Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by naijaking1: 4:07pm On Sep 11, 2015 |
Nigeria economy has started a downward spiral to an islamic banking model where one naira equals one dollar, essential goods are scarce, and difference between official and black market rates is huge. Welcome to Buhari's economy. 1 Like 1 Share |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by PassingShot(m): 4:08pm On Sep 11, 2015 |
midolian: Great job man. Always loving your analysis. Thanks. Appreciated. 2 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Rawani: 4:14pm On Sep 11, 2015 |
hinwazaka:
Do you even understand anything the OP wrote in this flimflam piece. The OP was simply jabbering about things he knows nothing about. Take for example the section that dealth with the JP Morgan' issue. The real concurrent reason for carrying out their threat was the poor feeders they were getting from this government.A directive they had issued out since January was not returned with a reply or a whiff of action. And you and the OP are here absolving the government of blame and claiming the action taken by the firm won't affect us. Don't worry, by the time you start eating breakfast at night your eyes will receive sight You should have understood the OP's point yourself before encumbering yourself with the comprehension of others. The OP never said the delisting would not affect us, the point is that acquiescing to their demands is a higher price to pay compared to the initial effects of their decision. 4 Likes 1 Share |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Segadem(m): 4:22pm On Sep 11, 2015 |
Rawani:
It is called sheer incompetence, the exit of their chief wailer is a strong wind that has exposed the rump of the noisy chicken. and pls who is the chief wailer? |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Mboi: 4:22pm On Sep 11, 2015 |
PassingShot: [b]This thread is of course a response to this https://www.nairaland.com/2590889/see-what-happening-nigerias-economy
For us to understand and appreciate what the new government has done or not done for the country, it’s very important to revisit the type of economy it inherited from the last regime as enumerated below:
1. The Nigerian economy operates a budget which is heavily skewed in favour of recurrent expenditure (about 90%) against capital expenses (about 10%) as represented by 2015 budget here http://www.punchng.com/news/jonathan-signs-n4-425tn-2015-budget/
Implication of this is that there will be no real development in the core areas that sustain and improve economic development.
2. Nigerian economy is largely dependent on crude export. Even the crude price has fallen below the benchmark price ($53 per barrel) on which the 2015 budget was based. Crude now sells at around $47 per barrel.
3. As at April 2015, the Federal Government of Nigeria had borrowed $4.4bn to pay salaries of its workers for March and April 2015. http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html
4. GEJ met the reserve at $47.7bn in 2010 but still managed to reduce it to $29.6bn despite that crude sold for an average of $100 per barrel (peaked at about $140/barrel). The country’s FR plays a huge role in giving confidence to foreign investors in Nigeria’s economy. The higher the value the higher the confidence in the economy and vice versa. http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html[/b]
I could go on and on but these will suffice for now. Now, let’s see OcheJoseph ‘s points one after the other:
Yes, Nigeria will be delisted from Bond Index of JP Morgan. However, it amounts to crass ignorance for any sane analyst to want to blame the government of the day. JP Morgan started the process of reviewing Nigeria’s continued participation in its bond index in January of this year given the fact that we had depleted our FR to an abysmal level while our currency continued to lose values.
For Nigeria to continue to participate in the BI, the conditions given by JP Morgan are very detrimental to our economy. Nigeria will have to devalue the Naira and possibly will exchange for about N350 to a dollar. This will drive up inflation which means cost of imports and even local goods will go up. Cost of doing business will shoot up and productivity will expectedly drop which will eventually lead to massive retrenchment by the companies.
So, should Nigeria have chosen to remain or accepted to be delisted? I wait for your answer.
What do we expect when the FG as at May 29 had not released a kobo towards capital development? The capital expenditure in the 2015 budget is paltry 10% of about N4.5tn and NOTHING had been released as at the exit of the last govt. So what miracle do we expect?
This is too cheap and very misleading. Job losses are a constant part of any economy and if it’s not as a result of a government’s policy or not on an industry-wide scale, you cannot put the blame on the government. Even in the link you provided, it was clearly stated that the layoff was not for any reason of threat or loss as quoted
“One thing that is clear is that Zenith Bank is not under any threat,” the source, who spoke with our reporter on condition of anonymity. “With the current crisis in the banking industry in the country, it is incumbent on any bank that wants to growth to bend backwards to re-strategize and restructure its operations to expand and grow.
