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Nairaland Forum / Nairaland / General / Politics / My Discussion On Buhari's Economic Policies And Corruption In 2011 (1455 Views)
Buhari’s Economic Policies “opaque, Archaic” – Oby Ezekwesili / Presidency Unveils Buhari’s Economic Team / Soludo Faults Buhari's Economic Policies (2) (3) (4)
My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 7:59pm On Dec 21, 2014 |
GenBuhari created a thread with the content below GenBuhari:They are still peddling this falsehood today. This is the reason I want to bring the points as they are. You can go to the link and read everything or get the point I am going to extract here. Where is 9ijaMan? What is his new name in this dispensation? 2 Likes |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:13pm On Dec 21, 2014 |
First lie GenBuhari:Response It was 25k to $1 before he came 1 Like 1 Share |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by jmaine: 8:15pm On Dec 21, 2014 |
Bros, they don't have much talking about the man hence incessant lies . . . 1 Like |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:16pm On Dec 21, 2014 |
I got it wrong and he was happy. (I answered based on hearsay) ![]() 9ijaMan: |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:19pm On Dec 21, 2014 |
I tried to clarify things because my friends thought I set out to lie. Not in my person! 9ijaMan: |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:22pm On Dec 21, 2014 |
My good friend posted this again. he was still insisting it was $1=N1 GenBuhari: |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:27pm On Dec 21, 2014 |
he came for my jugular ![]() 9ijaMan: year rate 1973 0.66 - n.a - n.a 1974 0.55 -20.0 n.a - n.a 1980 0.55 0.0 0.90 - 63.6 1982 0.67 17.9 1.14 21.1 70.1 1984 0.76 11.8 3.25 64.9 327.6 1985 0.89 14.6 3.79 14.20 325.8 1986 2.02 55.9 4.17 9.1 106.4 1987 4.02 49.8 5.55 24.9 38.1 1988 4.54 11.5 6.05 8.30 33.3 1989 7.39 38.6 10.55 42.7 42.8 1990 8.04 9.3 9.61 -9.8 19.5 1991 9.91 18.9 13.04 26.3 31.6 1992 17.30 42.7 20.03 34.9 15.8 1993 22.05 21.5 36.23 44.7 64.3 1994 21.89 -0.7 59.79 39.4 173.1 1995 81.20 73.0 59.79 39.4 3.1 1996 81.20 0.0 83.09 -0.7 2.3 1997 82.00 1.0 85.00 2.2 3.7 1998 84.00 2.4 87.90 3.3 4.6 1999 93.95 10.6 99.20 11.4 5.6 2000 102.10 8.0 112.00 11.4 9.7 2001 111.93 8.8 132.36 15.4 18.3 2002 121.0 7.5 137.42 3.9 19.1 2003 129.3 6.4 n.a n.a n.a 2004 133.5 3.1 n.a n.a n.a 2005 131.1 -1.8 n.a n.a n.a http://www.cenbank.org/OUT/PUBLICATIONS/BULLION/GOV/2007/BULL%20JUL-SEPT06.PDF This is taken from central bank report. And the value there corresponds to your earlier value from Wikipedia. The authority of this overrides those from your newspaper articles. Do not try to make Buhari what he is not to score political point. There were two 'policies' under Buhari which actually affected the exchange rate at the time. 1. The banning of foreign currency 2. The changing of the naira notes. The first one devalued the naira because of the scarcity of the foreign currencies while the second one created scarcity of naira which should have increased the value of naira. Both of these measures were artificial and were not sound economic policies. Unfortunately the effect of the second policy was not strong enough to counter the effect of stifled forex flow so the value of the naira kept depreciating. There is no way you can explain that away. The value of the naira when he took over was 0.72 to a dollar which you accepted and when he left office, it was 0.89. That was 36.4% depreciation from when he took over and he could not do anything about it with his draconian policies. I support GEJ because he is the all round best amongst the lot. He has clear road maps which BB does not have except for his flawed claim to sainthood. I read through his Kaduna campaign speech and there were no clear solutions. Everything was vague! There was no road map on how to tackle all the issues he raised. He was able to point out the problems like all of us can but he ended up criticising PDP without proffering any solutions. Instead of apologising to you, I will thank you for informing me. I did not blaspheme BB, the over all context was that the Forex depreciated under his regime and that has not changed. 1 Like |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:30pm On Dec 21, 2014 |
He rejected the figures and requested for the per month forex 9ijaMan:[quote author=9ijaMan post=7879614] 1 Like |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:33pm On Dec 21, 2014 |
In my defence again, I said I am not peddling any falsehood. |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:43pm On Dec 21, 2014 |
Then he raged at me 9ijaMan: |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:44pm On Dec 21, 2014 |
