joseph1013: 8:10pm On Jan 27
Two parties get a scathing and critical article.

One responds through FFK with " Mr. Soludo is confused and conflicted. He seems to have lost touch with reality and this is what often happens when you spend too much time with the Buharists."

The other through Dr. Fayemi responds with "We commend Professor Chukwuma Soludo’s for his insightful and incisive article. We agree with Professor Soludo that if the political parties, including ours, must justify the overwhelming enthusiasm of Nigerians about the 2015 elections we must remain focused on the issues that matter most to them, which is the progress of our country and the well being of our people."

One chooses to attack the messenger, the other addresses the message.

Any surprise why some of us chose the side of the divide we are.

I'm proud!

Your analysis is on point.

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo-Source National Bureau of Statistics[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!

You can understand why many of us are amused when the government celebrates that it has established twelve more glorified secondary schools as universities. I thought they would have told us how many Nigerian universities made it in the league of the best 200 universities in the world.


[size=16pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. [/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. the current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. the director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. is this the record to defend?

[size=16pt]His record on the economy is a clear ‘F’ grade. [/size]

[size=16pt]the seeming crisis is not destiny; it is self-imposed. [/size]

Everywhere else in the world, government performance on the economy is measured by some outcome variables such as: income (GDP growth rate), stability of prices (inflation and exchange rate), unemployment rate, poverty rate, etc.

the current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. the director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. is this the record to defend? Obama had a tough time in his re-election in 2012 because unemployment reached 8%. Here, unemployment is at a record 24% and poverty at an all-time 71% but people are prancing around, gloating about ‘performance’. As I write, the Naira exchange rate to the dollar is $210 at the parallel market. What a historic performance! Please save your breathe and save us the embarrassment.

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!

You can understand why many of us are amused when the government celebrates that it has established twelve more glorified secondary schools as universities. I thought they would have told us how many Nigerian universities made it in the league of the best 200 universities in the world.


[size=20pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. [/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=20pt]His record on the economy is a clear ‘F’ grade.[/size]

[size=20pt]The seeming crisis is not destiny; it is self-imposed. [/size]

Everywhere else in the world, government performance on the economy is measured by some outcome variables such as: income (GDP growth rate), stability of prices (inflation and exchange rate), unemployment rate, poverty rate, etc.

The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend? Obama had a tough time in his re-election in 2012 because unemployment reached 8%. Here, unemployment is at a record 24% and poverty at an all-time 71% but people are prancing around, gloating about ‘performance’. As I write, the Naira exchange rate to the dollar is $210 at the parallel market. What a historic performance! Please save your breathe and save us the embarrassment.

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!

You can understand why many of us are amused when the government celebrates that it has established twelve more glorified secondary schools as universities. I thought they would have told us how many Nigerian universities made it in the league of the best 200 universities in the world.


[size=20pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record.[/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=20pt]His record on the economy is a clear ‘F’ grade. [/size]

[size=20pt]The seeming crisis is not destiny; it is self-imposed. [/size]

Everywhere else in the world, government performance on the economy is measured by some outcome variables such as: income (GDP growth rate), stability of prices (inflation and exchange rate), unemployment rate, poverty rate, etc.

The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend? Obama had a tough time in his re-election in 2012 because unemployment reached 8%. Here, unemployment is at a record 24% and poverty at an all-time 71% but people are prancing around, gloating about ‘performance’. As I write, the Naira exchange rate to the dollar is $210 at the parallel market. What a historic performance! Please save your breathe and save us the embarrassment.

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!

You can understand why many of us are amused when the government celebrates that it has established twelve more glorified secondary schools as universities. I thought they would have told us how many Nigerian universities made it in the league of the best 200 universities in the world.


[size=20pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. [/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=20pt]His record on the economy is a clear ‘F’ grade[/size].

[size=20pt]The seeming crisis is not destiny; it is self-imposed. [/size]

Everywhere else in the world, government performance on the economy is measured by some outcome variables such as: income (GDP growth rate), stability of prices (inflation and exchange rate), unemployment rate, poverty rate, etc.

The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend? Obama had a tough time in his re-election in 2012 because unemployment reached 8%. Here, unemployment is at a record 24% and poverty at an all-time 71% but people are prancing around, gloating about ‘performance’. As I write, the Naira exchange rate to the dollar is $210 at the parallel market. What a historic performance! Please save your breathe and save us the embarrassment.

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!

You can understand why many of us are amused when the government celebrates that it has established twelve more glorified secondary schools as universities. I thought they would have told us how many Nigerian universities made it in the league of the best 200 universities in the world.


[size=20pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. [/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=20pt]His record on the economy is a clear ‘F’ grade. [/size]

[size=20pt]The seeming crisis is not destiny; it is self-imposed. [/size]

Everywhere else in the world, government performance on the economy is measured by some outcome variables such as: income (GDP growth rate), stability of prices (inflation and exchange rate), unemployment rate, poverty rate, etc.