Is the OP insinuating that there were no job losses during Jonathan’s regime? Or that every job loss was due to his mismanagement of the economy?
At some point during GEJ’s era, the naira exchanged at above N235 to a dollar. That it trades at N220 currently represents an overall gain from N235/N240. The CBN is on a mission to make it difficult if not impossible, for stolen dollars from our reserves to be easily exchanged or transferred abroad. Besides, the fact is that crude price has dropped and our over dependence on imported goods among others have naturally put pressure on the naira.
The headline reads “Nigerian economy slows in Q2” and not “Nigerian Economy Slumps”, Both are not same and don’t mean same thing.
The quarter 2 referred to represents April, May and June of 2015 and GEJ was in charge in April and May. Does it then make any sense to blame a presidency which was in charge of one month out of three months for the slow down in the growth?
Again, the fact is that the economy would have collapsed completely had GEJ managed to win the last election. The economy was already on a downward slide by the time we voted him out. So, for anyone to attempt to put economic woes that we may currently be experiencing on PMB/VPYO smacks of irresponsible partisanship.
What is the news here? Must Nigeria do business with China or any other country for that matter? Nigeria will do business with anyone whose policy and business terms and conditions favour her. This is no rocket science.
The loss is as a result of JP Morgan’s delisting and it was definitely expected following the announcement. The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?
As I said earlier, CBN/DMO/MOF and Nigeria as a whole has taken the right decision to stand up to JP Morgan’s manipulative tendencies. We cannot because of foreign or even local investors accept conditions that could bring the country to its knees.
If anyone needs to use their brain, it’s you and your co-travellers.
You lots preferred we continue with a failed president/government. You wanted us to continue with a regime that could not manage surplus and bounty harvest in times of scarcity. You wanted us to continue with a government which recognized stealing as the norm. You wanted us to continue with a government of wastes; a government that placed militants above law abiding citizens; a government that couldn’t guarantee security such that a portion of the country was in control of some rag tag terrorists.
Buhari ison a mission to stop the bleeding the economy was going through. He is on a mission to prevent a very bad situation from getting worse. He is on a mission to restore our lost glory, sanity, accountability and pride where STEALING WILL BE SEEN AS CORRUPTION.
May God continue to guide President Buhari & VP Osinbajo aright May Nigerians prosper better under his selfless leadership
CC: Lalasticlala Seun Obinoscopy
In January 2012 when GEJ removed fuel subsidy because that is the main source where Nigerian govt loose money from, because of you people's ignorance, what did you people do? You took to the streets. PMB said that it was a shameful act by GEJ to solicit for help from countries like Chad, Cameroun to fight book haram. The first thing Buhari did was to travel to the same country for help to fight Book haram. There are so many I have to say but no need. A govt of lies and propagander will always fail. 5 Likes 1 Share |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by drss(m): 4:39pm On Sep 11, 2015 |
omenka: PassingShot just redefined AWESOME here. ![smiley](https://www.nairaland.com/faces/smiley.png)
This piece is equivalent to dropping a nuclear bomb in the middle of China- you see decapitated bodies flying in all directions- in this case, those of Wailers as is evident from their responses.
Apparently they simply can't counter a single point raised here, rather they go after the Op himself, throwing feeble jabs that can only do as much harm as a teething toddler's bite would to the skin of a Rhino. ![smiley](https://www.nairaland.com/faces/smiley.png)
Ps: PassingShot, you might wanna take another look at the figure quoted in Line 3, item 3 (paragraph 6). Think that figure should be in Naira. ![smiley](https://www.nairaland.com/faces/smiley.png)
Again, excellent analysis.
Lalasticlala, was it you I saw standing close to Obama on CNN?? see this one forming micheal jackson. ![sad](https://www.nairaland.com/faces/sad.png) una no dey make sense atall atall. I Alhaji Shehu Usman mai doya condem this thread! 1 Like 1 Share |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Firefire(m): 4:40pm On Sep 11, 2015 |
hinwazaka:
Do you even understand anything the OP wrote in this flimflam piece. The OP was simply jabbering about things he knows nothing about. Take for example the section that dealth with the JP Morgan' issue. The real concurrent reason for carrying out their threat was the poor feeders they were getting from this government.A directive they had issued out since January was not returned with a reply or a whiff of action. And you and the OP are here absolving the government of blame and claiming the action taken by the firm won't affect us.
