Buhari pleased with economic state of Nigeria

Buhari-Economy [photo credit: www.channelstv.com]
Buhari-Economy [photo credit: www.channelstv.com]

President Muhammadu Buhari says he is pleased with Nigeria’s economic situation.

The president received briefing from the Minister of Budget and National Planning, Udoma Udoma; the Minister of Finance, Kemi Adeosun, and the governor of the Central Bank of Nigeria, Godwin Emefiele.

This was disclosed in a state house press release Monday.

According to the statement, signed by Femi Adesina, the Special Adviser to the President on Media and publicity, the Ministers and CBN Governor informed the president of the updates in the implementation of the 2017 Budget, preparation for the 2018 Budget, revenue strategies, combined cost reduction and debt management and on the improving state of the economy.

The statement said the president reminded the ministers and CBN governor that reviving the economy was one of the major planks on which the campaign of his party, the All Progressives Congress, APC, was based.

He expressed gladness that things were looking up after two years of governance and urged them to keep at it as the main aim of government was to bring comfort to Nigerians across all walks of life.
Also discussed were monetary policy strategies and their economic impact, among others.

President Buhari arrived Nigeria on Saturday after nearly four months in the United Kingdom where he received medical treatment for an undisclosed ailment.

Monday’s meeting with his economic team is believed to be the president’s first since his return.


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  • wode

    PT, as far as the content of this news is concerned, this headline is mischievously misleading. All I can read in the news which is close to the headline is the part that reads “He expressed gladness that things were looking up after two years of governance and urged them to keep at it as the main aim of government was to bring comfort to Nigerians across all walks of life.” Although, NBS report, even according to PT, shows that the inflation has reduced for 6 consecutive quarters, the above statement attributed to the President does not directly mean what PT is being portrayed in the headline. For me, his statement doesn’t mean that he is satisfied with what it is rather, the fact that it’s now changing for better after the deep in the economic condition is what he’s saying that the team should “keep at”.

    • Yego V

      Can you suggest a befitting headline

      • D.O. Derick

        @josephrainzallwell:disqus

        What is striking to me is how Nigeria is becoming so local under BUHARI.
        Lagos under Akin Ambode is today rated by global economists as the 2nd
        worst city in the world. Under the daftly incompetent Raji Fashola it was also
        worsened into becoming the 3rd worst city in the world. Failure upon failure
        is called ACTION and PROGRESS by the APC Leader’s illiterate followers who,
        like him, did not go to primary and secondary schools or had no head to learn
        anything in school. All of a sudden, Nigeria – where the best variant of English
        language was spoken in Lagos in the 1960s – has become such riff-raff society
        where pidgin and broken English is all you hear on the smelly streets.

        Islamist Fuji music has now taken over Lagos city as residents no longer have
        any sense of smell after getting inured to living in stench with gutters passing
        through the bedrooms on Lagos Island – the very last capital of Nigeria. It’s so
        un-believable seeing how a raft of very local creatures with no education and
        bearing only choking names like SALAWU, KAMORU, AHMED, SULE, SUMOLA
        took over Lagos state under the banner of the ruling APC Islamist party. There
        are no John, Thomas, Peter, Andrew and Stephen near the top hierarchies of
        Lagos state anymore. Oh, dear, what a sad story for over-educated but mostly
        senseless Christians who’re being ruined and trampled over by their intellectual
        inferiors. What a tragedy!

        • FreeNigeria

          APC are expects in taxing and levying the common man into oblivion.

      • 0tile

        I guess your cohort Rommel can.

      • wode

        Something like “Buhari pleased with IMPROVING economic condition of Nigeria” would be a better reflection of the message.

    • Allwell

      I like intelligent people like u.

      • 0tile

        God forbid evil, the devil has taken the hindmost. Imam Mohamed Buhari is useless.

