When u hv a leader dat is so solw in tinkin....wat do u xpect frm him.... Evrytin abt dis country has bin slow since the coming of PMB LET JST PRAY 4 THIS COUNTRY,God only will help US
FWJOBSNG: President Muhammadu Buhari appears to be held captive by the fear of bold economic reforms and continues to be indifferent to sound economics, thus pushing Nigeria along a dark alley of power, foreign exchange and fuel shortages which threaten to throw the country into a recession.
Africa’s biggest economy has the continent’s largest gas reserves, yet suffers daily electricity blackouts, is the largest oil producer but is currently enmeshed in petrol shortages, has a huge market that should in theory attract investment flows but now deals with dollar shortages.
GDP growth has slowed considerably, the misery index is worsening and the non-performing loan situation of banks and creating a new pressure point in the economy as beleaguered firms fail to service their credit obligations.
In a note yesterday dated “one year after Nigeria’s elections”, Bank of America said, “approximately one year has passed since President Buhari was elected. Since then, the oil price has fallen by 32%, the equity market is down 26% and spreads on the 2023 Eurobond are 220bp higher. Policy uncertainty continues to weigh on the markets. The Naira peg is overshadowing some significant reforms that have been made.”
Analysts say behind all these problems is the fear of letting market forces allocate resources efficiently and a stubborn fixation on discredited government command and control policies.
“President Buhari must take responsibility for the results of his actions,” a senior investment banking source speaking anonymously, told BusinessDay.
“The government has to take some decisions promptly. Removal of FX controls has to be one and fuel subsidies have to go.”
Business sources say a recession (two consecutive quarters of negative growth) may be unavoidable for Nigeria due to the damage being done by ongoing energy and forex shortages and there is also the real likelihood of inflation ramping up to 12% this month say economists.
Signs of the slowdown are evident everywhere in the megacity of Lagos that drives most of Nigeria’s economic output.
International flights into the city are recording half filled seats; while imports that drive consumption were down by 9.2 percent last year, data from the National Bureau of Statistics (NBS), show.
The manufacturing sector contracted again in March, as the Purchasing Managers Index (PMI) printed at 45.9 percent, according to a March 31 report from the Central Bank of Nigeria (CBN). A reading below 50 indicates contraction.
Some 80,000 manufacturing jobs are set to disappear in Nigeria, mostly as a result of the President’s FX policies, according to the Lagos Chamber of Commerce and Industry (LCCI).
“Across manufacturing people are beginning to shut down. It is happening across the sector” said Babatunde Odunayo, a former CEO of Nigerian conglomerate Honeywell Group.
“Family owned businesses are shutting down,” Odunayo said.
President Buhari’s policy of pegging the naira at N199 per dollar has exacerbated inflation and unemployment as traders and retailers base prices on the black market rate hovering near N320/$1.
Nigeria’s inflation rose by 11.4 percent in February and its unemployment rate pushed into double digits at 10.4 percent in the fourth quarter of 2015.
Economic growth dropped to 2.8 percent last year, the slowest since 1999 and will decelerate further to 2.3 percent in 2016, the International Monetary Fund (IMF) said March 31.
By comparison, the World Bank forecasts that Kenya’s gross domestic product (GDP) would expand 5.9 percent in 2016 nearly double Nigeria’s expected growth rate.
Across the vast country, fuel queues are now the norm as the President refuses to deregulate prices, while blackouts have returned with a vengeance.
“Lower oil prices should provide an ideal backdrop to deal with the fuel subsidy regime. Subsidies benefit the rich (who consume more fuel) disproportionately,’’ said Razia Khan, Managing Director, and Chief Economist for Africa, at Standard Chartered Bank.
The dollar shortage is linked to the ongoing fuel shortage because most major oil marketers cannot source dollars to import products, leaving state owned NNPC as the only major importer.
This weekend, the President heads to China which has devalued its currency four times in the last one year but Buhari insists on holding the Naira at an artificial rate and fixing the pump price of petrol in Nigeria at N86.5 per litre, even as no one outside the main cities of Lagos and Abuja is able to get it to buy it at that price.
The latest PMS watch from the NBS shows that the average price Nigerians purchased PMS in January was N109.59 per litter.
Today, with the ongoing scarcity, the retail price has shot up astronomically, making nonsense of the government’s policy choices.
“It’s N1, 500 last price for five litres,” a black market dealer tells BusinessDay in Lagos.
The calculations come to N300 per litre or more than 240 percent above the Government official price.