Don't worry, by the time you start eating breakfast at night your eyes will receive sight Haaaaaaaaaaaaaaahaaaaaaaaaaaaaaaaaa.. ![cheesy](https://www.nairaland.com/faces/cheesy.png) 1 Like 1 Share |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Jesusloveyou: 4:48pm On Sep 11, 2015 |
5 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Beremx(f): 4:53pm On Sep 11, 2015 |
Lalasticlala,front page! ![cheesy](https://www.nairaland.com/faces/cheesy.png) 2 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Jesusloveyou: 4:53pm On Sep 11, 2015 |
Segadem: and pls who is the chief wailer? protection seeker 2 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by shamecurls(m): 5:14pm On Sep 11, 2015 |
SeverusSnape: The paid Goon again. ![grin](https://www.nairaland.com/faces/grin.png)
Always on time to defend the Presidiot, He's as predictable as a pig within stone throw from a pile of faeces. ![grin](https://www.nairaland.com/faces/grin.png)
@ topic, trash as usual. Trillions of Naira have been lost by investors and this one is here wanking. Buhari as usual has no idea what's going on, That is why we need to see his genuine WASC result, I'm sure he got Z9 not even F9. ![grin](https://www.nairaland.com/faces/grin.png) [b] T̶̷̲̅ʜ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ᴘ̶̷̲̅ᴀ̶̷̲̅ɪ̶̷̲̅ᴅ̶̷̲̅ ̶̷̲̅G̶̷̲̅ᴏ̶̷̲̅ᴏ̶̷̲̅ɴ̶̷̲̅ ̶̷̲̅ᴀ̶̷̲̅ɢ̶̷̲̅ᴀ̶̷̲̅ɪ̶̷̲̅ɴ̶̷̲̅.̶̷̲̅ ̶̷̲̅ɢ̶̷̲̅ʀ̶̷̲̅ɪ̶̷̲̅ɴ̶̷̲̅ A̶̷̲̅ʟ̶̷̲̅ᴡ̶̷̲̅ᴀ̶̷̲̅ʏ̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴏ̶̷̲̅ɴ̶̷̲̅ ̶̷̲̅ᴛ̶̷̲̅ɪ̶̷̲̅ᴍ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ᴛ̶̷̲̅ᴏ̶̷̲̅ ̶̷̲̅ᴅ̶̷̲̅ᴇ̶̷̲̅ғ̶̷̲̅ᴇ̶̷̲̅ɴ̶̷̲̅ᴅ̶̷̲̅ ̶̷̲̅ᴛ̶̷̲̅ʜ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅P̶̷̲̅ʀ̶̷̲̅ᴇ̶̷̲̅s̶̷̲̅ɪ̶̷̲̅ᴅ̶̷̲̅ɪ̶̷̲̅ᴏ̶̷̲̅ᴛ̶̷̲̅,̶̷̲̅ ̶̷̲̅H̶̷̲̅ᴇ̶̷̲̅'̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴀ̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴘ̶̷̲̅ʀ̶̷̲̅ᴇ̶̷̲̅ᴅ̶̷̲̅ɪ̶̷̲̅ᴄ̶̷̲̅ᴛ̶̷̲̅ᴀ̶̷̲̅ʙ̶̷̲̅ʟ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ᴀ̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴀ̶̷̲̅ ̶̷̲̅ᴘ̶̷̲̅ɪ̶̷̲̅ɢ̶̷̲̅ ̶̷̲̅ᴡ̶̷̲̅ɪ̶̷̲̅ᴛ̶̷̲̅ʜ̶̷̲̅ɪ̶̷̲̅ɴ̶̷̲̅ ̶̷̲̅s̶̷̲̅ᴛ̶̷̲̅ᴏ̶̷̲̅ɴ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ᴛ̶̷̲̅ʜ̶̷̲̅ʀ̶̷̲̅ᴏ̶̷̲̅ᴡ̶̷̲̅ ̶̷̲̅ғ̶̷̲̅ʀ̶̷̲̅ᴏ̶̷̲̅ᴍ̶̷̲̅ ̶̷̲̅ᴀ̶̷̲̅ ̶̷̲̅ᴘ̶̷̲̅ɪ̶̷̲̅ʟ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ᴏ̶̷̲̅ғ̶̷̲̅ ̶̷̲̅ғ̶̷̲̅ᴀ̶̷̲̅ᴇ̶̷̲̅ᴄ̶̷̲̅ᴇ̶̷̲̅s̶̷̲̅.̶̷̲̅ ̶̷̲̅ɢ̶̷̲̅ʀ̶̷̲̅ɪ̶̷̲̅ɴ̶̷̲̅ @̶̷̲̅ ̶̷̲̅ᴛ̶̷̲̅ᴏ̶̷̲̅ᴘ̶̷̲̅ɪ̶̷̲̅ᴄ̶̷̲̅,̶̷̲̅ ̶̷̲̅ᴛ̶̷̲̅ʀ̶̷̲̅ᴀ̶̷̲̅s̶̷̲̅ʜ̶̷̲̅ ̶̷̲̅ᴀ̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴜ̶̷̲̅s̶̷̲̅ᴜ̶̷̲̅ᴀ̶̷̲̅ʟ̶̷̲̅.