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Nairaland Forum / Nairaland / General / Politics / Buhari Hard Economy Fallacy. (1781 Views)
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Re: Buhari Hard Economy Fallacy. by trillville(m): 9:42am On Oct 27, 2018 |
KINGinVAHALA I cannot say I know people who lost their jobs but I can state categorically that Nigerians have gotten much poorer and I can explain what mistakes President Buhari has made. By the way, my logic is based on sound economics and not simple mindedness. First of all, the Nigerian naira is backed by US dollars. What this means is that government converts US dollars into Naira to pay it's debts. When oil prices fell, buhari has a number of options. The first was to fire government workers, enabling government to use the less US dollars it is earning to still pay it's remaining workers. The economic negative of this is that fewer people will be able to purchase goods and services so the economy would have still fallen into a recession. The positives however is that government would have become more efficient. People in government who actually provide no services to the Nigerian population would have been laid off saving government money. another positive is that Nigeria would not have had to raise fuel prices and the naira would not have been depreciated to this level. This strategy would have protected the common man on the street from the direct impact of lower oil prices. The second option was to raise Taxes on the rich to reduce the amount of naira in circulation thus reducing the demand for dollars and also provide the federal government with revenue to pay it's debts. This option has similar positives and negatives to the first option. The option was to devalue the naira, blame the past government and push the suffering to the Nigerian masses. This was the option he decided to take. He even went as far as borrowing money to pay workers he should have considered firing. Now we are in debt. For poverty to reduce, the minimum wage needs to be increased. To increase the minimum wage, Nigeria either needs to earn more money or devalue the naira further. We are in a circle of pain at the mercy of oil prices. To make matters worse, as oil prices go up, government must pay more in subsidise to maintain the price of petrol else poverty will only increase. Atiku is a BAD BAD man, but he is talking about privatisation and free market economics. Atiku understand that the one and only path to mass prosperity is free market economics. |
Re: Buhari Hard Economy Fallacy. by 4kDdullard: 10:02am On Oct 27, 2018 |
trillville:God bless you bro. Atiku is bad no doubt but mentally he is better than that lifeless illiterate who is suffering from a rapid mental deceleration. No paradigm shift from the same primitive and retrogressive policies of 1980ties that left our economy in ruins during the lifeless one's disastrous era that led to his dethronement by IBB. Only Buhari is worse than himself in the sphere of leadership. Next year he must be willing to hand over power to Atiku or risk being treated like Laurent Gbagbo. To hell with him and his cow policies! 1 Like 1 Share |
Re: Buhari Hard Economy Fallacy. by grandstar(m): 10:28am On Oct 27, 2018 |
rusher14: One was working for an insurance company and another for a big book importer. They didn't close but the book company downsized heavily. Forget about "evidence". The dramatic and drastic collapse of the Naira was the worst seen within 18months, going from around 200 and hitting 550 at a time to the dollar at the black market. All this was due to the preposterous pegging of the Naira to the dollar at a rate he could not defend. 4 Likes 2 Shares |
Re: Buhari Hard Economy Fallacy. by rusher14: 10:31am On Oct 27, 2018 |
grandstar: And we that exported made more money. |
Re: Buhari Hard Economy Fallacy. by crimeboss: 10:45am On Oct 27, 2018 |
KINGinVAHALA: It's very peculiar for buharist to dumb, from ur comment i should ask u, where do u believe the best brains from our higher institutions should start looking for jobs from, the gateman level?, well it's not a surprise that ur president being the illiterate he has not denied himself to be has the same mentality has u, because he hates anything that reminds him of his shortcomings in life, referring to his of education despite he being the president by false means, and his low, shallow, archaic sense has robbed off on most of u like a contiguous virus giving no room for proper conception of advanced reasons. |
