Nigerian economy is officially in recession, govt confirms

Minister of Finance, Kemi Adeosun
Minister of Finance, Kemi Adeosun

The Nigerian economy is in recession, figures released by the National Bureau of Statistics officially confirmed Wednesday.

Although various government officials, notably the Central Bank of Nigeria (CBN), Godwin Emefiele, and the Minister of Finance, Kemi Adeosun, had over a month ago said the economy was in “technical” recession, the official confirmation came with the release of the new figures.

The statistics bureau said the second quarter 2016 Gross Domestic Product (GDP) declined by -2.06 per cent.

Annual inflation rose to 17.1 percent in July from 16.5 percent in June, and food inflation rose to 15.8 percent from 15.3.

“The pace of the increase in the headline index was however weighed upon by a slower increase in three divisions, namely health, transport, and recreation and culture divisions,” the NBS said.

The statistics agency said the onset of the harvest season was yet to significantly impact on food prices, with food sub-index rising by 15.8 per cent (year-on-year basis) in July, about 0.5 per cent points lower from rates recorded the previous month.

Equally, the agency said energy prices accounted for the rise in inflation for the month, with energy and energy related prices recording some of the largest increases reflected in the core sub-index.

“In July, the core sub-index increased by 16.9% during the month, up by 0.7% points from rates recorded in June (16.2%).” the report said

“During the month, the highest increases were seen in the electricity, liquid fuel (kerosene), solid fuels, and fuels and lubricants for personal transport equipment’ groups.

Despite the figures confirming Nigeria’s worst economic recession in over a decade, the federal government on Wednesday said it remained optimistic of a turnaround.

In a reaction, the Presidency said although the gross domestic product (GDP) figures released by the NBS in its 2016 second quarter confirmed a temporary decline in the economy, it also indicated “an hopeful expectation in the country’s economic trajectory.”

A statement from the office of the Vice President, Yemi Osinbajo, said beside the growth in the agriculture and solid mineral sectors, the Nigerian economy was doing better than estimates by the International Monetary Fund (IMF).

The Vice President said with the present administration’s policies, there were clear indications the second half of the year would be even much better.

“The Buhari presidency will continue to work diligently on the economy and engage with all stakeholders to ensure that beneficial policy initiatives are actively pursued and the dividends delivered to the Nigerian people,” he said.

In his reaction to the NBS report, Special Adviser to the President on Economic Matters, Adeyemi Dipeolu said “The just recently released data from the National Bureau of Statistics showed that Gross Domestic Product declined by -2.06% in the second quarter of 2016 on a year-on-year basis.

“A close look at the data shows that this outcome was mostly due to a sharp contraction in the oil sector, due to huge losses of crude oil production as a result of vandalisation and sabotage.

“However, the rest of the Q2 data is beginning to tell a different story. There was growth in the agricultural and solid minerals sectors, which are the areas in which the Federal Government has placed particular priority.”

Mr.Dipeolu noted, agriculture grew by 4.53 per cent in the second quarter of 2016, compared with 3.09 per cent in the first quarter.

Besides, he said the metal ores sector showed similar performance, with coal mining, quarrying and other minerals also showing positive growth of over 2.5 per cent, while the share of investments in GDP increased to its highest levels since 2010, growing to about 17 per cent of GDP.

Although the manufacturing sector was yet truly out of the woods, the adviser said the sector was beginning to show signs of recovery, with the service sector similar improvement.

The inflation rate remains high but the good news is that the month-on-month rate of increase has fallen continuously over the past three months.

He noted the high unemployment rate, which she said was usually the case during growth slowdowns.

“The emerging picture, barring unforeseen shocks, is the areas given priority by the Federal Government, are beginning to respond with understandable time lags to policy initiatives,” Mr. Dipeolu said.

“Indeed, as the emphasis on capital expenditure begins to yield results and the investment/GDP numbers increase, the growth rate of the Nigerian economy is likely to improve further,” he said

As these trends continue, he said the outlook for the rest of the year pointed at the Nigerian economy beating the IMF prediction of -1.8% for the full year 2016.

“The IMF had forecasted a growth of -1.8% for 2016. However, the economy is performing better than the IMF estimates so far. For the half year, it stands at -1.23% compared to an average of -1.80% expected on average by the IMF.”

