kasiem:
Sis, the word STABILISE is relative because it might be STABILISING the economy to the tune of USA and other first world economies

This is joke right?

Obiagelli:

This is joke right?

if u chose to define it that way, no one cares. I tried making u understand the fact that the word STABILISE is not static as it can be defined in so many ways

kasiem:
cos it is more like a rhetoric question to me

Abeg go siddon, post the link and stop telling lies.

Obiagelli:

Yet ngozi is looking for $5 billion to stabilise your fantastic economy. Nonsense

You got it very wrong.. What the minister said was this, Nigeria needs minimum $5 billion in reserve to stabilize the economy in the event the oil price keeps falling. Out of the $5 billion, we have $4.1 billion in reserve already.

However you must know that, the Excess Crude Account (ECA) was at $9 billion in 2013 but the governors lead by their chairman Amaechi demanded and insisted that the FG share the money to augment the shortfalls in the annual budget estimates.

http://www.channelstv.com/2012/04/13/fg-blame-governors-for-depletion-of-excess-crude-account/

https://www.nairaland.com/1131217/nigerian-governors-demand-1-billion

http://www.bloomberg.com/news/2012-12-12/nigerian-governors-demand-1-billion-from-excess-crude-account.html

If anything, the blame should be on the Governors through the Governors forum led by Amaechi. They put the pressure on our economy not FG

tobtap:

U are as clueless and useless as your fellow TANoids and saTANists

This would suffice for now.

donphilopus:
If you compare the following states, you'd know that PDP has truly failed.

Imo [APC] Vs Abia [PDP]

Rivers [APC] Vs Delta [PDP]

Edo [APC] Vs Bayelsa [PDP]

Kano [APC] Vs Ebonyi [PDP]

Lagos [APC] Vs Benue [PDP]

Do you need to be told that PDP has failed Nigerians?! You should be ashamed of your pay masters!

When you make comparison, please state on what bases you are comparing.. education, employment, health? By the way, how can a sane person compare Kano to Ebonyi or Lagos to Benue? What was their budget for the year?

datolee:


You got it very wrong.. What the minister said was this, Nigeria needs minimum $5 billion in reserve to stabilize the economy in the event the oil price keeps falling. Out of the $5 billion, we have $4.1 billion in reserve already.

However you must know that, the Excess Crude Account (ECA) was at $9 billion in 2013 but the governors lead by their chairman Amaechi demanded and insisted that the FG share the money to augment the shortfalls in the annual budget estimates.

http://www.channelstv.com/2012/04/13/fg-blame-governors-for-depletion-of-excess-crude-account/

https://www.nairaland.com/1131217/nigerian-governors-demand-1-billion

http://www.bloomberg.com/news/2012-12-12/nigerian-governors-demand-1-billion-from-excess-crude-account.html

If anything, the blame should be on the Governors through the Governors forum led by Amaechi. They put the pressure on our economy not FG

You are joking right? Nigerian external reserve was at 58.3 billion dollars in 2008 when obj left. The governos demanded their share when they realise gej was busy depleting the reserves. Posting 1 billion here is ridiculous.

http://news.yahoo.com/s/afp/20080314/wl_africa_afp/nigeriaeconomyreserves_080314124556

tobtap:

u are as clueless as your fellow TANoids

hmmmm.... I'm highly dissapointed..

Simple question you can not answer

APC have nothing to offer except lies and propaganda.

ratiken:
I once asked an APC E-maggot .... By whose standard is Nigeria worse off?, yours?, APCs?

Cos By IMF and World Banks, we are better off, by every available economic indices.... We are progressing. My roads are better, my power supply is better, agriculture is better, infrastructures are better, railways are better, our elections are free and fair, we have battled ebola to a stand still, we are battling bokoharam despite the distractions and oppositions, I am hopeful about the FG housing loan I applied for which has been approved (this was advertized nationwide), opposition now has a voice, there is freedom of information that allowed us abuse the presidency, farmers including my friends make humongous amounts of money from product exports....

So I asked again, by whose standard are thing worse? COS BY MY STANDARD, this is the best it has gotten for us so far and as such GEJ should continue for another 10yrs until we find ourselves some common sense.

Our 50yrs mess cannot be cleaned in 4yrs and its silly to expect immediate return on economic strides that this govt have achieved. However, enterprising minds are already benefiting from the fertile economic terrain.

amadioha strike you dead there saTAN... why will IMF and world bank not give your foolish washed down economy thumbs up. when there witch stooge is there ruining the economy with her voodoo economic jargons. little wonder she gave an arm and a leg for the subsidy removal trash. while serious nation jeered at Christine Lagard for mere mention of the evil agenda.

datolee:


You got it very wrong.. What the minister said was this, Nigeria needs minimum $5 billion in reserve to stabilize the economy in the event the oil price keeps falling. Out of the $5 billion, we have $4.1 billion in reserve already.

