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Nigeria Confronts Its Worst Economic Crisis In A Generation - Politics (3) - Nairaland

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Nigeria Confronts Its Worst Economic Crisis In A Generation -The New York Times / Tinubu Inherited The Worst Economic Challenges So Far In Nigeria’s History - APC / Floating Of Naira Worst Economic Decision - PENGASSAN (2) (3) (4)

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Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by tuoyoojo(m): 9:41am On Jun 17
After reading this part, I couldn't help but stop laughing

"People tap as they pray, in mosques and churches. Children tap under desks at school. Mourners tap at funerals"

All man just wan make am
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by mipeesoft(m): 9:42am On Jun 17
I shouted too ooo that people were thinking that I was faking my Yoruba identity. The truth that I told them which they failed to accept is now hunting them unfortunately no remedy for now. grin
PlasmaTV:
Lol
We literally shouted but they called us "Omo ale" and "akotileta".

Now, the "omoluabis" can't even get food to eat. Very very funny world. I like this lesson that TeaNoobu is teaching everybody.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by maestroferddi: 9:50am On Jun 17
lol...

Whoever wrote this article no get joy at all...

Complete smackdown.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by InvertedHammer: 9:54am On Jun 17
/
There was a time a report like this would elicit empathy. But after watching how Nigerians elect their leaders, those who could help chose to be indifferent.

It is pointless trying to save those who don't want to help themselves.

In a country where people are barely surviving, the National Assembly is preoccupied with buying a "befitting" plane for the Presidency after the VP just moved into a N20billion "befitting" mansion.
/

2 Likes 1 Share

Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by Everlastingson: 9:54am On Jun 17
Godszilla:

https://www.nytimes.com/2024/06/11/world/africa/nigeria-economy-strike.html

This is journalism at it's best. Vivid, picturesque, accurate and unbiased description of the true state of things in Nigeria. Even our own local newspapers who witness these things live aren't able to present a reportage so accurate, precise and vivid. Tinubu shouldn't be in Aso Rock at all.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by condralbedez: 10:01am On Jun 17
Ezmans:
sometimes I ask my self how poor couples with like four children is surviving in this regime
Honestly it's annoying, go to the market and see how the food stuffs has skyrocketed, People are leaving from hand to mouth, one square meal a day nah God.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by maestroferddi: 10:03am On Jun 17
OmoManU:
As a teenager I grew up during Babangida’s regime, people were complaining, screaming and shouting that he was the next worst thing to the devil himself, then there came Abacha the shouts were even louder and everyone thought that's the end of the country, then AbdulaSalami Abubakar came in and followed by Obasanjo, the shouts, curses and abuses continued, nothing seems to be working under him, and then Mr sickler Umaru Musa YarAdua, still same complains and shouts, then there came Mr clueless Goodluck Ebele Jonathan, everything then scattered under him, same noises and shouting, and then Mr I-don’t-care Muhammadu Buhari, that one just spent time there, nothing works under him and according to many Nigerians, he set us back by decades and then now the most hated Nigerian sitting president I've ever known in my 4 decades of existence Mr Bola Ahmed Tinubu, and the noises and downward dwindling continued. So as people why can't we just called ourselves and asked ourselves questions, whats really our problem as a people, because as for me i personally don't think these people are our real problem, probably something is wrong with us innately somewhere, because I believe even if Mr I-am-the-best-thing-created-ever, Mr-I’ve-got-no-sins, I-am-the-’messiah’ Peter Gregory Obi comes in too tomorrow or one day, obviously the circle would still continue to be the same, Nigerians lets check ourselves!!!
You are getting it wrong...

Obasanjo made some mistakes but Nigeria was moving forward under him with most of what we have today initiated or completed under his admnistration.

It smacks of outright defeatism to tar every Nigerian leader with the same brush. Peter Obi will move Nigeria forward: That is without any shadow of doubt.

You dont throw up a maverick or a person who has been part of the problem and expect him to perform wonders.

Did both Buhari and Tinubu emerge from outer space to become presidents of Nigeria? Were they not men whose antecedents we all were familiar with?
So why would any right-thinking person plant grapes and expect to reap sweet oranges from the same trees? It is patent foolishness to sow the wind and turn round to complain when the whirlwind accompanies it...

The thoughtless remark one gets from certain people that because Tinubu is failing spectacularly, then Peter Obi would have also failed is a lazy attempt to rationalize stupidity...

4 Likes 1 Share

Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by jaxxy(m): 10:12am On Jun 17
An economic disaster.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by opeldavid: 10:14am On Jun 17
We warned them oooo....but the called us bastards.
How on earth would any govt be worse than the clueless govt of Buhari for 8 yrs. Tinubu just achieved that in just 1 yr. Balablu bulaba.