A Research Analyst with FXTM, Lukman Otunuga, noted the 2.06 per cent contraction of the economy in the second quarter, saying the signs of an imminent slowdown were already visible with the Central Bank of Nigeria (CBN)’s foreign reserves falling to $19 billion.

“While Naira’s vulnerability was highly expected following the official floating foreign exchange policy, external risks, such as a resurgent dollar has accelerated the devaluation of the local currency, consequently pressuring the nation further.

“With inflation and unemployment hovering around worrying levels, the CBN has been placed under immense pressure to act, which may weigh on investor sentiment.

“While the news of Nigeria entering a recession may be painful, it should be no surprise as the incessant declines in oil prices have punished heavily oil export nations, with Nigeria being no exception,” Mr Otunuga said.

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  • the truth

    The Nigerian government is working hard. Governance is not an easy job. Buhari will take us there.

    • The Econometrist

      @nimikemuel:disqus

      With its level of ignorance, Buhari’s government Nigeria has no means of escape from
      what will turn out to be the deepest and longest economic recession in Nigeria because
      there is no thinking going on inside the Buhari government that’s known to the public on
      how to exit the ongoing recession.

      Without an exit plan today’s economic recession will worsen lots more,
      and likely lead to economic depression because of huge debt overhang on 23 states
      which each owes 8 months salaries as at today, besides owing huge debts to the banks.
      This insolvency is occurring in a context of double digit inflation and general hike of prices,
      such that, in a word, the economic description of Nigeria is now a crisis of un-affordability.

      • Rumournaire

        If Buhari is ignorant and has no means of escape, what are your ideas of how Nigeria can move forward ?

    • ike

      Or buhari has taken us there already. Keep dreaming deamer boy

      • the truth

        Ike nigeria will be great again, it takes time to heal.

  • K.K

    @nimikemuel:disqus: APC party is a coalition of illiterates. There’s no one in APC with knowledge,

    wisdom or understanding of public policy or development economics – not one person.

    Bola Tinubu is their leader – a mentally dissolute fellow who told the public that

    the solution to economic recession is for government to keep printing money.

    How can educated Nigerians expect anything but ruin from such mentality?

    • Pointsblank2000

      BOLA AHMED TINUBU DID NOT GO TO ANY PRIMARY OR SECONDARY SCHOOL.

      HE LIED ALL THE WAY AND WANGLED HIS WAY TO SEIZE THE LAGOS TREASURY.

      • Oloye Akintan

        Premium Times Editor,

        Rotimi Akeredolu [S.AN] as the problem with Nigeria

        Nigeria’s educated professionals
        are a mess and a disgrace. I read in The Punch yesterday
        one 62-year-old lawyer, ROTIMI AKEREDOLU [S.AN], saying Bola Ahmed Tinubu –
        who did not go to primary or secondary school – is his ‘LEADER’. At once I wrote
        off Nigeria as a total basket case. There is no depth that’s too low or a gutter too
        filthy for these Nigerian lawyers to wallow inside, for the love of money.

        Rotimi Akeredolu is symptom of the mental degradation in Nigeria. He’s not the cause.
        Education brings no personal pride to useless Nigerian lawyers and doctors anymore.
        They all fall down before stark illiterates, like Bola Ahmed Tinubu, to receive money
        illicitly got usually from the treasury. Such a country can never progress. I am sorry,
        very sorry to say this, but Nigeria may soon come to a bloody end as an evil place.

  • Olu from South Africa

    The more reason the present administration should come harder on the looters of the past administration.

    • Tunsj

      Well said. President Buhari has to bring those rogues to justice.

    • Otile

      Had Buhari not said that Abacha stole no money it would be easier to recover Abacha loots and Nigeria would be rich now.

  • GG

    Recession is not a disease. Great countries experience recession and even depression and they come out if it.
    Nigerians must continue to be on the toes of this government and criticise it. Nothing is wrong with that.
    However, patriotic Nigerians will also try to offer solutions because all citizens are in it together.
    If Nigeria fails it is not just Buhari that had failed, the consequences is on the entire nation.
    Narrow and destructive comments is not what the country requires now. It is broad and helpful suggestions that is critical.
    The main problem is that far too many Nigerians are still living in election times. They are yet to accept election results and move on to a united country. Some are stuck there until the next election and that honestly is a shame!

