Over-dependence on oil responsible for economy recession – Lai Mohammed

Minister of Information, Alhaji Lai Mohammed
Minister of Information, Alhaji Lai Mohammed

Minister of Information and Culture, Lai Mohammed, Tuesday said Nigeria’s over-dependence on oil is to blame for the recession the nation’s economy is passing through.

Mr. Mohammed made the assertion at a news briefing at his residence in Oro, Irepodun Local Government Area in Kwara State.

He said the prevailing economic situation was not about trading blames,as “those who understand knew that this recession was bound to happen in such circumstance”.

He said the crash in global price of oil exposed the country’s defective economic policy, with oil accounting for over 60 per cent of the nation’s Gross Domestic Product (GDP).

The minister said the situation was further compounded by inadequate reserve to cushion the effect of oil “misfortunes’’ on the country.

“We have a very defective economic structure, which depended largely on a single platform of crude and fuel.

“Crude oil accounts for between eight and 12 per cent of our GDP and another 53 per cent of the GDP which we call non-oil, unfortunately also depend on the same oil.

“When the price of oil now crashes in the international market, definitely you are bound to have this kind of shock in the economy,” he said.

He decried the citizens’ preference for imported goods to local products, saying that substantial amount of the country’s foreign exchange earnings was being expended on importation of goods and services.

Mr. Mohammed also blamed past administrations’ inability to achieve massive investment on infrastructure to assist manufacturing industries and boost agriculture production for part of current problem.

According to him, such inadequacies are responsible for the socio-economic imbalance being experienced in the country today.

The minister, who acknowledged that there was growth in the nation’s economy between 2010 and 2014, however, said the growth was only fueled by consumption.

“The growth was not fueled by production or fueled by investment, and that explains why it was shortlived,” he said.

He said the present administration’s efforts to correct past anomalies could not be felt immediately because the rots in the system were too enormous for short term remedies.

Mr. Mohammed said the administration inherited a debt of N65 billion on fertilizer procurement alone.

He listed part of the administration’s reforms to include investment in infrastructure and agriculture production.

“People say we should not talk about what happened yesterday but it is pertinent to learn, understand and move away from past mistakes.

“In the whole of 2014 the government then, expended about N18 billion on roads, but spent N35 billion on travels.

“This year alone, we have spent N70 billion on roads.

“People say why are these steps not being felt immediately? It is because the last government refused to pay contractors between 2012 and 2015 even when crude was selling at 100 dollars per barrel.

“Out of the N70 billion being owed Julius Berger, we have paid N14 billion.

“If government was not owing Julius Berger in the past — and we paid N14 billion to them — you would have seen them busy on the roads,” he said.

He said “Change Starts with Me” initiative launched by the Federal Government on Tuesday was to instill discipline and the needed change of attitude in both the leaders and the people.

According to the minister, such remained the basic foundation and the driving force for actualising socio-economic transformation for the country.

“Nigerians have to change their attitude from the past; it is not only about the leaders but also the followers.

“This is the only way we can achieve our desired progress, growth and development,” he said.

(NAN)

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • John A

    What a confused set of people, one day is the fault of Jonathan not been able to save for the raining day, the following day is due to our dependence on oil as a major source of revenue.
    Just say the truth that you guys are very very very incompetent.
    Didn’t you and buhari knows that oil is our major source of revenue before campaigning for the post of the president?

    • Amir

      If they are incompetent, what do you say of Jonathan’s government? Lack of words abi?

      • John A

        If you have the ability to reason, then you will know they where not elected to give excuses. Jonathan was not good enough hence they where brought in to replaced Jonathan.

        • KennBest

          Gbam. Thank you. Buhari is fast failing Nigeria. The change we voted for was only a mirage afterall.

          • dpfrank

            You are totally wrong, the change we voted for will give birth to good progress

        • Powerlessconscious

          If you have ability to reason you must know that you have to tell wailing citizens the cause of the problems. Obama did not achieve anything for his first 2yeàr due to bad governance of bush and obama blames bush a lot of time. If you guys like, accept the truth, the cause of your problem is the mistake of the past government especially gej who refused to save any money for the country during high oil price but consume everything on STEALING AND IMPORTATION. As far as you guys continue to put blame on the current government without logic reason, the government will also remind you of the mistake of the past.

          • John A

            Just keep quiet and STOP telling lies, do you think you are the only one living in the western world?
            You think others do not have access to information?