However you must know that, the Excess Crude Account (ECA) was at $9 billion in 2013 but the governors lead by their chairman Amaechi demanded and insisted that the FG share the money to augment the shortfalls in the annual budget estimates.

http://www.channelstv.com/2012/04/13/fg-blame-governors-for-depletion-of-excess-crude-account/

https://www.nairaland.com/1131217/nigerian-governors-demand-1-billion

http://www.bloomberg.com/news/2012-12-12/nigerian-governors-demand-1-billion-from-excess-crude-account.html

If anything, the blame should be on the Governors through the Governors forum led by Amaechi. They put the pressure on our economy not FG

Very correct. I saw the so call economic plan of the Agberos People's Community recently and I was like, thank God for Ngozi Okonjo Iweala. If APC were in charge of affairs in the country I tell you the truth Nigeria would have sloped down into serious economic crisis tailing with massive debt. By the time you factor recent drop in international oil prices, Nigeria's economy will sink into depression. APC have nothing to offer as far as sound economic policies are concerned. They're too socialist.

major466:

Very correct. I saw the so call economic plan of the Agberos People's Community recently and I was like, thank God for Ngozi Okonjo Iweala. If it were APC I tell you the truth Nigeria will slope down into serious economic crisis tailing with massive debt. By the time you factor recent drop in international oil prices, Nigeria's economy will sink into depression. APC have nothing to offer as far as sound economic policies are concerned. They're too socialist.

you are world class fvcktard can you please tell us the economic miracle of ngoshyte little wonder y'all fvckheads live in abject poverty.

pentagonal:



amadioha strike you dead there saTAN... why will IMF and world bank not give your foolish washed down economy thumbs up. when there witch stooge is there ruining the economy with her voodoo economic jargons. little wonder she gave an arm and a leg for the subsidy removal trash. while serious nation jeered at Christine Lagard for mere mention of the evil agenda.

I guess you expect me to disregard IMF, World bank, Renowned economists and other verifiable sources and regard you?
How much do you guys get paid for sounding dumb? With the confidence you lot display in ignorance..... playing dumb must be lucrative.

Obiagelli:


You are joking right? Nigerian external reserve was at 58.3 billion dollars in 2008 when obj left. The governos demanded their share when they realise gej was busy depleting the reserves. Posting 1 billion here is ridiculous.

http://news.yahoo.com/s/afp/20080314/wl_africa_afp/nigeriaeconomyreserves_080314124556

Please External reserve and ECA are two different things. Maybe I will share with you Investopedia explanation of ECA

A Nigerian government account used to save oil revenues above a base amount derived from a defined benchmark price. The Excess Crude Account was established in 2004, and its objective is primarily to protect planned budgets against shortfalls due to volatile crude oil prices. By delinking government expenditures from oil revenues, the Excess Crude Account aims to insulate the Nigerian economy from external shocks.

Surging crude oil prices led to the Excess Crude Account increasing almost four-fold, from $5.1 billion in 2005 to over $20 billion by November 2008, accounting for more than one-third of Nigeria's external reserves at that time. By June 2010, the account had fallen to less than $4 billion due to budget deficits at all levels of government in Nigeria and the steep drop in oil prices. In 2010, Nigeria's National Economic Council approved a plan to replace the Excess Crude Account with a national sovereign wealth fund.

What it means it is very simple, We make budget for the year base on benchmark of oil price, supposing the oil price fall below the benchmark as it is failing daily at the moment, how do we absorb the shock? That is where ECA comes in which is saving when oil was selling above the benchmark.

pentagonal:


you are world class fvcktard can you please tell us the economic miracle of ngoshyte little wonder y'all fvckheads live in abject poverty.

Who's this?

ratiken:


I guess you expect me to disregard IMF, World bank, Renowned economists and other verifiable sources and regard you?
How much do you guys get paid for sounding dumb? With the confidence you lot display in ignorance..... playing dumb must be lucrative.

you are stupidity extraordinary!!!!! hello isn't it the same world bank and IMF that sold the sap and currency devaluation thingy to ibb and olu falae that ruin the Nigerian economy. Google is your friend search for henry boyo workable theories on the Nigerian economy and the reaction of Asian tigers on the IMF and world bank sermons on improving their economy. as a saTAN apostle I don't expect you to know this anyways. it seems the criteria for selection of y'all saTANoids is a suicidal level of stupidity and ignorance.

major466:

Who's this?

the nemesis of the saTANoids. slaying em numbskulls for pastime since the mid ages.

major466:

Very correct. I saw the so call economic plan of the Agberos People's Community recently and I was like, thank God for Ngozi Okonjo Iweala. If APC were in charge of affairs in the country I tell you the truth Nigeria would have sloped down into serious economic crisis tailing with massive debt. By the time you factor recent drop in international oil prices, Nigeria's economy will sink into depression. APC have nothing to offer as far as sound economic policies are concerned. They're too socialist.

