LABARI

STATE HOUSE PRESS RELEASE NIGERIA DERIVED NO BENEFIT FROM PREVIOUS DEVALUATIONS OF THE NAIRA - PRESIDENT BUHARI President Muhammadu Buahri insisted Friday in Abuja that he was yet to be convinced that the vast majority of ordinary Nigerians will  derive any tangible benefit from a devaluation of the Naira. Speaking at a meeting with members of the Council of Retired Federal Permanent Secretaries, President Buhari said that he still held the conviction which motivated his principled resistance to devaluation in his first tenure as Head of State. "When I was military Head of State, the IMF and the World Bank wanted us devalue the Naira and remove petrol subsidy but I stood my grounds for the good of Nigeria. "The Naira remained strong against the Dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued. "But how many factories were built and how many jobs were created by the devaluation? "That is why I'm still ...

PMB, THE ECONOMIST GURU! PMB has done it again. The "NO" school cert holder (?) has done what a PhD holder could not. Very simple economics. We buy most of our goods from China, so why must we pay the Chinese in dollars? The Chinese buy a lot of crude oil from us, so why must they pay us in dollars? So PMB made a deal with the Chinese. We pay for the goods we buy from China in Yuan, the Chinese currency. They buy our crude oil and pay in Yuan. The exchange rate is to be pegged at 30 Naira  to one Yuan or RMB. So how  does it favour us? Simple. The Yuan is now 6.48 to a dollar. So if you pay 30 Naira to the Yuan, that would be equivalent to 194.4 Naira to the dollar. Since the dollar exchanges for  199 Naira, you save N4.6. 199 - 194.4 = 4.6. Simple, huh? In simple terms, PMB has just strengthened the Naira by 9.15%! And that's not the end of the story. As we begin to deal in the Yuan, the demand for dollar would plummet and this in turn would weaken the dollar. I...

No will to save under Jonathan – Okonjo-Iweala The immediate past Minister of Finance, Dr. Ngozi Okonjo-Iweala, on 14th April 2016 said lack of "political will" to save oil revenue under ex President Goodluck Ebele Jonathan was responsible for the challenges facing the country presently. Furthermore she said as a result, the World Bank and the International Monetary Fund must seek means to embed savings in national constitutions devoid of political manipulations according to Punch Newspaper reports. Meanwhile, Madam Ngozi was part and parcel of the Goodluck Jonathan administration. People may that she probably gave Jonathan the advice to save and wasn't heeded but it is the same Madam Ngozi who had been on the defensive regarding the trade off between Governor Adams Oshiomhole and herself. It also descended into a fracas because of her series of pronouncements on money issues. I think Madam Ngozi will get to a point where she will tell Nigerians what really transpired...

Let me see when the Dollar is no more the dominant currency, we will see whether it will not crash. You can say whatever you like but I will say that the future of Nigeria is bright. Our confidence in Buhari to deliver this country is unshakable. Gradually, solid foundations are being laid and the rot of yesteryears are gradually being fumigated and cleaned. And we will overcome our challenges and move forward. God Bless Nigeria ************************************************** Buhari, Emefiele Move To Crash The Dollar, Sign Landmark Currency Deal With China April 12, 2016 … EXCLUSIVE: Nigeria To Become Clearinghouse For Yuan Denominated Transactions For The Whole Of Africa Following Agreement 🔲 SAN FRANCISCO, April 12, (THEWILL) – President Muhammadu Buhari and Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele moved closer to actualizing their promise to strengthen the naira against the United States dollars by signing a landmark currency deal with...

Diokpa Disu Adeyemi Yesufu WROTE: There are clear indications now that, there are people hell bent on sabotaging the efforts this government is making life better for the people of Nigeria. Hoarding petrol and bursting pipeline is economic sabotage. We are now hearing things like making governance unbearable for Buhari. The bad news is this for those engaging in it. Buhari is not your run off the mill softie of a leader. All you need to do is think back to a couple of months ago and remember how Nnamdi Kanu and Olisah Metuh were making all the noise all over the place. Where are they now? You might as well ask, where is Boko Haram now? The one thing I dont want to hear, is when Baba swings into action, and you start your usual wailing of calling him a despot. The man has been civil enough to tolerate all the attempts to embarrass his government. I hope those involved are listening" -Disu Adeyemi Yusuf. I couldn't agree more. The National Assembly cannot beat the entire natio...