          • Powerlessconscious

            Keep wailing.

      • Truth Justice Equity

        Government is a continuum, there will never be any time that government will be free of debts no matter the governments revenue base.even at $140 per barrel of oil,and at 2.5 m BPD ,government still run short of its revenue targets.check out this solid facts about your gods in axis of evil APC government like fashola who left 1 trillion naira debt for ambode,amaechi 500 b for nwike,aregbe 500 b for Osun ,kwankwaso 400 b etc yet they governed with Jonathan when their was oil boom and they received the highest amount of revenue just as Jonathan did for FG.
        Let me educate some of you who have been thoroughly bewitched by APC and buharis propaganda, Nigeria became the biggest economy of Africa because Jonathan invested the highest ever investment ever done in Nigeria between 2010 to 2015,it was the golden age of Nigerian nation with virtually every state of Nigeria making a quantum leap in infrastructures ,economic and social development. Jonathan managed Nigerian economy so well that even when the global oil boom was over in early 2014,Nigeria was trudging on majestically until the buhari disaster came with a terrible big bang that disjointed, destroyed and bankrupted Nigerian nation. Have you not wondered why US dollars will exchange for 425 naira ,8m jobs lost ,more than 2/3 of companies in Nigeria close down,rice sell for /22000 from 7000,our roads getting back to 2007 conditions, insecurity expanding to all the states of Nigeria from just 3 states of northeast ,Nigerians hating themselves more than even during the civil war?,all within 15 months after jonathan ?.It is simply because an intellectually unfit,clueless, very myopic,sleepwalking, clannish, demented,weak,tired and expired old grandpa ,took over the once enterprising Nigeria and attacked her on every side with grave misrule, mismanagement and failed leadership.ok

  • FreeNigeria

    This Buhari administration have an excuse for everything, but absolutely no solution to anything.

    • KennBest

      The recession was actually caused by the fall of groundnut pyramid and the closure of Vitafoam in Ikeja. Idiotic old fools with no visionary leadership. After the salah, the recession will be blamed on the price of ram in the market. What a country.

    • woman leader1

      There is a solution to everything, it is just a gradual thing..

  • Jaspa Matanga

    Why not Goodluck Ebele Jonathan and PDP any more?

    • woman leader1

      Yes, Good luck ebere Jonathan cause all we are facing now and we can’t exempt that…

  • thusspokez

    Minister of Information and Culture, Lai Mohammed, Tuesday said Nigeria’s over-dependence on oil is to blame for the recession the nation’s economy is passing through.

    (-_-)Zzzzzzzzz
    (-_-)Zzzzzzzzzzzzzzzz
    (-_-)Zzzzzzzzzzzzzzzzzzzzzzzzzzzz
    (-_-)Zzzzzzzzz Zzzzzzzzz Zzzzzzzzzzzzzzzz
    (-_-)Zzzzzzzzz Zzzzzzzzz Zzzzzzzzzzzzzzzz Zzzzzzzzzzz
    What? Where am I?

  • Otunba

    A buffon! Changing gear? You can keep on blaming the last administration and Jonathan because they are the targets for your ineptitude; lack of vision. Just grabbed power for selfishness. The gullible ones are to blame. Some of us told them so.

  • Truth Justice Equity

    Government is a continuum, there will never be any time that government will be free of debts no matter the governments revenue base.even at $140 per barrel of oil,and at 2.5 m BPD ,government still run short of its revenue targets.check out this solid facts about your gods in axis of evil APC government like fashola who left 1 trillion naira debt for ambode,amaechi 500 b for nwike,aregbe 500 b for Osun ,kwankwaso 400 b etc yet they governed with Jonathan when their was oil boom and they received the highest amount of revenue just as Jonathan did for FG.
    Let me educate some of you who have been thoroughly bewitched by APC and buharis propaganda, Nigeria became the biggest economy of Africa because Jonathan invested the highest ever investment ever done in Nigeria between 2010 to 2015,it was the golden age of Nigerian nation with virtually every state of Nigeria making a quantum leap in infrastructures ,economic and social development,because Jonathan gave every state her own share of the boom.I remember that at one point a state like akwa ibom took home a huge sum of about a hundred billion naira from faac ,even poor states like Osun took home about 20b monthly. Jonathan managed Nigerian economy so well that even when the global oil boom was over in early 2014,Nigeria was trudging on majestically until the buhari disaster came with a terrible big bang that disjointed, destroyed and bankrupted Nigerian nation. Have you not wondered why US dollars will exchange for 425 naira ,8m jobs lost ,more than 2/3 of companies in Nigeria close down,rice sell for /22000 from 7000,our roads getting back to 2007 conditions, insecurity expanding to all the states of Nigeria from just 3 states of northeast ,Nigerians hating themselves more than even during the civil war?,all within 15 months after jonathan ?.It is simply because an intellectually unfit,clueless, very myopic,sleepwalking, clannish, demented,weak,tired and expired old grandpa ,took over the once enterprising Nigeria and attacked her on every side with grave misrule, mismanagement and failed leadership.