We must be thankful that we have people like NOI otherwise people like Amaechi and his fellow governors would have ran this country to a halt long time ago.

The issue of ECA was started under OBJ by NOI... and you know what?? Amaechi and his follow governors said it was wrong to save money and was even prepared to go to court

http://www.vanguardngr.com/2012/04/excess-crude-account-swf-s-south-govs-challenge-fg/

NB: Isn't ironic that he, Amaechi was saving 1 billion naira monthly from River state revenue yes was against the FG doing the same through ECA

datolee:


Please External reserve and ECA are two different things. Maybe I will share with you Investopedia explanation of ECA



What it means it is very simple, We make budget for the year base on benchmark of oil price, supposing the oil price fall below the benchmark as it is failing daily at the moment, how do we absorb the shock? That is where ECA comes in which is saving when oil was selling above the benchmark.

And what exactly is the external reserve meant for?

Btw ECA was $22 billion in 2008

pentagonal:


you are stupidity extraordinary!!!!! hello isn't it the same world bank and IMF that sold the sap and currency devaluation thingy to ibb and olu falae that ruin the Nigerian economy. Google is your friend search for henry boyo workable theories on the Nigerian economy and the reaction of Asian tigers on the IMF and world bank sermons on improving their economy. as a saTAN apostle I don't expect you to know this anyways. it seems the criteria for selection of y'all saTANoids is a suicidal level of stupidity and ignorance.

So Henry Boyo and the Asian Tigers are more believable and verifiable than IMF and World bank indices?
Now listen, When next you want to prove a point on a forum.... keep your sentiments about the globally acknowledged bodies such as IMF and Worldbank aside until you find similar acknowledged outfits to counter them.

Imagine countering IMF data with Boyo postulations in a PHD thesis..... Untested postulations for that matter. Now with a politeness ... I'll say shut up.

major466:

Very correct. I saw the so call economic plan of the Agberos People's Community recently and I was like, thank God for Ngozi Okonjo Iweala. If APC were in charge of affairs in the country I tell you the truth Nigeria would have sloped down into serious economic crisis tailing with massive debt. By the time you factor recent drop in international oil prices, Nigeria's economy will sink into depression. APC have nothing to offer as far as sound economic policies are concerned. They're too socialist.

Look at this clowm, what economic plans of the APC did you see? Post just 2 points from it or you just an empty liar

ratiken:


So Henry Boyo and the Asian Tigers are more believable and verifiable than IMF and World bank indices?
Now listen, When next you want to prove a point on a forum.... keep your sentiments about the globally acknowledged bodies such as IMF and Worldbank aside until you find similar acknowledged outfits to counter them.

Imagine countering IMF data with Boyo postulations in a PHD thesis..... Untested postulations for that matter. Now with a politeness ... I'll say shut up.

you are fvcking rabid dog with carbon monoxide for brains. who the fvck is the imf mere western imperialist that wanna cripple the economies of developing nations. pray,tell us why the brics nation or the bank of China were created or don't wanna be yoke in the same yarn as the western voodoo idiot.... you are definitely suffering from selective amnesia. please tell us why the IMF and world bank SAP destroyed the Nigerian economy Mr I too know. your IQ is at par as the Zimbabwean dollar in purchase power parity index.

ratiken:


So Henry Boyo and the Asian Tigers are more believable and verifiable than IMF and World bank indices?
Now listen, When next you want to prove a point on a forum.... keep your sentiments about the globally acknowledged bodies such as IMF and Worldbank aside until you find similar acknowledged outfits to counter them.

Imagine countering IMF data with Boyo postulations in a PHD thesis..... Untested postulations for that matter. Now with a politeness ... I'll say shut up.

Which Imf report are you harping about? Our economy has been growing at an average of 7% since 2001, inflation is ridiculous, same for interest rates, naira is crumbling and don't even get me started on unemployment.

