GenBuhari:

@agabaI23,
Did u miss my last post? I wrote the following:

Buhari took over when 31st Dec 1983  (Which iwe should call 1984 ) and exchange rate then(1984) was N0.77 = 1 $  with  Naira depreciating fast with great momentum left over from Shagari's government.

After Buhari was overthrown, it was still N0.89 = 1 $ when he left, the slight depreciation was negligible considering that there was depeciation momentum from when he took over that had  to be arrested.

This was only a  very small 15.6% depreciation  considering the depreciation momentum left by Shagari and that Buhari had spent his first few months paying off debt left by Shagari.

Buhari left exchange rate of    N1 = 1$   (which IBB inherited.)  Depreciation  16%


Lets look at depreciation under tenor subsequent leaders.

                                                                                                                    %  Depreciation

IBB left office                         N18 = 1$                                                            1700%   

Abacha left office                   N22 = 1$                                                            22%

OBJ left office                       N125 =  1$      Hail OBJ,  Hail PDP                         468%   

Yara Dua left office                N171 = 1$                                                           37%


http://en.wikipedia.org/wiki/Nigerian_naira

Thank IBB (almost killed us)  and his friend OBJ (finished us off - even with record oil prices) for our current predicament 

Both IBB an OBJ are PDP god fathers.

Can you remind me why EFCC has not probed IBB and OBJ?

9ijaMan:

You keep digging yourself deeper and deeper into a complete web of lies. When a person tells a lie, he'll need another 10 lies to cover the first lie if he does not want to get caught and each of those 10 lies would need another 10 lies again for coverup.

I would not want to go into any epistle to show you your level of ignorance and absolute illiteracy when it come to economic matters of the Nigerian state. Below is a link to a write up by the current CBN Governor, Sanusi Lamido Sanusi on the impact of Buhari's economic policies on the Nation.

I hope you read it and comprehend the contents. Ruminate on the article and then figure out where you've peddled lies n you previous posts on this thread and then make amends.

http://www.triumphnewspapers.org/why18112010.html

agabaI23:

Seriously I did. I was actually treating 9jaMan's response as yours.

However I have something to say about the period between 1974 and 1985 when the exchange rate was determined by import-weighted basket of currencies aka nominal effective exchange rate (NEER).

If you look at the depreciation rate with Shagari who was clueless, you will notice that it was always below 20%. Infact, it took three years for him to achieve a depreciation of 17.9 which was reduced afterwards.

The NEER system was not viable method of determining exchange rate because it overvalued the naira against the dollar considering that non oil export shrinked with the oil boom of the seventies and the oil price depression of 80's Nigeria's export was grossly reduced. Government savings fell from 24% of the GDP in 1980 to 12% of the GDP in 1985.  Yet the exchange rate remained comparative stable even in the face depreciating dollar.
So Buhari could not do anything to salvage the economy and like I said he had no solution then and he has no solution now.


Now about IBB killing us, no he did not kill us. He was more  realistic. When he realised that NEER was not viable
Ogiogio, 1996 (also see Moser et. al in my post above)

and was not doing the economy any good, he ditched it for market determined exchange rate (SFEM now FEM).

There was public auction of  currencies and the exchange rate was based on the demand and supply instead on trade (import) flow between countries of selected currencies. The naira value nose-dived because of worsening economic status of the country. No one paid attention to non-oil export and corruption was also depleting the external reserve.

The value of the naira cannot improve without our export increasing.

Like I said in my last post, Buhari was there when the foreign reserve was drawn down from 6months import allowance 1980 to just two months at the end of 1985.

But he will be here shouting of drawing down of foreign reserve.

He did not help the economy because he had no clue. He used physical fiscal policies like banning foreign currencies and changing the naira but their effects ephemeral.  

Because his policies were unrealistic, artificial and  draconian, it could not arrest the underlying economic and financial degradation.

It is not enough to claim he did not steal as his only reason to come back. It is just like telling us that Yar'Adua left $6.5 billion dollars in the Katsina state's account and yet the people of Katsina state had nothing to show for his 8 years as a governor. It makes nonsense.

