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Nairaland Forum / Entertainment / Sports / European Football (EPL, UEFA, La Liga) / EPL Chatroom - All Discussions (1950423 Views)
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Re: EPL Chatroom - All Discussions by raumdeuter: 2:24pm On Nov 04, 2022 |
Tataffo: ok sir |
Re: EPL Chatroom - All Discussions by OasisX: 2:30pm On Nov 04, 2022 |
President Obasanjo met about $5 billion in foreign reserves, and the average monthly oil price for the 72 months he was in office was $38, and yet he left $43 billion in foreign reserves after paying $12 billion to write-off Nigeria’s external debt. In the last five years, the average monthly oil price has been over $100, and the quantity also higher but our foreign reserves have been declining and exchange rate depreciating. - Charles Soludo GEJ preferred listening to somebody that does take advice from madmen as Economic Adviser... SMH! Genesis of our Problem today in Nigeria should be credited to Peter Obi definitely. 3 Likes |
Re: EPL Chatroom - All Discussions by TrebleChamp(m): 2:31pm On Nov 04, 2022 |
raumdeuter:Like they did 7 years ago abi, you are doing well so continue .... 1 Like |
Re: EPL Chatroom - All Discussions by Tataffo: 2:31pm On Nov 04, 2022 |
. 2 Likes
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Re: EPL Chatroom - All Discussions by Donjazet2: 2:32pm On Nov 04, 2022 |
Reccy have you finally made a choice? |
Re: EPL Chatroom - All Discussions by OasisX: 2:34pm On Nov 04, 2022 |
I note that when I assumed office as Governor of CBN, the stock of foreign reserves was $10 billion. The average monthly oil price during my 60 months in office was $59, but foreign reserve reached the all-time peak of $62 billion (and despite paying $12 billion for external debt, and losing over $15 billion during the unprecedented global financial and economic crisis) I left behind $45 billion. Recall also that our exchange rate continuously appreciated during this period and was at N117 to the dollar before the global crisis and we deliberately allowed it to depreciate in order to preserve our reserves. My calculation is that if the economy was better managed, our foreign reserves should have been between $102 –$118 billion and exchange rate around N112 before the fall in oil prices. As of now, the reserves should be around $90 billion and exchange rate no higher than N125 per dollar. Third, the rate of public debt accumulation at a time of unprecedented boom had no parallel in the world. While the Obasanjo administration bought and enlarged the policy space for Nigeria, the current government has sold and constricted it. What debt relief did for Nigeria was to liberate Nigerian policymakers from the intrusive conditionalities of the creditors and thereby truly allowing Nigeria independence in its public policy. - Charles Soludo ....................................................................................... We should quit hypocrisy and stop forming Amnesia. Yes PMB failed to improve the economy, but who plunged us in this Mess? We were successfully rescued by OBJ only to be pushed back into Trenches by GEJ who so much relied on Obi as Economy Adviser. 2 Likes |
Re: EPL Chatroom - All Discussions by TrebleChamp(m): 2:38pm On Nov 04, 2022 |
Lailai... 1 Like
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Re: EPL Chatroom - All Discussions by OasisX: 2:38pm On Nov 04, 2022 |
In sum, the mismanagement of our economy has brought us once more to the brink. Government officials rely on the artificial construct of debt to GDP ratio to tell us we can borrow as much as we want. That is nonsense, especially for an economy with a mono but highly volatile source of revenue and forex earnings. The chicken will soon come home to roost. Today, the combined domestic and external debt of the Federal Government is in excess of $40 billion. Add to this the fact that abandoned capital projects littered all over the country amount to over $50 billion. No word yet on other huge contingent liabilities. If oil prices continue to fall, I bet that Nigeria will soon have a heavy debt burden even with low debt to GDP ratio. Furthermore, given the current and capital account