Next election face INEC squarely.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by jaxxy(m): 10:16am On Jun 17
OmoManU:
As a teenager I grew up during Babangida’s regime, people were complaining, screaming and shouting that he was the next worst thing to the devil himself, then there came Abacha the shouts were even louder and everyone thought that's the end of the country, then AbdulaSalami Abubakar came in and followed by Obasanjo, the shouts, curses and abuses continued, nothing seems to be working under him, and then Mr sickler Umaru Musa YarAdua, still same complains and shouts, then there came Mr clueless Goodluck Ebele Jonathan, everything then scattered under him, same noises and shouting, and then Mr I-don’t-care Muhammadu Buhari, that one just spent time there, nothing works under him and according to many Nigerians, he set us back by decades and then now the most hated Nigerian sitting president I've ever known in my 4 decades of existence Mr Bola Ahmed Tinubu, and the noises and downward dwindling continued. So as people why can't we just called ourselves and asked ourselves questions, whats really our problem as a people, because as for me i personally don't think these people are our real problem, probably something is wrong with us innately somewhere, because I believe even if Mr I-am-the-best-thing-created-ever, Mr-I’ve-got-no-sins, I-am-the-’messiah’ Peter Gregory Obi comes in too tomorrow or one day, obviously the circle would still continue to be the same, Nigerians lets check ourselves!!!

it has little to do with Nigerians as a people and more to do with our systems which are weak and corrupt.

A country either grows buy a strong leader or strong systems or both.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by Everlastingson: 10:16am On Jun 17
OmoManU:
As a teenager I grew up during Babangida’s regime, people were complaining, screaming and shouting that he was the next worst thing to the devil himself, then there came Abacha the shouts were even louder and everyone thought that's the end of the country, then AbdulaSalami Abubakar came in and followed by Obasanjo, the shouts, curses and abuses continued, nothing seems to be working under him, and then Mr sickler Umaru Musa YarAdua, still same complains and shouts, then there came Mr clueless Goodluck Ebele Jonathan, everything then scattered under him, same noises and shouting, and then Mr I-don’t-care Muhammadu Buhari, that one just spent time there, nothing works under him and according to many Nigerians, he set us back by decades and then now the most hated Nigerian sitting president I've ever known in my 4 decades of existence Mr Bola Ahmed Tinubu, and the noises and downward dwindling continued. So as people why can't we just called ourselves and asked ourselves questions, whats really our problem as a people, because as for me i personally don't think these people are our real problem, probably something is wrong with us innately somewhere, because I believe even if Mr I-am-the-best-thing-created-ever, Mr-I’ve-got-no-sins, I-am-the-’messiah’ Peter Gregory Obi comes in too tomorrow or one day, obviously the circle would still continue to be the same, Nigerians lets check ourselves!!!

You started your "treatise" well but ended up with trash. And you're up to forty. As it is yourself can't still point out the problem of Nigeria after being here for at least 40 years. When did you hear Peter Obi praise himself during the campaigns? Or if he stated some of his achievements as a former Governor ( in response to questions on what he did as former Governor) it transmutes to self exultation in your view? SMH.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by Everlastingson: 10:25am On Jun 17
Roger3D:
The greatest mistake Nigerians made was in electing Tinubu as President. The man is just useless. I hope he gets kicked out in 2027. What a wicked and heartless soul

You should know that 2027 is still very far. At this rate of things how many people go remain that time?
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by malali: 10:27am On Jun 17
This response fails to acknowledge the severe and immediate impacts of rash and poorly timed decisions on the vulnerable population in Nigeria. Here’s an in-depth critique highlighting why these sudden implementations were ill-conceived and have exacerbated the suffering of ordinary Nigerians:

