9jakohai:


True.

Anyone who lived or heard of the 'oil boom era' of 1973-82, and how things fell apart after the crash of 1982...could have seen this coming.

This is what happens for any economy based on just one source of revenue.

If GEJ had won, things won't have gotten better...neither would Buhari have improved things if he appointed his ministers as soon as he took office.

My annoyance with the PMB govt though is that they did not tell Nigerians that we have to get off our overt reliance on oil...and that getting there involves some hard choices. Instead, they are waiting for oil to go above 100 USD...hopefully the 120 needed

ABIOLAXYZ:
GEJ the moses of our time

deji68:
Well, the price of oil was never 100-140/barrel throughout GEJ tenure .....

1998 $11.91 $17.26
1999 $16.56 $23.42
2000 $27.39 $37.54
2001 $23.00 $30.68
2002 $22.81 $29.92
2003 $27.69 $35.55
2004 $37.66 $47.04
2005 $50.04 $60.44
2006 $58.30 $68.27
2007 $64.20 $72.98
2008 $91.48 $100.00
2009 $53.48 $58.75
2010 $71.21 $77.10
2011 $87.04 $91.37
2012 $86.46 $88.93
2013 $91.17 $92.40
2014 $85.60 $85.34

musa234:
just shut up! Always justifying incompetency

bilulu:

during GEJ times oil came to down to fifty something.... oil started falling since 2014 so don't give us excuse jor

dominique:
Though I'm not thrilled with this administration but there is no indication that the economy wouldn't have plunged into recession if GEJ had retained power. Naira was already nosediving against dollar, prices of items were already skyrocketing in the weeks before he handed over. I don't see how he would have magically restored the economy if he had been voted in. He was only lucky he left before things got out of hand. Even Emir Sanusi predicted the recession

tuniski:

Warped! If under buhari, the barrel sells for 200$ the suffering in the land will be times 3 what we are having right now. Buhari is a curse! He doesn't know how to share prosperity. he is essentially a sadist!

FILEBE:
This too shall pass. Some people are just unfortunate to be in the wrong(right) place at the wrong time. I don't like Buhari's attitude towards fulani killings. He has not come out to caution his brothers. Every now and then, i hear these Hausas say they are children of Buhari and nothing can be done with them. A fight broke out between a Niger water seller and an Hausa water seller. You need to come see this fight. I swear this people get mind for fight . They were lifting each other up, one turned his back explaining cause of the fight when the other hit him with a strong stick on his neck. He used the edge. I was shocked.
All i hear the Niger guy saying was it won't be better for Buhari and blah blah blah. This aggravated the Hausa more. His fellow Hausas stopped by and were trying to shush the Niger guy for insulting Buhari. Mind you, Insulting Buhari wasn't the cause of the the fight but i am sure the Hausa guy must have said, "nothing will happen to me, i be Buhari pickin".

Apc and pdp have nothing good to offer Nigerians. Come 2019, let us surprise these people and vote neither of their candidates. They are not the only one contesting! Yes. Our votes count. Accord party won a constituent in LAGOS, so did pdp. Who would have thought that? 2019, we have the power against these one percenters.

Iseoluwani:


I send you?

9jakohai:
There is a simple explanation, and no i am not defending the govt.

1.During GEJ'S govt, the oil price was $94-120. That meant we had enough dollars to buffer the naira...and as a result the value of the naira was stronger..meaning we needed fewer naira to import rice.

2.Now, during Old Man Bubu's govt, the price of oil has fallen to $28-65. This means we have less dollars to buffer the naira, and the value falls.Meaning we need more naira to import the rice.

3.If oil jumps up to $100 again, rice prices will fall...see1 .

4.What does this mean?

a)INCREASE DOMESTIC RICE PRODUCTION...via mechanised farming and irrigation

b)Get other sources of dollars...ie industrialization., industrialization.

Fin.

folahann:
Somebody tell the ineffectual Buffon that we once bought bag of rice for 2,500 and petrol for 40 Naira. Ask him how much he met in our excess crude account and how much he left there.

GoroTango:
GEJ is one of the reasons we find ourselves in such a mess as this. When Buhari took over the kind of rot he met on ground will be enough to unnerve even the most committed of presidents. Buhari is doing his best and I support him

arrestdarrester:


Tell that to the marines!