Government interference in the upstream oil sector through price fixing for gas and NNPCs ineffectiveness and inability to finance its gas JV stakes has made the country with Africa’s largest gas reserves of about 187 trillion scf, unable to generate more than 5,000 Mw leading to daily blackouts.
Actual power generation for some time last week hit a low zero megawatts for the entire country of 180 million people.
Investors have fled Nigeria as a result of the confusion and flawed policy choices.
JPMorgan Chase and Barclays have taken Nigeria off their emerging market bond indices; while the country’s benchmark stock index (NSEASI) has returned negative 11.04 percent ytd with N1.094 trillion in market capitalisation wiped off.
Given 8 bags of rice 4 me is notin compare to the multitude of ppl that are displace frm their home and community, Not to talk of the life's lost,they shuld be tinkin of the security and well being of these ppl not a mere bags of RICE..... What Agatu ppl need right now ,is for the herdsmen dat took life's of their love one's be brought to book,and pay 4 their crime.....
A vry nice constructive lie,i dont see these fuel scacity ending anytin soon, The govt is nt ready to do anytin........this is the worse govt ever since the history of this country...... frm fuel scacity to zero mega watt of power,increase in prizes of food stuff.....the list goes on... If the truth be told,there is notin good abt this govt and i dont see dat changin in the nxt 3yrs..... This did'nt happen during Goodluck tenure and some fools will stil not see anytin good abt his tenure....... I WEEP 4 NIGERIA
Dis people in EFCC are jst useless and clueless lik dis PMB /APC govt.....The CBN gov dat is accuse of crime is stil sitting in his office,dis is jst witch-hunting in the part of the EFCC /APC,and they shuld stop dis rubbish... https://www.naij.com
APC & PMB shuld stop to intimidate Ekiti ppl wit police & DSS,dy lose the election 2yrs ago nd they r stil witch-huntin PDP members......wat is dia problems sef?
Can't dy learn frm GEJ and accept defeat? Fayose keep speakin ,we are right bhind U......
Allocation were given 2 these state,wat did dy do wit it? Dis is nt funny @ all,the gov must acct 4 this........ Abi dis na part of the so call CHANGE? Spider men on the move......watch ur bck b4 u r caught in the web..........LOL
Ameachi 4 8 years u culdn't finish all the project u said u started,now u are blame som1 4 ur failure.......if truly u hv wrk,U wuld'nt be accusing Wike 4 nt touching ur project........ Ameachi is just a thug lookin 4 ways to b relevant.... Bad loser............
It's only in this country dat d president don't respect the rule of law.....court granted Dasuki bail bt PMB and APC caucus ask 4 his re-arrest. Dy shuld free dis man if dy can't find evident 2 proof dat he stole Nigeria mony........
We shouted CHANGE .....nw we are seein the so call CHANGE.....No lite No fuel No food and they stil hv the mind not 2 pass the budget......Instead he is jumpin frm 1 country 2 anoda....If they cant 4fill dia promise of CHANGE, dy shuld as well throw the towel let transformation comes in.... because it was nt lik dis during TRANSFORMATION AGEDA.........
I can understnd his grievances.......bad losers......Oga chairman, go no go 4 ur party na mak u com dy cry publicly? River state belong to PDP and dia is ntin APC can do abt dat......dos men were innocent dat y dy can walk freely.........Gov WIKE.... well done sir........
fAYOSE KEEP SAYIN THE TRUTH,WE STAND BY U......since the comin of the ruling party,dis country has bin gettin worse by each passin day..,instead of fightin Fayose who is sayin truth,dy should use dat energy 2 CHANGE dis country as dy promise
SirExperience: The Ekiti State Governor, Ayo Fayose, has described the All Progressives Congress (APC) as the real threat to the security of Nigeria and its people.
“The major threat to national security is a party that lost election since June 21, 2014 and still trying to get back to power, using crude means including turning itself to the mouthpiece of the Department of State Services (DSS),” the Special Assistant to the Ekiti State Governor on Public Communications and New Media, Lere Olayinka, said in a statement Monday. Mr. Olayinka, who reacted to a statement by the APC in Ekiti State that Mr. Fayose was a threat to national security, said “it is only in Nigeria that a party that ran Ekiti State aground in four years and was rejected in six straight elections by the people can still be talking.”
He said; “The question that Nigerians must ask the APC Spokesperson in Ekiti State, Taiwo Olatunbosun is whether he now doubles as the DSS spokesperson. “In the last three weeks, everything the APC speculated that the DSS was going to do was exactly what the security agency did and that has reinforced the belief that the DSS was working in collaboration with the APC in Ekiti State to destabilise the Fayose-led government.