    • Powerlessconscious

      Nigeria became the fake largest economy under gej because it was full of CONSUMPTION and NOT PRODUCTION. Is that the path China followed?

      • Truth Justice Equity

        It is ironical that the bewitched hollow minded sai barbarians believed that it was all fueled by consumption and not production in order for them to call good evil instead of giving honour to whom deserved it,but today under buharis 15 months watch over Nigeria, the remaining production lines and companies making the productions, have been grounded and ran aground by buharis childish,myopic,clueless ,clannish, thoughtless policy somersaults and sleepwalking leadership. Buhari is a failed leader simple.

        • Powerlessconscious

          Where was the production under gej? What did you produce? Can you name one? Liar. Mind you, I do not care for how SAD you are because of buhari. Buhari is on the right track and his policies are good for the future of Nigeria and not for the presence. The mess of PDP is smelling and WE DONT GIVE A DAM TO WHO ARE AGAINST THE CLEANING. God bless baba.

          • Truth Justice Equity

            If you wilfully forget everything, at least you must not forget that Mr Adesina was elected ADB President because of Jonathan’s Agricultural production miracles that ensured food security for Nigerians for 5 solid years until the buhari calamity befell Nigeria.

          • progressive

            It your brainless pdp that caused nigeria the calamity we are going through I know that with time God will surely make buhari to succeed because he really meant well for this country

          • Powerlessconscious

            Is that your pride? Mind you adesina effort was even less that enough. Now how can a country produce crude oil but can not produce petroleum for 16years? How can a country have one of the largest natural gas reserve in th e world but can not produce stable elecyrictu for 16years? How can a country have millions of cars but can not produce good inter state roads for 16years? How can a country have one of the best ground troop in the world but can not provide security again criminals militants and bokoharam? Are these not EVIL? Now tell me a tangible thing that was produced during the years of PDP? May God continue to bless pmb/osinbanjo for rescued Nigeria from the death trap of PDP.

          • Truth Justice Equity

            My brother I am not PDP attorney ,but my concern is the level of falsehoods and lies that you APC and sai barbarians peddle simply to defend a calamitous ineptitude called buhari.

          • Powerlessconscious

            That is exactly the problem we have with you guys PDP apology. You guys lack knowledge of governance and knowledge of economy, that is why you can not differentiate a good governance from a bad governance. If I ask you now that ‘what problem has buhari caused to you?’ You will not be able to answer me with logical reason instead you will be writing ambigus English and expect everybody to agree with you. If you lack knowledge and governance and economy, why dont you open your google and study about europe and asia. For me, based on the history of China, buhari government is on the right track and Nigeria is going to be good again. The govt need support of patriotic citizen and followers of evil PDP who stole the glory of this country. But surely God will restore it back NO MATTER THE AMOUNT OF ENEMIES. Sai baba.

          • Truth Justice Equity

            I still find it funny that most people
            don’t know why Nigeria economy
            went into recession, they love the
            incompetent lies of Lai Mohammed
            about the past government ruining
            everything. It’s also myopic to think
            that if Jonathan were to still be in
            power, we would be worse off.
            The truth about Nigeria’s recession
            is this; it was caused by the
            president’s unguided rhetoric and
            uncultured body language.
            Firstly, there is nothing we are
            buying today that we weren’t buying
            5 years ago, therefore it’s not our
            purchase that put pressure on Naira
            but withdrawal of funds by foreign
            investors.
            After the election, the president
            created instability with his unguided
            statements about how everyone is
            corrupt and how everyone is going to
            jail. The instability made foreign
            investors to liquidate their
            investment and change their money
            to dollars. In the process of trying to
            flee, they were willing to buy dollars
            at any price, which lead to high
            exchange dollar rate.