    • John Eke

      Do you have the text of Femi’s press release? If yes please supply it. Information on a TV newsbar presents the info like premium times did

      • wode

        PRESIDENT BUHARI RECEIVES BRIEFING, DELIGHTED AT IMPROVING STATE OF THE ECONOMY
        For almost two hours, President Muhammadu Buhari Monday received briefing from the Minister of Budget and National Planning, Senator Udoma Udo Udoma, the Minister of Finance, Mrs Kemi Adeosun, and Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, after which a delighted President declared that he was pleased with the progress being made on different fronts.
        The Ministers and CBN Governor updated the President on the improving state of the economy, implementation of the 2017 Budget, preparation for the 2018 Budget, revenue strategies, combined cost reduction and debt management.
        Also discussed were monetary policy strategies and their economic impact, among others.
        President Buhari, while reminding the Ministers and CBN Governor that reviving the economy was one of the major planks on which the campaign of his party, the All Progressives Congress (APC), was based, expressed gladness that things were looking up after two years of yeoman’s job.
        Urging them to keep at it, the President noted that the main aim of government was to bring succour to Nigerians across all walks of life.

        FEMI ADESINA
        Special Adviser to the President
        (Media and Publicity)
        August 28, 2017

        – Sourced from Femi Adesina’s FB page.

  • AFRICANER

    What it must be like when doorknobs have a meeting!

    • Facturas & Figuras

      @AFRICANER:disqus @

      COST OF LIVING IN NIGERIA TODAY UNDER BUHARI/OSINBAJO REGIME:

      • Minimum wage in Nigeria………………………………………….₦18,000 per month.
      • A bottle of Coca Cola soft drink…………………………………₦80.00k per bottle.
      • Smallest can of Baygon insecticide………………………..₦1,200 per tin.
      • A tin of TITUS sardines……………………………………………₦270.00 per tin.
      • Rent of three bedroom apartment…………………………₦450,000 per annum.
      • A packet of St.Louis Sugar………………………………………₦550.00 per packet.
      • A 25kg bag of garri as staple food………………………..₦14,000 per bag.
      • Petrol for six hours of private electricity…………………..₦60,000 a month.
      • Cost of preparing soup for family of six…………………..₦6,000 every two days.
      • Ceeway drinking water ………………………………………₦550 per gallon.
      • School fees for a child in private school………………….₦2 million per session.
      • Cost of two (2) newspapers a day for information……….₦15,000 per month.
      • One packet of Solpadeine headache tablets……………..₦5,400 per packet.
      • Cost of filling up a salon car with petrol……………………..₦10,700 to fill up a car.
      • Private sector graduate starting salary………………………₦80,000 per month.

  • thusspokez

    President Muhammadu Buhari says he is pleased with Nigeria’s economic situation.

    Chineke! Surely, he must be joking. Or maybe his mind is affected by the strong medications he has to take three-times a day. Or the graduate of a fourth-rate UK university may well be feeding him doctored or dodgy economic reports and statistics.

    • High Sense

      @thusspokez:disqus:

      How Buhari’s ignorant economics pushed Nigeria to recession

      “Preliminary data for the first
      half of the year indicate significant revenue shortfalls with the
      interest-payments to revenue ratio remaining high (40 percent at end-June) and
      projected to increase further under current policies, High domestic bond yields
      and tight liquidity continue to crowd out private sector credit.

      Given Nigeria’s low growth
      environment and the banking system’s exposure to the oil and gas
      sector, non-performing loans increased from 6 percent in 2015 to 15 percent
      in March 2017 (8 percent after excluding the four under-capitalized
      banks). Helped by favorable base effects, headline inflation decreased
      to 16.1 percent in June 2017, but remains high despite tight
      liquidity conditions”.

      ……….International Monetary Fund

      (June, 2017)

      • High Sense

        “Then there is what critics describe as the “self-inflicted” wounds —
        the currency policies and associated import controls set up to conserve hard
        currency by prioritising strategic imports when Mr Buhari took power 12 months
        ago. These have starved existing businesses of inputs, leading to a collapse in
        supplies of everything from medicines to spare parts, while incidents of price
        gouging have risen.

