omohayek:


The true mark of cluelessness is blaming Kemi Adeosun for two areas of policy over which she has no control. It takes real ignorance to blame the finance minister for an FX policy which is actually set by Godwin Emefiele, the head of the CBN; she also had no hand in the NSE's difficulties, as the CEO of the Nigerian Stock Exchange is a man named Oscar N. Onyema.

Tochaigh:
If emifiele was standing right in front of me, with a loaded beratta in my hand. I will send that motherfucker straight to hell.

AhhAhh! Must buhari be so effing slow. Emifiele should have been sacked like yesterday!!!

Kikero112:


To clarify....

Emefiele said back in November 2015 that (Sauce:http://www.vanguardngr.com/2015/11/why-we-ignored-calls-for-naira-devaluation-by-cbn/)

The simple idea behind devaluation is that it will make your import more expensive while your export is cheaper.



“Our major export commodity which accounts for more than 80% of our income is crude oil and here is crude oil that the price is determined, we don’t have a control over it. So, if we devalue, it has no impact directly on our major export, and what is supposed to be the non oil export, we are not producing effectively.


“It means that for the industry which is also import dependent, they have to pay higher prices for those goods which will translate to higher inflation.”

You see the problem.....and that is why CBN is not interested in devaluing the Naira.

At least back in 1989....when we did devalue the Naira....we had some form of an industry. And it did not work back then.

sdindan:
hmmmmm!
I wish Buhari can read or understand English well.
Everybody is wailing even foreign media.

tsdarkside:

all hail our goverment!!!....the naira should be for nigerians not for the ol world....

we must stop dashing our hard-earned naira to foreighners...

nigeria has to build out the nigerian-army....

if you realy try to go financial-independence,they will start making plans against you like they did with gadhaffi...

china did it right...first build your army,before restructuring your economie....

Gbawe:


You guys are simply shameless !!! Awful and highly prejudiced human beings the lot of you !!! Hate for others, 24/7, guide how you think and talk and this is why you can never see or appreciate the obvious. Look at how you ungraciously insult a lady who deserves respect, by dint of her hard work and achievements in life, when it is you who is actually a "stark illiterate" talking ignorantly and using terms, eg "fiscal policy" , you and your fellow co-travellers in hate do not understand. no one, and I repeat no one, can perform miracles for the actual situation Nigeria is in. An intelligent and objective person will even admit it will get worse before it gets better because:

(1) Nigeria is a mono economy with her main export being oil which is responsible for 80% of Nigeria's income and a big portion of the foreign exchange we receive. Because of an indolent and singular focus on oil income by the PDP, the Party that has led us for 16 years since 1999, the Nigerian economy is not diversified at all and, of all major oil exporters worldwide, the most vulnerable to the drastic fall in oil price.

(2) The SME sector, the lifeblood of the biggest economies in the world, is moribund in Nigeria and unable to provide any sort of appreciable stimulus to help us in a very difficult period caused by a 75% drop in the worth of our main export.

(3) Recovery will be much more painful and slower because we failed totally to plan for this stage. The previous government, despite selling oil at record price of $110.00 per barrel for an appreciable period, failed to save completely.

(4) critical infrastructure, eg transport and power, cannot provide short term stimulus as tools of diversifying the economy because they are simply inadequate courtesy of the PDP that has had really poor impact on improving the infrastructures that aids the growth of the SME sector, movement of goods and services and general socio-economic growth.


There are more consideration but they would be too complex for you "stark illiterates" who ignore real global challenges other economies are exposed to and struggling with to be blaming one woman merely because she is finance Minister and Yoruba. There is not much Adeosun can do because , primarily, Nigeria is a mono economy that lived by oil and must 'die' by oil for now and till we steady the ship painfully and slowly. Forget all the big words you guys are using with the hope such will impress or confuse anyone. This economic downturn started under GEJ. The article below is from 2014 when oil sold for $68.00 per barrel.

The experts, i.e global economist, stated that we should forget any hope of a quick recovery under those conditions so what do you empty barrels and ethnocentric charlatan expect Adeosun to do in 2016 when oil is $27.00 per barrel and we are all facing the revelation that Ali Baba (GEJ) and his forty thieves (Dasuki, Metuh, Anenih, Allison-Madueke et al) have stolen Nigeria blind especially the desperate looting of 2015 in the attempt to steal the elections? Do you not see below when a knowledgeable analyst, commenting in 2014 when oil was $68.00 per barrel, admits that "the governments options are limited" and that “We’re a substantial way from the economy even starting to think about being able to recover,”. Do you and your fellow charlatans know better than the analyst who made those informed comments?

furthermore, you shameless and wicked guys really have mouth to talk considering the callous and worthless GEJ you blindly gave 100% electoral and vocal backing to, along with his appointees like NOI and Allison-Madueke et al, is, to a large extent, responsible for the mess we are in today. You are all really shameless and it is obvious you do not mean well for Nigeria and are only interested in settling ethnic scores and vendetta over GEJ's election loss and this is why you cannot give Buhari and his appointees your support when they have the worst set of economic condition any Country in the world currently can be saddled with. You are all truly unrelentingly wicked enemies of Nigeria's progress.


http://www.wsj.com/articles/nigerias-tumbling-currency-a-victim-of-falling-oil-prices-1417535209

Kikero112:


Basic problem with devaluing the naira is that while it will make imports expensive....which is a good thing.....it would also make locally manufactured goods expensive....because most of them are made with imported raw materials.