̶̷̲̅ ̶̷̲̅T̶̷̲̅ʀ̶̷̲̅ɪ̶̷̲̅ʟ̶̷̲̅ʟ̶̷̲̅ɪ̶̷̲̅ᴏ̶̷̲̅ɴ̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴏ̶̷̲̅ғ̶̷̲̅ ̶̷̲̅N̶̷̲̅ᴀ̶̷̲̅ɪ̶̷̲̅ʀ̶̷̲̅ᴀ̶̷̲̅ ̶̷̲̅ʜ̶̷̲̅ᴀ̶̷̲̅ᴠ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ʙ̶̷̲̅ᴇ̶̷̲̅ᴇ̶̷̲̅ɴ̶̷̲̅ ̶̷̲̅ʟ̶̷̲̅ᴏ̶̷̲̅s̶̷̲̅ᴛ̶̷̲̅ ̶̷̲̅ʙ̶̷̲̅ʏ̶̷̲̅ ̶̷̲̅ɪ̶̷̲̅ɴ̶̷̲̅ᴠ̶̷̲̅ᴇ̶̷̲̅s̶̷̲̅ᴛ̶̷̲̅ᴏ̶̷̲̅ʀ̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴀ̶̷̲̅ɴ̶̷̲̅ᴅ̶̷̲̅ ̶̷̲̅ᴛ̶̷̲̅ʜ̶̷̲̅ɪ̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴏ̶̷̲̅ɴ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ɪ̶̷̲̅s̶̷̲̅ ̶̷̲̅ʜ̶̷̲̅ᴇ̶̷̲̅ʀ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ᴡ̶̷̲̅ᴀ̶̷̲̅ɴ̶̷̲̅ᴋ̶̷̲̅ɪ̶̷̲̅ɴ̶̷̲̅ɢ̶̷̲̅.̶̷̲̅ ̶̷̲̅B̶̷̲̅O̶̷̲̅O̶̷̲̅H̶̷̲̅A̶̷̲̅R̶̷̲̅I̶̷̲̅ ̶̷̲̅ᴀ̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴜ̶̷̲̅s̶̷̲̅ᴜ̶̷̲̅ᴀ̶̷̲̅ʟ̶̷̲̅ ̶̷̲̅ʜ̶̷̲̅ᴀ̶̷̲̅s̶̷̲̅ ̶̷̲̅ɴ̶̷̲̅ᴏ̶̷̲̅ ̶̷̲̅ɪ̶̷̲̅ᴅ̶̷̲̅ᴇ̶̷̲̅ᴀ̶̷̲̅ ̶̷̲̅ᴡ̶̷̲̅ʜ̶̷̲̅ᴀ̶̷̲̅ᴛ̶̷̲̅'̶̷̲̅s̶̷̲̅ ̶̷̲̅ɢ̶̷̲̅ᴏ̶̷̲̅ɪ̶̷̲̅ɴ̶̷̲̅ɢ̶̷̲̅ ̶̷̲̅ᴏ̶̷̲̅ɴ̶̷̲̅,̶̷̲̅ ̶̷̲̅T̶̷̲̅ʜ̶̷̲̅ᴀ̶̷̲̅ᴛ̶̷̲̅ ̶̷̲̅ɪ̶̷̲̅s̶̷̲̅ ̶̷̲̅ᴡ̶̷̲̅ʜ̶̷̲̅ʏ̶̷̲̅ ̶̷̲̅ᴡ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ɴ̶̷̲̅ᴇ̶̷̲̅ᴇ̶̷̲̅ᴅ̶̷̲̅ ̶̷̲̅ᴛ̶̷̲̅ᴏ̶̷̲̅ ̶̷̲̅s̶̷̲̅ᴇ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ʜ̶̷̲̅ɪ̶̷̲̅s̶̷̲̅ ̶̷̲̅ɢ̶̷̲̅ᴇ̶̷̲̅ɴ̶̷̲̅ᴜ̶̷̲̅ɪ̶̷̲̅ɴ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅W̶̷̲̅A̶̷̲̅S̶̷̲̅C̶̷̲̅ ̶̷̲̅ʀ̶̷̲̅ᴇ̶̷̲̅s̶̷̲̅ᴜ̶̷̲̅ʟ̶̷̲̅ᴛ̶̷̲̅,̶̷̲̅ ̶̷̲̅I̶̷̲̅'̶̷̲̅ᴍ̶̷̲̅ ̶̷̲̅s̶̷̲̅ᴜ̶̷̲̅ʀ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ʜ̶̷̲̅ᴇ̶̷̲̅ ̶̷̲̅ɢ̶̷̲̅ᴏ̶̷̲̅ᴛ̶̷̲̅ ̶̷̲̅Z̶̷̲̅9̶̷̲̅ ̶̷̲̅ɴ̶̷̲̅ᴏ̶̷̲̅ᴛ̶̷̲̅ ̶̷̲̅ᴇ̶̷̲̅ᴠ̶̷̲̅ᴇ̶̷̲̅ɴ̶̷̲̅ ̶̷̲̅F̶̷̲̅9̶̷̲̅.̶̷̲̅ ̶̷̲̅ɢ̶̷̲̅ʀ̶̷̲̅ɪ̶̷̲̅ɴ̶̷̲̅[/b] |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by chax100(f): 5:23pm On Sep 11, 2015 |
Buhari is a bastard Alimanjiri. |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by aderonkedeborah(f): 5:25pm On Sep 11, 2015 |
seen |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by HIGHESTPOPORI(m): 5:25pm On Sep 11, 2015 |
Kastonkastroll: The Nigerians that booted Jonathan out or which Nigerians again? The worst of this new gov't will be far more better than the 16 wanted years of PDP, and every Nigerian will attest to that.
You are still dreaming in Utopia land, PDP is gone and gone forever. With Obj,Atiku,Ameachi that were part of PDP now in Apc,or they are now saints? |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Nobody: 5:26pm On Sep 11, 2015 |
2 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by hinwazaka: 5:29pm On Sep 11, 2015 |
Rawani:
You should have understood the OP's point yourself before encumbering yourself with the comprehension of others. The OP never said the delisting would not affect us, the point is that acquiescing to their demands is a higher price to pay compared to the initial effects of their decision. That's what Buhari and his finance minister told us in 84 about SAP. It was not until our economy crashed and we could no longer handle the depression, that IBB kicked him out and implemented a poorly altered form of the programme. As I said both you and the OP know nothing about economics. You and him just search the web and put out here disjointed views of some school of thought. |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by xamuelotu(m): 5:30pm On Sep 11, 2015 |
3 Likes 1 Share
|
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by lotazio: 5:30pm On Sep 11, 2015 |
Nice point! 1 Like |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by 989900: 5:30pm On Sep 11, 2015 |
themilanway: The irony of Jonathan's economy misrule and mismanagement,is that we are all bearing the brunt.
His ass lickers inclusive. The sad part. ![cry](https://www.nairaland.com/faces/cry.gif) 2 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by opiaoku: 5:30pm On Sep 11, 2015 |
PassingShot:
Wailers and common sense = Words and opposite ahaaaa body language analyser don show how Buhari’s body language take do this one |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by ijustdey: 5:30pm On Sep 11, 2015 |
nice analysis you had there @ passingshot
those wailers are just from different planet muddling what happened in GEJ tenure with the first month PMB took over....
don't they know that whatever you sow you will reap...
they sow corruption and thieves and this is the ripple. effect and they are blaming the present government for all
I just jump pass their thread that made front page the other time because it was full of hypocrisy and irrelevant arguments 4 Likes 1 Share |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by SSpeter(m): 5:30pm On Sep 11, 2015 |
PassingShot: [b]This thread is of course a response to this https://www.nairaland.com/2590889/see-what-happening-nigerias-economy
For us to understand and appreciate what the new government has done or not done for the country, it’s very important to revisit the type of economy it inherited from the last regime as enumerated below:
1. The Nigerian economy operates a budget which is heavily skewed in favour of recurrent expenditure (about 90%) against capital expenses (about 10%) as represented by 2015 budget here http://www.punchng.com/news/jonathan-signs-n4-425tn-2015-budget/
Implication of this is that there will be no real development in the core areas that sustain and improve economic development.