Like I said, Buhari' Kaduna Campaign speech is watery and vague. It had no clear road map and there is not solution
to any problem I read through.

In an interview in Oct last year  he told us he was not going to prosecute past leaders and also that he will not go to court if he loses. In February, he turned back to say that those who will leave the country when he wins should get ready to do so from the same mouth.


The guy is power hungry and has no clue of what he want to do.

9ijaMan:

IMO you are the confused person here. Let's just assume your insinuation to the bold statement above is true, just for the sake of argument. How would you compare that with GEJ's numerous gaffes.

We know those who are behind the October 1 bomb blast, with obvious reference to IBB, only for GEJ to make a 180 deg volte-face to now claim IBB is his father who has been advising him since his days as a governor in Bayelsa state.
Perhaps you have also forgotten the statement he made on the same October 1 issue absolving MEND totally off any wrong doing while it is glaring today that he is now trying to prosecute the same MEND.
Abi na the purported text message GEJ hurried showed on NTA news attempting to link Dokpesi with he event,and today Dokpesi is now in his campaign team with all charges against him dropped. The list of his double talk/speak is endless. These are just a few.

So tell me, who's more confused between Buhari and you brother GEJ?
You've been warned to do your findings well before you make unfounded and baseless assumptions, statements or conclusions.

agabaI23:

Now about IBB killing us, no he did not kill us. He was more  realistic.

GenBuhari:

@agabaI23

So you support IBB?

A man who is a western stooge that wrecked our nation?

Devalued our currency by 1700% ?  

Freed all the corrupt politicians jailed by Buhari and allowed them to keep most of their loot?

Embezzled trillions of Naira?

Next you gonna say that OBJ performed also, abi?  

Na wa for u

GenBuhari:

Nothing is realistic if corruption is out of control

Buhari is only leader to ever bring corruption under control.

Vote BB 2011

agabaI23:

Is that the only thing you can pick out from that post to respond to?
I cannot defend GEJ's gaffes. He will do that himself and if he has not learnt to think before speaking he will lose the election based on that ,  not very sure though because very few people in Nigeria have access to the media I have accepted that GEJ made some mistakes but he never claimed to be a saint fyi.

Now can you address the concrete issues raised in my post?

agabaI23:

He did not help the economy because he had no clue. He used physical fiscal policies like banning foreign currencies and changing the naira but their effects ephemeral.

Because his policies were unrealistic, artificial and  draconian, it could not arrest the underlying economic and financial degradation.

9ijaMan:

You have not raised any concrete issue in you post except to selectively choose which document to believe in and which one to drop. When you said that I lost hope in discussing with you.

9ijaMan:

.
Nevertheless, the CBN document you provided did not mention what the exchange rate was when Buhari came into power.

9ijaMan:

Secondly it amounts to intellectual deficiency in economics and absolute foolhardiness for you to assume/conclude that the exchange rate for USD is a single figure for a whole year. I showed (and forced) you some evidences and the best you've been able to do is to come up with a CBN document that does not fully address the issue at hand.

agabaI23:

You argued with your cronies that Buhari was responsible for the 5% inflation in 1985 even though he left office in August. You did not look for the inflation figures per month. You argued that 4 month was not enough to reduce inflation but now you think that 4 months was enough to shoot up exchange rate. You want us to believe that the effect of 4 months exchange rate would have significant influenced the overall average. May be you provide evidence
to convince me also if you are not being biased in your analysis.

9ijaMan:


You lied and I repeat for emphasis, you lied when you attempted to turn logic on it's head and came up with some fake/wrong percentage figures to justify your lies.

9ijaMan:


If you really want to make your point, come up with additional evidences which shows precisely what the exchange rate was on the 1st of January 1984 and compare it with what the figure was on the 27th of August 1985. It's will be utter stupidity for anyone to blame Buhari for the exchange rate figure by the end of December of 1985, since he left office over 4 months before the end of the year.

