deji17:


Say or write something that you can defend. With the reduction of oil price which results in the shortfall of dollars, what do you think will happen to the price of imported goods? You cannot blame Buhari for the fall in oil price. Those who sold oil at $100 a barrel, depleted the foreign reserve, borrowed to pay salary, owed Federal contractors for years and with no tangible infrastructure ought to cover their face in shame.

wirinet:


Lies or ignorance. All oil dependent countries had economic problems or recession during the oil doom period ( 2014 - 2015), except few countries with huge external reserves or foreign investments like U.A.E and Qatar.
Here are a few examples
1. VENEZUELA

Things got really bad when oil prices started to plunge in 2014. Venezuela has the world's largest oil reserves, but the problem is that oil is the only game in town. It makes up over 95% of Venezuela's revenue from its exports. If it doesn't sell oil, the country doesn't have money to spend
- http://money.cnn.com/2016/10/25/news/economy/venezuela-breaking-point/index.html


2. SAUDI ARABIA

Saudi Arabia's economy has shrunk in the first two quarters this year as the OPEC kingpin continues to struggle to cope with low crude prices and painful reforms, according to official figures.

General Authority for Statistics figures show that Saudi Arabia’s gross domestic product (GDP) shrank by 2.3 percent in this year's second quarter compared with the first three months of 2017, mainly over low oil prices and less production.

Saudi Arabia's GDP in the first quarter contracted by 3.7 percent compared with the last quarter of 2016.

Saudi Arabia, the world's top oil exporter and the largest economy in the Middle East, has taken a series of austerity measures since oil prices collapsed in mid-2014.

Until 2014, oil income made up more than 90 percent of public revenues.
- https://www.google.com.ng/amp/s/www.alaraby.co.uk/english/amp/news/2017/10/1/saudi-economy-shrinks-in-the-first-half-of-2017



3. RUSSIA

President Vladimir Putin has used his end of year news conference to blame the oil price collapse and Western sanctions for Russia's financial crisis.
http://money.cnn.com/2014/12/18/news/economy/russia-economy-10-things/index.html




You can read more here;
- http://money.cnn.com/2015/12/30/investing/oil-prices-countries-suffering/index.html

AlPeter:
love your response, it's amazing. But i do not agree with your points.
Firstly, a decline in foreign reserves from 63 to 30billion is untenable when fuel was selling for over $100/barrel. What happened to all the money? States owing salaries during his tenure had no logical basis. What effort did he make? Atleast buhari has given bail out funds to the states. On the infastructures, watch as the APC start and hurry to finish projects before 2019.

DerideGull:



I know you can do better than this unfortunate plank of argument. Nigerian cannot plug their eyes because VENEZUELA, SAUDI ARABIA and RUSSIA had their eyes plugged from the socket off their heads. If Nigeria had adequate economic plans like UAE or Qatar did, the impact of crude oil glut in the period is discourse would have been so devastating.

Mynd44:
Rice was 8,000 at what price? No job was created for local farmers and you were using FOREX you didnt have to make countries like Thailand richer.

With more rice farmers growing the product and more mills, the price can only come down but the money stays in Nigeria and create Nigerian jobs.

Reno and his silly nuggets

deji17:


Reno Omockery has his fan base, which are mainly mischievous, gullible and the economic illiterate.

Mynd44:

You might want to ask what Lake rice is.

There a whole lot of local brands out there

Mynd44:
Rice was 8,000 at what price? No job was created for local farmers and you were using FOREX you didnt have to make countries like Thailand richer.

With more rice farmers growing the product and more mills, the price can only come down but the money stays in Nigeria and create Nigerian jobs.

Reno and his silly nuggets

Yyeske:
I don't know of other states but visit Ose market in Onitsha, Eke Awka markets in Anambra and you'll see several brands of Anambra rice.

hotdealz:
You mean you saw the farm of the ones you were buying before?

Oblang:


U expect to see the farms in the comfort of ur room right...