Re: Buhari Hard Economy Fallacy. by crimeboss: 10:51am On Oct 27, 2018 |
KINGinVAHALA: His father will try what buhari did to get his children there by stealing, lying and deceiving nigerian like buhari, hope when other Nigerians do what buhari's doing hope u won't say CORRUPTION?. |
Re: Buhari Hard Economy Fallacy. by bluke(m): 11:45am On Oct 27, 2018 |
grandstar: No pain without gain. Read about Buharinomics, that is what china is currently adopting as it economic policies. The chinese economy is slow cos of this policy, same way we have it in nigeria. Its a norm in life. 1 Like |
Re: Buhari Hard Economy Fallacy. by grandstar(m): 6:25pm On Oct 27, 2018 |
bluke: There's nothing to read Buharinomics and Chinese economic policies are miles apart The bedrock of the Chinese economy are 1) Massive levels of credit 2) High quality infrastructure 3) Large state owned enterprises 4) Low cost of credit 5) A competitive exchange rate 6)State owned banks that can supply massive credit to SOE's and reflate the economy in the event of a slow down None of these are existent in Buharinomics Also what do you mean by no pain no gain? Buhari is a populist so I would like you acquaint me with his painful policies? The unintended consequences of his populist policies were the biting recession and the present slow recovery 1) He kept the Naira at an overvalued rate for over a year because he did not want people to suffer 2) He refused to fully deregulate the price of petrol when it was because he did not want the people to suffer 3) He refused to slim down the bloated civil service because he did not want people to suffer 4) He has refused to privatise a single loss making state owned company but instead poured over $2b on white elephants such as Ajaokuta and the antiquated oil refineries You ended the floating exchange rate policy you inherited(which is the preferred choice globally) for a pegged rate (which countries have fled from) which plunged the economy into a recession. You see why countries fled from it. The government is now spending about 3billion daily on a subsidy he said did not exist or over a trillion a year You refused to cut down the civil service which money is borrowed to pay workers and these same bloated service are now asking for a wage increase! No pain no gain my foot 5 Likes 4 Shares |
Re: Buhari Hard Economy Fallacy. by tuniski: 6:44pm On Oct 27, 2018 |
KINGinVAHALA:Your Area is insignificant in the larger picture of Nigeria! Do you have almajiri in your area? Or you doubt if they exist in millions? |
Re: Buhari Hard Economy Fallacy. by omohayek: 7:03pm On Oct 27, 2018 |
grandstar:The tragedy of Nigerian politics is that although everything you've written here will be immediately obvious to people with even a minimum understanding of economics, the usual factors of religious and tribal affiliation will prevent many from absorbing any amount of argument to the effect that "their guy" has spent the last 3 years making them poorer through atrocious economic policy-making. Of course, the situation isn't helped by most of those in the other main camp also being so clearly motivated by nothing more than religious and tribal bigotry, what with their never-ending rants about "Yoruba Muslims" and whatnot ... 5 Likes 1 Share |
Re: Buhari Hard Economy Fallacy. by Vikky014(f): 7:15pm On Oct 27, 2018 |
SarkinYarki:hahaha.Chop knuckle jare 1 Like 1 Share |
Re: Buhari Hard Economy Fallacy. by KINGinVAHALA: 7:19pm On Oct 27, 2018 |
crimeboss:has Buhari ever stole your money? |
Re: Buhari Hard Economy Fallacy. by KINGinVAHALA: 7:23pm On Oct 27, 2018 |
SarkinYarki:Tell me something boy. you know me? how, where, when? |
Re: Buhari Hard Economy Fallacy. by grandstar(m): 7:33pm On Oct 27, 2018 |
omohayek: Thank you |
Re: Buhari Hard Economy Fallacy. by crimeboss: 8:32pm On Oct 27, 2018 |
KINGinVAHALA:Yes, if u don't mind me saying it and i am quite certain it's not buhari's father's money but Nigerians', pls does this give right to steal it?. |
Re: Buhari Hard Economy Fallacy. by jakandeola(m): 10:25am On Nov 09, 2018 |
KINGinVAHALA:may god purnish u for dis |
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