“It is also a fact that the chairman of APC in Ekiti State, Chief Jide Awe who is standing trial for murder was hosted to a dinner in the Presidential Villa while TKO Aluko on whose bench warrant was issued for alleged perjury is going about with armed security men.”
The governor’s spokesperson said no organisation is qualified as a threat to the security of Nigeria other than the APC that was compromising major government institutions, including DSS such that functionaries of the party were now the ones telling the security agency who to arrest and detained indefinitely in Ekiti State.
He said a party like the APC that its government kept silent when over 400 Agatus were killed by Fulani herdsmen in Benue State and women were raped, farmlands destroyed by the herdsmen in other parts of the country cannot be anything other than threat to national security.
“Or what should Nigeria call a party that caused the murder of over 20 Nigerians, including Youth Corp member in Bayelsa and Rivers States just because of desperation to win elections?
“When you try to truncate democratically elected government, deny Nigerians rights to fair hearing by detaining them indefinitely and disobey court orders, while also failing to conduct free and fair elections, what is such a government inviting other than breakdown of law and order? And what should such a party in power be called other than security threat to Nigeria?”
We all knw Fayose as an outspoken peson,bt wat he is sayin are real truth,since the comin of the ruling party,dis country has bin in hell,APC shuld stop fighting Fayose nd tink of hw 2 mk dis country a beta place to live in,Fayose keep sayin truth,we are standin wit UMr. Olayinka counselled leaders of the APC in Ekiti State, especially former governor, Kayode Fayemi to stop falling prey to political 419, whom he said were collecting millions of Naira from them, claiming to be helping them to fight Governor Fayose, adding that; “The APC leaders should ask themselves what result they have achieved since they started investing their money in this ‘Fayose must go’ agenda immediately after they were defeated in the entire 16 Local Councils in the State.
“Instead of lavishing millions of Naira on TKO Aluko and others, they should rather use such money to empower the remnants of their party members in Ekiti State who are in dire need of financial help.”
Govt shuld tak a stnd against fulani herdmen......if na biafra nw dey 4 don send army 2 dy kill innocent ppl protesting peacefully,PMB knw wat he is doin,rather he is callin 4 peace talk in abj wit dem.....Dis man cant rule dis country oooooo.
olokfor: The photo was shared on Facebook today. What she wrote below:
"Movement Against Fulani Occupation #MAFO calling,,,,,,, Happening Live today in Makurdi. Join us as We resist the devil. The Journey of a Thousand miles begins with one right step. This gory picture you see is not photoshopped, This is the handiwork of killer Fulani herdsmen, that brave youngman wanted to give his eldely father who has been slaughtered a decent burial, he went to the bush to collect his slain Dad!If you cant march with us physically, At least help us speakout" help us #BoycottBeef.
why wil he comment on it?wen na him boys dey carry out the actions in river state....bt wen comes to foreign issues he is the 1st 2 comment.He is rili clueless..............Baba resign mk som1 wit brain lead dis country
stop tellin us lie's and mk sure dia is fuel in the country,so now he knw say magic no go fit solve dis fuel scarcity,wen GEJ was dia we did not see such,den dy didnt allow him.....so mk dat fuel available Mr minister
divinehand2003: By Levinus Nwabughiogu ABUJA – At a time when Nigerians were expecting respite from the pangs of the lingering fuel scarcity in the country, the Minister of State for Petroleum, Mr. Ibe Kachikwu has apparently dashed their hopes, stating that the current queues at gas stations would persist till late May.
The minister who doubles as the Group Managing Director, GMD of the Nigerian National Petroleum Cooperation, NNPC added that he was not a magician to make the queues disappear overnight.
According to him, it was even a “magic” that the stations were still getting volume of products they dispense to the public, judging from the prevailing circumstances at NNPC.
The Minister also revealed NNPC’s import rates have moved form 50 percent to all- time 100 percent, saying that the 445 barrels allocated to crude swap now service 50 to 55 percent importation of refined product.
But giving a glimpse of hope on how to achieve lasting solution to the product scarcity, Kachikwu stated that government was working to beef up the reserves.
He stated that the when the refineries come on full stream, locally refined products would be left unsold in the reservoir to boost supply and availability of the products.
The minister was fielding questions with the State House Correspondents after leading officials of Nigeria Union of Petroleum and Natural Gas (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to a meeting with president Mohammadu Buhari at the presidential villa, Abuja on Wednesday on when the queues at the gas stations would disappear.
