is where lies the root of this unintended collapse of Nigeria's economy. Every other cosmetic policy gears toward debt repayment. Be it the removal of fuel subsidies or the floating of the Naira.
Every piece of advice from the World Bank and IMF is geared toward getting money ready to pay the principals and the lenders club. Their advice is not good for a family (Nigeria) unable to feed their children.

There is no and has never been any corruption case against Peter Obi in Nigeria or any foreign country. This is a fact.

MadamExcellency:


One thing is certain, Tinubu has no moral compass to demand debt relief. If it was Peter Obi, he would ask and demand debt relief or at worst debt restructuring. This is where lies the root of this unintended collapse of Nigeria's economy. Every other cosmetic policy gears toward debt repayment. Be it the removal of fuel subsidies or the floating of the Naira.
Every piece of advice from the World Bank and IMF is geared toward getting money ready to pay the principals and the lenders club. Their advice is not good for a family (Nigeria) unable to feed their children.

Asking for debt relief is one thing, getting it is another.

Even Obasanjo's debt relief was gotten at the expense of us paying one third of it..

The money they give us as loans comes from their taxpayers. If they keep on forgiving us, their taxpayers would not forgive them at the next election...and replace them with candidates who won't give us any aid whatsoever, and still collect our outstanding, with interest.

That is why we should have developed a diversifed economy, raised our tax to gdp ratio, and actually fought corruption all these decades. Not be sharing oil that cannot sustain 20 million people self.

This is the reason why Yorubas are sophisticated

We won't shed or spear Tinubu bcs he belongs to Yoruba if he fails


He should perform or face massive protest

nairalanda1:


Asking for debt relief is one thing, getting it is another.

Even Obasanjo's debt relief was gotten at the expense of us paying one third of it..

The money they give us as loans comes from their taxpayers. If they keep on forgiving us, their taxpayers would not forgive them at the next election...and replace them with candidates who won't give us any aid whatsoever, and still collect our outstanding, with interest.

That is why we should have developed a diversifed economy, raised our tax to gdp ratio, and actually fought corruption all these decades. Not be sharing oil that cannot sustain 20 million people self.

Stop living in the dark? Did you listen to Turker Calson's interview with Vladimir Putin? Most foreign debts are just printed paper from their central banks.

What diversification did France, Norway and Britain do? This is international politics. The best currency for getting back things from the West is your moral compass. Be it grants or debt forgiveness. If the leader is ready to sacrifice for the people, you will have the support of the West.

Do you know that Buhari's government was forced and blackmailed into taking those loans? The purpose of all these is to get cheap raw materials from Nigeria and to serve Western citizens.

MadamExcellency:


Stop living in the dark? Did you listen to Turker Calson's interview with Vladimir Putin? Most foreign debts are just printed paper from their central banks.

Okay, the debt is pretend, the sun is not real, but it is a model ball in the sky...

What diversification did France, Norway and Britain do? This is international politics. The best currency for getting back things from the West is your moral compass. Be it grants or debt forgiveness. If the leader is ready to sacrifice for the people, you will have the support of the West.

Well, they export a variety of industrial products, and some raw materials, and a variety of processed produce

We export only oyel.

Russia that you admire...also exports a varieity of industrial products, processed produce and oil.

We export only oyel.

Guess they are rich, and not in the debt trap. We are...

Do you know that Buhari's government was forced and blackmailed into taking those loans? The purpose of all these is to get cheap raw materials from Nigeria and to serve Western citizens.

Nope.

The price of oil crashed so badly between 2014-16 that we had to take loans after loans after loans to stay afloat. ANd it was crashing even after then...

Even under GEJ, your beloved hero and lord, the crash in oil prices from APril 2014, forced him to borrow and borrow.

The problem with many African countries is that what we sell, we don't set the price, plus everyone else is producing it. THis drives down prices of our raw materials, and leaves us so broke that we have to take loans to survive. THe higher our population, the worse it becomes.

That is why I call for us to diversify and to become an industrial nation, because it puts us more in control, and better able to resist IMF loan inducements.

UK once took a loan from IMF years ago. They paid it back, because...diversifed economy.

MadamExcellency:


Stop living in the dark? Did you listen to Turker Calson's interview with Vladimir Putin? Most foreign debts are just printed paper from their central banks.