        The policies are also blamed for encouraging capital flight while forestalling fresh investment.
        Inflows dropped by nearly 75 per cent to $711m in the first four months of 2016. The impact
        has been chilling. Nigeria’s economy, which grew annually at an average rate of 7% in the
        decade to 2014, contracted by 0.36 per cent in the first quarter. According to most
        forecasts it is heading into recession.

        The import controls and restrictions on foreign exchange have hit the manufacturing sector hard,
        eroding the credibility of the Buhari administration’s ambition to diversify the economy.”

        …………..Financial Times of London

        (May 30th, 2016)

    • Last Nigerian Patriot

      @thusspokez:disqus

      Today, under the useless and shambolic APC government there are now 28
      million un-employed youths in Nigeria; just roaming purposelessly inside
      Nigeria to beg for food – a staggering figure equal to the entire population
      of Ghana; a neighbouring West African country, according to latest official
      bulletin issued by the Nigerian Bureau of Statistics.

      Today’s un-employment figure in Nigeria under the APC government is over 50%
      of the entire population of Nigeria at independence in October 1960. As it is, the
      28 million jobless youths in Nigeria are no longer waiting to be preached to;
      or taught to be patient by those robbing the treasury in government state
      houses.

      The youths are bracing
      for pistols, rifles and revolvers, to impose a mob solution on a dysfunctional
      Nigeria. Blood flows in Ikorodu in Lagos state in a bloodbath to mirror the
      carnage in Borno state. It matters not the motive of each gang. What’s key is
      that Nigeria is the common target. A country that forces its youths to arm and
      kill for survival or for political choice or economic grievance will sooner or
      later have Biafra all over the place.

      • ????360° degrees

        IF ONLY BUHARI WENT TO SCHOOL AND PASSED HIS EXAMINATIONS ALL BY HIMSELF
        HE WOULD PUT HIS TWO HANDS ON HIS HEAD WITH TEARS ROLLING DOWN HIS FACE.
        FOR NIGERIA HAS NO ECONOMIC ABILITY TO RECOVER FROM 28 MILLION UNEMPLOYMENT.

    • Immanuel Ogoh

      @thusspokez:disqus

      PREMIUM TIMES must stop telling us this kind of thing. This thing is like rubbing insult to injury in my own view.
      How can a useless somebody like Muhamadu Buhari who has almost totally destroyed Nigeria come and talk?
      What brain does he have to talk economics? Which school did he go? Did he pass WAEC/GCE school cert?
      Where is his school certificate if he ever took the WAEC exam? Look, I am very angry with Premium Times.

      I may never again in my life read Premium Times again if we don’t get public apology for this Buhari insult.
      All universities have closed down to strike against Buhari. Civil servants are being owed six months salary.
      Even parents cannot afford school fees and rent again after Buhari has caused massive retrenchment.
      A small car now is about 17 million Naira. No public transport train. Only four airlines left in Nigeria today.

      • Museek

        @disqus_TeKEbTtJ8r:disqus

        Oga buy me bottom belle coolu my heart eh (coolu my heart eh)
        Oga buy me bottom belle coolu my heart eh (Everybody say)
        Bonsuwe! Azikiwe (aha) Bonsuwe! Ah yo ah yo Bonsuwe!
        Azikiwe (ehe) Bonsuwe! Ah yo ah yo o (oya Oliver).

        “Even if you give BUHARI 20 years to prepare, it would still be beyond his capacity.

        The complexities and issues involved in ruling a country like Nigeria are huge.

        Leading such a complex country is an intellectual issue and Buhari doesn’t have

        the intellectual capacity to comprehend what it means to govern the country”.