regime, it is evident that Nigeria does not have enough foreign reserves to adequately cover for imports plus short term liabilities. In essence, we are approaching the classic of what the Shagari government faced, and no wonder the hasty introduction of ‘austerity measures’ again. Fourth, poverty incidence and unemployment are also simultaneously at all-time high levels. According to the NBS, poverty incidence grew to 69% in 2010 and projected to be 71% in 2011, with unemployment at 24%. This is the worst record in Nigeria’s history, and the paradox is that this happened during the unprecedented oil boom. - Charles Soludo. ....................................................................................... SMH..... yet Obi is being forced on us as a Saint? Economic Guru? Problems Solver? 2 Likes |
Re: EPL Chatroom - All Discussions by OasisX: 2:43pm On Nov 04, 2022 |
Sadly the government’s economic team is very weak, dominated by self-interested and self-conflicted group of traders and businessmen, and so-called economic team meetings have been nothing but showbiz time. The very people government exists to regulate have seized the levers of government as policymakers and most government institutions have largely been “privatized” to them. Mention any major government department or agency and someone will tell you whom it has been ‘allocated’ to, and the person subsequently nominates his minion to occupy the seat. What do you then expect? The economy seems to be on auto pilot, with confusion as to who is in charge, and government largely as a constraint. There are no big ideas, and it is difficult to see where economic policy is headed to. - Charles Soludo .................................................................................... We all know how it's started, but we'll rather ignore and bash present Administration like they are the cause of it. Peter Obi has just a responsibility, help GEJ to build our Economy, yet he failed woefully. Same man keeps importing from Abroad but miraculously expecting our economy to grow? 1 Like |
Re: EPL Chatroom - All Discussions by raumdeuter: 2:44pm On Nov 04, 2022 |
OasisX: Soludo should complete his 2 terms in Anambra, we will evaluate his performance and come take a bigger role at the National level maybe Presidency sef. We need people with macro governance experience not traders. Selling Gala and LaCasera in traffic and managing economy are 2 different things. We have seen Soludo as CBN governor over 10yrs after we can still see his impact but Obi? Nothing to show 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. |
Re: EPL Chatroom - All Discussions by OasisX: 3:00pm On Nov 04, 2022 |
If oil prices remain between 40- 60 dollars over the next two years, the current policy regime guarantees that foreign reserves will continue the precipitous depletion with the attendant exchange rate depreciation, as well as a probable unsustainable escalation in debt accumulation, fiscal retrenchment or taxing the private sector with vengeance. The scenario does not look pretty. The poor choices made by the current (GEJ) government have mortgaged the future, and the next government would have little room to manoeuvre and would inevitably undertake drastic but painful structural adjustments. Nigerians loathe the term ‘structural adjustment’. With falling real wages and depreciating currency, I can see any belated attempt by the government to deal with the bloated public sector pitching it against a feisty labour. I worry about regime stability in the coming months, and I do not envy the next team. The seeming crisis is not destiny; it is self-imposed. However, we must see it as an opportunity to be seized to fundamentally restructure Nigeria’s political economy, including its fiscal federalism and mineral rights. The current system guarantees cycles of consumption loop and I cannot see sustainable long term prosperity without major systemic overhaul. The proposals at the national conference merely tinker at the margins. - Charles Soludo .................................................................................... Let's keep acting like we didn't see it coming. Let's keep fooling around like Peter Is never part of the Problem. 2 Likes |