          • Powerlessconscious

            Let me test your brain. Tell me what you know about governance with reference to developed countries? Then why is there economy recession in Australia, Venezuela, nigeria, Ghana etc? I think when you answer this questions, I will know if you are really educated or not. Let the wind of change continue please….

          • Truth Justice Equity

            Even though some of them were not
            ready to run away, but want their
            money in dollars to save their
            investments from devaluation, the
            president gave a bad signal by
            banning deposit of foreign currency
            into dormiciliary accounts. That was
            enough for free market believers to
            see the draconian handwriting on
            the wall, that was the beginning of
            dollar rush.
            To make matters worse, the
            president came up with another
            outrageous policy of rationing dollar
            to certain sectors and blocking many
            sectors out. That was the nail in the
            coffin which facilitated the
            emergence of free FALL.
            In the end, foreign investors took
            over $80B out of the economy within
            a short period and everything went
            down to free fall.

          • Truth Justice Equity

            To those who believe it will be worse
            if Jonathan is still there, you are all
            wrong. Policy continuity and political
            stability will not let billions of
            dollars leave our shores within such
            tiny time frame. Even though the
            government might have income
            shortage, the private sector will
            weather the storm by their
            confidence in the market.
            The fear of the unknown created by
            PMB is responsible for the economic
            downturn not low oil price. Interest
            rate in America is currently at 0.5%
            while it is 12% in Nigeria. JP Morgan
            Chase will not mind borrowing $50
            billion from Feds at 0.5 and put in
            Nigeria for return of %2000 profit.
            Citi bank will do the same, likewise
            US Bank Corp.

          • Truth Justice Equity

            Chase gave Buhari
            warning about the repercussions of
            his fixing policy before they pulled
            out, but his illiterate cyber warriors
            and misseducated e-soldiers said
            JPMORGAN can go to ,they no
            longer believe in economic metrics
            since their messiah is in charge.

          • Truth Justice Equity

            From Oby Ezekwesili

            I still find it funny that most people
            don’t know why Nigeria economy
            went into recession, they love the
            incompetent lies of Lai Mohammed
            about the past government ruining
            everything. It’s also myopic to think
            that if Jonathan were to still be in
            power, we would be worse off.
            The truth about Nigeria’s recession
            is this; it was caused by the
            president’s unguided rhetoric and
            uncultured body language.
            Firstly, there is nothing we are
            buying today that we weren’t buying
            5 years ago, therefore it’s not our
            purchase that put pressure on Naira
            but withdrawal of funds by foreign
            investors.
            After the election, the president
            created instability with his unguided
            statements about how everyone is
            corrupt and how everyone is going to
            jail. The instability made foreign
            investors to liquidate their
            investment and change their money
            to dollars. In the process of trying to
            flee, they were willing to buy dollars
            at any price, which lead to high
            exchange dollar rate.
            Even though some of them were not
            ready to run away, but want their
            money in dollars to save their
            investments from devaluation, the
            president gave a bad signal by
            banning deposit of foreign currency
            into dormiciliary accounts. That was
            enough for free market believers to
            see the draconian handwriting on
            the wall, that was the beginning of
            dollar rush.
            To make matters worse, the
            president came up with another
            outrageous policy of rationing dollar
            to certain sectors and blocking many
            sectors out. That was the nail in the
            coffin which facilitated the
            emergence of free FALL.
            In the end, foreign investors took
            over $80B out of the economy within
            a short period and everything went
            down to free fall.
            To those who believe it will be worse
            if Jonathan is still there, you are all
            wrong. Policy continuity and political
            stability will not let billions of
            dollars leave our shores within such
            tiny time frame. Even though the
            government might have income
            shortage, the private sector will
            weather the storm by their
            confidence in the market.
            The fear of the unknown created by
            PMB is responsible for the economic
            downturn not low oil price. Interest
            rate in America is currently at 0.5%
            while it is 12% in Nigeria. JP Morgan
            Chase will not mind borrowing $50
            billion from Feds at 0.5 and put in
            Nigeria for return of %2000 profit.
            Citi bank will do the same, likewise
            US Bank Corp. Chase gave Buhari
            warning about the repercussions of
            his fixing policy before they pulled
            out, but his illiterate cyber warriors
            and misseducated e-soldiers said
            JPMORGAN can go to hell, they no
            longer believe in economic metrics
            since their messiah is in charge.
            Funny enough they are all suffering
            today because of the policy,
            but they find relief by blaming it on
            past administration and Gucci
            appetite of average Nigerians.
            For your information, if your
            president “kontunu” with his
            unguided rhetoric, Naira will go
            down to N1000/1 $. But we thank
            God, he is no longer talking.