    • Rumournaire

      One of the best and most patriotic comments I have read in any online forum. Thanks for making me know that I am not alone in seeing hope for Nigeria. Anyone who thinks a mono-product economy like Nigeria could sail through the current global crisis without some hardship is either uneducated or simply playing dishonest politics.

      • GG

        Thank you sir. There are many people who also share your view.

        Once we get the emotions out of the way, we would make more rational comments because underneath all the anger and negative views is a desire by everyone that Nigeria should be great.

        On that point we all stand together!

      • Otile

        Man, Nigerians need not go to hell before the go to heaven. Necessary hardship my foot.

        • Rumournaire

          My dear friend Otile,
          I am sure if you can articulate some real ideas that would help us avoid any hardship to get back on our feet, such could help the country. The greatest thing anyone can do for Nigeria now is to articulate real, workable ideas. We’ve had enough of the condemnation of the government. Barring the unlikely, we are with this government for the next 2.5 years!

          • Otile

            Mohamed Buhari does not take good advice from people of my type. He prefers listening to his incompetent relatives, tribesmen, and coreligionists. E gbo?

          • Rumournaire

            @Otile, I don’t think you should worry too much about whether Buhari recognises you or not. You may be surprised how ideas planted in public fora actually strike an unexpected chord in the minds that matter – even when the originators of those ideas remain anonymous. If you are hoping that Buhari would call you to advise him, that will probably not happen. But if you and others start to plant your ideas in these fora, you could be doing the nation a real favour even if your name is not mentioned.

            As you would have seen from my posts, I am more interested in fixing the problems than in criticising the government. We may all have different ideas on how to fix the problem. Everyone believes his idea is the way to go. It is all fine as at least the powers that be have ideas to consider. But is unhelpful if all we do is condemn the leadership.

          • Otile

            Are you crazy? Stop contradicting yourself. In one moment you desperately pleaded with me to help your slave master out requesting: “I am sure if you can articulate some real ideas that would help us avoid
            any hardship to get back on our feet, such could help the country, bla bla bla”. In another moment you started backtracking, wobbling and saying: “If you are hoping that Buhari would call you to advise him, that will probably not happen.” What kind of inconsistent talk is that? Buhari is officially deaf, and he went to England to get a cure, it would be a waste of time trying to advice him. Can he understand? We know you slaves think he can understand.

          • Rumournaire

            Otile, I am not crazy at all – at least I have not been so diagnosed.

            My point is that ideas and persons are different. I am saying: State your ideas – even here in this forum, regardless of whether PMB knows you or not. You are assuming that ideas are taken only on the basis of who gives them. I am saying it is not necessarily so, and that ideas can be taken for their value, even if the source is anonymous.

            One of our wrong assumptions is that a president is supposed to read everything people say and take decisions on them. But if that were possible, then he would not need ministers. We even had a case where he had doubts over an action taken by his minister, but he let it be anyway. Recall that he has always expressed doubt over the benefit of devaluation of the Naira? He eventually let it be anyway because many people who should know believed it was good for the country. So he is not as deaf as you suggest, and it doesn’t hurt if you give your ideas.

            Lastly, I visited my doctor to screen me for signs of slavery. He told me he couldn’t see traces of slavery in my blood or urine. Otile, maybe you can direct me to your doctor for a more professional diagnosis.

            Have fun!

    • Höly Wähala

      Didn’t you hear that Buhari does not listen to sensible advise… from Emir Sanusi, Toda Bashir, Dr. Junaid Mohammed, Prof. Pat Utomi, Soludo ati Cardinal Okogie and Fr. Mbaka… “How many ears does a man need before he can hear the poeples’ cries?” – Doly Patton. Everyone is saying fire this economic mgmt team, that is our suggestion as a way forward. Ende!

      • persona

        Bro, the full breakdown of the report also says that Agric and solid mineral have picked up and oil contracted more. The outlook also is tilting as though we may beat the IMF forecast. No matter who is there as the team, we should begin to rescue the nation with our support, name calling can come thereafter. I advocate we begin to say what will take us out even if they seem not to be listening, we on this platform can begin to learn from those with more details that make sense.