Fact is....we are so import dependent....that devaluing the naira just won't help us.

Kikero112:


Thanks to the fact that until 2014.....we had sustained high oil prices....and were budgeting at a lower benchmark.

The problem was that we did not save the surplus.

If oil prices had crashed during GEJ's regime...say 2012....we would have had deficits.

And GEJ still borowed , inspite of that. Not exactly good economic practice.



Considering the fact that oil prices are at a six year low of $28 ...something which GEJ never had to contend with....the fact remains that we are an oil dependent economy, and when prices crash....we have to borrow to keep the books balanced. And while buhari should hurry up and diversify.....diversification takes a long time. GEJ's agric minister was a godsend(and his nomination to the big continental job was backed by both PDP and APC )....BUT he was only able to get us to no5 in cocoa production.....and nowhere in ground-nuts, cotton and palm oil.(Palm oil where we used to be no 1).

In other words.....the borrowing is not because of bad economic practice....it is because our hands were forced by the low oil price....and by PDP's failure.....and here I also bash OBJ and Yaradua....for not diversifying our economy when we had high oil price.(In other words....they repeated the mistakes of 1970's).Another reason is GEJ's failure to save (thanks partly to the governors....most of whom were from his party anyways)...but even if GEJ had saved ......he would have delayed the problem we face now till 2017.

DelGardo:
So they advocate that CBN should let Naira go on a free fall, and the wailers seem to like their suggestion. Cool.

I only hope they don't come here tomorrow to scream "Exchange rate is now N3,500/$!".

omohayek:


The true mark of cluelessness is blaming Kemi Adeosun for two areas of policy over which she has no control. It takes real ignorance to blame the finance minister for an FX policy which is actually set by Godwin Emefiele, the head of the CBN; she also had no hand in the NSE's difficulties, as the CEO of the Nigerian Stock Exchange is a man named Oscar N. Onyema.

OkutaNla:


Don't mind those hypocrites. If that happens they will be first to remind us how much it was under Okonjo Iweala and Jonathan. They are confused and don't wish this administration well, irrespective of what it does.

Chubhie:

We all have friends,colleagues,families who for some reasons beyond logic gets enchanted once sai baba is echoed yet face same harsh economic realities with us. maybe a sexy thunder can do the trick?

I know demdem is already getting excited with having a thunder romp.

APCLyingBastard:


And what exactly do you produce for export in your sophisticated region?

The oil you are condemning is the only solution your clueless govt and regions have to survive.


This is why I call you people ingrates.


If we in the ND where independent of your useless nation do you think by now we will still be exporting crude to buy refined Petroluem products?


.

Abeg leave your flat chest beating when you discuss among your fellow roaches

omohayek:


The true mark of cluelessness is blaming Kemi Adeosun for two areas of policy over which she has no control. It takes real ignorance to blame the finance minister for an FX policy which is actually set by Godwin Emefiele, the head of the CBN; she also had no hand in the NSE's difficulties, as the CEO of the Nigerian Stock Exchange is a man named Oscar N. Onyema.

omohayek:


The true mark of cluelessness is blaming Kemi Adeosun for two areas of policy over which she has no control. It takes real ignorance to blame the finance minister for an FX policy which is actually set by Godwin Emefiele, the head of the CBN; she also had no hand in the NSE's difficulties, as the CEO of the Nigerian Stock Exchange is a man named Oscar N. Onyema.

NavierStokes:


1.Making a reference to him as "my brother" has got nothing to do with ethnic affiliations but rather as one human to another.
2. The economic policies being brandished by this administration has all been synonymous with cluelessness.
3. I am afraid your responses are coming across as bigoted from the way youtried to shift blames to emefiele and onyema and attempting to shield the finance minister from attacks.
4. My brother do not be intransigent and assert that I am incredible because of differing opinions. The message was delivered exactly "as is" from the source.


PS: note that the CBN is inder the ministry of finance, and also the NSE thoigh private is regulated by SEC and under the supervision of the ministry of finance. So his assertion isn't unfounded and you arguing the contrary is an indirect attempt to accuse madam finance minister of laxity in carrying out her duties.

frankyychiji:
...EdCure and Dropshot too
They are at daggers drawn in the other thread. EdCure is now a wailing wailer, Bubu's high-handedness has crippled his business, dropshot and OrlandoOwoh says he must be a beneficiary of Dasukigate , infact, Edcure thinks Buhari only takes advice from Northern Elders only !! The zombies around there are now wishing Edcure falls down and d...for criticizing their god after eating Aisha's rice!!

Kai! Walahi the roforofo fight no be here ooo

kaboninc:


No brother,

The CBN is a body on its own and supervised (their accounts only) by the Financial Reporting Council of Nigeria.

The SEC is also a body on its own too.

dearpreye:

Bro, please reply my last PM. Thanks.

Closedoor:


You are a dullard o, please elaborate on the duties of a Finance Minister. Once you have done, then you go apologise for your dumb thinking.

chukwudi44:
That Kemi Adeseoun of a woman is the true depiction of cluelessness!!