Truth234:


You are right but borrowing is inevitable because of the nature of our economy. We are petrol-dollar economy and both are not readily available now.

Another thing is this administration added to the woes through their monetary policy. For instance, they introduced Forex flexibility policy 3 days to Brexit, that was CBN first mistake. In a crude oil dependent economy, you can't formulate monetary policy without factoring in global occurrence. Hence, the reason the forex flexibility policy failed, because that was when global risk was at post recession high. No reasonable investor will ignore the obvious and jumped in an economy with high level of uncertainty.

Suggest ways for govt to raise needed money to reflate the economy other than borrowing since there is no petrol-dollar?

Truth234:

You are right but borrowing is inevitable because of the nature of our economy. We are petrol-dollar economy and both are not readily available now.

The inevitability of borrowing is what makes it harrowing. I still believe this is the perfect time to look else where rather than depend on crude oil.

This country is bless with just too much mineral and human resources to just depend on crude oil alone. It's annoying, I tell you.

Another thing is this administration added to the woes through their monetary policy. For instance, they introduced Forex flexibility policy 3 days to Brexit, that was CBN first mistake. In a crude oil dependent economy, you can't formulate monetary policy without factoring in global occurrence. Hence, the reason the forex flexibility policy failed, because that was when global risk was at post recession high. No reasonable investor will ignore the obvious and jumped in an economy with high level of uncertainty.

This is something the likes those who scream and hail this administration will never own up to, cos they'd rather blame.

If discovered that PMB is as clueless and GEJ. And all our nigerian leaders are also clueless. They lack one thing: vision. It's something that is almost alien nowadays.

[s]

PassingShot:

I don't address wailing, pained, frustarted zombies.[/s]

no way! the "zone b" title is reserved for you and your ilks alone..

FTbomb:
[s][/s]no way! the "zone b" title is reserved for you and your ilks alone..

Do what frustrated, pained, lazy people do. You won't be missed.

PassingShot:

Suggest ways for govt to raise needed money to reflate the economy other than borrowing since there is no petrol-dollar?

Kindly tell us how the government intend to pay back the money borrowed?

[s]

PassingShot:

Do what frustrated, pained, lazy people do. You won't be missed.

[/s] go take a sick leave like buhari....both of you have failed!

...These apc zombie supporters are here again with their legendary economic illiteracy.

...The humongous devaluation of the Naira with its resultant hyper-inflation is as a result of buhari's ignorant and unguarded statements.This is in conjuction with the zero and inconsistent economic policies of the incompetent duo of buhari/apc...

...Because of the afore-mentioned reasons,foreign investors got fed up and left in droves with their cash in dollars with no sign or intention of coming back till further notice!.

..This has created acute shortage of dollars we are witnessing today,with depreciation of the naira and inflation in -tow.

..Buhari's bungling of the Niger-Delta issue because he was fooled into thinking he was the 'new sherifatu in town' who must be feared and cheered even when he is being stuupid,further reduced the amount of crude-oil we export..and for a nation like ours which depends almost entirely on crude-oil sales for sustainance,it was catastrophic.

...Buhari/apc are 90%responsible for the economic quadmire we are in..not corruption in Jonathan's administration or fall in crude-oil prizes..period.

PassingShot:

I don't even know where to begin with you.

You and your likes would prefer we don't talk about the past, yet you won't stop blaming a govt working tirelessly to redeem a very bad situation it inherited.

Guy, there are certain development that must occur for us to return to the path of growth and prosperity, no matter how one tries. The current recession cannot be avoided no matter what. We had it coming and the govt of that time refused to listen to Sanusi, Biswack Rewane and even its own Iweala.

One of the solution is to spend our way out of recession and I am sure you're one of those opposing the govt's plan for borrowing.

Ol boy, you cannot eat your cake and have it back. We ate ours long ago, we need to borrow to invest in the economy so as to exit recession earlier than envisaged, yet we oppose the govt in such efforts!

What do Nigerians want?

nd how is the govt working tirelessly to redeem us Mr Oga??

SalomonKane:
Kindly tell us how the government intend to pay back the money borrowed?

How govts usually pay back loans. Same way we're paying back our current loans.

Every borrowing has repayment plan embedded in the package.

PassingShot:

How govts usually pay back loans. Same way we're paying back our current loans.

Every borrowing has repayment plan embedded in the package.

Abstract! Why deal in abstracts, are you now a man of God?

I asked a question, provide specific answer rather than tell me what you just told me cos if I still remember clearly, the money borrowed by past governments haven't yet been paid, or am I wrong?