He said: “One of the trainings I did not receive is that of a magician but I am working very hard to ensure some of these issues go away. And let’s be honest, for the five, six months we have been here, NNPC has moved from a 50 percent importer of products to basically a 100 percent importer. And the 445 barrels that were allocated was to cover between 50 and 55 percent importation.
“So, it is quite frankly sheer magic that we even have the amount of products at the stations. We are looking to see how to get foreign exchange imput. The president and I discussed extensively on how to get more crude directed at importation. His excellency will rather have less crude but have individuals in the society suffer less with inconveniences than have more crude and have them continue to suffer.
Since these APC govt came in,all election held in this country has either inconclusive or mad with violence,which way APC? INEC shuld stop dis rubbish dy are doin....and giv Nigerians gud democracy
They dont hv anytin 2 offer y wuldnt ppl jump ship? they hv fail us come 2019 i see PDP comin bck if dy put dia husx 2geda.....STIL LUV MY COUNTRY NIGERIA
victorels: I have observed the politics section for some time now and have observed some reations of Nairalanders on issues regarding the two major political parties, PDP and APC.
From the number of likes a comments/posts receives for speaking againt the APC Government and their acheivements while in turn supporting the opposition, PDP, it is clear that PDP supporters has stronger arguments against the APC Change agents even though they make valuable arguments sometimes.
At first, I thought it was because of the cry of witch hunt by the PDP which was obvious, but I have gathered the evidence that it was, in deed, the failure of the APC lead government.
Some of the Reasons comes to mind.
1. The Punishment given to pro biafra agitants resulted less number of Igbos on Nairaland. This means that the population that are agaist the APC government are not the few Igbos on Nairaland but people from other region with few Igbos.
2.
Since this is becomming viral, Let us just do the little poll using the like and share button
LOL CANT BLIV THIS.........so dis is the change APC promise Nigerians? Shame to a useless party with out focus.....i hp Nigerians are see the type of ppl they voted 4?
Bigchief46: Azubuike Chikere Wanjoku, APC House of Assembly candidate for Ikwere state constituency in Rivers State stormed INEC collation Centre in Port Harcourt, when he got wind of his defeat by the PDP candidate, demanding the INEC staff to give him back N12m he gave him as bribe to rig election for when. Click on link below to watch video
Cardinal Anthony Olubunmi Okogie has said that Buhari’s ministerial list shows that he belongs to somebody.
Speaking to Sun Newspaper, Okogie said, ”When I was listening to the broadcast of the incumbent president during his swearing–in, I beat my chest, can this man say, those things were written by him? I ask myself is this the Buhari I knew 2011, that wrote this? Even though it was written for him, can he not sit down and read and re-read again, and ask himself, if he can follow all those things written down. Looking at the statement he made ‘I belong to everybody but nobody’. Look at the list of ministers, he belongs to nobody, I laughed. It means he belonged to APC.
”And with the list, they are now trying to pay back those who were their bag carriers, that is what am seeing, that is not Nigeria which we fought for, it’s painful. So, what is coming ahead if care is not taken and this crop of people if they don’t work hand in hand, we are going to have a bad future, because the youths now, they are just waiting, they are now saying that the elderly ones in this country, can’t be trusted, they are looking for their time and when that time comes, they will not carry arms, they will do it in such a way that you will not even know that they are the one.
”The people who have served in different capacities should have given room for the younger ones to go in and serve. OBJ used to say I sit down dey look (laugh), I don’t know what he has to say to all this, but I know he has a part in it. I said it loud and clear, how come this one say I brought my list, am hearing this from the common people. I know when they come down they say all sort of things, how many list do you want, how many different people brought their list? And yet you said, you belong to nobody, how can you not be confused, when you said you’re waiting for an angel, to come and rule the nation, I laughed. Out of the abundant of the heart, the mouth speaketh. If I were in his shoes, (Buhari) I tell you, this is his last time. He tried it thrice and now that the good Lord brought him back, can’t he use this opportunity to do something better?
”One thing am seeing again from what is going on, there is acrimony, during the campaign they were just attacking one another, that happened then. People who said they have gone to secondary school, not to talk of university are behaving this way, is it how to keep the nation together? Where is the patriotism in that list? How can you tell me that these people are going to work?”.
Business / Re: Power, FX, Fuel Shortages Cripple Nigeria As Buharimonics Continues To Fumble by zubey: 11:55am On Apr 07, 2016 