Another response for GenBuhari GenBuhari:Seriously I did. I was actually treating 9jaMan's response as yours. However I have something to say about the period between 1974 and 1985 when the exchange rate was determined by import-weighted basket of currencies aka nominal effective exchange rate (NEER). If you look at the depreciation rate with Shagari who was clueless, you will notice that it was always below 20%. Infact, it took three years for him to achieve a depreciation of 17.9 which was reduced afterwards. The NEER system was not viable method of determining exchange rate because it overvalued the naira against the dollar considering that non oil export shrinked with the oil boom of the seventies and the oil price depression of 80's Nigeria's export was grossly reduced. Government savings fell from 24% of the GDP in 1980 to 12% of the GDP in 1985. Yet the exchange rate remained comparative stable even in the face depreciating dollar. So Buhari could not do anything to salvage the economy and like I said he had no solution then and he has no solution now. Now about IBB killing us, no he did not kill us. He was more realistic. When he realised that NEER was not viable Ogiogio, 1996 (also see Moser et. al in my post above) and was not doing the economy any good, he ditched it for market determined exchange rate (SFEM now FEM). There was public auction of currencies and the exchange rate was based on the demand and supply instead on trade (import) flow between countries of selected currencies. The naira value nose-dived because of worsening economic status of the country. No one paid attention to non-oil export and corruption was also depleting the external reserve. The value of the naira cannot improve without our export increasing. Like I said in my last post, Buhari was there when the foreign reserve was drawn down from 6months import allowance 1980 to just two months at the end of 1985. But he will be here shouting of drawing down of foreign reserve. He did not help the economy because he had no clue. He used physical fiscal policies like banning foreign currencies and changing the naira but their effects ephemeral. Because his policies were unrealistic, artificial and draconian, it could not arrest the underlying economic and financial degradation. It is not enough to claim he did not steal as his only reason to come back. It is just like telling us that Yar'Adua left $6.5 billion dollars in the Katsina state's account and yet the people of Katsina state had nothing to show for his 8 years as a governor. It makes nonsense. Like I said, Buhari' Kaduna Campaign speech is watery and vague. It had no clear road map and there is not solution to any problem I read through. In an interview in Oct last year he told us he was not going to prosecute past leaders and also that he will not go to court if he loses. In February, he turned back to say that those who will leave the country when he wins should get ready to do so from the same mouth. The guy is power hungry and has no clue of what he want to do. |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:45pm On Dec 21, 2014 |
My response to Naijaman 9ijaMan:You have not countered any of my fact based arguments. You do not have to brandish Salisu's article in truimph as your defense. Salisu was against exchange rate determination by market forces so what. I think you should read some academic articles on this issue before brandishing that to me. I will assume you have an independent mind that can critically analyse information for yourself. But if you choose to let Salisu speak for you. . . .all correct. BTW that article has no data on the exchange rate we were debating. Get that for me and stop bringing out all this mushroom newspapers. Triumph is a government sponsored news media, I have never heard of Thewill before. CBN website or any published journal article will do. Please address the issues i raised before calling me a liar. ![]() |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:47pm On Dec 21, 2014 |
His Opinion 9ijaMan:Ignoring the main subject... |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 8:58pm On Dec 21, 2014 |
My response 9ijaMan:Is that the only thing you can pick out from that post to respond to? ![]() ![]() I cannot defend GEJ's gaffes. He will do that himself and if he has not learnt to think before speaking he will lose the election based on that , not very sure though because very few people in Nigeria have access to the media ![]() Now can you address the concrete issues raised in my post? ![]() |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:01pm On Dec 21, 2014 |
GenBuhari accused me... GenBuhari: |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:04pm On Dec 21, 2014 |
My response No I do not support IBB. In that decision, IBB was realistic. |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by brownlord2: 9:04pm On Dec 21, 2014 |
Both GEJ and Buhari including the Tinubu domestic staff aiming to be VP are not fit for that position |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:06pm On Dec 21, 2014 |
9ijaMan again[quote author=9ijaMan post=7885661] You have not raised any concrete issue in you post except to selectively choose which document to believe in and which one to drop. When you said that I lost hope in discussing with you. Nevertheless, the CBN document you provided did not mention what the exchange rate was when Buhari came into power. Secondly it amounts to intellectual deficiency in economics and absolute foolhardiness for you to assume/conclude that the exchange rate for USD is a single figure for a whole year. I showed (and forced) you some evidences and the best you've been able to do is to come up with a CBN document that does not fully address the issue at hand. You lied and I repeat for emphasis, you lied when you attempted to turn logic on it's head and came up with some fake/wrong percentage figures to justify your lies. If you really want to make your point, come up with additional evidences which shows precisely what the exchange rate was on the 