With the relatively low price of oil why is the price of petrol in an oil exporting country still beyond reach after 2 years of the advent of a political party that told us that subsidy was a scam? And to think that we believed them. So what is going on now? Are we still being scammed? Is it Yahoo now, 419 or what?

Fuel? Over N240 per litre? On Christmas day? Is this a bad dream?

deomelo:





Don't you mean the greatest looter of our time?



Good riddance to that crooked, corrupt and incompetent loser, glad Nigerians kicked him back to his village.

Tugsramm:
on behalf of u nd ur family

Goodness4525:
Neither of them is worth LGA chairmen in the first place with what they can offer all our leaders are blindfolded with the greed of continuity in power unlike Nelson Mandela

Doyin2:


Thankyou.Many Nigerians are so gullible to political theatrics.

How do you expect price of rice not to be higher when the dollar revenue shrank due to oil price crash?

And by the way,these are temporary times.How much will rice be when PMB leaves in 2013?

Present comparison is baseless and stupid.

Goodness4525:
Neither of them is worth LGA chairmen in the first place with what they can offer all our leaders are blindfolded with the greed of continuity in power unlike Nelson Mandela

FILEBE:
This too shall pass. Some people are just unfortunate to be in the wrong(right) place at the wrong time. I don't like Buhari's attitude towards fulani killings.
Buhari is the grand patron of Miyetti Allah.

9jakohai:


Oil in GEJ times was between 94-120 from 2009-14.

It did come down to $58, at the tail end of his regime.

https://en.m.wikipedia.org/wiki/World_oil_market_chronology_from_2003

jrusky:


You are likely suffering from dementia same as your Buhari is right now. Stop fighting back foolishly it makes you look more stupid.

Please who are the looters just mention 7 confirmed one and proof it? Hahaha I know you will say madueke to your foolishness why did apc silly govt refused to let her comes back to defend herself or is that how British or America allow their citizen to be charge outside their country? Your illiterate EFCC boss said MADUEKE stole 90billion dollars and all our reserve still at less than 40 billion dollar till date pls reconcile that stupid calculation

Oh sorry Olisa Metuh or Dasuki right? ok pls add all their loots together and minus it from 20billion dollar NNPC contract scam that ended up in handshake in Aso rock few weeks back pls reconcile it Mr big mouth and tell me who is more corrupt

9jakohai:


No, it means we have more dollars to buffer the naira, import stuff, and prices will fall.

It isn't what I want tho.Strong nations don't stay on oil.

We are not a rich nation. Rich nations are China... Who went from being behind Sierra Leone in GDP in 1973 to being a top ten nation in GDP via industry.

dominique:
Though I'm not thrilled with this administration but there is no indication that the economy wouldn't have plunged into recession if GEJ has retained power. Naira was already nosediving against dollar, prices of items were already skyrocketing in the weeks before he handed over. I don't see how he would have magically restored the economy if he had been voted in. He was only lucky he left before things got out of hand. Even Emir Sanusi predicted the recession

phineas:



In the middle eastern countries,1 country built 4 futuristic cities with their windfall.(Imagine building the equivalent of 4 cities far greater that Abuja with their windfall)

In Nigeria what did we do, we declared there was a rainy day and couldn't pay salaries during the Jonathan regime and drained the excess crude account by about 80-90%.The countries foreign reserve was also drained by about 50%.(the exact percentages are still been argued but we should have had a full stash not drained bank accouts)

How does that explain this man's place in history.

I respect all leaders.Leading Nigeria is not easy.He had his strengths but the economy was not it.The General has done way better and is doing way better with the economy

Next year will be better and Nigeria n's had better thank God and his economic team for it.

Last word-my advice to you all is to go an pay your taxes

Reference:
Though reminiscence is a potent tool for political pressure on a sitting government but in this case it is becoming a bit too much. If we castigate the government for blaming all the present ills on the past administration then we ought to shrink that battle ground by moderating the comparisons with the past also when it comes to better times. Even the bible tacitly warns against living in the past as unwise. So can we move on on both sides of the argument and debate solutions to the present predicament instead.

folahann:
Somebody tell the ineffectual Buffon that we once bought bag of rice for 2,500 and petrol for 40 Naira. Ask him how much he met in our excess crude account and how much he left there.