President Buhari goes to Beijing I'm waiting to see if anyone will complain about President Buhari's visit to China. I believe it is one of the most important trips the president will make since he was elected. China has the the second biggest economy in the world. The growth in the Chinese economy had positive impact on many developing countries, especially in Africa. Even the developed countries are looking towards China to help their economy grow. I agree that China is not Father Christmas. Whatever they give, they expect something in return. But compared to the economic assistance we receive from the World Bank and IMF, with strenuous conditionality, the Chinese loan and economic assistance is more desirable and useful. China is important to Nigeria, and Nigeria is important to China. We hope the president will make the right and informed decisions in dealing with China. According to official Aso Rock statement: "President Muhammadu Buhari will leave Abuja tomor...

#Budget2016- LET OUR PEOPLE GO! ▓ It is now clear that the problem with Nigeria at this moment is the National Assembly. The Senate to be precise. It's no longer a secret that they have been unhappy over the unearthing of the padding of the budget. ▓ It's also an open secret too that they are holding the Presidency ransom over the on-going trial of Dr. Abubakar BUKOLA Saraki. But the people of Nigeria are the real victims. As President Buhari was eager to assent to the budget, an emergency Federal Executive Council meeting was called as soon as he received the budget. The aim was for the Ministers to look into the budgets for their MDAs. ▓ At the Budget Review meeting presided over by Vice President, Yemi Osinbajo, Head of the Economic Team, some key projects were found modified or completely deleted. For example: ▓ The Calabar-Lagos coastal rail line for which Buhari made a provision of N60 billion, deleted. ▓ The amount set aside for the completio...

HARD TIMES UNDER BUHARI NOT A SURPRISE . No light, no water, no fuel, no food, no no no is the chorus sang all over the country at present. No doubt that times are really hard, but every man who sees beyond his nose can see a silver lining in the cloudy future. The hope that keeps a pregnant woman going, is knowing for sure that the pains will be over after a period of time. This hope is what keeps her alive, strong and up and doing. After more than 50 years as an independent nation, 3 republics past and 16 years wasted in an uninterrupted democracy, Nigerians for the first time elected a leader that didn't emerge by chance- but by a conscious attempt to being the president of the country. According to history, no Nigerian leader had emerged from a conscious preparation to being a president except President Buhari. Sir Abubakar Tafawa Balewa the first and only prime minister of Nigeria never dreamt or prepared to lead Nigeria when he did, it was a chance provided by the great Sir A...

"If Nigeria had been more careful, we would not be here today. It hurts me. We have the mechanism, we had the experience, but we were prevented to act.” - Okonjo-Iweala. Really? you people are far from being honest. You had the opportunity to save but you squandered it by sharing our resources with reckless abandon. Now we are faced with the dire consequences and you are trying to give excuses? When President Buhari told Nigerians that he met a virtually empty treasury, you people were crying wolf. Today, you are coming out to say that you didn't save and why you didn't. Well save it for yourselves. You people really need to tell Nigerians the wholesale truth that we are in this mess because of your reckless abandon, apologise profusely and start being constructive opposition instead of capitalising on the current hardships Nigerians are facing to bash the present Buhari administration. Now, if I see anyone trying to say stop the blame game, then that person needs thei...

The truth is that it is government responsibility to provide power supply and ensure the availability of fuel at pump stations. The truth is also that the current challenges we are facing are a result of the government trying to find lasting solutions to the every recurring problems of fuel scarcity and power supply that have persisted in this country. We are all aware that NNPC over time had refused to build the capacity to ensure adequate fuel reserves due to  excessive corruption and inefficiency. While NNPC was their cash cow, nothing was put in place for this kind of situation and that is why we are in this mess. Things are difficult now and we are not happy with the current situation and that is fully understandable. The good thing is that the government is working - in the short term to end these hardship as well both medium to long term plans. There is hope that at end of it all, Nigerians will not have to go through these challenges. Again, Nigerians will have been free...