1st of January 1984 and compare it with what the figure was on the 27th of August 1985. It's will be utter stupidity for anyone to blame Buhari for the exchange rate figure by the end of December of 1985, since he left office over 4 months before the end of the year. Here's another lie from you again: How dare you come up with this cheap line? Your problem is that you keep jumping from pillar to post yet you have not been able to disentangle yourself from your web of confusion. I hope you've gone through Sanusi Lamido's article about Buhari's economic policies. If someone of Sanusi's status could praise Buhari's economic policies that much, na who you be with this your shallow economics knowledge to make the statement you made above. It's either you are absolutely ignorant or you simply cannot comprehend simple economic indices. This is simply another set of lies you are trying to use to cover your previous gaffes. Yet again you made another gaffe in your attempt at praising IBB's economic policies while you condemned Buhari's. Even the lamest economists know that IBB's economic policies ruined Nigeria and I need not go into the details of that, as that's not the topic of discuss. You need to do your homework very well instead of dwelling on a single incomplete source of historical data. The internet is awash with tonnes of data and it'll only take you a few minutes to get informed. Produce data about the average monthly exchange rates during Buhari's rule. It's only when ou are able to do so, your basis of argument is baseless and completely untrue. |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:09pm On Dec 21, 2014 |
My response Kulu temper we are not fighting just put your points across as clear as you can. 9ijaMan: You cannot reference any rubbish you see if you want to make a concrete argument. You reference authorities. There is a difference between Nature Biotech when you compare it Nigerian journal of biotech ![]() One is an authority and the other is anything goes. 9ijaMan:That was why I preferred to discuss based yearly averages which was provided but insisted on pointing to a data in quasi newspaper. 9ijaMan:I am sorry if you did understand me but I am sure you did not read this agabaI23:If you read you would not think I assumed a single exchange rate for a whole year. ![]() 9ijaMan: I corrected the percentage immediately. It was a mathematical error and not a logical suicide 9ijaMan:I do not have that which was why I preferred using yearly average. You are the one using a days exchange rate not even a monthly average. Statistically that's criminal and you know it. The exchange rate of 1985 as stated is the average of the monthly averages and which in turn is computed from the daily averages you preferred to point to. Buhari was there for 8 months and IBB was there for 4 months. Which of the two will contribute more to the yearly average. You argued in the link I showed you above that 4 months is not enough for any economic policy to influence the economy. If I should go by your words, then Buhari should take whole credit for the 1985 average just like you gave him credit for the 5% inflation of 1985 ![]() 9ijaMan:Who is Sanusi Lamido (B.sc economics) that I cannot have a contrary opinion? He may be your alpha and Omega but he is neither to me. which status are you even talking about? BTW remember that my statement has solid literature backing and not based on sentiments before you start playing your game of truth and dare ![]() 9ijaMan:You can read my dialogue with GenBuhari on this issue if you want to. |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:14pm On Dec 21, 2014 |
GenBuhari:Yes by fixing price goods: You are as a business man bought a can of milk at the cost of N5, displays it in your shop and a customer comes in to ask for the price and you say N6 and he brandishes his military and you are under arrest. Why? The government price is N4 per can of milk. You are detained! That surely had a good effect on the economy. Do you the amount of money lost while he was controlling inflation by price fixing? Did that help the economy? GenBuhari:Oh no that is not true. Nigeria external debt increased from 5% of GDP in 1980 to 23% of GDP in 1985 Moser et al link above (p69). You may wish to read Nwaobi's scholarly write up. See an excerpt - start from page 8 The observed worsening economic and financial conditions and alleged widespread[url=http://quanterb.org/N%20POVERTY.pdf]Nwaobi[/url] What Buhari did was to cut Government spending in line with austerity measure which Shagari had already lauched in 1982. You do not have to thank him for that. Debt payment was carried out through reconciliation and this was initiated in 1983(Shagari) and completed by IBB administration in 1988. You cannot give him credit for that. Adesola It was not Buhari. BTW january 1984 to August 1985 = 20 months and not 18 months(1.5 years) as you claimed. GenBuhari:It was worse than it was when he came. At least you accepted 14.6% depreciation under a government controlled exchange rate programme that grossly over valued the naira. Shagari even faired better than him that aspect. GenBuhari:How will he do that? He did not tell how he will do any of those. It easy to say I will and I will but the problem is how to do that. Let him tell us my friend ![]() |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:16pm On Dec 21, 2014 |