2. Nigerian economy is largely dependent on crude export. Even the crude price has fallen below the benchmark price ($53 per barrel) on which the 2015 budget was based. Crude now sells at around $47 per barrel.
3. As at April 2015, the Federal Government of Nigeria had borrowed $4.4bn to pay salaries of its workers for March and April 2015. http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html
4. GEJ met the reserve at $47.7bn in 2010 but still managed to reduce it to $29.6bn despite that crude sold for an average of $100 per barrel (peaked at about $140/barrel). The country’s FR plays a huge role in giving confidence to foreign investors in Nigeria’s economy. The higher the value the higher the confidence in the economy and vice versa. http://www.dailymail.co.uk/wires/afp/article-3070070/Nigeria-borrows-pay-salaries-cash-crunch-worsening.html[/b]
I could go on and on but these will suffice for now. Now, let’s see OcheJoseph ‘s points one after the other:
Yes, Nigeria will be delisted from Bond Index of JP Morgan. However, it amounts to crass ignorance for any sane analyst to want to blame the government of the day. JP Morgan started the process of reviewing Nigeria’s continued participation in its bond index in January of this year given the fact that we had depleted our FR to an abysmal level while our currency continued to lose values.
For Nigeria to continue to participate in the BI, the conditions given by JP Morgan are very detrimental to our economy. Nigeria will have to devalue the Naira and possibly will exchange for about N350 to a dollar. This will drive up inflation which means cost of imports and even local goods will go up. Cost of doing business will shoot up and productivity will expectedly drop which will eventually lead to massive retrenchment by the companies.
So, should Nigeria have chosen to remain or accepted to be delisted? I wait for your answer.
What do we expect when the FG as at May 29 had not released a kobo towards capital development? The capital expenditure in the 2015 budget is paltry 10% of about N4.5tn and NOTHING had been released as at the exit of the last govt. So what miracle do we expect?
This is too cheap and very misleading. Job losses are a constant part of any economy and if it’s not as a result of a government’s policy or not on an industry-wide scale, you cannot put the blame on the government. Even in the link you provided, it was clearly stated that the layoff was not for any reason of threat or loss as quoted
“One thing that is clear is that Zenith Bank is not under any threat,” the source, who spoke with our reporter on condition of anonymity. “With the current crisis in the banking industry in the country, it is incumbent on any bank that wants to growth to bend backwards to re-strategize and restructure its operations to expand and grow.
Is the OP insinuating that there were no job losses during Jonathan’s regime? Or that every job loss was due to his mismanagement of the economy?
At some point during GEJ’s era, the naira exchanged at above N235 to a dollar. That it trades at N220 currently represents an overall gain from N235/N240. The CBN is on a mission to make it difficult if not impossible, for stolen dollars from our reserves to be easily exchanged or transferred abroad. Besides, the fact is that crude price has dropped and our over dependence on imported goods among others have naturally put pressure on the naira.
The headline reads “Nigerian economy slows in Q2” and not “Nigerian Economy Slumps”, Both are not same and don’t mean same thing.
The quarter 2 referred to represents April, May and June of 2015 and GEJ was in charge in April and May. Does it then make any sense to blame a presidency which was in charge of one month out of three months for the slow down in the growth?
Again, the fact is that the economy would have collapsed completely had GEJ managed to win the last election. The economy was already on a downward slide by the time we voted him out. So, for anyone to attempt to put economic woes that we may currently be experiencing on PMB/VPYO smacks of irresponsible partisanship.
What is the news here? Must Nigeria do business with China or any other country for that matter? Nigeria will do business with anyone whose policy and business terms and conditions favour her. This is no rocket science.
The loss is as a result of JP Morgan’s delisting and it was definitely expected following the announcement. The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?
As I said earlier, CBN/DMO/MOF and Nigeria as a whole has taken the right decision to stand up to JP Morgan’s manipulative tendencies. We cannot because of foreign or even local investors accept conditions that could bring the country to its knees.
If anyone needs to use their brain, it’s you and your co-travellers.