The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend? Obama had a tough time in his re-election in 2012 because unemployment reached 8%. Here, unemployment is at a record 24% and poverty at an all-time 71% but people are prancing around, gloating about ‘performance’. As I write, the Naira exchange rate to the dollar is $210 at the parallel market. What a historic performance! Please save your breathe and save us the embarrassment.

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!


[size=20pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. [/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!


[size=20pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. [/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!

[size=20pt]
My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record.
[/size]

Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=22pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!


[size=20pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. [/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!


[size=16pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. [/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=20pt]Jonthan government is the worst in our history on the economy. - Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!


[size=20pt]My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. [/size]


Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

[size=14pt]Jonthan government is the worst in our history on the economy. Charles Soludo[/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!

Despite presiding over the biggest oil boom in our history, it has not added one percentage point to the growth rate of GDP compared to the Obasanjo regime especially the 2003- 07 period. Obasanjo met GDP growth rate at 2% but averaged 7% within 2003- 07. The current government has been stuck at 6% despite an unprecedented oil boom. Income (GDP) growth has actually performed worse, and poverty escalated. This is the only government in our history where rapidly increasing government expenditure was associated with increasing poverty. The director general of NBS stated in his written press conference address in 2011 that about 112 million Nigerians were living in poverty. Is this the record to defend?

My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record

Jonathan government is the worst in our history on the economy-Charles Soludo[size=20pt][/size]

We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!
One of those present took the satire to some level by comparing Jonathan to the ‘performance’ of the former Governor of Anambra, Peter Obi. He noted that while Obi gloated about ‘savings’, there is no signature project to remember his regime except that his regime took the first position among all states in Nigeria in the democratization of poverty—- mass impoverishment of the people of Anambra. According to the National Bureau of Statistics, poverty rose under his watch in Anambra from 20% in 2004 (lowest in Nigeria then) to 68% in 2010 (a 238% deterioration!). Our friend likened it to a father who had no idea of what to do with his resources and was celebrating his fat bank account while his children were dying of kwashiorkor. He pointed out that since it is the likes of Peter Obi who are the advisers to Jonathan on how to manage the economy (thereby confusing micromanagement which you do as a trader with macro governance) it is little wonder that poverty is fast becoming another name for Nigeria. It was a very hilarious evening.
My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record

J[b]onathan government is the worst in our history on the economy-Prof Charles Soludo[/b][size=20pt][/size]
[b]We were reminded of Jonathan’s agricultural ‘revolution’. But someone cut in and noted that for all the propaganda, the growth rate of the agricultural sector in the last five years still remains far below the performance under Obasanjo. One of us reminded him that no other president had presided over the slaughter of about 15,000 people by insurgents in a peacetime; no other president earned up to 50% of the amount of resources the current government earned from oil and yet with very little outcomes; no other president had the rate of borrowing; none had significant forex earnings and yet did not add one penny to foreign reserves but losing international reserves at a time of boom; no other president had a depreciating exchange rate at a time of export boom; at no time in Nigeria’s history has poverty reached 71% (even under Abacha, it was 67 -70%); and under no other president did unemployment reach 24%. Surely, these are unprecedented records and he surely ‘outperformed’ his predecessors! What a satire!
One of those present took the satire to some level by comparing Jonathan to the ‘performance’ of the former Governor of Anambra, Peter Obi. He noted that while Obi gloated about ‘savings’, there is no signature project to remember his regime except that his regime took the first position among all states in Nigeria in the democratization of poverty—- mass impoverishment of the people of Anambra. According to the National Bureau of Statistics, poverty rose under his watch in Anambra from 20% in 2004 (lowest in Nigeria then) to 68% in 2010 (a 238% deterioration!). Our friend likened it to a father who had no idea of what to do with his resources and was celebrating his fat bank account while his children were dying of kwashiorkor. He pointed out that since it is the likes of Peter Obi who are the advisers to Jonathan on how to manage the economy (thereby confusing micromanagement which you do as a trader with macro governance) it is little wonder that poverty is fast becoming another name for Nigeria. It was a very hilarious evening.
My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record[/b][font=Lucida Sans Unicode][/font][size=14pt][/size]

http://www.punchng.com/news/prices-of-imported-cars-to-rise-by-60/
http://www.ogtv.com.ng/foreign-investors-withdraw-n793bn-from-stock-market/
Foreign Investors Withdraw N793bn From Stock Market
January 16, 2015 in Business Leave a comment