Asowari:
and Nigerians are still importing rice under these buhari/apc reign. how many jobs has this presented government created?

ivandragon:
I think what Reno is really talking about is purchasing power/adjusted for inflation indices.



in that context, GEJ is heads & shoulders above pmb whose idea of a high standard of living is dependent on the ability of Nigerians to bear more suffering.



under GEJ, there was a higher real income because despite the increase in prices of goods compared to pre-1999, most ordinary Nigerians could actually afford the higher prices.


to put it in context, when a bag of cement was around N600 between 1994-1999, very few Nigerians could afford to build standard homes because few Nigerians could afford cement at such prices.



now, between 2008 & 2014 when cement fluctuated be N1,200-N2,800, a higher number of Nigerians could afford to build standard homes despite the higher prices.


you had more Nigerians buying cars & the standard of living improved greatly & the effect was general, except up north where the common folks seem to be allergic to good life.



today, price of goods have increased but no commensurate increases in PP of individual households (except the saints of pmb).



while there are other causalities imbedded in the standard of living analysis, fact remains that Nigerians are generally poorer today, economically & politically, then they were 3 years ago...

Asowari:
and Nigerians are still importing rice under these buhari/apc reign. how many jobs has this presented government created?

Mynd44:

We are not where we want to be in rice production but we are making progress in that line. Look at Kebbi state, Anambra State and Sokoto state where rice cultivation has been optimized. The jobs created, the wealth distributed, the FOREX we are saving.

The economy will be better for it. If you want to crash the price of cars today, simply open your borders, remove duties and watch the price fall but what happens to people like Innoson? Prices of commodies can be cheap but it does the economy no good

Edelweiss44:



Oga, read those your articles again and tell me which one of these economies had inflation that's even up to half of what has happened to Nigeria. Which one of them had their currency fall by almost 100%?

I already mentioned venezuela as an exception several times and i clearly said it was due to inept socialist government policies that were put in place. Go and study before coming out to defend incompetence!

The presidential election next month will be won by either Buhari or Jonathan. For either, it is likely to be a pyrrhic victory. None of them will be able to deliver on the fantastic promises being made on the economy, and if oil prices remain below $60, I see very difficult months ahead, with possible heady collisions with labour, civil society, and indeed the citizenry. To be sure, the presidential election will not be decided by the quality of ‘issues’ or promises canvassed by the candidates.


If oil prices remain between 40- 60 dollars over the next two years, the current policy regime guarantees that foreign reserves will continue the precipitous depletion with the attendant exchange rate depreciation, as well as a probable unsustainable escalation in debt accumulation, fiscal retrenchment or taxing the private sector with vengeance. The scenario does not look pretty.

Nigerians should brace for tougher economic times ahead, the Minister of Finance, Ngozi Okonjo-Iweala, has said as crude oil prices slipped to a four year low on Wednesday.

Though the price of sweet crude, the blend of oil export from Nigeria, rose marginally at the close of trading on Wednesday to $76.96 per barrel, it has already crashed below the $79 per barrel benchmark approved in the 2014 Appropriation Act, concerns are mounting that tough times are indeed ahead.
https://www.google.com.ng/amp/s/www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html/amp

Opeyemi4real:
So many fools here proving to be an economist! Lack of knowledge will not kill you before it's too late. Buharinism is a disease, while it's so clear that Nigerians made a huge mistake in 2015 and some are admitting that fact, some out of insensitivity admitted it in their closet but come openly to spew trash. They're the type that find it difficult to say 'I AM SORRY' even when wrong!

Edelweiss44:


Before we waste our time enlightening people who are programmed to support an incompetent government and shout Sai Baba online, you may want to go and study other heavily oil dependent economies like Saudi Arabia, Oman, Qatar, Kuwait, Norway, Russia, Angola and even Iraq. Then tell me which one of them had inflation as much as Nigeria did between May 2015 and March 2018.

Please tell us which of those oil dependent countries had their currency fall by about 100% like the naira did between May 2015 and today.


The only oil dependent economy that suffered a similar fate to Nigeria is Venezuela, and that was purely as a result of government policy!

The earlier you start opening your eyes to facts and proper information rather than listening to APC propaganda, the better for you!

You've been listening to APC propaganda since 2015, and it hasn't benefitted you, yet you still keep hailing them.
Has $1 become = N1?
have you seen the 3millions jobs to be created per year?

have you seen the 4million new homes to be built within the first tenure?

have you seen the N5000 stipend per month to be paid to all unemployed youths?

have you seen Boko haram defeated within 3months of Buhari's assumption of office?

have you not seen price of petrol go up from N87 per litre under Jonathan to official price of N145 under Buhari even with the supposed Lower oil prices?