          • progressive

            BUHARI is a visionary leader he really have passion in fulfiling his campaign promises.

          • woman leader1

            Sure!

        • progressive

          It a pity that unserious minded people mis rule this country from 1999 they failed to lay a good foundation , buhari is doing his best to revive our lost glory

      • progressive

        Gej failed to produce, his government was full of corruption

        • woman leader1

          We all know that.

        • dele20

          Can you imagine?

    • progressive

      You should be blaming pdp today because they failed to invest and they also left so much debt on ground they loots the treasury massively in sense that they think can continue ruling the country in the next 50 yrs thank God for the change mantra as at now things are getting better now as at now

  • KennBest

    This Liar of a person is really insulting our intelligence. So Jonathan is no longer to blame, abi? You’re all bunch of thieves in government. Visionless morons who thought fighting corruption alone will get us to the promise land. Even the corruption fighting is fake. Have you noticed that your attempt to bring the story of Patience Jonathan into the news did not stick with Nigerians? We’re tired of Buhari already with his selective persecution. His administration let Buratai and Saraki off the hook, right? You’ll hear from us in 2019. Bunch of old failures.

    • progressive

      You can say whatever you like , lai Mohammed is doing good job he has been up and doing even buhari knows that he is really doing a fantastic job and he is also passionate about his work.

    • woman leader1

      Stop supporting evil, we all know that Alhaji Lai Muhammad is a blessing to us in this country,
      You can call him all sorts of names just because he his always exposing your people.
      We can never run away from the truth.
      NEVER!

    • There are many courses to a particular problem. The pigs are also to be blame because they mismanaged the resources of the country during
      their time.

    • NaijaMindOfChange

      U re sick in da head…it’s very obvious dat u lack understanding…thief like u who has bin supporting d previous incompetent administration

    • dpfrank

      Don’t forget you have one voters card, millions of Nigerians who still believe in what he is doing will still vote for him

      • KennBest

        Until then.

    • Uduabisi

      You said it all, he who demands justice must come to equity with clean hands. 16months gone we are still blaming the past govt of GEJ

  • True Nigerian

    Yet, the govt that Lai speaks for is hell-bent on pumping $8b in search of oil in lake Chad just to make sure that the North gets its own oil. Every day, they preach to Nigerians about diversification. But every second, they show you that their brains can’t think above oil-focused mentality. Bunch of hypocrites and despicably incompetent fellows!

    • progressive

      Is that your own problem try and base on reality and stop ranting your pdp master destroyed this country with their level of corruption, pdp does not have any plan if not for apc lead federal government who has been able to change governance for good

    • dpfrank

      Diversification does not mean that we must ignore oil, where is your brain?

  • Powerlessconscious

    Thanks lai Mohammed. May God continue to help you guys to restore the country back after years of bad governance. PDP has created criminals for the country e.g bokoharam, militant, kidnappers, drug seller, ritualist, etc when a country have all these criminals, then the sincere government have a battle to fight. How can NDA blows oil pipe and people still want the government to turn stone to money and give to them? HYPOCRATE GENERATION. But we know the activities of these criminals is only teaching the government to forge an alternative to progress. And it is good it is happening now. The patriotic Nigerians are solidly behind you to restore the prosperity of the country. God bless nigeria.

    • progressive

      Kudos to lai Mohammed for well done job he is doing , pdp killed this country if not for buhari wisdon and his cabinet at least the country is now moving forward due to good governance

      • Powerlessconscious

        Yes. Nigeria is toeing the path of China for self sufficiency. God bless baba.

      • dele20

        Yes ooooo, Kudos also to PMB

    • woman leader1

      Alhaji Lai Muhammad will continue to be a blessing to us in this country, he his always ready to help in restoring our lost glory.
      I say kudos to you sir.

      • Powerlessconscious

        Kudos to you too. May God help them to restore the stolen glory.

        • woman leader1

          Our glory will be restored.

          • dele20

            Sure, Nigeria will be great again

          • woman leader1

            Certain.

        • dele20

          Amen

      • dele20

        I appreciate all the efforts of HMIC, he is sacrificial, altruistic & unrelenting in his efforts to make Nigeria great , an unreplaceable&efficient minister is Lai Muhammad

        • woman leader1

          Obviously, his intention is to see that this country is great again.