You lots preferred we continue with a failed president/government. You wanted us to continue with a regime that could not manage surplus and bounty harvest in times of scarcity. You wanted us to continue with a government which recognized stealing as the norm. You wanted us to continue with a government of wastes; a government that placed militants above law abiding citizens; a government that couldn’t guarantee security such that a portion of the country was in control of some rag tag terrorists.
Buhari ison a mission to stop the bleeding the economy was going through. He is on a mission to prevent a very bad situation from getting worse. He is on a mission to restore our lost glory, sanity, accountability and pride where STEALING WILL BE SEEN AS CORRUPTION.
May God continue to guide President Buhari & VP Osinbajo aright May Nigerians prosper better under his selfless leadership
CC: Lalasticlala Seun Obinoscopy
You be fool...BIG fool...and your level of idiocy is legendary...clown 100dys is enough to give you a start...All these idiots gan where them dey vomit una from? Lemme tell u something clown even if you recover all the looted money and the economy is in shambles the money will be worthless....... 1 Like |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by 14teenK: 5:30pm On Sep 11, 2015 |
freedom96: I think if people like you,ecoterrors and the rest can choose to be stupeed and unintelligent without being paid,then it would be more reasonable for people like passingshot to choose to defend the truth without being paid,cos naturally people are honest and upright.Just because u sell ur conscience for money doesn't mean some one needs money to defend the truth.
fool...why don't u try bringing up ur analysis?The day this dunderhead,temitemi1,mogidi or ecoterrors bring up an intelligent analysis,i shall deactivate my account with no hesitation.I dare all of u....you are just a cheap slave haba......bro calm down |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by An2elect2(f): 5:30pm On Sep 11, 2015 |
We have so many think tankers and very few work tankers in Nigeria. Talk right, do left! |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by 989900: 5:31pm On Sep 11, 2015 |
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Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Nobody: 5:31pm On Sep 11, 2015 |
5 Likes 2 Shares |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by Nobody: 5:32pm On Sep 11, 2015 |
drss: all this amala economist no get job at all. how will this write up change the fact that zoogeria lost $6 billion, 60,000 construction job lost, 1200 banking jobs lost, food prices rising rapidly in d last 4 months due to buari's olodoness and dullardness. no fertilizers for farmers again. and it's still going to get worse, what these gullible fools haven't realised is that PMB romance with the West is seriously going to affect us. GEJ knew that, and that is why he had a close relationship with Asia especially China who would always be a grateful Ally to Jonathan administration. There was a massive boom in local production of goods under GEJ administration, which was seriously affecting US and other Western counterparts. That's why Nigeria's economy became the largest in Africa, for the first time beating south Africa.. 2 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by 989900: 5:33pm On Sep 11, 2015 |
SSpeter: You be fool...BIG fool...and your level of idiocy is legendary...clown 100dys is enough to give you a start...All these idiots gan where them dey vomit una from? Lemme tell u something clown even if you recover all the looted money and the economy is in shambles the money will be worthless....... What is your point again? 2 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by efilefun(m): 5:33pm On Sep 11, 2015 |
Those fools are only good at making noise and raining insults just like their current chief wailer FAYOSE. They have no fact but instead gather nonsense together just to make their fellow wailers have something to wail about... We all know how Barcanista secretly left nairaland and some other wailers... soon this ones will join them in extinction Rawani: It was clearly obvious the "analyst" didn't understand the contents of the headlines he presented in his piece. How can any sane mind blame PMB for our Q2 economic performance? Just plain old cluelessness from the eternal wailers.
Kudos P/Shot. 3 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by veraponpo(m): 5:34pm On Sep 11, 2015 |
@passing shot, thank you for the good job. I can't explain why some individuals will see the truth and still be deceiving themselves.
There is no genuine Nigerian that won't prefer a Nigeria under Buhari to the one under Jonathan except the thieves that benefited from Jonathan's corruption.
Is the institutions that are better placed or the new confidence that we have begun to have in the country . New international image and aura of change in the air.
It can only get better under Buhari. May we never get an accidental leader like GEJ again. 4 Likes 1 Share |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by EINSTEINPG: 5:34pm On Sep 11, 2015 |
2 Likes |
Re: Re: See What Is Happening To Nigeria’s Economy Under Buhari by 14teenK: 5:35pm On Sep 11, 2015 |
Still wondering some are here to throw insults ![undecided](https://www.nairaland.com/faces/undecided.png) .....not too good 1 Like |