        …………Professor Ben Nwabueze

        (March 16th, 2016)

      • 0tile

        Don’t kill the messenger bro, with Buhari the devil in the works.

      • thusspokez

        Every Muslim head of state from the North has left the Nigerian economy in worst shape than they had found them. Northerners feel the hardship more that Southerners. It would seem that Northerners’ reward for voting for northerners is more hardship.

        If the record of failure continues. I predict that there will come a time when northern voters would refuse to vote for presidential candidates from the north.

    • 0tile

      What do you expect from a man who scored F9 in Economics Ordinary Level School Certificate and went no further to improve his low education?

    • truth_is_bitter

      No! He is not joking. He is gone into relapse mode again. He needs his
      pills asap! By next week he will free another 79 Chibok girls and then
      go back to UK the next day and stay for another 206 days…

  • Allwell

    Things are looking up. There’s hope for Nigeria.

    • 0tile

      You don’t know any better, man.

    • TAWANDA INCOMMUNICADO

      Tell us what he has done to diversify the economy away from oil which other countries dependant on oil are briskly doing ?

      Tell us how this killer regime has enhanced the creation of jobs ?

      Tell us what the imprisonment and killing regime has done to improve infrastructure especially power

      Why is Nigeria listed amongst 4 countries where humans are expected to starve to death by the UN IN THE COMING YEAR ?

      STOP BEING A PRAISE SINGER AND FACE FACTS

    • FreeNigeria

      I guess it’s looking good for you cos you’re getting the crumbs from the table

  • Agba

    The worst economic team since i was born,no job,no salary,shameeeeeeee on apc led govt.

  • Abrupt

    For goodness sake, why can’t the handlers and all concerned Nigerians take this man back to complete his medication?

    This is one gaffe too many. Pleased with economic state of Nigerians? Oh nooooo….! How are we even sure that he understands the meaning of those words; “economic state”? If 97% + 7% = 100%, then perhaps Buhari is simply in his own separate realm of reasoning.

  • TAWANDA INCOMMUNICADO

    BUHARI IS VERY PLEASED WITH ABOVE 60% UNEMPLOYMENT ?…..This Fulani man does not understand how an economy works so he cannot tell if anything is wrong !!

  • 0tile

    Buhari must not be living in the real world. God forgive sin.

  • FreeNigeria

    “Buhari pleased with economic state of Nigeria,” no wonder the country is going backwards. Anyway, no sane person should expect something better coming out of a brain dead herdsman

  • Mabel

    Buhari, Please pay NYSC allowance. I am a Youth Corper in Jalingo. Where is our August Allowee?

    • Adekunle

      August?
      Are you mad? What productive efforts have you added to the economy to be demanding August Allowance on the 28th, even private sectors that pay taxes through their noses, they add value to the economy haven’t been paid.
      You’re here asking allowance that you only go to sign for.

  • 0tile

    Where is dele awogbeoloshi? Let him bot in and explain Imams senseless voodoo economics to people. Dele understands voodoo economics more than anybody else.

  • Freedom Bini

    If Buhari does not know that Nigeria Economy was left in the Intensive Care in the hospital where he was taking treatment in the UK then there should be something wrong.

  • chinedu

    My personal experience is that more people now beg me for #50 and #100 in the food markets of ile epo, Iyana ipaja, Atan and Owode. People now knock on my door to beg for food items. The news shows that more of our youths are now part of the desert storm to Europe. More people than ever before that I know are now unemployed. Anger has gone to a new height and our government titles angry speeches as hate speeches. And in all these our president is satisfied with the economy. We can’t blame him because we were able to pay a couple of billions for his treatment recently while I lost two people who are far younger than he is because we could not afford to go beyond LUTH. We can’t blame him because the jets were there to take the wife, children and inlaw to any destination of choice. So many things to talk about for us to know the country is good for the president. The patience in me says that history will judge us all.

    • Lanre

      Thank you for this post and sorry to hear about your loss.

