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Post by omohayek on May 21, 2016 7:26:50 GMT
Shymmex , Interloper , iyalode , Moffy , OmoOba , Iya Niyen! , Omoluabi , dansoye1 , Belmot , osoronga , Omo Oba of the Source , Her Highness , IrekeOnibudo , ioannes , laudate , oduabachanal , stblack , zaynie , ilaje2015 , omohayek , AgbongboAkala , Ogbeni Ogunnaike , aparo , black , colonial pikin , skylar , cocoafarmer , missy89 , ibk , Merchantt , lontoro , isalegangan , yorumigrant , ajanaku , sholeybanty , ayodejilara , oloyesaso , sakur , ritchiee , mignone , honeychild , Short_Biscuit , amorere , donphilosophy , governor , irewande , isholapecham , ola , olugbenga86 , taiwo , loadofs , ijeshaboy , tomtoxic , dehinde , fado , scully95 , tunde , ayo , omoba , egbaknight , oduastates , olukumi , sesinu The chickens of Buhari's economic illiteracy are coming home to roost. Sai Baba! While many Buhari supporters would like to believe that the shrinking of the economy is entirely due to a collapse in oil prices, this is simply not true. Oil contributes only about 10% of the entire GDP, so for things to be going this badly, other sectors must also be suffering. This is borne out by the passages below. Note that these poor economic figures are even worse than they look, because they don't take into account Nigeria's high population growth rate. For the average Nigerian's standard of living to be maintained, the economy needs to grow at a minimum annual rate of 3%, so the fact that the economy is actually shrinking (and is set to soon shrink even faster) says that most Nigerians are about to experience a level of suffering not seen since ... the last time Buhari was in office in 1985. This is what you get when economic policy is dictated by an economic ignoramus who talks of "murdering the Naira", even as America is begging the Chinese and Japanese not to devalue their currencies to gain a competitive edge, a fool who says devaluation won't work because Nigeria "only exports oil", as if the cocoa, palm oil and cotton goods exports that used to sustain the economy were simply myths, a dullard who holds onto obsolete refineries that have swallowed endless sums of money to no good end, an incompetent who takes 6 months to appoint a cabinet and another 6 months to pass a budget! I don't want to leave the impression that I consider GEJ a better leader; a man who prefers to attend an "owambe" as schoolgirls are kidnapped, and who oversaw looting on a world scale, Jonathan eminently deserved to be thrown out on his backside. What makes me so angry is that Buhari has turned what should have been at most a mild economic slowdown (from a 6% growth rate to maybe 4%) into a calamity, simply because he was too intellectually lazy to learn anything in 30 years, and he is too stubborn and arrogant to listen to advisers who could have made up for his deficits in understanding. 180 million people are condemned to horrible suffering for the sake of one man's ego!
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Post by Honorebu on May 21, 2016 8:48:29 GMT
I don't even know what to say sef. Anyway, we all saw this coming. Add this to the fact that some m040s are blowing up pipelines. Sadly, it looks like it will get worse
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Post by omohayek on May 21, 2016 10:07:13 GMT
I don't even know what to say sef. Anyway, we all saw this coming. Add this to the fact that some m040s are blowing up pipelines. Sadly, it looks like it will get worse That's what's even worse about Buhari's leadership: he's not just causing pointless suffering in the present, but also soiling the reputations of the very sorts of politicians who could fix the situation in the future. In particular, Fashola is being endlessly bashed as the "minister of darkness" by the same old "hardworking and enterprising" people, who are shouting that his performance as a governor was all hype and no substance (shebi na dem develop Lagos), when the reality is that Fashola is in fact doing an excellent job given the constraints he's been working under - no budget for months, and large numbers of contracts tied up in court cases out of his control; he's managed to get many of the lawsuits to be settled out of court, and he's also been successfully pushing the discos to start handing out meters. The problem is that all of Fashola's good work is being undermined by his bull-headed boss in Aso Rock; just last week Buhari was warned by the British foreign secretary that force was not the answer - something any thinking person would grasp immediately - yet Buhari still insists on simply issuing more threats of force to the ND militants. If Buhari takes Nigeria down the Venezuela route, he won't be the only political casualty: everybody in his cabinet will be blamed along with him, even if they completely disagreed with his policy choices. This will leave the way clear for the same old PDP thieves to come back and carry on where they left off, corruption included. |