SalomonKane:
Kindly tell us how the government intend to pay back the money borrowed?

I've been wanting to ask this same question.. They are jst tryna put us an inevitable future debt..nd yt some zombies will still come here to shout sai baba!!...2019 is fast approaching sha..

SalomonKane:
Abstract! Why deal in abstracts, are you now a man of God?

I asked a question, provide specific answer rather than tell me what you just told me cos if I still remember clearly, the money borrowed by past governments haven't yet been paid, or am I wrong?

So you know the last govt, despite earning unprecedented billions in dollars,enbarked on a senseless borrowing.

Yet, you oppose borrowing to reflate the economy damaged by that useless govt!

Your question lacks substance. It's generic and my answer cannot be different.

PassingShot:

So you know the last govt, despite earning unprecedented billions in dollars,enbarked on a senseless borrowing.

Yet, you oppose borrowing to reflate the economy damaged by that useless govt!

Your question lacks substance. It's generic and my answer cannot be different.

On the contrary, I never supported borrowing done by past government. I vehemently spoke against it. I've been here longer than you think.

I even voted against PDP because of this senseless borrowing and massive looting.

Now that you know this, answer my question: how does this government intend to pay back the money borrowed?

SalomonKane:
On the contrary, I never supported borrowing done by past government. I vehemently spoke against it. I've been here longer than you think.

I even voted against PDP because of this senseless borrowing and massive looting.

Now that you know this, answer my question: how does this government intend to pay back the money borrowed?

Half-smart dude, it depends on what the borrowing is meant for.

PassingShot:

And exactly what this govt is trying to do by asking lazy youths to go back to the soil, be productive through farming.

In your warpped mind, it's Buhari's fault that we have largely lazy, unproductive, moaning youths.

Nigerian youths are not lazy. A generation of youths that have endured a litany of imbecilic governments to be able to hold their own against their contemporaries elsewhere are not lazy. . . No power, bad roads. no security of life or property, no serious organised government help, no student loans, no serious skills acquisition centers etc.. Yet there have been "governments". And you want to blame the people and not an aloof upstart who took 6 months to form a government of the corrupt for the corrupt? commoon, get real for once..

PassingShot:

Suggest ways for govt to raise needed money to reflate the economy other than borrowing since there is no petrol-dollar?

The truth is they will continue to have issues with borrowing for one obvious reason, the economy is not stable. Hence, the reason Fitch ratings downgraded Nigeria to B+ last week.

The FG need to go on aggressive spending (fiscal stimulus). Knock off high interest rate to encourage borrowing to revamp manufacturing sector and reduce unemployment while increasing consumer spending.

Truth234:


The truth is they will continue to have issues with borrowing for one obvious reason, the economy is not stable. Hence, the reason Fitch ratings downgraded Nigeria to B+ last week.

The FG need to go on aggressive spending (fiscal stimulus). Knock off high interest rate to encourage borrowing to revamp manufacturing sector and reduce unemployment while increasing consumer spending.

The bolded was exactly what the Minister of Finance said, but she was rebuffed by the so-called "economists". She made this point in one of her interviews in Channels TV's sunrise daily programme in their Lagos studio. The CBN countered her position by increasing the lending rate and the media went to town to spin the story by sensationalizing it.

Truth234:
Oil output has never been 400,000 bpd. The lowest since this administration came in was 1.4 mbpd.

However, what sustained 170/$ exchange rate wasn't the reserve, it was the looting. Imagine in 2013 when oil prices was $107 a barrel and output was 2 mbpd, just $2 billion was added to the foreign reserve, bringing total reserve to $29 billion.

That was when about $33 billion was generated in oil revenue, what happened to the rest? Looted, shared and find it way back into the economy through luxury consumer spending, investment in real estates, extravagance life styles and of course olosho enjoy too. I wrote an article called Nigeria: A nation that thrive on loots. It details everything.

But under the current administration foreign reserve is $28.9 billion. A period when oil prices has been averaging $33 a barrel for the past 12 months and plunged to 25 year low in Feb 2016 to trade at 26 a barrel. All this was achieved with 1.4 mbpd output.

Please provide me a link to this Nigeria: A nation that thrive on loots.

Who ever posted these, is either lame or a politician.

Looting did not start with Jonathan and will not end with Buhari.

Borrowing will only solve our recession problem, only if it is channeled to production, otherwise, it just another money to be looted.


Even if we attain 100% production with our population, the dollar rate will not reduce, ask China for reference.