Ribadu I would have preferred Ribadu but then Ribadu is riding on his popularity as EFCC chairman and he is not doing anything. Also he has Tinubu who is worse than OBJ as his Godfather. He has no plan and thinks that saying' I will change Nigeria' will win election for him. How will he change Nigeria? Buhari I have given my reasons why i will not vote for Buhari. Like Ribadu he is harping on his erroneously conceived Sainthood. He has no clue of what to do get our economy back on its feet. He is against privatization and I can assure you he is not going to do much in his so called fight against corruption because does not know what is called diplomatic soldiering. Again under him massive fraud was perpetrated as a PTF chairman even though he claimed to be unaware. The 50 suitcases issue also punctures his immaculate conception claims. "I will continue to show openly and inside me the total commitment to the Sharia movement that is sweeping all over Nigeria," Buhari said, quoted in press reports.http://www.news24.com/xArchive/Archive/Calls-for-total-Sharia-in-Nigeria-20010827 -AFP He did that once by registering a circular country as a member of OIC and I do not doubt he will try that again. Buhari has never condemned any uprising at least to my knowledge in recent times not that I know of any such condemnation in the past. If you read his campaign speech, you will not see any solution to any of the listed problems. Why will I vote him based on unfounded performance as a military head of state? I do like the order he restored such that people could queue up at bus stations. Can he achieve that without the Khaki boys because he only knows the language of violence which does not refrain from using. I can go on! GEJ I have a few things against GEJ His association with the brigands- OBJ, Atiku, IBB OBJ is a man like Buhari who had passion for country but went about it his own way. He capped it up by embezzling state funds. He listened to no one and was selfish. His time was not totally disastrous but we expected a lot more. I believe it will be good for him be his own man. He should also think before he speaks. Apart from that, he has spent 10 months as a president. he inherited a collapsed structure and he is fighting toot and nail to get things going. Power- what people refused to do all these while, he mustered the courage to do. Privatization of power sector. I have a highly placed NEPA staff as a neighbour and I can tell you that privatization process has gone far and that what we need to get the stable power generation we need. You would have read the more obvious ones about the power road map in the press. The discussion continues He has a road map for problem. He just gave some loan to Nollywood to be accessed by members, you would not know the ripple effect of that in the economy. During the PDP primaries and campaign, Atiku was all out attacking him like Buhari is doing now but he came out and said what he wanted to do. He has got a plan but Buhari does not have any. I will give him a chance but if a better candidate comes up from the blues, i ditch camp. No one on the horizon at the moment. You are free to disagree with me ![]() |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:17pm On Dec 21, 2014 |
9ijaMan: |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:20pm On Dec 21, 2014 |
quote author=GenBuhari link=topic=620012.msg7892634#msg7892634 date=1299862229] How does the 50 cases dent Buhari's intergrity? Let us hear what [flash=600,400] https://www.youtube.com/watch?v=JITI0dRDjD4[/flash] [/quote] One is only too aware that some Nigerians love to point to Buhari’s agenda of discipline as the shining jewel in his scrap-iron crown. To inculcate discipline however, one must lead by example, obeying laws set down as guides to public probity. Example speaks louder than declarations, and rulers cannot exempt themselves from the disciplinary strictures imposed on the overall polity, especially on any issue that seeks to establish a policy for public well-being. The story of the thirty something suitcases – it would appear that they were even closer to fifty - found unavoidable mention in my recent memoirs, YOU MUST SET FORTH AT DOWN, written long before Buhari became spoken of as a credible candidate. For the exercise of a changeover of the national currency, the Nigerian borders – air, sea and land – had been shut tight. Nothing was supposed to move in or out, not even cattle egrets.-Shonekan I hope that answers your question? |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:26pm On Dec 21, 2014 |
https://www.nairaland.com/641981/national-assembly-elections-saturday-9th/40#8103766 Check out the other thread where demystified the lies from ACN/CPC now APC |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 10:45pm On Dec 21, 2014 |
Buhari has no answer to our problem |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by Nobody: 1:33am On Dec 22, 2014 |
I don't see how a quote with no source makes your point. agabaI23 post=29088789]quote author=GenBuhari: |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by nduchucks: 5:32pm On Dec 24, 2014 |
And your point is ![]() |
Re: My Discussion On Buhari's Economic Policies And Corruption In 2011 by agabaI23(m): 9:08pm On Dec 24, 2014 |
nduchucks:Easy now..Why are you frowning already? Just saying he did nothing as you guys claim. 1 Like |
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