          • dele20

            Nigeria will surely be

          • woman leader1

            Gbam

    • Yes, it’s obvious that this administration is on track in fixing those things that the previous administration spoilt. MAY GOD HELP US ALL.

      • dele20

        This administration is really ammeliorating & rectifying all the mistakes from the pasts

    • dpfrank

      God is blessing this nation through APC

      • dele20

        God really has a genuine purpose for this nation through APC

    • dele20

      Amen

  • North/West Allies

    So it’s not PDP again abi? confused government

    • progressive

      Pdp left a big wrought in the system , buhari is doing all his best to service the economy and I know that he will surely succeed

      • dele20

        Sure, PMB will surely deliver

    • woman leader1

      Pdp is the architect of what we are facing now and buhari is here to wipe our tears away, support buhari now for the movement of this country..

      • dele20

        You are right, let him know

        • woman leader1

          Glaring..

          • dele20

            Ok

    • Why are you always off point?

      • North/West Allies

        At least I made some good points more than your parasitic drunk father, dickhead. You are a big moron, imbecile

    • front man

      Common get sense read well and understand which party mismanaged the country oil in last 16 years

      • OMOLOYIN

        Dont prrach to him, he is one of those that are born to be dumb

      • North/West Allies

        You are the dumbest parasitic aboki that i have seen in my whole life, Count former PDP members who are ministers, governors and senators in APC today then you can shut up your maggot mouth

        • front man

          Moron where you see aboki

          • North/West Allies

            imbecile it’s written all over you, dickhead

    • dele20

      What are you saying?

  • favourtalk

    Yess, that is the simple truth, we need to diversify with the way we are going and i think that is what PMB has been doing all this while

    • woman leader1

      You are very right, that is just the way forward..

      • dele20

        I concur

        • woman leader1

          Thank you.

          • dele20

            Alright

    • front man

      Well said

  • Sincere-Voice

    True-Talk…. When a government spends 18b on road and 35b on travelling, then you should know that a lot is wrong.

    • front man

      Honestly

  • That’s our problem in this country, investing on oil alone, rendering other sectors useless… CHANGE BEGINS WITH YOU

    • dele20

      CHANGE is what this administration has for us, diversification of economy, unlike the past administrations,

  • NaijaMindOfChange

    In da last 16 yrs..dis country has bin run under incompetent administration…thank God for Apc..kudos to HMIC

    • front man

      Yeah

    • White cane

      No small thing , yea thank God!

      • stackCrawler

        Thanks to GOD

    • dele20

      APC is really an epitome of change, HMIC has spoken well

      • stackCrawler

        We stand with APC

        • dele20

          All the way

        • dele20

          Yes ooooo

        • dele20

          Yes oooo

    • Night Crawler

      PMB is still busy cleaning up their mess, soon he will restore our great nation, and we will soon see some light at the end of the tunnel

      • stackCrawler

        Nasoooo

    • dpfrank

      APC is the best

      • stackCrawler

        APC all the wayyyyyyyy
        ….

    • stackCrawler

      Nice one

  • front man

    Honesty over-dependence on oil is to blame for the recession the nation’s economy is passing through and the previous administration should have also focus on agriculture

    • White cane

      Yeas!!!1

    • Night Crawler

      Well said, this administration will do everything in their power to help take Nigeria and Nigerians to greater heights

      • stackCrawler

        Gbam

      • dele20

        Of course yes, all we need do in order to positively catalyze the greater heights is by giving this administration our full support

      • front man

        You have spoken well

    • dele20

      You are right

    • stackCrawler

      I support you on that

  • front man

    Good one Alhaji lai muhammed on this revelation

    • Night Crawler

      You are right

      • stackCrawler

        Very right

    • White cane

      Nice one bro you are on point, confirm revelation!

      • stackCrawler

        NasoooOo

    • dele20

      Yes ooooo

      • stackCrawler

        That’s it

    • stackCrawler

      Yes oooo

  • Night Crawler

    HMIC – Alh Lai Mohammed has said it all… Over dependent on oil is the reason why we are where we are today, its time to diversify the economic, we have different mineral resources and also agriculture to help boost back the economy, its just a matter of time, Nigeria will be great again

    • dpfrank

      To achieve this greatness, we must stand by Mr president

      • stackCrawler

        I totally agree with you on that. Apc all the way

      • dele20

        That it is, at that, Nigeria will become great

  • White cane

    Able Minister that knows work,Alhaji lai muhammed carry go!