1. Immediate Fuel Subsidy Removal:
• Impact: The abrupt removal of the fuel subsidy without a phased approach led to an instant spike in fuel prices. This decision ignored the economic shock it would cause to millions of Nigerians who rely on subsidized fuel for transportation and power.
• Real-Life Scenario: A typical Lagos commuter who previously spent N5,000 monthly on transport now finds themselves paying upwards of N15,000. For families already struggling with basic expenses, this is untenable and forces difficult choices between transportation, food, and other necessities.
2. Exchange Rate Unification:
• Impact: The decision to float the naira and unify exchange rates led to a rapid devaluation of the currency. While the move aimed to address underlying economic issues, it lacked adequate measures to cushion the immediate inflationary effects.
• Real-Life Scenario: Small business owners who import goods found their costs doubling overnight. A small electronics shop owner in Abuja who used to import goods at an exchange rate of N500 to the dollar now faces rates over N1000, leading to soaring prices that drive away customers and threaten business viability.
3. Lack of Preparedness and Safety Nets:
• Impact: Implementing these policies without adequate social safety nets or transition programs has left many Nigerians in dire straits. The government’s failure to roll out substantial and timely support measures has resulted in increased poverty and hardship.
• Real-Life Scenario: In rural areas, where subsistence farming is common, the spike in fuel and transportation costs means higher prices for farming inputs and reduced market access for produce. Farmers in Kaduna, for instance, have reported being unable to afford fertilizers and transport, leading to reduced agricultural productivity and income.
4. Inflation and Cost of Living Crisis:
• Impact: The immediate implementation of these economic reforms has fueled unprecedented inflation. Basic goods and services have become unaffordable for the average Nigerian, eroding the purchasing power of households across the country.
• Real-Life Scenario: A family in Port Harcourt that used to spend N10,000 weekly on groceries now needs N20,000 for the same items, pushing them to cut down on essential food items and leading to malnutrition and health issues, especially among children.
5. Social Unrest and Increased Crime Rates:
• Impact: The sudden economic hardship has led to a rise in social unrest and crime rates as people struggle to make ends meet. Desperation drives many to criminal activities, creating a vicious cycle of insecurity and economic instability.
• Real-Life Scenario: In cities like Kano, there has been a noticeable increase in petty theft and other crimes. Young men, unable to find jobs or afford basic necessities, are increasingly turning to theft and other illicit activities to survive, exacerbating the already fragile security situation.


Tinubu's administration inherited significant economic challenges, the hasty and unphased implementation of critical economic policies has led to widespread suffering among Nigerians. These measures, devoid of adequate planning and safety nets, have caused immediate and severe economic shocks, disproportionately affecting the vulnerable population. The government’s approach has not only deepened the economic crisis but also undermined public trust and social stability. To avoid further exacerbation of these issues, a more thoughtful, phased, and well-communicated approach is essential, coupled with robust support systems to protect the most affected citizens.

2 Likes

Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by Anatolia: 11:05am On Jun 17
We don’t have leaders but hardened criminals who are full of pride , entitlement mentality and lack empathy.

1 Like

Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by IbeOkehie: 11:12am On Jun 17
But this is still better than living in the UK....think of all the social capital that can be deployed in Nigeria

Look up, I don't see any Glass Ceiling......

The Poverty Capital of the World

grin

Good Luck to Nigeria.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by AwesomeDuru(m): 11:23am On Jun 17
faceland:
Yesterday I resigned all my domain names. Domain name is equal to the current minimum wage and unfortunately no time to put in the work/effort to get a ROI... In this economy; (almost daily) I am forced to make tough choices on were to allocate limited resources.

Once upon a time, I use to have 12 with no stress on my finances.

Tinubu/Buhari keeps reminding me of all the things I took for granted under Jonathan.
Big mistake...
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by PlasmaTV: 11:28am On Jun 17
mipeesoft:
I shouted too ooo that people were thinking that I was faking my Yoruba identity. The truth that I told them which they failed to accept is now hunting them unfortunately no remedy for now. grin
Lol. I was trolled and banned here. I had to open another account, just because I SHOUTED. They called me all sorts of names.

Now, the hen has come home to roost.

1 Like

Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by JOACHINpedro: 11:29am On Jun 17
Everlastingson:


You should know that 2027 is still very far. At this rate of things how many people go remain that time?
Natural selection is currently xuping in Nigeria. Business dey fold like kilode.
This is not hunger, na famine we dey so
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by frog12: 11:53am On Jun 17
this is the worst article ever.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by frog12: 11:56am On Jun 17
na because of muslim muslim ticket we dey suffer?

able20:
Where is VP Shittima? He has disappeared.
They warned Olodo Tinubu about the Muslim Muslim ticket he wouldn't listen.
Reno Omokri _& Co. are no more blogging. Shame.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by Blazetrailer: 11:58am On Jun 17
I don't think Nigerians have understood the effect of Tinubus calamitous economic policies yet...I shudder at the magnitude of it but more shocked about the calmess of Nigerians at the looming destructions facilitated by the brazen stupidity in those decisions.

2 Likes

Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by YouAreNobody: 12:39pm On Jun 17
faceland:
Yesterday I resigned all my domain names. Domain name is equal to the current minimum wage and unfortunately no time to put in the work/effort to get a ROI... In this economy; (almost daily) I am forced to make tough choices on were to allocate limited resources.

Once upon a time, I use to have 12 with no stress on my finances.

Tinubu/Buhari keeps reminding me of all the things I took for granted under Jonathan.
Lolzzzzz.....I remember a few years back, you can pay for a domain name with your bank debit card and it was so cheap. Even during Buhari's tenure it was around 4k before I left Nigeria. I'm back in Nigeria for a project and it's now impossible to pay with a Nigerian card, plus it's now more than #25k to pay for a simple .com domain name

1 Like

Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by okeke6969: 1:20pm On Jun 17
condralbedez:
embarassed

Tinubu is a colassal failure, imagine after 8 years of Buhari hardship, i never would have thought that Tinubu tenure will be worst.