        • Otile

          Were you not at the forefront of Yoruba hooters who were calling Dr Jonathan dumbo? Have you stopped mistakenly blaming Mohamed’s incompetence on Dr Jonathan? See, we told you so.

        • Höly Wähala

          Bros, there’s no time to wait for diversification to gel, only govt. spending gets economies out of depression but, no matter how much you give ofeke, na so so stories you go still dey hear. Bottom line, we need real and experienced economists to help this govt. turn things around. Kemi is incompetent and must go. Shikena!

        • sab

          Every car, bus or lorry, even ship or aircraft needs a driver or pilot. That is the Nigerian situation for now and the driver, captain or pilot we have is PMB. He must set the pace, sincerely and honestly in the right direction for others to follow. Its as simple as that. Put up a good economic team who can drive the ship of our economic revival.

    • persona

      Basically, the change we voted states with ME!
      Thanks for helping say what I have been saying here. We should stop the finger pointing, the success of the country means our success likewise. I had written days ago, Americans didn’t write letter to Obama like our dear cardinal did, everyone rolled their sleeves, got to work and the country came out of the woods. I am always so applaed how we always want our views to be the most correct. Time to contribute and move on. At the moment, the nation is even on the path of beating the IMF projection, Solid minerals and Agric made impact and its not yet harvest season from the NBS report. We can either sulk or produce, as for me, #TheChangeStartsWithMe

    • ike

      Yes recession isn’t a disease but the difference between those countries who come out of it and this country is this country under buhari has no economic plan, no competent economic manager and a very tribalised president. So tell me where lies the hope. You dont come out recession by wishful thinking. Nigerians are stuck in election mood still because they are a very intelligent specie of people on earth, able to see through the lies if Lie Mohammed and his daura master. Nigerians have offered their ideas out of this mess but buhari’s tribalistic tendencies and Apc obsession syndrome wouldn’t allow him see beyond his nose. Infact he also has eye infection as well as nose and ear infection. The last time I had those I couldn’t focus and needed help and he surely needs help NOW otherwise the consequences are on HIM.

      • GG

        There you go!

        That exactly is the language and the attitude I wrote about.

        Confirmed yet again. Thank you Bruv!

      • John A

        Great comment

    • Mohd Sageer

      Good observation

    • John A

      Recession in itself is not a disease, but IF NOT well managed can lead to depression which is a disease..

      • GG

        I do not think so sir!

        Neither recession nor depression is a disease. No country that experienced recession in the past has been permanently stuck in it. They all invariably get out of it AND often wiser!

        To restate: Countries experience it and often come out of it wiser. Experience is said to be a good teacher.

        Thank you Sir!

        • John A

          Yes, in a UNITED country that works towards a common goal.
          Nigeria has element , tribe, religion and regions working against it growth. That why Nigeria case is very different.

          • GG

            This is not unique to Nigeria as there are many other countries in the world with many tribes, many religions and many regions. Indeed, even in so called monolithic countries interest differs and may create challenges.

            Great countries emerge as a result and resolve of its citizens; their commitment, desire, determination and perseverance to ensure the common good. They learn over time to work through those differences and national challenges.

            Or they agree to separate peacefully where it becomes inevitable and the workable alternative. For Nigeria separation would be a shame and hopefully we would not get to that point.

            But I do thank you sir.