9ijaMan:

Here's another lie from you again:
How dare you come up with this cheap line? Your problem is that you keep jumping from pillar to post yet you have not been able to disentangle yourself from your web of confusion. I hope you've gone through Sanusi Lamido's article about Buhari's economic policies. If someone of Sanusi's status could praise Buhari's economic policies that much, na who you be with this your shallow economics knowledge to make the statement you made above. It's either you are absolutely ignorant or you simply cannot comprehend simple economic indices. This is simply another set of lies you are trying to use to cover your previous gaffes.

9ijaMan:

Yet again you made another gaffe in your attempt at praising IBB's economic policies while you condemned Buhari's.

Even the lamest economists know that IBB's economic policies ruined Nigeria and I need not go into the details of that, as that's not the topic of discuss. You need to do your homework very well instead of dwelling on a single incomplete source of historical data. The internet is awash with tonnes of data and it'll only take you a few minutes to get informed.

Produce data about the average monthly exchange rates during Buhari's rule. It's only when ou are able to do so, your basis of argument is baseless and completely untrue.

agabaI23:

No his economic policy initial was good.
BB has no policy, has no road map for anything.
He is just there claiming saint Buhari

agabaI23:

Buhari was there for 8 months and IBB was there for 4 months. Which of the two will contribute more to the yearly average. You argued in the link I showed you above that 4 months is not enough for any economic policy to influence the economy.

agabaI23:

Who is Sanusi Lamido (B.sc economics) that I cannot have a contrary opinion?

GenBuhari:

Buhari's economic poicy that reduced inflation  from 23% to 4% u are questioning?

GenBuhari:


Buhari' economic policy that paid off our debt in 1.5 years?

The observed worsening economic and financial conditions and alleged widespread
corruption led to a military coup at the end of 1983.  The new regime (under General Buhari)
reinforced the austerity measures while additional exchange and trade restrictions were
announced in 1984.  The fiscal and monetary measures announced were aimed drastically
reducing domestic demand pressures.  The government also implemented expenditure cuts
and substantial tax increases.  The expenditure cuts were particularly successful in the short
run and they reduce the overall federal government fiscal deficit to a significant percentage in
1985.  As a consequence, the governmentís recourse to bank credit was virtually eliminated
and inflationary pressures were significantly reduced.
However, the governmentís austerity measures did meat with some setback.  The emphasis
on short run stabilization measures reflected the governmentís belief that Nigeriaís economic
and financial problems were transient and would eventually disappear with a recovery in oil
export prices.  In the event, oil prices did not recover, and it became clear that the
stabilization policies had failed to address the underlying economic problems.  Thus,
crippling import shortages and growing social and political discontent set the stage for
another military coup (under General Babangida) who assumed power in October, 198.  After
considerable popular debate, the Babangida Government adopted in June 1986 a
comprehensive structural adjustment program (SAP) that signaled a radical departure from
previous adjustment efforts.  It emphasized reliance on market forces and deregulation.  The
objectives of the SAP were to restructure and diversify the productive base of the economy
so as to reduce dependency on the oil sector and imports; achieve fiscal and balance of
payments viability over the medium term; and promote non-inflationary economic growth.   10
The key policies designed to achieve these objectives were the tightening of financial
policies; the adoption of a market determined exchange rate; the Liberalization of the
external trade and payments system; the elimination of price controls and commodity boards;
the decontrol of interest rates; the rationalization and restructuring of public expenditure; the
rationalization of the tariff structure and the overall lowering of tariffs; and the privatization;
or commercialization of most federal public enterprises.
During this period, some of Nigeriaís earlier anti-export bias in manufacturing disappeared
with policy reforms, and producers switched from imported to local inputs.  Particularly in
agro-processing and textile manufacturing, there was greater use of locally produced
materials.  The assembly-based manufacturing, which had depended on imported inputs and
been shielded from competition and market signals, contracted.  But the industry as a whole
grew by 3.5 percent per year (1986-1990); similarly, production of traditional food crops and
cash crops increased and agricultural output grew at 4.7 percent per year on average.  
However, the gradual loss of macroeconomic control after 1990 eroded many of the positive
changes that took place in the preceding years and have begun impacting negatively real
economic indicators.  Although significant progress was made in the liberalization of the
economy, specifically through reform of the exchange and the trade system and the freeing of
prices, macroeconomic policy implementation remained erratic and failed to bring inflation
under control.