Buhari is our problem because of his economic policies. No one can rubbish a past government as an opposition and become worse when he assumes power.

Jonathan had our economic plan for 10 years, no what does Buhari have?

Stop the blame game and tell him to get to work, if he is not already dead.

PassingShot:

Half-smart dude, it depends on what the borrowing is meant for.

Full-smart dude, what is the borrowing meant for? And in saying this mundane nonsense, did you answer the question?

[s]

owobokiri:


Nigerian youths are not lazy. A generation of youths that have endured a litany of imbecilic governments to be able to hold their own against their contemporaries elsewhere are not lazy. . . No power, bad roads. no security of life or property, no serious organised government help, no student loans, no serious skills acquisition centers etc.. Yet there have been "governments". And you want to blame the people and not an aloof upstart who took 6 months to form a government of the corrupt for the corrupt? commoon, get real for once..

[/s]

razid:

The bolded was exactly what the Minister of Finance said, but she was rebuffed by the so-called "economists". She made this point in one of her interviews in Channels TV's sunrise daily programme in their Lagos studio. The CBN countered her position by increasing the lending rate and the media went to town to spin the story by sensationalizing it.

The thing is they tagged high consumer prices "inflation' without understanding what type of inflation it is. Whereas what we are experiencing is cost push inflation, persistent increase cost of production. CBN need to admit to the Nigerian people that the high interest rate is to attract investors to the economy, so the apex bank can generate enough forex to service the economy and not because of inflation rate.

the zone b has been frustrated in his thread. no front page, no backup. now he has resorted to canceling posts instead of replying them..

Truth234:
Oil output has never been 400,000 bpd. The lowest since this administration came in was 1.4 mbpd.

However, what sustained 170/$ exchange rate wasn't the reserve, it was the looting. Imagine in 2013 when oil prices was $107 a barrel and output was 2 mbpd, just $2 billion was added to the foreign reserve, bringing total reserve to $29 billion.

That was when about $33 billion was generated in oil revenue, what happened to the rest? Looted, shared and find it way back into the economy through luxury consumer spending, investment in real estates, extravagance life styles and of course olosho enjoy too. I wrote an article called Nigeria: A nation that thrive on loots. It details everything.

But under the current administration foreign reserve is $28.9 billion. A period when oil prices has been averaging $33 a barrel for the past 12 months and plunged to 25 year low in Feb 2016 to trade at 26 a barrel. All this was achieved with 1.4 mbpd output.

Oil is presently at $56 per barrel.

Truth234:


The thing is they tagged high consumer prices "inflation' without understanding what type of inflation it is. Whereas what we are experiencing is cost push inflation, persistent increase cost of production. CBN need to admit to the Nigerian people that the high interest rate is to attract investors to the economy, so the apex bank can generate enough forex to service the economy and not the because of inflation rate.

Well my brother, the reason the CBN gave for floating the naira was also to attract foreign investors. But the question now is where are the foreign investors even after almost one year of floating the naira? You know what is most surprising, the very people that hailed the policy as at that time are the ones presently blaming the FG for doing what they want.

CoolFreeday:
I have never seen a country that will be spending foreign currency as if its their own like our former officials did.
I pray we dont make this type of mistake again, May God help us,

You won't ever make this mistake again. You're too broke now to do so.

PassingShot:
[s][/s]
Ask your dad. If you were not born, he surely was born and probably alive then.

lol... he said they queued to get food just like people queued for december rice

owobokiri:


The Avengers were right to have done what they did... In-fact my grouse with them is that they stopped abruptly.. There was a programme in place to help them learn new skills and be better men and your daura king came in and stopped it. He was doing so while looking for an amnesty programme for boko haram vampires. The avengers came in and introduced some sanity into his thinking. I am in support of that. If their actions messed up your economy, then next time try to elect better men who will treat every section of the country equally and not myopic upstarts who are sectional and petty in their thinking. It was buharis maladministration that caused their action not the other way round..

My brother you have said it all. When Buhari started issues with avengers, all I asked was will he be able to secure oil wells.
Why start what you can't finish, Buhari?

No matter how you lead a blind man he will still be blinded. @APC government

Stupid Government and their followers always giving stupid excuses.
Blunt economic policies were found in their blood.No direction.

We always talk of dollar, what of other currency.
Check exchange rate other African countries here https://www.nairaland.com/3618565/nigeria-doomed-naira-exchange-rate

our foreign reserved in no where close to 26b usd. shud be about 1b usd.