Re: EPL Chatroom - All Discussions by Segedinho(m): 3:39pm On Nov 04, 2022 |
OasisX: Sorry bro, but do u in any form put oil theft(arguably sponsored by d gov) into consideration during d forecast?? 1 Like |
Re: EPL Chatroom - All Discussions by Donjazet2: 3:41pm On Nov 04, 2022 |
TrebleChamp: No be this man wey dem threaten to wipe out him lineage be this? 2 Likes |
Re: EPL Chatroom - All Discussions by Donjazet2: 3:43pm On Nov 04, 2022 |
Segedinho: The person who once made this statement below is the very person now assiduously defending the same government. What tribalism cannot do does not exist. 4 Likes 1 Share
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Re: EPL Chatroom - All Discussions by Segedinho(m): 3:46pm On Nov 04, 2022 |
Donjazet2:This wan weak me....... 1 Like
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Re: EPL Chatroom - All Discussions by OasisX: 3:51pm On Nov 04, 2022 |
Donjazet2: Oasis is now an Aboki.... LOL 1 Like |
Re: EPL Chatroom - All Discussions by Donjazet2: 3:52pm On Nov 04, 2022 |
Oasisx, still waiting on you oo. Please I want to start supporting Tinubu, I love the man Soo much. I just want to know his biography. Donjazet2: |
Re: EPL Chatroom - All Discussions by OasisX: 3:52pm On Nov 04, 2022 |
Segedinho: .... arguably sponsor by the Government?! LOL |
Re: EPL Chatroom - All Discussions by OasisX: 3:53pm On Nov 04, 2022 |
Donjazet2: I can only help you with his Biology bruh.....LMFAO 1 Like |
Re: EPL Chatroom - All Discussions by Ellexy: 3:54pm On Nov 04, 2022 |
If you're HAPPY with the way things are going in Nigeria VOTE Apc. 4 Likes |
Re: EPL Chatroom - All Discussions by Tataffo: 3:55pm On Nov 04, 2022 |
3 Likes
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Re: EPL Chatroom - All Discussions by Tataffo: 3:57pm On Nov 04, 2022 |
What changed? 2 Likes
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Re: EPL Chatroom - All Discussions by Donjazet2: 4:00pm On Nov 04, 2022 |
OasisX: No no, I'm just curious as to what will make the person who made this post 5 years ago now be the strongest advocate of that same person. What changed?? Oh I know, I know, "our son" is on the ballot and we cannot be Omo ale, right?? 4 Likes
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Re: EPL Chatroom - All Discussions by Tataffo: 4:00pm On Nov 04, 2022 |
He agreed tinubu na rogue and an igbolabi 3 Likes
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Re: EPL Chatroom - All Discussions by Tataffo: 4:03pm On Nov 04, 2022 |
Oh my 1 Like
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Re: EPL Chatroom - All Discussions by Donjazet2: 4:05pm On Nov 04, 2022 |
Well well well. |
Re: EPL Chatroom - All Discussions by Tataffo: 4:08pm On Nov 04, 2022 |
Now he is out,no longer a coward as you called him but you wan kill am with agenda and propaganda Donjazet,food don done oooooo 4 Likes
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Re: EPL Chatroom - All Discussions by Ellexy: 4:14pm On Nov 04, 2022 |
4 Likes
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Re: EPL Chatroom - All Discussions by Ellexy: 4:16pm On Nov 04, 2022 |
Donjazet2:OasisX is God still saving us or have you fully embraced the same administration you once prayed and fasted fervently to God to save and deliver you from? 5 Likes |
Re: EPL Chatroom - All Discussions by raumdeuter: 4:19pm On Nov 04, 2022 |
Ellexy: Buhari is different from Incoming Tinubu |
Re: EPL Chatroom - All Discussions by OasisX: 4:20pm On Nov 04, 2022 |
Donjazet2: Advocate? How? LOL. Are we here only for cruise or hitting Bull's eyes once in a while as well? We should forget where the problems come from ba? Yeah.... Tinubu lo kan, and he has my support 100%. Guess you ain't aware Kwankwaso is contesting that's while your tribe-man is your preferred candidate too?! You supported PMB in 2015 as many of us. You are calling him out now, something I've done 5yrs ago? That should tell you how empty, shallow minded some of you Obidense are. 5 Likes |
Re: EPL Chatroom - All Discussions by Amoto94(m): 4:25pm On Nov 04, 2022 |
Stripe and Twitter are both laying their staff off due to economic downturn. |
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