GenBuhari:


Buhari's ecomomic policy to preserved our currency at better than N1.00 = $1.00?

GenBuhari:


BB has no policy?

The policy is to eradicate corruption.

Fix power sector / electricity

Tackle crime and make streets safer

rapidly industrialize the country

agabaI23:

My reply to you 9jaMan is held back by spambot. It will apear soon or you can check it inside profile

GenBuhari:

@agabaI23

Buhari is only government to ever reduce inflation so dramatically of just over 1.5 years

Inflation is for whole economy  not  just goods you buy from  a store.

Fact is low inflation is an indication of health and well managed economy regardless of how it has been achieved.

Buhari came into power 31.12.1983 and   was overthrown by agent of the white man (IBB - PDP Godfather)

Buhari did pay off our external debt, the 23% rise in 1985 must have been created by IBB. Also please note that 23% of a very low low figure is also a very negligible amount.

Buhari actually cut government spending and economic policy which he actually fully implemented as opposed to shagari who like many corrupt governments, pay lip service, but fail to perform or implement policies.

Same for external dept repayment, Shagari paid lip service, Buhari paid off the debt, IBB devalued Naira by 1700% and took IMF loan (hail IBB!  )

When Shagari came into power exchange rate was, N 0.55 = $ 1.00 , in 1984 when Buhari took over it was  N 0.77=$ 1.00 that is a 50% depeciation over the length of his government.

Buhari performed much better with 15% depeciation which was largely due to the depreciation momentum carried over shagari's government as Nigeria;s economy imploded, otherwise I doubt you would have even seen the 15% depreciation.

GenBuhari:

So you want to credit Shagari for Buhari's achievements abi?
If it makes you happy go ahead

Here is a question for you, if not Buhari who?
and what is their prove track record achievements?

"I will continue to show openly and inside me the total commitment to the Sharia movement that is sweeping all over Nigeria," Buhari said, quoted in press reports.

"God willing, we will not stop the agitation for the total implementation of the Sharia in the country," Buhari said.

agabaI23:

Ribadu
I would have preferred Ribadu but then Ribadu is riding on his popularity as EFCC chairman and he is not doing anything. Also he has Tinubu who is worse than OBJ as his Godfather. He has no plan and thinks that saying' I will change Nigeria' will win election for him. How will he change Nigeria?

Buhari
I have given my reasons why i will not vote for Buhari. Like Ribadu he is harping on his erroneously conceived Sainthood. He has no clue of what to do get our economy back on its feet. He is against privatization and I can assure you he is not going to do much in his so called fight against corruption because does not know what is called diplomatic soldiering.

Again under him massive fraud was perpetrated as a PTF chairman even though he claimed to be unaware.
The 50 suitcases issue also punctures his immaculate conception claims.
http://www.news24.com/xArchive/Archive/Calls-for-total-Sharia-in-Nigeria-20010827  -AFP

He did that once by registering a circular country as a member of OIC and I do not doubt he will try that again.
Buhari has never condemned any uprising at least to my knowledge in recent times not that I know of any such condemnation in the past.

If you read his campaign speech, you will not see any  solution to any of the listed problems. Why will I vote him based on unfounded performance as a military head of state?

I do like the order he restored such that people could queue up at bus stations. Can he achieve that without the Khaki boys because he only knows the language of violence which does not refrain from using. I can go on!


GEJ
I have a few things against GEJ
His association with the brigands- OBJ, Atiku, IBB
OBJ is a man like Buhari who had passion for country but went about it his own way. He capped it up by embezzling state funds. He listened to no one and was selfish. His time was not totally disastrous but we expected a lot more.

I believe it will be good for him be his own man.

He should also think before he speaks.

Apart from that, he has spent 10 months as a president. he inherited a collapsed structure and he is fighting toot and nail to get things going.