You never would have thought😂😂😂😂😂😂😂😂
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by mipeesoft(m): 2:06pm On Jun 17
shocked
PlasmaTV:

Lol. I was trolled and banned here. I had to open another account, just because I SHOUTED. They called me all sorts of names.

Now, the hen has come home to roost.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by bluefilm: 5:39pm On Jun 17
We warned them

But they chose not to listen

Elections have consequences
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by faceland: 10:24pm On Jun 17
YouAreNobody:

Lolzzzzz.....I remember a few years back, you can pay for a domain name with your bank debit card and it was so cheap. Even during Buhari's tenure it was around 4k before I left Nigeria. I'm back in Nigeria for a project and it's now impossible to pay with a Nigerian card, plus it's now more than #25k to pay for a simple .com domain name

Yes, back in the days you can use your naira debit card to pay in dollars and it didn't cause inflation.
I paid for WhatsApp (after a year, only $1) and I had many software's I was subscribed to for $20 (which wasn't expensive to me, less than 4k naira)... "tins don spoil"
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by Gigadot1(m): 12:41am On Jun 18
Whoever put up this write up must be an IPOB apologist.
Bigotry is an illnesses...

Continue
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by tensazangetsu20(m): 1:13am On Jun 18
I really pity children born in Nigeria Sha. By the time this fool of a president is done eh, I won't be surprised children kill their parents for birthing them in Nigeria or parents start eating their kids.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by Gerrard59(m): 1:43am On Jun 18
tensazangetsu20:
I really pity children born in Nigeria Sha. By the time this fool of a president is done eh, I won't be surprised children kill their parents for birthing them in Nigeria or parents start eating their kids.

If Tinubu becomes worse than Buhari, then it is a bad stain on his personality. I don't expect anyone to be worse than Buhari.

1 Like

Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by tensazangetsu20(m): 1:47am On Jun 18
Gerrard59:


If Tinubu becomes worse than Buhari, then it is a bad stain on his personality. I don't expect anyone to be worse than Buhari.

He's already worst than buhari. What is if he becomes worst. You are talking future tense. Aren't you seeing what's happening. The man has failed woefully. I can't imagine the next 7 years. As ibeokehie will say. Good luck to Nigerians.
Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by Karleb(m): 1:52am On Jun 18
Gerrard59:


If Tinubu becomes worse than Buhari, then it is a bad stain on his personality. I don't expect anyone to be worse than Buhari.

Brotherly, Tinubu was already as bad as Buhari's 8 years in 6 months. Now he is currently really really bad that Buhari looks like a saint.


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2023
1 🇪🇬Egypt: $393.9 billion
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3 🇳🇬Nigeria: $374.9 billion
4 🇩🇿Algeria: 244.7 billion
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1 🇿🇦South Africa: $373.2 billion
2 🇪🇬Egypt: $347.6 billion
3 🇩🇿Algeria: $266.8 billion
4 🇳🇬Nigeria: $252.7 billion
5 🇪🇹Ethiopia: $205.1 billion

#Statisense
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Re: Nigeria Confronts Its Worst Economic Crisis In A Generation by IbeOkehie: 3:15am On Jun 18
tensazangetsu20:


He's already worst than buhari. What is if he becomes worst. You are talking future tense. Aren't you seeing what's happening. The man has failed woefully. I can't imagine the next 7 years. As ibeokehie will say. Good luck to Nigerians.

I think Tinubu is doing better than Buhari. He's been forced to take some radical steps, half heartedly but he has tried and believe it or not, it's yielding some results. It's kinda like SAP all over again, the sense of the situation is there but there's something preventing a thorough implementation. I believe, as Kemi Adeosun said back in her time as Finance Minister, that thing is feudal-socialist mindset.

Nigerian exports have increased mightily in the past 6 to 12 months. Go look it up. I've been told by some business people in Nigeria that they're finding new markets for Nigerian products abroad. Devaluation of the naira has bumped up State government revenues. Local Government autonomy. Something is happening with the electricity industry.

The problem is that there's so much more complementary stuff that needs to be done and neither the government nor the Nigerian people are ready to countenance such measures...such as State or Tribal Autonomy, property rights, Constitutional cap on monetary policy or something similar, things like that.

Just like I mourn the Igbo opposition to breaking up Nigeria in 1954, my real grouse with APC is that they created needless suffering with their brinkmanship and crazy opposition to common sense in 2012 . And then capped it off with the nomination of Muhammadu Buhari as their Presidential Candidate. Same as there would likely never have been a Civil War, Nigeria shouldn't be going through this horror show right now.

Good Luck to Nigeria.

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