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Post by Honorebu on May 21, 2016 10:35:08 GMT
I don't even know what to say sef. Anyway, we all saw this coming. Add this to the fact that some m040s are blowing up pipelines. Sadly, it looks like it will get worse That's what's even worse about Buhari's leadership: he's not just causing pointless suffering in the present, but also soiling the reputations of the very sorts of politicians who could fix the situation in the future. In particular, Fashola is being endlessly bashed as the "minister of darkness" by the same old "hardworking and enterprising" people, who are shouting that his performance as a governor was all hype and no substance (shebi na dem develop Lagos), when the reality is that Fashola is in fact doing an excellent job given the constraints he's been working under - no budget for months, and large numbers of contracts tied up in court cases out of his control; he's managed to get many of the lawsuits to be settled out of court, and he's also been successfully pushing the discos to start handing out meters. The problem is that all of Fashola's good work is being undermined by his bull-headed boss in Aso Rock; just last week Buhari was warned by the British foreign secretary that force was not the answer - something any thinking person would grasp immediately - yet Buhari still insists on simply issuing more threats of force to the ND militants. If Buhari takes Nigeria down the Venezuela route, he won't be the only political casualty: everybody in his cabinet will be blamed along with him, even if they completely disagreed with his policy choices. This will leave the way clear for the same old PDP thieves to come back and carry on where they left off, corruption included. And I don't see Fashola achieving anything as long as those fools continue to blow up pipelines. Even if Buhari decides to address the issue, nothing will still change until the country is restructured. One stupid thing will always come up especially in a country where everything is viewed through tribal lenses so there will always be sabos. We keep rebuilding without tackling the real issue. This is what Fashola said |
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Post by Honorebu on May 21, 2016 10:37:07 GMT
It's funny how red-mud fools are the ones calling Fashola minister for darkness, yet they're the ones
cheering up those blowing up pipelines
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Post by omohayek on May 21, 2016 11:17:45 GMT
It's funny how red-mud fools are the ones calling Fashola minister for darkness, yet they're the ones cheering up those blowing up pipelines They don't care at all about being consistent, logical or reasonable: as long as it brings down the man who dared deport some of them from "their" Lagos, it's fair game. It doesn't help that he also happens to be from the Yoruba, who they hate even more than the northerners who have repeatedly slaughtered them like cattle. |
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Post by Honorebu on May 21, 2016 11:35:14 GMT
It's funny how red-mud fools are the ones calling Fashola minister for darkness, yet they're the ones cheering up those blowing up pipelines They don't care at all about being consistent, logical or reasonable: as long as it brings down the man who dared deport some of them from "their" Lagos, it's fair game. It doesn't help that he also happens to be from the Yoruba, who they hate even more than the northerners who have repeatedly slaughtered them like cattle. Reason why I can't wait for the collapse of that country. Contrasting ideologies When you tell folks, they will tell you what of America. Silly analogy Have you noticed that the Niger-Delta elites aren't saying anything about this? They're not happy
with the structure of the country
Just yesterday, a senator from Akwa-Ibom(not sure) mentioned something about Northerners owning most oil blocks. You can tell, it's something they know but have been refraining from saying. I knew someone was eventually going to talk about it. |
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Post by Omoluabi on May 21, 2016 12:25:48 GMT
I'm so sad the way things have turned out and my main grouse is that stars like fashola, fayemi, adeosun, Kachikwu, Fowler will have the CV dented by the performance of this government.
Now I agree not everything is about honesty. A crooked Tinubu would have been better than honest buhari. I've just been too tired to comment much on social media. I don't know how we are going to resolve the current logjam.
Without assurance of money, the hooligans blowing up oil assets will continue. A ND militant will set his Father's house on fire if the price is right. They're not interested in secession or one phantom republic.
But even if buhari decides to pay, where will the money come from??