      • arrowhead

        @mbubaEnekwa:disqus @

        ONLY A RETARDED MAN CAN SAY IN PUBLIC THAT HE IS PLEASED WITH ECONOMIC RECESSION.

      • chinedu

        Thanks bro. It’s just that at times one can not help but put himself into the picture.

  • Oluwatope

    President Buhari

    and

    The Nigerian Presidency,

    OFFER TO HELP FIX NIGERIAN ECONOMIC PROBLEMS

    Most people including myself wish that you succeed in office and for you to do so
    you need to succeed economically in office. Your satisfactory statement
    captured in the write-up (Buhari Pleased with the Economic State of Nigeria) above that you are pleased with Nigeria’s economic situation is only right to the extent that you were referring to the
    improvement experienced by the economy in recent times, but I humbly submit to
    you sir that the improvement experienced is not sustainable and no one may need
    to blame you on the comment as you have not been a specialist in economic
    management like us who have slept woken up and spent most part of our lives on
    finance, accounting, business and economic management, hence I am writing this
    because this is my field and I have been studying the Nigerian economy since 33
    years ago The reason why the improvement referred to by me here is
    not sustainable is that it was fuelled by the relief gotten from the Niger
    Delta agitation which enabled more production and sale of crude oil coupled with increase in world oil price that
    rolled some dollars into the Nigerian
    Foreign Reserves out of which the Central Bank of Nigeria has been rolling
    out dollars into circulation. If these favouring factors cease today,
    the improvement experienced by the economy will reverse automatically. To have
    sustainable improvement in our economy, let me hold a meeting with you just one
    day, if you are convinced of my word after the meeting, then you will let me
    address your economic team and the already made errors on the Nigerian economy
    that are dragging the economy on the ground will be corrected and a new channel
    will be charted to have sustainable improvement and growth in the Nigerian
    economy and in the nation as a whole. For you to know the one writing and
    of-course writing in God to you, I am Oluwatope Adebayo OSHORUN, with over 25
    years industrial experience, a holder of Masters’ Degree in Business
    Administration-MBA (University of Ibadan), besides B.Sc(Hons) in Accounting, a
    Chartered Accountant, an Investment Banker,
    a Pension Fund Management Expert, a Financial and Investment Consultant,
    a former adjunct Lecturer at Lead City University, an author whose first book, ‘Entrepreneurship-Business
    Establishment and Management’ written in 2009, was assessed, approved
    and recommended for use in Nigerian universities and other higher institutions
    in Nigeria by the Federal Government under Late President Yar’ Adua, in addition to its public usefulness, that
    informed me that on assessment, the book led all other Nigerian indigenous
    books assessed together in its year of publication, second book, ‘Turning
    Nigeria Around with Necessary and Effective Tools’ was published in 2011, and third book, ‘Nations
    and States Industrialisation’ was published in 2014 . Among others, I
    am one of God’s people led by Him. If
    the present Nigerian government Presidency wishes to accept my offer above, it
    can reach me on oshoruntope@yahoo.co.uk or
    08027063831 or both for talk, otherwise I will keep the offer for the
    future.

    NB: Kindly note sir that time is not on Nigeria’s
    side to do real revamping of its economy in view of the
    income-zerorizing-threat of oil usage world wide because of the global proposal
    of production of electric machines, especially cars, as has been known to and
    voiced by your Hon. State Minister of Petroleum, which may make it very
    difficult for us to stabilise Nigerian economy in real sense in future, if it
    is not done now.

    • Otile

      Tell him bro, without the free flow on Niger Delta oil Federal government of Buhari is as good as manure. God bless you.

    • Alhaji

      You need to address him in Hausa because he does not understand what you are talking about.

  • Alhaji

    He will be pleased with the economic state because Abba Kyari, Dambazzoo and all his people are employed to steal, though thousands of qualified graduates are jobless.