          • sab

            CG, I admire your sense of optimism and stride. But one thing you have not addressed here is the fact that Nigeria as it is right is terribly divided along ethnic and religious lines. This has become the trend in recent times and honestly it never ever has been like this in the shortest and even longest time past. The government we have now has done nothing to bring the people under one roof. Instead, its appointments have tilted in the direction of one tribe and one religion which even those who appear quiet are habouring right in their minds. Let’s be realistic, Shehu Shagari won election and we all saw how his appointments were distributed along national lines and not religious. Same goes for OBJ, Yar’ Adua and GEJ. But Mr CG, can you say that of what we have now? That’s the point. Look at insecurity in the land and atrocities being committed by the herdsmen without caution or restraint. These are issues that have struck a knife of division amongst the people as well as the economic somersault that we have. The issue is how did we get into this economic recession? You must find out the source of your problem before you will be able to find solution. Previously, govt was making fertilizer available to farmers, gradually encouraging them to produce more while gradually cutting down on importation. The same applies to the TSA and other reforms aimed at boosting our economy and living standard of the people. But what did we see in recent time? Govt which put a blanket ban on importation of all foodstuff without minding how much that is being locally produced, a govt which out-rightly implemented TSA without considering its multiplier effect. And what is the immediate result? Massive retrenchment of bank workers. Prices of staple foods like rice sky-rocketed. As at Wednesday last week, a bag of rice sold for N24, 000. Worst part of it is that the so-called local ones are not even available. So, my brother CG, nobody cares who provides the food or how it is made available for as long as it is right there on the table, period. It was Yar’ Adua’s economic and general policies that endeared him to the people. Take a good look at the President’s Economic Team. How many economists are there? Instead, what you see is an assemblage of of lawyers and one begins to wonder what beneficial role those men in wig and gowns would make in the economic policy sector. We must look ourselves in the face and and tell ourselves the home, bitter truth for us to move forward. Thanks.

          • GG

            SAB – you have raised many issues, made many valid points and expressed a lot of good ideas but you are still too angry.

            We would need to be on top of our emotions on this very important matter. I can appreciate the frustrations because we all want the best for Nigeria.

            I concede most of your points but I disagree with a few. No country is in as much mess as Nigeria is in presently and pulls out in 18 months. Unless you do not agree that Nigeria’s problems predates this government and predates the previous one too. But things have become so bad that unless miracles is what we are expecting we are probably a little impatient with this administration. We need to push them, we need to criticise them but we also need to be a little more tolerant.

            This is why governments have a life span of 4 years. We can always kick them out!

            I thank you Sir for your wisdom.

          • sab

            CG, honestly I decided to contribute on your post because I saw some valid elements in reasonable facts in your approach. My dear, I’m not angry. But truth is that like you rightly pointed out, the government is still young. I, as a person, is not and will never expect magic from them in so short a time. If I do, I’m deceiving myself at my age. But the only thing I expect from them is economic policy direction, simple. If the policy direction is okay and those (economic team) driving it are proven economists, no problem because I know Rome was not built in a day. But when the policy, if there is any, is vague, and those expected to drive it appear misplaced or round pegs in square holes, then there lies the fear.

        • Otile

          Has Congo ever recovered from their own depression brought them by nepotistic General Mobutu? When did Zimbabwe recover from their recession and how wiser are they today? Stop finding excuses for this headless dunce called Buhari.

          • GG

            Sir: I talked about “Great Countries” – not Congo and Zimbabwe. Please read my post. I look forward to a great Nigeria where all citizens would be proud of their country and its leadership.

            As to the other offensive language you used, I usually make no comments on such Sir.

          • share Idea

            And, in your thing, is Nigeria one of the great countries? If not, do you not think that we might be in the same boat as Congo or Zimbabwe?

          • GG

            Yes sir! Indeed every evidence have indicated Nigeria is a great country with a lot of potentials. We are not close to fulfilling those potentials which is a shame.

            I honestly think it is very unfair and rude to compare Nigeria with either Congo or Zimbabwe in that respect.

            One of the factors slowing us down has also been this lack of cohesion? Plus petty jealousies and anger at each other. We are not pulling in the same direction. We are pulling apart which does not augur well for steering any ship.

            I remain confident that with continuity of policies we would get there sooner rather than later.

            I thank you, sir, for sharing ideas with me.

          • share Idea

            My gee, I used to be very optimistic about Nigeria, that several friends call me naive for believing in Nigeria being truly great in future.

            However, the last election shattered the last straw of hope I have in the country. The defeat of GEJ was not my greatest pain rather, the way the vocal minority collaborated with Western powers to derail great Nigerian dream being built by GEJ. Nigeria where institutions are meant to drive processes and not strongman mentality.

            Look at what Buhari is doing, playing to gallery, and the gullible are clapping for him. Which institutional policies is this administration building? GEJ administration have its shortcoming, but like institution that is driven by processes, the shortcomings can be addressed by reviewing relevant policies with a view to correcting areas of deficiencies.