Foreign investors, alarmed by the economic and political risks in the country, pulled out N793.17bn from the Nigerian Stock Exchange between January and November 2014.
The figure represents 67.5 per cent increase on the N473.61bn foreign portfolio investment outflow from the stock market in the corresponding period of 2013.
It also marked the first time in three years that FPI outflow would surpass inflow as the amount taken out of the market was N171.92bn higher than the N621.25bn that the foreign investors brought in.
According to capital market analysts, the exit of foreign investors from the equities market was a major reason for its poor performance in 2014 during which the market closed with a negative return of 16.14 per cent.
The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, had in November explained that the devaluation of the naira in the face of the declining prices of crude oil was expected to, among other things, check the outflow of the FPI.
Rewane, who said before the devaluation of the currency, foreigners were selling their shares in order to take their money out of Nigeria, added that “now that the value has been established, that will stop.”
The second largest monthly FPI outflow of N116.5bn in the review period was recorded that month and the outflow has continued with stocks already down by up to 17 per cent this year.
The Chief Executive Officer, Highcap Securities Limited, Mr. David Adonri, explained that the sustained sell-off and outflow was as a result of the unexpected continued decline in the prices of crude oil in the international market and increasing political risks in the country.
Reviewing the performance of the stock market in 2014, the Chief Executive Officer, NSE, Mr. Oscar Onyema, confirmed that the outflow was a major factor in the poor performance of the market.
He told journalists in Lagos on Wednesday, “In the capital market, bearish sentiments prevailed for most of the year as foreign investors steadily withdrew from the Nigerian market due to currency risk and the recovery of developed economies, and the effects of the US Federal Reserve tapering of its quantitative easing policy.”
He added that the air of uncertainty that hovered over the Nigerian capital market throughout 2014 caused investors to increasingly adopt a ‘flight to quality’ strategy.
The impact of the foreign investors and their activity on the market has prompted several market analysts to call for efforts to be made to ensure that Nigerians, who are less likely to flee the market in times of crisis, dominate it.
As of November 2014, despite the sell-off, foreign portfolio investors accounted for 58.51 per cent of equity transactions, with domestic investors making up the balance.
The Chief Executive Officer, Enterprise Stockbrokers, Mr. Rotimi Fakayejo, called for more Nigerian participation in the equities market.
“If we have as much as 70 per cent local investors on the Nigerian bourse, then definitely, whenever there is any surge internationally, which may force foreign portfolio investors to retract whatever investment they have made in Nigeria, the Nigerian local investors will have sufficient capacity to absorb that shock and take up that excess liquidity of stock at any point in time,” he said.
Onyema, who said the rising value of the dollar might continue to precipitate foreign portfolio investment reversals, which remained a real threat to the Nigerian capital market, assured stakeholders that the Exchange would continue to work towards increasing domestic participation in the market.

http://www.ogtv.com.ng/foreign-investors-withdraw-n793bn-from-stock-market/
http://www.punchng.com/business/business-economy/foreign-investors-withdraw-n793bn-from-stock-market/
Foreign Investors Withdraw N793bn From Stock Market
January 16, 2015 in Business Leave a comment

Foreign investors, alarmed by the economic and political risks in the country, pulled out N793.17bn from the Nigerian Stock Exchange between January and November 2014.
The figure represents 67.5 per cent increase on the N473.61bn foreign portfolio investment outflow from the stock market in the corresponding period of 2013.
It also marked the first time in three years that FPI outflow would surpass inflow as the amount taken out of the market was N171.92bn higher than the N621.25bn that the foreign investors brought in.
According to capital market analysts, the exit of foreign investors from the equities market was a major reason for its poor performance in 2014 during which the market closed with a negative return of 16.14 per cent.
The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, had in November explained that the devaluation of the naira in the face of the declining prices of crude oil was expected to, among other things, check the outflow of the FPI.
Rewane, who said before the devaluation of the currency, foreigners were selling their shares in order to take their money out of Nigeria, added that “now that the value has been established, that will stop.”
The second largest monthly FPI outflow of N116.5bn in the review period was recorded that month and the outflow has continued with stocks already down by up to 17 per cent this year.
The Chief Executive Officer, Highcap Securities Limited, Mr. David Adonri, explained that the sustained sell-off and outflow was as a result of the unexpected continued decline in the prices of crude oil in the international market and increasing political risks in the country.
Reviewing the performance of the stock market in 2014, the Chief Executive Officer, NSE, Mr. Oscar Onyema, confirmed that the outflow was a major factor in the poor performance of the market.
He told journalists in Lagos on Wednesday, “In the capital market, bearish sentiments prevailed for most of the year as foreign investors steadily withdrew from the Nigerian market due to currency risk and the recovery of developed economies, and the effects of the US Federal Reserve tapering of its quantitative easing policy.”
He added that the air of uncertainty that hovered over the Nigerian capital market throughout 2014 caused investors to increasingly adopt a ‘flight to quality’ strategy.
The impact of the foreign investors and their activity on the market has prompted several market analysts to call for efforts to be made to ensure that Nigerians, who are less likely to flee the market in times of crisis, dominate it.
As of November 2014, despite the sell-off, foreign portfolio investors accounted for 58.51 per cent of equity transactions, with domestic investors making up the balance.
The Chief Executive Officer, Enterprise Stockbrokers, Mr. Rotimi Fakayejo, called for more Nigerian participation in the equities market.
“If we have as much as 70 per cent local investors on the Nigerian bourse, then definitely, whenever there is any surge internationally, which may force foreign portfolio investors to retract whatever investment they have made in Nigeria, the Nigerian local investors will have sufficient capacity to absorb that shock and take up that excess liquidity of stock at any point in time,” he said.
Onyema, who said the rising value of the dollar might continue to precipitate foreign portfolio investment reversals, which remained a real threat to the Nigerian capital market, assured stakeholders that the Exchange would continue to work towards increasing domestic participation in the market.

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