The coming months aren't looking good at all
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Post by olukumi on May 21, 2016 14:55:31 GMT
Buhari needs to learn that leadership takes more than brute force and brawn. Some elements of negotiations and concensus taking still goes a long way even if not morally sound.
Most of the issues with the economy now are driven by the direct sabotage of our energy infrastructure which now reflects on the hard stance on exchange rates. He could have been able to pull off the grandstanding if we had some stability in the energy sector. We could have been making an excess of $5 a barrel @ 2.2 million a day which could have been channeled to subsidizing production activities like farming by leveraging on the market differential. But what we have is nepotism at the CBN like the good ole days.
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Post by omohayek on May 23, 2016 22:00:22 GMT
omohayek , Honorebu , Omoluabi , olukumi , You might find this video interesting, especially the part about net results of the last 9 months: Also interesting is the bit at the end where the analyst talks about how nearly all of the credit growth has been swallowed up by public sector borrowing, with private sector lending growing only 1%: this is a clear-cut case of the crowding out effect, which many financial commentators were predicting months ago as what would indeed happen.
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Post by Honorebu on May 23, 2016 22:37:24 GMT
omohayek, that guy echoed every single thing we've all been saying on this forum. Fine, there is corruption and we all agree but tackling corruption is just one aspect of development. That fixation on corruption and strong-head is the reason we're where we are today. That guy hasn't done anything to improve the economy since he got into office. Next week will clock his 1 year in office Let's wait for the cheer-leading team to come up with another list of "achievements" Now that we all know Nigeria is inevitably heading towards recession, what are the short and long term solutions to this problem?
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Post by Omoluabi on May 24, 2016 6:29:18 GMT
APC won the election because of buhari. They're going to fail spectacularly in 2019 because of the same buhari. That's if there's going to be a Nigeria by then.
A lot of things fell into place the first 2 months of his regime because most Nigerians were willing to change because they really believed he meant well and would hit the ground running. Now the situation is worse because of his painfully slow pace and intransigence.
This was our chance but the old man just blew it like somebody under a curse!!
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Post by Omoluabi on May 24, 2016 6:35:02 GMT
omohayek, that guy echoed every single thing we've all been saying on this forum. Fine, there is corruption and we all agree but tackling corruption is just one aspect of development. That fixation on corruption and strong-head is the reason we're where we are today. That guy hasn't done anything to improve the economy since he got into office. Next week will clock his 1 year in office Let's wait for the cheer-leading team to come up with another list of "achievements" Now that we all know Nigeria is inevitably heading towards recession, what are the short and long term solutions to this problem? I think the naira should be devalued immediately while the refineries should be put up for sale or investors who would operate them should be sought. Also emefiele should be booted out immediately even if its to bring back Soludo. |
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Post by omohayek on May 24, 2016 7:40:44 GMT
omohayek , that guy echoed every single thing we've all been saying on this forum. Fine, there is corruption and we all agree but tackling corruption is just one aspect of development. That fixation on corruption and strong-head is the reason we're where we are today. That guy hasn't done anything to improve the economy since he got into office. Next week will clock his 1 year in office Let's wait for the cheer-leading team to come up with another list of "achievements" Now that we all know Nigeria is inevitably heading towards recession, what are the short and long term solutions to this problem? I think the naira should be devalued immediately while the refineries should be put up for sale or investors who would operate them should be sought. Also emefiele should be booted out immediately even if its to bring back Soludo. I agree with all of your suggestions. I would also add that the government should start trying to sell off not just the refineries, but any loss-making parastatals on the books, as well as the Nigerian Railway Corporation, and open up the whole railway system to private investors from any source. Apart from the need for better management, this would bring in fresh funds that would lessen the need for government borrowing, which in turn would lower the cost of borrowing for private businesses. One problem I see standing in the way of all of these proposals, apart from Buhari's own pig-headedness, is that privatization would mean the end of a huge number of "quota system" jobs, from the bosses of the parastatals all the way down, as no profit-making organization will have time for useless employees who just happen to hail from some region. Obviously, this is something the northerners will never willingly accept. |
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Post by Honorebu on May 24, 2016 8:58:46 GMT
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