    • stackCrawler

      Yesss oooooo

  • dele20

    HMIC has spoken well, diversification from oil is our best solution

    • stackCrawler

      Nasooooooo HMIC all the wayyy

      • dele20

        Yes ooo

  • dele20

    Yes ooooo, we really made mistakes in the past, corruption really affected our income from oil in the past but now the best solution is by CHANGE BEGINS WITH ME’smethod

    • stackCrawler

      Yesssss.i totally agree with you

      • dele20

        Thanks

  • dpfrank

    You said it all Alh Lai Mohammed, we can see the effort govt is taking in redeeming the nation, we want you to know that we are solidly behind you.

    • stackCrawler

      He has really spoken well. We support him Lai Mohammed all the way

  • stackCrawler

    Well said. My honourable minister

  • emmanuel

    So we need to import Gass from Brazil to diversify our economy. Also, stop eating Rice after killing the Rice project of the last administration.
    Anyway, the rot in your brain would not make you say we should restructure and stop depending on Crude Oil. Na Crocodile tears be dat.
    Yorobber and folloani think everything about Nigeria is Crude, so there is no need to tun it in the hands of the ND people

  • OMOLOYIN

    HMIC has spoken the truth. Nothing but the truth.

    • dele20

      Of course, I concur with what HMIC said

      • OMOLOYIN

        Yes o

  • UOU

    You are just knowing it now, juts now, late comer liar propagandists hypocrite?

  • Truth Justice Equity

    This is the naked truth .

    I still find it funny that most people
    don’t know why Nigeria economy
    went into recession, they love the
    incompetent lies of Lai Mohammed
    about the past government ruining
    everything. It’s also myopic to think
    that if Jonathan were to still be in
    power, we would be worse off.
    The truth about Nigeria’s recession
    is this; it was caused by the
    president’s unguided rhetoric and
    uncultured body language.
    Firstly, there is nothing we are
    buying today that we weren’t buying
    5 years ago, therefore it’s not our
    purchase that put pressure on Naira
    but withdrawal of funds by foreign
    investors.
    After the election, the president
    created instability with his unguided
    statements about how everyone is
    corrupt and how everyone is going to
    jail. The instability made foreign
    investors to liquidate their
    investment and change their money
    to dollars. In the process of trying to
    flee, they were willing to buy dollars
    at any price, which lead to high
    exchange dollar rate.
    Even though some of them were not
    ready to run away, but want their
    money in dollars to save their
    investments from devaluation, the
    president gave a bad signal by
    banning deposit of foreign currency
    into dormiciliary accounts. That was
    enough for free market believers to
    see the draconian handwriting on
    the wall, that was the beginning of
    dollar rush.
    To make matters worse, the
    president came up with another
    outrageous policy of rationing dollar
    to certain sectors and blocking many
    sectors out. That was the nail in the
    coffin which facilitated the
    emergence of free FALL.
    In the end, foreign investors took
    over $80B out of the economy within
    a short period and everything went
    down to free fall.
    To those who believe it will be worse
    if Jonathan is still there, you are all
    wrong. Policy continuity and political
    stability will not let billions of
    dollars leave our shores within such
    tiny time frame. Even though the
    government might have income
    shortage, the private sector will
    weather the storm by their
    confidence in the market.
    The fear of the unknown created by
    PMB is responsible for the economic
    downturn not low oil price. Interest
    rate in America is currently at 0.5%
    while it is 12% in Nigeria. JP Morgan
    Chase will not mind borrowing $50
    billion from Feds at 0.5 and put in
    Nigeria for return of %2000 profit.
    Citi bank will do the same, likewise
    US Bank Corp. Chase gave Buhari
    warning about the repercussions of
    his fixing policy before they pulled
    out, but his illiterate cyber warriors
    and misseducated e-soldiers said
    JPMORGAN can go to hell, they no
    longer believe in economic metrics
    since their messiah is in charge.
    Funny enough they are all suffering
    today because of the policy,
    but they find relief by blaming it on
    past administration and Gucci
    appetite of average Nigerians.
    For your information, if your
    president “kontunu” with his
    unguided rhetoric, Naira will go
    down to N1000/1 $. But we thank
    God, he is no longer talking.

  • Oracle

    Then PDP and NPN are to blame. Lolz