            However, with current administration of Strongman mentality, you can only change it by changing the strongman – thus, the dilemma the nation have found itself.

            Like you stated in your comment, our greatest problem is non unite of purpose among various ethnic communities. Hence, the reason so many of us does no longer believe that Nigeria can move forward without restructuring (agreeing on common principles). There is so much sabotage going on in the country, and the problem is more pronounced because of lack of strong institution that can easily identify people that are actually sabotaging the system.

  • Dele Awogbeoba

    The economy is actually very easy to understand. Fiscal policy is using FG spending and lesser taxation to stimulate growth. Another way to look at it is to open the tape and allow water go into a sink with a plug inserted to ensure that water in the sink rises to 2/3 of the sink. Now because of low oil prices, ND oil sabotage and high debt obligations the amount of water going into the sink from the tap is like a trickle. Now the CBN (which controls monetary policy) has increased interest rates to 14%, CRR levels to over 12% and embarked on intrusive currency controls for over a year and a half that scared FOREIGN INVESTORS from Nigeria which is equivalent to removing the plug from the sink and draining the water in the sink to escape. In the end, the sum total of present fiscal policy (which is limited due to current market and political factors) and monetary policies has led to a recession (otherwise called the lack minimal or lack of water contained in a sink).

    • Nkemefuna

      TODAY’s RECESSION FROM A LAYMAN PERSPECTIVE IN NIGERIA……

      Petrol per litre is how much today,
      after President Buhari increased the price few months ago? It is 145 Naira per litre.
      For 5kv generator, how many litres do you need per day to generate your own electricity,
      for just six (6) hours? You’ll need 10 litres. That is how much? It is 1,450 Naira per day.

      Now, since the zero megawatts
      Minister for Power Raji Fashola
      has no knowledge of how to supply electricity to Nigerians,
      how much do you now need per month, to get six hours of private electricity a day?
      You’ll need 44,500 Naira a month.

      Follow me, please!
      What is the minimum amount you need today to cook a pot of soup for your four children,
      as a family? The minimum is six thousand Naira – with minimum ingredients. So multiply that by
      15 days, if you will manage the pot of soup for two days. What will you get? You will need
      90,000 Naira a month to feed a family of four.

      That means Naira devaluation by
      President Buhari plus the petrol tax by President Buhari have now made life impossible in
      Nigeria. Just to eat and have six hours electricity for a family now cost 133, 500 Naira per month,
      without doing any other thing, not even going out, or, even going to school. How many Nigerians
      earn 133,000 Naira per month? Answer me, please!

    • Otile

      Senseless economic analysis like this does not put food on the table. This kind of idi○tic analysis only makes Buhari voodoo economic team look more_stupid. Nigerians are suffering, no more silly excuses.

    • Martin

      Something must be wrong with your brain. You have the nerve to refer to the actions and revenge mission of AVENGERS et al as “sabotage”. You must be out f your mind.

      1. Are you unaware of the basic fact that 95% of the oil wells of the Niger Delta people were illegally allocated to Northern Nigerian people while the Northerners were in power during the military?

      2. Are you unaware that it is because the oil licenses would expire in few months that gave rise to the increased terrorism during Jonathan’s presidency?

      3. Are you aware that the Niger Delta (Except Port Harcourt) has no other international Airport BUT that Sokoto, Kaduna, Abuja and even Bornu all have International and federal airports built with the money of the Niger Delta?

      4. If you did not call Boko Haram terrorist attacks and suicide bombings as elections got closer last year as sabotage of Jonathan’s presidency, then why would you say freedom fighters in Niger Delta are sabotaging?

      If u have nothing to say then shut up.

      • share Idea

        Do you have time for APC e-mob that like exposing their hypocrisy.

  • A.U. Cosmas

    My own question is simple: WHY was Premium Times hiding this recession story biting Nigerians for so long?
    Premium Times did not want to say anything about how BUHARI pushed Nigeria to recession since July 1st.
    To support BUHARI and help him destroy Nigeria completely, Premium Times kept quiet as prices went up.
    Even when Nigerians started hanging themselves in suicide with rope, Premium Times didn’t say anything.
    Now after things have got too bad with armed robbers coming to Ilorin to steal pot of soup, they now say it.
    Premium Times does not know how to make hay while the sun shines, but waits until Nigerians are dead.
    Retrenchment has destroyed many families already and armed robbery just to eat has increased.