How come now that oil prices are lower is when petrol prices are higher under Buhari?

Have you seen any new infrastructural projects that this administration has executed which was not initiated by the past administration?

How exactly has life gotten better for the average man in Nigeria than it was under Jonathan's administration?

If you decide to examine your conscience and tell yourself the truth, you will actually go on your knees and ask God for forgiveness for being part of those who invited this evil called Buhari on Nigerians.

prince3009:




The both of you should stop sounding dumb! "Lake rice" is touted to be a so-called agricultural joint initiative by the Lagos and Kebbi state governments. The government of the 2 states owe it as an obligation to showcase where the rice was planted, milled, bagged and distributed so as to erase doubts especially as there were doubts concerning it's veracity. Similar thing happened when the government of Anambra state started the "Anambra Rice" production and people called it paperwork and media propaganda. The state Government produced a documentary of where the rice was planted in Coscharis Farms, planted and milled in Josan Rice Mills Enugwuabor and Stine Mills Industries Amichi, Nnewi all in Anambra State. That is how you know a Governor that has integrity.

Not like Ambode and his Ogun State counterpart scamming gullible people with inexistent LAKE rice and plywood rice mill

wirinet:


Abeg, which mistake are you talking about? That we should have elected Jonathan instead of Buhari?

AlPeter:
this funny. Okay let's start.
1. Russia: https://www.rt.com/business/386436-foreign-reserves-russia-bank/
http://uk.businessinsider.com/russian-currency-reserves-are-running-out-2015-2?IR=T
ruble fall from 35 to 80 to a dollar

36STATES:


No other country's currency lost value like Naira in such a short period.

GavelSlam:

Respect yourself and stop lying ok?

seguno2:


Thanks for confirming that oil prices fell in 2014.
Cheers.

Mynd44:
Rice was 8,000 at what price? No job was created for local farmers and you were using FOREX you didnt have to make countries like Thailand richer.

With more rice farmers growing the product and more mills, the price can only come down but the money stays in Nigeria and create Nigerian jobs.

Reno and his silly nuggets

GavelSlam:
You are a shameless person.

ogunjyde2004:


You are partially right, i'm not fan of both leaders but you cant compare them with purchasing power coz dey operate in different economy cycle. during Jonathan administration Nigeria was in prosperity, and later part of his administration, Nigeria was in recession. Buhari administration started with recession, to depression at moment Nigeria is in recovery. No government can increase in purchasing power during depression (general decline in economic activity). Wait till buhari administration enter prosperity (I pray it will happen)

Edelweiss44:



Oga, read those your articles again and tell me which one of these economies had inflation that's even up to half of what has happened to Nigeria. Which one of them had their currency fall by almost 100%?

I already mentioned venezuela as an exception several times and i clearly said it was due to inept socialist government policies that were put in place. Go and study before coming out to defend incompetence!

GavelSlam:


Of what essence is starting new projects when the entire nation is dotted with abandoned projects needing urgent attention?

Save that your questionfor the beer parlour.

prince3009:




The both of you should stop sounding dumb! "Lake rice" is touted to be a so-called agricultural joint initiative by the Lagos and Kebbi state governments. The government of the 2 states owe it as an obligation to showcase where the rice was planted, milled, bagged and distributed so as to erase doubts especially as there were doubts concerning it's veracity. Similar thing happened when the government of Anambra state started the "Anambra Rice" production and people called it paperwork and media propaganda. The state Government produced a documentary of where the rice was planted in Coscharis Farms, planted and milled in Josan Rice Mills Enugwuabor and Stine Mills Industries Amichi, Nnewi all in Anambra State. That is how you know a Governor that has integrity.

Not like Ambode and his Ogun State counterpart scamming gullible people with inexistent LAKE rice and plywood rice mill

CSTR1002:

Tell Me one physical project for the general public that buhari has started and completed in 3yrs.

BTW, 3yrs is 75% of a single tenure.

If you can't give me one project , then on what educated premise are you campaigning for buhari?

obailala:
I am not in a political gej vs pmb argument with you. Like I said before, a literate man should have discerned that from my previous post. And then you come to embarass your certificate even more with the bolded part of your message above?.... From what planet did you pick that weird underatamding from that I am campaigning for anyone? Na wa oo!

ICEFLAME419ja:


Oga to build a new refinery from scratch would go a long way since they have spoiled the ones gej fixed