Are nigerians better off today under buhari than 4 years ago – sen saraki – politics – nigeria o gosh corpus christi


it is the sudden drop in price of crude oil in the commodity trading market, it has occurred at different times in History nearly every decade. Countries that are hardest hit by crude shock are basically countries that not only produce crude oil in significant amount but solely depend on it as their foreign exchange earner. While oil shocks have asymmetric effects in oil-exporting developing countries; lower oil prices lead to major revenue cuts and ensuing stagnation in the economy, but higher oil prices and accompanying higher revenues do not translate into sustained economic growth.

Recession is a chain electricity names superheroes reaction of unpalatable economic events that shows the economy is not experiencing growth but contracting, lets look at the effects of recession, high energy cost (energy in most developing economies are subsidized one way or another) crude shock and eventually recession erodes government revenues till a point where it could no longer afford subsidies and other things it used to afford.

Inflation: is defined as a phenomenon where huge bills are in search of few goods, how is that possible? when the industries that produce goods closed down, imports could not be sustained due to Forex shortages where will the goods come from? the absence of those goods while the bills bp gas prices nj remain triggers inflation, causes hunger and eventually poverty and devaluation of local currency.

The answer took me to several countries in the world and I realized that other oil producing countries dont depend on oil alone, countries like Russia though the largest producer of crude oil in the world, has a robust defense industry that contribute significantly to its GDP, Russia equally enjoys large market shares in Gas distribution in Eurasia, by the time crude oil shock hit, Russia had over $400b in reserves,

Permit me to take electricity equations physics you down our economic history, in 2008 during the global melt down, the then CBN governor prof. Chukwuma Charles soludo bragged that the Nigerian economy is immune to global shocks? That would have sounded ridiculous but it is true, what did he do? they launched an economic strategy called National Economic Empowerment And Development Strategy NEEDS.

This strategy recommended that once crude oil is sold, the balance above the budget benchmark is kept in an account called the ECA, by the time that government left and another took over in 2007, both the ECA Foreign reserve account held over $68b in reserves, in a $200b economy at the time, that reserve was significant enough to whither any storm that came the way of our economy, Much later into the crisis, Nigeria later relaxed its exchange rate to 155 to a dollar. now we know that Nigeria had in the past stood resilience in the face of global shocks with a culture of Savings.

Global economic meltdown is worse than crude shock because in a meltdown, major economies are affected, capital flight becomes common in developing economies, crude oil customers reduce demand thereby pushing prices lower, the saddest part is that no country has money to borrow anyone during global meltdown, yet Nigeria Survived it with Soludo’s brilliant strategy. A strategy that was blatantly refused by the electricity in india previous administration when suggested by Iweala, recall that Iweala worked with Soludo in that NEEDS team.

Fast forward to 2015, Three out of the top four producers of crude oil in Africa by their production, Nigeria, Angola, Algeria and Egypt were all in recession even though Egypt does not significantly depend static electricity review worksheet on oil but her economy was shattered. Algeria escaped recession because by 2014, just like Nigeria in 2008, Algeria had a foreign reserve balance of $194b in a $156.1b economy (122% of GDP in savings).You can see that the Robust reserve of Algeria was their savior in this modern crude oil shock era. The previous administration in Nigeria boasted of leaving behind a paltry $19b for a $500b economy at the time (3.8% of GDP), that amount is not even enough to pay for imports let alone absorb global shocks, so Nigeria can be rightly described in late 2014 as an oil dependent economy with no savings. How important is this savings?

I can go on and on the list is endless, as a matter of undeniable fact electricity trading, Angola just like Nigeria are the largest producers in Africa, they practically did not save enough and they were hit hard by crude price shock. to balance the analysis, it will be unfair to discuss those that didn’t save without giving kudos to those that saved, like i said previously, Algeria saved a whooping $90b when the going was good, as such its economy was immune to crude shock.

My country men, you can see that this suffering was brought upon us by mismanagement by the same people that are warming up to continue from where fate has left us, if buhari had $100b in our foreign reserve in 2015, we wont be hungry today, we wont lose our jobs, we wont lose our manufacturing industries, this is the truth that shall set us free!

The vice president being the gas jet size chart economic manager of the country Launched the ERGP, with it Nigeria even in recession was able to save $47b in our foreign reserve, at this pace, I have no doubt that this money will hit $100b in the next 4yrs, that is a guarantee that our economy will become immune to global shocks once again, not just crude shocks alone. (Algerian model)

The moment that money crossed $40b mark, forex shortages disappeared, importers stopped complaining, manufacturers stopped complaining of dollar scarcity, debit cards relaxed their limits etc, that was a killer stroke in our economic recovery strategy, inflation immediately responded to the potency of the ERGP from 18.8% in 2017 to 11.23% in 2018.

In conclusion, I can state for a fact that the economic challenges of this country has nothing to do with Buhari under the circumstances he met on ground, we have a chance to fix culpability of blames where it rightly belongs on crude shock, or replace this government whose framework seems promising with another leadership of questionable integrity.

Leadership that is a case study for corruption and money laundering by the US Senate committee on Homeland security, Leadership that preaches restructuring but enjoys monopoly gas tax in ct in Niger delta sea ports? Atiku is a walking scam, may we not walk into the scam called Atiku because of lies peddled and perfected by the same holocausts that landed us in bondage, every scam comes with a loud noise, say No to Atiku, we cant move from Abacha loot to Atiku loot at this perilous time.

It will be very dangerous and retrogressive to have a leader that is in bad terms with the international community, remember that the united states is the Fulcrum of our war against insurgency, one will argue that if America doesn’t sell arms to us we go to Russia, the world works differently now under Donald trump, ask yourself, why did Jonathan not go to those people when America sanctioned him under the Leahy’s ban? Yet he sat idly and watched Boko haram slaughter tens of thousands eventually took LGA’s? American ban is as good as a global ban, recall how South Africa seized funds Jonathan wanted to use for arms purchase, please dont ask me what is South Africa’s business with a US ban, that is how gas 47 cents the world works.

In 2017, the US congress passed a law called Countering America’s Adversaries Through Sanctions Act, CAATSA to promote the America first agenda while sanctioning countries that do business with American’s enemies. If Atiku (God forbid) becomes the president as much as thinks about going to Russia for help, Nigeria will end up in CAATSA web, and that is when the true Hunger will manifest.

bombed Abuja for fun but Today the once Almighty Shekau is in hiding? what about other support we get from the US like the USAID? free immunization? Polio prevention? HIV and AIDS v gashi 2012 vaccines? Machinery and oil and gas technologies etc? are you willing to throw away all these because of a criminal whose greed led him to commit atrocities in the United states or hate for Buhari that is built on lies?

Despite all the lies and propaganda of Buhari’s regime, Nigerians are poorer, have less access to electricity, education, good health, massive job losses, increased unemployment, while Buhari and his henchmen have continued to grow richer. Nigeria’s economy and GDP has continued to shrink despite the lies of Lai Mohammed and other Buhari Ministers. Buhari himself informed Nigerians that he did not know how to run a business. If a man self admits that he cannot run a business, can he be trusted to run a country of almost 200 million people?

Much less insulting our intelligence further by enthroning the worst of their Kind, one worse than the ineffectual buffoon? when ignoramus like yourself think atiku is a business man, i laugh hard, everything Atiku has today including the few people he is using their blood to make money in the name of employment were all stolen or diverted from the Nigerian people. If you gas constant for nitrogen call a man like that a business man, then you have a brain tumor that must be removed very quickly.