    • ???

      WHEN WILL PREMIUM TIMES HAVE THE FEAR OF GOD TO SAY THE TRUTH

      THAT PRESIDENT MUHAMMADU BUHARI HAS ACHIEVED NOTHING SO FAR?

  • Wetin Naija

    Buhari is only interested in finding solutions to Northern Nigeria problems

    • John A

      Finding oil in the north by all means possible, that’s buhari priority

      • Otile

        Mohamed Buhari cannot create crude oil. God gives oil to those He pleases to give, killing them for their resources is not the answer.

        • John A

          Who goes for oil exploration at a time when the price is very low?
          Who invest in a product that has lost it’s market value?
          Buhari is currently spending huge amount to find oil in the Chad basin by all means possible, even telling NNPC to do the job very fast.

          • Otile

            Who kills people in Niger Delta when the price oil is very low?
            Who kills Igbo people to prevent them from breaking away when their oil is now valueless?
            Be honest, man.

          • John A

            We are on the same lane, just responding to his comment.
            All i am trying to say is that buhari oil exploration in the north is a misplaced priority.

      • FreeNigeria

        100 years old Buhari is clueless, he can’t find solutions to anything.

  • RestructureNigeriaNow

    Even in recession, Nigeria has no economic blue print.

    • Otile

      Ms Kemi cannot give what she does not have. Nigeria is in deep doo-doo.

  • Rollingdollar

    I don’t mean to be pessimistic, but give Buhari 100 years, and he can not change anything. Buhari will run the country aground. He simply doesn’t have the qualities of a leader and lacks the basic knowledge to delegate responsibility to capable people. It’s only a matter of time before everybody will realise that the country is doomed with Buhari, and it doesn’t matter whether you support him now or not. Sit back Nigerians and enjoy the bumpy ride.

  • Kevin Peter

    After all the manoeuvres, truth they say is constant and now confirmed. I doubt if Nigeria is not moving on autopilot set by a novice with free loss of altitude quickly heading for a crash. God save us.

  • FreeNigeria

    This Administration is chasing GEJ administration as the worst in the history of the country. The incompetence of this administration in everything is alarmingly scary. They need to put real professional in place of the dead wood politicians ruining this country fast fast

  • #Reduce_No_Of_Senators

    Why can’t we scrap a bi-camera legislature at this critical moment? I mean disband the House of Reps and reduce membership of Senate to just one representative instead of the current 3 representatives from each state. If this is done, Nigeria will save the following every from Senators alone::

    Senators [56m/month x 2×36) = N4.03b

    • thusspokez

      You can kill two birds with one stone if you reduce the number of states to 18. Of course, the crocked politicians would block it, so call a referendum and let Nigerians decide.

    • George

      You are very shameless person instead you to say lets banish Buhari and his dog wife Aisha from Nigeria for us to have peace you are here shamelessly talking of how to save just N4.03b that won’t even feed one state for a week.

  • Olumba

    ooooooooooooooooooooooooooohhhhhhhh, where are my comments?

  • Yikomoto

    Nigerians are very wonderful people. They are miracle workers.
    –Nigerians plant SORROW but want to reap PEACE
    –Nigerians plant INCOMPETENCE but want to real EXCELLENCE
    –Nigerians plant FAILURE but want to reap SUCCESS
    — Nigerians plant VIOLENT men in power but want to reap TRANQUILITY
    — Nigerians plant DIVISION but want to reap UNITY
    — Nigerians plant HATE but want to reap LOVE

    How are these possible? Next time vote a man or woman who is young and knows he will live long enough to reap the fruits of his poor economic decisions and nepotism…it is very dangerous to elect someone who is closer to the dead than the living in terms of age. I hope you have all learned.

    .
    Welcome to Nigerzuela!

    • Olu from South Africa

      Just like the way they put “Mr. No shoe”, the son of a fisher man, at the helm of affairs and plundered the wealth of the country within a blink of an eye.