So Wtf are you talking about?

www.vanguardngr.com/2014/03/imf-predicts-7-3-economic-growth-lower-inflation-nigeria/

Obiagelli:

Which Imf report are you harping about? Our economy has been growing at an average of 7% since 2001, inflation is ridiculous, same for interest rates, naira is crumbling and don't even get me started on unemployment.

So Wtf are you talking about?

www.vanguardngr.com/2014/03/imf-predicts-7-3-economic-growth-lower-inflation-nigeria/

Oga abi madam, below is an extract from your link

'By YINKA KOLAWOLE, with agency reportThe International Monetary Fund, IMF, has predicted a 7.3 percent economic growth for Nigeria in 2014, up from 6.4 percent in 2013, with inflation to continue on downward trend.'

So what are you on about?

Obiagelli:

And what exactly is the external reserve meant for?

Btw ECA was $22 billion in 2008

Inasmuch as I wouldn't want to derail this thread, I will explain to you the difference between external reserve and ECA

External reserve:

Those external assets that are readily available to and controlled by monetary authorities for direct financing of payments imbalances, for indirectly regulating the magnitudes of imbalances through intervention in exchange markets to affect the currency exchange rate, and/or for other purposes

Why do countries hold external reserve:

1. To fulfill the monetary and exchange rate policies
2. To store of nation’s wealth
3. To give credibility to foreign investors
4. To back the banknotes in use

What causes depletion of external reserve:

When the market expects devaluation, downward pressure placed on the currency can really only be offset by an increase in the interest rate. In order to increase the rate, the central bank has to shrink the money supply, which in turn increases demand for the currency. The bank can do this by selling off foreign reserves to create a capital outflow. When the bank sells a portion of its foreign reserves, it receives payment in the form of the domestic currency, which it holds out of circulation as an asset.

What this means is that, we have to sell off some foreign reserve in other maintain the exchange rate of Naira to dollars, otherwise, it would have been more than what it is now.

The difference is this, while foreign reserve is used to preserve the exchange rate, prevent currency crisis, inflation and interest rate, ECA is used to argument shortfall in expected revenue for executing of the year budget. A very clear example is Amaechi just recently taken out 19 billion naira from his savings to complete projects in River state (as he claimed) due to shortage of revenue from the FG.

I'm not an economist, I hope we can move on from here

APC of course do not have anything to offer, have you heard from any of their presidential hopeful on how they intend to fix Nigeria? None!...all they do in their declaration is GEJ this, GEJ that, PDP this! and PDP that!! Their plan to fix Nigeria nko!...becomes story for the gods!

datolee:


We must be thankful that we have people like NOI otherwise people like Amaechi and his fellow governors would have ran this country to a halt long time ago.

The issue of ECA was started under OBJ by NOI... and you know what?? Amaechi and his follow governors said it was wrong to save money and was even prepared to go to court

http://www.vanguardngr.com/2012/04/excess-crude-account-swf-s-south-govs-challenge-fg/

NB: Isn't ironic that he, Amaechi was saving 1 billion naira monthly from River state revenue yes was against the FG doing the same through ECA

The same Ameachi, through his NGF faction called for the sacking of NOI on several occasions. And yet he has the audacity to talk about economic development. If you're looking for the definition of dumbness and Hypocrisy, just look at Rotimi Ameachi.

Obiagelli:

Look at this clowm, what economic plans of the APC did you see? Post just 2 points from it or you just an empty liar

At least I have seen a nippet of the economic plan posted by your humble self and what did it include? you guess it, paying a whooping sum of 1.5 trillion Naira per year to 25 million elderly people in Nigeria.

If this is one of your economic plans, I pray God APC don't get to aso rock for we would become a broke-a$s country in just matter of months.

I think it should you APC member who should be pushing your plans to the electorates.. but what do we have, GEJ this, GEJ that. Please... what are your plans for Nigeria??

biafranqueen:
Why are you calling them they have no proof to show that APC is progressive of all the threads posted every minute no APC sympathizer can show us what these Governors have done while in office. Rivers pictures are the same school and clinic's from the 2nd year as soon as he moved to APC nothing the same in Imo no work has been done under APC leadership. You will come here naming but pictures are more powerful then a thousand words,
SHOW US THE PROOF!

.
Hey, take it easy. Am just inviting them to do justice to the matter on ground.

2cato:
gbawe egift obiagelli and all the cyber rodents on nairaland.

thank you!

gramci:


Are these the witches and wizards of nl?

they are the ones witch hunting our Honourable presido on Nairaland

biafranqueen:
[s]His point is could all these states progress without the FG?[/s]

this is the most silliest question i have seen this year. for God sake is the FG not for all nigerians or is it for a particular political party? i dont get this foolish question of yours.