What diversification did France, Norway and Britain do? This is international politics. The best currency for getting back things from the West is your moral compass. Be it grants or debt forgiveness. If the leader is ready to sacrifice for the people, you will have the support of the West.

Do you know that Buhari's government was forced and blackmailed into taking those loans? The purpose of all these is to get cheap raw materials from Nigeria and to serve Western citizens.

I know you don't like long articles...but this excerpt from an article in 2004, explains a lot. It explains what happened in the past, and what happened after 2004, and why we got debts...

Better read this article. I insist...because many of you who come here to quote me never know where I am coming from..

Again it was from 2004. Long before all this APC Nonsese came about...so it is not a defence of government lol. It shows you part of why we have bad governments, and why APC is a bad government by the way...

In a strict sense, the Dutch disease refers to the crowding out of the traditional export sector by a new booming export sector and the non-tradable goods sector. However, in a broad sense, a country is said to have developed the Dutch disease syndrome when an income "windfall" in the economy leads to harmful or adverse consequences including a decline in the traditional sources of income in the country. The income windfall may come from sharp increases in the price (or production) of exportable (tradable) natural resources (e.g. crude oil, cocoa, coffee, diamond, gold, etc) and/or sharp increases in foreign aid or direct foreign investment or loans, resulting in sharp increase in foreign exchange earnings. The Dutch disease syndrome has existed, albeit in a benign form, since nations started trading with each other. However, it derives its current name from the experiences of the Netherland in the 1960s following the discovery and exploitation of large deposits of natural gas in the country's adjoining North Sea. This led to a significant increase in the country's revenue (foreign exchange) and appreciation of the country's currency (i.e. the Dutch guilder became stronger) which in turn led to a reduction in the competitiveness of the non-oil tradable goods sector of the economy. What was otherwise a positive development in the oil sector led to problems in other sectors of the economy including a depression in the non-oil export sector. It was not until the mid 1970s that the Dutch disease took a malignant form in many oil-exporting and some other mono-cultural developing countries as well as in some aid-dependent countries.


Corden and Neary (1982) have demonstrated how Dutch disease occurs in an economy. According to them, in a country experiencing "boom" in the export of a commodity, the economy can be divided into three sectors: the "booming" export sector, the "lagging' traditional export sector and the non-export sector. [b]The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty[/b].

In an extreme case, the Dutch Disease can lead to "Immiserising Growth" syndrome - a situation where increase in the output of exported commodity by a country leads to a deterioration of the country's welfare (Bhagwati, 1958). This happens when the effect of export-led growth on a country's terms of trade is strong enough to more than offset the direct benefits of growth. It is an extreme case of self-defeating growth. Although the theory of Immiserising Growth was not originally developed for oil-exporting countries, its tenets apply to many oil-exporting countries in the sense that despite the substantial increase in their export revenue, they have suffered significant decline in general welfare due largely to mismanagement of their oil revenue. Thus, the Dutch Disease syndrome confirms the assertion by a Spanish writer in the 16th Century that "the gratification of wealth is not found in mere possession or in lavish expenditure but in its wise application". Although the main manifestation of the Dutch disease syndrome in an oil exporting country is the decline or depression in the non-oil export sector, other "collateral" manifestations include appreciation of the real exchange rate at the onset, increase in corruption, increase in external debt and increase in poverty. However, an oil-exporting country must not suffer from the Dutch Disease. Furthermore, not all oil-exporting countries suffering from the disease have all "collateral" manifestations at the same time. Country experiences vary considerably depending on their political economy.

SOURCE

nairalanda1,

While I generally agree with you, I disagree that the ethnic champion in power benefits his people.

Let us agree that the cronies of his ethnic group benefit. As much as we cry against Northern domination when in power, it has not made any difference to the majority of Northerners or the conquered Hausa.

How did Obasanjo help his people when he gloats as the most detribalized Nigerian?

Even Jonathan as a Biafran with powerful Igbo cabinet left environmental degradation in Niger Delta worse than he met it.

Despite Peter Obi Pandora, his drug mule Chinenye in Peru prison and kicking out other Igbo from Anambra Civil Service, they still think he is a Messiah!