  • thusspokez

    2016 Gross Domestic Product (GDP) declined by:
    -2.06 per cent
    Repeat:-2.06 per cent
    Repeat:-2.06 per cent

    That is what Nigerians get from a fantastically incompetent President with fantastic poor judgement in his choice of ministers, particularly his-choice of finance minister. And here is the President’s economic committee [oops! “team”]

    -Vice President Yemi Osinbajo
    -Chief of Staff to the President Alhaji Kyari
    -Deputy Chief of Staff Ade Ipaye
    -Minister of Budget and National Planning Udoma Udo Udoma
    -Minister of Finance Kemi Adeosun
    -Minister of State for Petroleum Ibe Kachikwu
    -Minister of Trade and Investment Okechukwu Enelamah
    -Governor of the Central Bank of Nigeria Godswin Emefiele
    -The Director-General of the Debt Management Office

    Indeed it looks like a committee. But imagine the Super Eagle team being composed of part-time players with day jobs, e.,g tax drivers, office clerks, teachers, accountants, road sweepers, nurses, mechanics, policemen, students, etc. Does anyone in his or her right mind think that such a team will go on and win the FIFA World Cup?

    Yet this is the sort of team that the fantastically incompetent President with fantastic poor judgement had decided on and hoping to turn round the Nigerian economy. Why is anyone surprised that GDP has declined by 2.06%

  • Wale

    Isnt this the best time to revert back to the separate countries we once were before 1914? Soviet Union did it and every country is happier today. Let Niger Delta and Biafrans go. Let them carry their wahala go, so that Buhari can concentrate and lift up the North and Yoruba West to unprecedented economic heights.

    • delta K

      Amen to that foolani Hausa slave

      • Mufu Ola

        U’re been slaves since independent & it’s never going to end. Yoruba tried all to open your eyes but greed & love for fast money & posts closed your brains. Funnily you’re now lamenting.Keep on trucking!

        • delta K

          Mafu luku born bast@rd, omo onile, licking foolani behind

    • Gbenga

      Yorubas are not one with the north,pls!

  • George

    Very good news for Tinubu, Ameachi, Fashola, ADAMIC ADAMS, tunde bakare the fake pastor, mbaka the liar pastor, fanala femi the shameless lawyer, old wood the son of birds hunter wole soyinka. shame shame shame shame

    • tkay

      Shame on Jonathan/PDP, looting and mis-governance

  • Indomitable

    ,The message is now clear: NO MORE FREE OIL FOR THE REST. THIEVES. GET YOUR OWN DAMNED OIL. GET THE HELL OUT OF THE CREEKS BECAUSE THERE AIN’T NOTHING FOR YOU THERE. BLOOD SUCKERS!!!!!
    I AM COLONEL MARIAM.

  • Suleiman

    The economy is not about looks; it is about substance. Ngozi Iweala may not look as pretty as the youngster with a baby face, but surely Ngozi had substance and experience. If nothing, she successfully negotiated the debt forgiveness program and freed Nigeria from the burden of debt that the current government that has now taken us back into. Ngozi grew the economy to the largest in Africa. Yes, she might have had her shortfalls but is 1000 times better than Kemi Adeosun, like it or not. Soludo had substance and got the Central Bank to its Zenith but what we have today as economic handlers are a bunch of nonentities, brainless and clueless people. Soludo is 1000 times better that Emefele or whatever his name is. An economic recession spells more doom and more problems for the common man while the APC fat cats and looters are feeding fat! Deceive no one, there is more looting going on now than during GEJ. The facts have already started emerging just one year after.

  • Bassey Roland

    Nigeria we hail thee. Look at where delay in forming a cabinet got us.
    Look at where we are now, because of the obstinacy of a president, who refused to heed the advice of patriots to hit the ball rolling and face the onerous challenges before him.
    Look out where the medieval policies of an ignorant president with no economic blue print to move the country forward got us.
    Look at where we are with an administration who refuse to face governance but relished in dishing out falsehood and propaganda.
    Look out where we are by a rudderless, nepotistic, narcissistic, ethnistic, propagandist and inept government.
    I am really sorry to say that, we are going to have to deal with these Shenanigans for a very long time, because there seems to be no light at the tunnel.