Power- what people refused to do all these while, he mustered the courage to do. Privatization of power sector. I have a highly placed NEPA staff as a neighbour and I can tell you that privatization process has gone far and that what we need to get the stable power generation we need.

You would have read the  more obvious ones about the power road map  in the press.
He has a road map for problem.

He just gave some loan to Nollywood to be accessed by members, you would not know the ripple effect of that in the economy.

During the PDP primaries and campaign, Atiku was all out attacking him like Buhari is doing now but he came out and said what he wanted to do.

He has got a plan but Buhari does not have any.

I will give him a chance but if a better candidate comes up from the blues, i ditch camp. No one on the horizon at the moment.

You are free to disagree with me

GenBuhari:

How does the 50 cases dent Buhari's intergrity?
Let us hear what

[flash=600,400]
https://www.youtube.com/watch?v=JITI0dRDjD4[/flash]

One is only too aware that some Nigerians love to point to Buhari’s agenda of discipline as the shining jewel in his scrap-iron crown. To inculcate discipline however, one must lead by example, obeying laws set down as guides to public probity. Example speaks louder than declarations, and rulers cannot exempt themselves from the disciplinary strictures imposed on the overall polity, especially on any issue that seeks to establish a policy for public well-being. The story of the thirty something suitcases – it would appear that they were even closer to fifty - found unavoidable mention in my recent memoirs, YOU MUST SET FORTH AT DOWN, written long before Buhari became spoken of as a credible candidate. For the exercise of a changeover of the national currency, the Nigerian borders – air, sea and land – had been shut tight. Nothing was supposed to move in or out, not even cattle egrets.



Yet a prominent camel was allowed through that needle’s eye. Not only did Buhari dispatch his aide-de-camp, Jokolo – later to become an emir - to facilitate the entry of those cases, he ordered the redeployment – as I later discovered - of the Customs Officer who stood firmly against the entry of the contravening baggage. That officer, the incumbent Vice-president is now a rival candidate to Buhari, but has somehow, in the meantime, earned a reputation that totally contradicts his conduct at the time. Wherever the truth lies, it does not redound to the credibility of the dictator of that time, General Buhari whose word was law, but whose allegiances were clearly negotiable.

agabaI23:

-Shonekan

I hope that answers your question?

agabaI23:

It was a bout a time when he banned the handling of foreign currencies like I said earlier.

he allowed those number of suitcases filled with hard currencies to be brought into the country where as others were prosecuted.

Only him knows why his anti corruption crusade was selective.

BTW I have listened to the interview and there is no leadership. I was thinking he would make an impact but he did not.
And he was not sincere in some of his answers like I had pointed out.

BTW why did you post that?

9ijaMan:


Why are you hell bent on peddling falsehood. You are stubbornly defending a stance that you have failed to provide evidence for. The figures shown in the CBN document in the link you posted showed the exchange rate on a yearly basis without specifically mentioning the months. Buhari came in on the 31st of Dec. 1983 (this can easily be taken as 1984). According to the CBN document, the exchange rate was 0.76 Naira to $1 in 1984 which is very much consistent with the data I provided earlier.
Buhari was ousted on the 27th of August 1985 and the news article confirmed that the exchange rate on that day was 0.765 Naira to $1 dollar. How on earth you came up with 34% depreciation befuddles me. I wonder the sort of school you attended that makes you think exchange rate is a static value which remains the same from the 1st of January to the 31st of November.

Can't you for once in you lifetime be truthful? There is really nothing civil about you blind argument. No one is scoring political points for Buhari. Apparently you are the one who's trying to justify your prevarication. You lied and it was pointed out to you. The best you can do is to apologize else you simply keep mute.

Continuing this way will only further expose your awful ignorance.

I'm glad I forced you to work your brains a bit. At least for the first time a GEJ supporter is forced to exhume evidences and facts from the internet. My disappointment is just that you still wanted to twists the facts! You can proceed in your ignorance and do not think you can fool people by peddling half truths and outright falsehood.